Agrify Corporation Announces Results for Third Quarter 2024
Agrify (AGFY) reported its Q3 2024 financial results with revenue of $1.9 million and gross profit of $0.2 million. The company posted a net loss of $18.6 million, largely due to a $15 million change in warrant liabilities. Recent developments include securing new convertible note financing of up to $20 million with an initial $10 million draw from Green Thumb Industries, appointing Ben Kovler as Chairman and Interim CEO, and announcing plans to acquire the Señorita brand of hemp-derived THC drinks. The company currently has approximately 1.5 million shares outstanding and 6.3 million warrants.
Agrify (AGFY) ha riportato i risultati finanziari per il terzo trimestre del 2024 con ricavi di 1,9 milioni di dollari e un profitto lordo di 0,2 milioni di dollari. L'azienda ha registrato una perdita nette di 18,6 milioni di dollari, principalmente a causa di un cambiamento nelle passività relative ai warrant di 15 milioni di dollari. Tra gli sviluppi recenti c'è l'approvazione di un nuovo finanziamento tramite note convertibili fino a 20 milioni di dollari, con un prelievo iniziale di 10 milioni di dollari da Green Thumb Industries, la nomina di Ben Kovler come Presidente e CEO ad interim, e l'annuncio di piani per acquisire il marchio Señorita di bevande a base di THC derivato dalla canapa. Attualmente, l'azienda ha circa 1,5 milioni di azioni in circolazione e 6,3 milioni di warrant.
Agrify (AGFY) reportó sus resultados financieros del tercer trimestre de 2024 con ingresos de 1.9 millones de dólares y una ganancia bruta de 0.2 millones de dólares. La empresa registró una pérdida neta de 18.6 millones de dólares, en gran parte debido a un cambio de 15 millones de dólares en las obligaciones de warrant. Los desarrollos recientes incluyen la obtención de un nuevo financiamiento mediante notas convertibles de hasta 20 millones de dólares, con un primer retiro de 10 millones de dólares de Green Thumb Industries, la designación de Ben Kovler como Presidente y CEO interino, y el anuncio de planes para adquirir la marca Señorita de bebidas THC derivadas de cáñamo. Actualmente, la empresa tiene aproximadamente 1.5 millones de acciones en circulación y 6.3 millones de warrants.
Agrify (AGFY)는 2024년 3분기 재무 결과를 보고하며, 수익이 190만 달러, 총 이익이 20만 달러라고 발표했습니다. 이 회사는 1860만 달러의 순손실을 기록했으며, 이는 주로 1500만 달러의 워런트 부채 변화 때문입니다. 최근 개발 사항으로는 Green Thumb Industries로부터 1000만 달러의 초기 인출을 포함하여 최대 2000만 달러의 전환 가능 어음 자금을 확보한 것, Ben Kovler를 회장 겸 임시 CEO로 임명한 것, 그리고 헴프에서 유래된 THC 음료 브랜드인 Señorita의 인수 계획을 발표한 것이 있습니다. 현재 회사는 약 150만 주의 발행 주식과 630만 개의 워런트를 보유하고 있습니다.
Agrify (AGFY) a rapporté ses résultats financiers pour le troisième trimestre 2024 avec des revenus de 1,9 million de dollars et un bénéfice brut de 0,2 million de dollars. L'entreprise a enregistré une perte nette de 18,6 millions de dollars, principalement en raison d'un changement de 15 millions de dollars dans les passifs d'options. Parmi les développements récents, on note l'obtention d'un nouveau financement par le biais de billets convertibles allant jusqu'à 20 millions de dollars, avec un premier tirage de 10 millions de dollars de Green Thumb Industries, la nomination de Ben Kovler au poste de président et PDG par intérim, et l'annonce de projets d'acquisition de la marque Señorita de boissons à base de THC dérivé du chanvre. Actuellement, l'entreprise dispose d'environ 1,5 million d'actions en circulation et de 6,3 millions d'options.
Agrify (AGFY) hat seine Finanzzahlen für das 3. Quartal 2024 veröffentlicht, mit Einnahmen von 1,9 Millionen Dollar und einem Bruttogewinn von 0,2 Millionen Dollar. Das Unternehmen verzeichnete einen Nettoverlust von 18,6 Millionen Dollar, was hauptsächlich auf eine Änderung der Optionsverbindlichkeiten in Höhe von 15 Millionen Dollar zurückzuführen ist. Zu den aktuellen Entwicklungen gehören die Sicherstellung einer neuen Finanzierung in Form von wandelbaren Anleihen von bis zu 20 Millionen Dollar, mit einem ersten Abruf von 10 Millionen Dollar von Green Thumb Industries, die Ernennung von Ben Kovler zum Vorsitzenden und Interim-CEO sowie die Ankündigung von Plänen zur Übernahme der Marke Señorita für THC-Getränke aus Hanf. Das Unternehmen hat derzeit etwa 1,5 Millionen ausstehende Aktien und 6,3 Millionen Optionen.
- Secured new convertible note financing of up to $20 million
- Initial draw of $10 million from Green Thumb Industries completed
- Strategic expansion into hemp-derived THC drinks market through planned Señorita acquisition
- Q3 2024 revenue only $1.9 million
- Net loss of $18.6 million in Q3 2024
- Low gross profit of $0.2 million in Q3 2024
Insights
The Q3 results reveal significant financial challenges with
The extremely low revenue and minimal gross profit of
TROY, Mich., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), a leading provider of branded innovative solutions for the cannabis and hemp industries, today announced financial results for the quarter ended September 30, 2024.
Third Quarter 2024 Financial Results Summary
- Revenue was
$1.9 million for the third quarter of 2024 - Gross profit was
$0.2 million for the third quarter of 2024 - Net loss for the third quarter of 2024 was
$18.6 million , primarily attributed to a$15 million change in fair value of warrant liabilities - As of November 14, 2024, Agrify has approximately 1.5 million shares of common stock outstanding and 6.3 million warrants
Recent Developments
- Secured new convertible note financing of up to
$20 million with an initial draw of$10 million from Green Thumb Industries on November 5, 2024 - Ben Kovler was appointed Chairman and Interim CEO on November 5, 2024
- Announced intent to acquire the Señorita brand of hemp-derived THC drinks (HDT) on November 12, 2024
“Today really is Day One at Agrify,” said Chairman and Interim CEO Ben Kovler. “The hemp and cannabis industries are evolving fast and Agrify’s fortified balance sheet is ready to move on opportunities. We have a deep understanding of the consumer and plan to leverage that strength today to build Agrify’s value for tomorrow. With that in mind, we made our first strategic decision this week when we signed a non-binding letter of intent to acquire the Señorita brand of HDT beverages. While challenges in the industry remain, we are excited about the innovative aspects of this sector and see lots of opportunity ahead.”
About Agrify (Nasdaq:AGFY)
Agrify Corporation (“Agrify” or the “Company”) is a developer of branded innovative solutions for the cannabis and hemp industries in extraction, cultivation and more. Agrify’s proprietary micro-environment-controlled Vertical Farming Units (VFUs) enable cultivators to produce the highest quality products with unmatched consistency, yield, and return on investment at scale. Agrify’s comprehensive extraction product line, which includes hydrocarbon, ethanol, solventless, post-processing, and lab equipment, empowers producers to maximize the quantity and quality of extract required for premium concentrates. For more information, please visit Agrify at http://www.agrify.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Agrify and other matters. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements including, without limitation, statements regarding future financial results, potential growth opportunities, the ability to consummate the Señorita transaction on a timely basis or at all, and Agrify’s ability to deliver solutions and services. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” ”plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should carefully consider the risks and uncertainties that affect our business, including those described in our filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in our Annual Report on Form 10-K filed for the year ended December 31, 2023 with the SEC, which can be obtained on the SEC website at www.sec.gov. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the SEC.
Contact
Agrify Investor Relations
IR@agrify.com
(857) 256-8110
| Agrify Corporation Highlights from Unaudited Condensed Consolidated Statements of Operations For the Three and Nine Months Ended September 30, 2024 and 2023 | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Revenues | $ | 1,934 | $ | 3,139 | $ | 7,526 | $ | 14,009 | ||||||||
| Cost of Goods Sold | (1,709 | ) | (2,165 | ) | (6,009 | ) | (11,447 | ) | ||||||||
| Gross Profit | 225 | 974 | 1,517 | 2,562 | ||||||||||||
| Expenses: | ||||||||||||||||
| Selling, General, and Administrative | 3,890 | 5,552 | 3,405 | 20,068 | ||||||||||||
| Total Expenses | 3,890 | 5,552 | 3,405 | 20,068 | ||||||||||||
| Loss From Operations | (3,665 | ) | (4,578 | ) | (1,888 | ) | (17,506 | ) | ||||||||
| Other Income (Expense): | ||||||||||||||||
| Other Income (Expense), net | (14,948 | ) | 2,849 | (15,333 | ) | (158 | ) | |||||||||
| Interest Expense, net | (38 | ) | (363 | ) | (166 | ) | (1,562 | ) | ||||||||
| Total Other Income (Expense) | (14,986 | ) | 2,486 | (15,499 | ) | (1,720 | ) | |||||||||
| Net Loss Before Non-Controlling Interest | (18,651 | ) | (2,092 | ) | (17,387 | ) | (19,226 | ) | ||||||||
| Net Loss Attributable To Non-Controlling Interest | — | — | — | 2 | ||||||||||||
| Net Loss Attributable To Agrify Corporation | $ | (18,651 | ) | $ | (2,092 | ) | $ | (17,387 | ) | $ | (19,224 | ) | ||||
| Net Loss per share - basic and diluted (1) | $ | (17.31 | ) | $ | (19.02 | ) | $ | (16.82 | ) | $ | (202.21 | ) | ||||
| Weighted average number of shares outstanding - basic and diluted | 1,077,780 | 109,983 | 1,033,582 | 95,068 | ||||||||||||
(1) Periods presented have been adjusted to retroactively reflect the 1-for-20 reverse stock split on July 5, 2023, and for the 1-for-15 reverse stock split on October 8, 2024. Additional information regarding the reverse stock splits may be found in Note 1 – Overview, Basis of Presentation, and Significant Accounting Policies, included in the notes to the consolidated financial statements
| Agrify Corporation Highlights from the Unaudited Condensed Consolidated Balance Sheet (Amounts Expressed in Thousands of United States Dollars) | ||||
| September 30, 2024 | ||||
| (Unaudited) | ||||
| Cash and Cash Equivalents | $ | 263 | ||
| Inventory, Net | 18,085 | |||
| Other Current Assets | 2,422 | |||
| Loans Receivable, Net of Current Portion | 9,903 | |||
| Property and Equipment, Net | 6,596 | |||
| Operating Lease Right-of-Use Assets | 1,573 | |||
| Other Long-term Assets | 110 | |||
| Total Assets | $ | 38,952 | ||
| Total Current Liabilities | $ | 27,766 | ||
| Related Party Debt, Net of Current Portion | 4,360 | |||
| Operating Lease Liabilities, Net of Current Portion | 1,090 | |||
| Other long-Term Liabilities | 279 | |||
| Total Equity | 5,457 | |||
| Total Liabilities and Equity | $ | 38,952 | ||
FAQ
What was Agrify's (AGFY) revenue in Q3 2024?
How much was Agrify's (AGFY) net loss in Q3 2024?
What new financing did Agrify (AGFY) secure in November 2024?
What acquisition did Agrify (AGFY) announce in November 2024?
