Agrify Corporation Reports Fourth Quarter and Full Year 2024 Results
Agrify (AGFY) reported Q4 2024 revenue of $2.3 million and full-year 2024 revenue of $9.7 million, down from $15.1 million in 2023. The company recorded an operating loss of $10.2 million in 2024, improved from $13.0 million in 2023.
Key developments include securing $20 million convertible note financing from Green Thumb Industries, raising $25.9 million in private placement, and completing the acquisition of Double or Nothing 's Señorita brand of hemp-derived THC beverages. The company also divested its legacy Cultivation business, resulting in an $11.9 million loss on disposal.
The company ended 2024 with a cash balance of $31.2 million and approximately 2.0 million shares and 7.6 million warrants outstanding. Agrify appointed Brad Asher as CFO, effective March 24, 2025, and added new board members Peter Shapiro and Sanjay Tolia.
Agrify (AGFY) ha riportato un fatturato per il Q4 2024 di 2,3 milioni di dollari e un fatturato totale per l'anno 2024 di 9,7 milioni di dollari, in calo rispetto ai 15,1 milioni di dollari del 2023. L'azienda ha registrato una perdita operativa di 10,2 milioni di dollari nel 2024, migliorata rispetto ai 13,0 milioni di dollari del 2023.
Sviluppi chiave includono il reperimento di 20 milioni di dollari in finanziamento tramite nota convertibile da Green Thumb Industries, la raccolta di 25,9 milioni di dollari in collocamento privato e il completamento dell'acquisizione del marchio Señorita di Double or Nothing, specializzato in bevande a base di THC derivate dalla canapa. L'azienda ha anche dismesso la sua attività di coltivazione storica, con una perdita di 11,9 milioni di dollari dalla vendita.
L'azienda ha chiuso il 2024 con un saldo di cassa di 31,2 milioni di dollari e circa 2,0 milioni di azioni e 7,6 milioni di warrant in circolazione. Agrify ha nominato Brad Asher come CFO, con effetto dal 24 marzo 2025, e ha aggiunto nuovi membri del consiglio, Peter Shapiro e Sanjay Tolia.
Agrify (AGFY) reportó ingresos de 2.3 millones de dólares en el cuarto trimestre de 2024 y un ingreso total de 9.7 millones de dólares para el año 2024, una disminución respecto a los 15.1 millones de dólares en 2023. La compañía registró una pérdida operativa de 10.2 millones de dólares en 2024, mejorando desde los 13.0 millones de dólares en 2023.
Los desarrollos clave incluyen asegurar financiamiento por 20 millones de dólares a través de una nota convertible de Green Thumb Industries, recaudar 25.9 millones de dólares en colocación privada y completar la adquisición de la marca Señorita de Double or Nothing, especializada en bebidas de THC derivadas del cáñamo. La empresa también desinvirtió su negocio de Cultivación heredado, resultando en una pérdida de 11.9 millones de dólares por disposición.
La compañía terminó 2024 con un saldo de efectivo de 31.2 millones de dólares y aproximadamente 2.0 millones de acciones y 7.6 millones de warrants en circulación. Agrify nombró a Brad Asher como CFO, efectivo a partir del 24 de marzo de 2025, y agregó nuevos miembros a la junta, Peter Shapiro y Sanjay Tolia.
Agrify (AGFY)는 2024년 4분기 수익이 230만 달러, 2024년 전체 수익이 970만 달러로, 2023년 1510만 달러에서 감소했다고 보고했습니다. 이 회사는 2024년에 1020만 달러의 운영 손실을 기록했으며, 이는 2023년의 1300만 달러에서 개선된 수치입니다.
주요 개발 사항으로는 Green Thumb Industries로부터 2000만 달러의 전환사채 금융을 확보하고, 2590만 달러의 사모 배정을 모금하며, Double or Nothing의 헴프 유래 THC 음료 브랜드인 Señorita를 인수 완료한 것이 포함됩니다. 또한, 이 회사는 유산인 재배 사업을 매각하여 1190만 달러의 손실을 기록했습니다.
회사는 2024년을 3120만 달러의 현금 잔고로 마감했으며, 약 200만 주와 760만 개의 워런트가 발행되어 있습니다. Agrify는 2025년 3월 24일부터 Brad Asher를 CFO로 임명하고, Peter Shapiro와 Sanjay Tolia를 새로운 이사로 추가했습니다.
Agrify (AGFY) a annoncé un chiffre d'affaires de 2,3 millions de dollars pour le quatrième trimestre 2024 et un chiffre d'affaires total de 9,7 millions de dollars pour l'année 2024, en baisse par rapport à 15,1 millions de dollars en 2023. L'entreprise a enregistré une perte opérationnelle de 10,2 millions de dollars en 2024, améliorée par rapport à 13,0 millions de dollars en 2023.
Les développements clés incluent l'obtention de 20 millions de dollars de financement par note convertible de Green Thumb Industries, la levée de 25,9 millions de dollars lors d'un placement privé et l'achèvement de l'acquisition de la marque Señorita de Double or Nothing, spécialisée dans les boissons à base de THC dérivées du chanvre. L'entreprise a également cédé son activité de culture historique, entraînant une perte de 11,9 millions de dollars lors de la cession.
L'entreprise a terminé 2024 avec un solde de trésorerie de 31,2 millions de dollars et environ 2,0 millions d'actions et 7,6 millions de bons de souscription en circulation. Agrify a nommé Brad Asher au poste de CFO, à compter du 24 mars 2025, et a ajouté de nouveaux membres au conseil d'administration, Peter Shapiro et Sanjay Tolia.
Agrify (AGFY) berichtete für das 4. Quartal 2024 von Einnahmen in Höhe von 2,3 Millionen Dollar und einem Gesamtumsatz von 9,7 Millionen Dollar für das Jahr 2024, was einem Rückgang von 15,1 Millionen Dollar im Jahr 2023 entspricht. Das Unternehmen verzeichnete 2024 einen operativen Verlust von 10,2 Millionen Dollar, eine Verbesserung gegenüber 13,0 Millionen Dollar im Jahr 2023.
Wichtige Entwicklungen umfassen die Sicherstellung von 20 Millionen Dollar an wandelbarem Darlehen von Green Thumb Industries, die Beschaffung von 25,9 Millionen Dollar in einer Privatplatzierung und den Abschluss der Übernahme der Señorita-Marke von Double or Nothing für THC-Getränke auf Hanfbasis. Das Unternehmen hat auch sein traditionelles Cultivation-Geschäft verkauft, was zu einem Verlust von 11,9 Millionen Dollar beim Verkauf führte.
Das Unternehmen schloss 2024 mit einem Barguthaben von 31,2 Millionen Dollar und etwa 2,0 Millionen ausstehenden Aktien sowie 7,6 Millionen Warrants ab. Agrify ernannte Brad Asher zum CFO, der am 24. März 2025 in Kraft tritt, und fügte neue Vorstandsmitglieder hinzu: Peter Shapiro und Sanjay Tolia.
- Secured $45.9 million in new financing ($20M convertible note + $25.9M private placement)
- Cash balance strong at $31.2 million
- Operating loss improved from $13.0M in 2023 to $10.2M in 2024
- Strategic acquisition of Señorita THC beverage brand
- Revenue declined 35.8% from $15.1M in 2023 to $9.7M in 2024
- $11.9M loss on disposal of Cultivation business
- $13.4M loss from discontinued operations
- Operating loss remains significant at $10.2M
Insights
Agrify's Q4 and full-year 2024 results tell a story of a company in significant transition. The
The company's strategic pivot is notable - they've divested their legacy cultivation business (resulting in a
Agrify has substantially strengthened its balance sheet, ending 2024 with
The leadership changes, including Green Thumb Industries' involvement and Ben Kovler's appointment as Chairman/CEO, bring cannabis industry expertise but also create uncertainty during this transition period. The key question now is whether Agrify can leverage its new strategy and strengthened balance sheet to reverse the revenue decline and achieve sustainable profitability.
TROY, Mich., March 21, 2025 (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 and the fiscal year ended December 31, 2024.
Fourth Quarter 2024 Financial Results Summary
- Revenue of
$2.3 million for the fourth quarter of 2024. - Loss on disposal of Cultivation business recorded in the fourth quarter of
$11.9 million . - Cash balance of
$31.2 million at year end. - As of March 19, 2025, Agrify has approximately 2.0 million shares and 7.6 million warrants outstanding.
Fiscal Year 2024 Financial Results Summary
- Revenue was
$9.7 million for the fiscal year 2024 compared to$15.1 million for fiscal 2023. - Operating loss from continuing operations of
$10.2 million for the fiscal year 2024 compared to$13.0 million for fiscal 2023. - Loss from discontinued operations, net of income tax for the fiscal year 2024 was
$13.4 , which includes a loss on the disposal of$11.9 million and a loss from discontinued operations of$1.5 million .
Recent Developments
- On November 5, 2024, the Company secured new convertible note financing of up to
$20 million with an initial draw of$10 million from Green Thumb Industries Inc. and Ben Kovler was appointed Chairman and Interim CEO. - On November 20, 2024, the Company raised gross proceeds of approximately
$25.9 million in a private placement with institutional investors and other accredited investors, allowing Agrify to invest in future growth opportunities. - On December 12, 2024, the Company closed an Asset Purchase Agreement (the “Purchase Agreement”) for the acquisition of substantially all the assets of Double or Nothing LLC and its Señorita brand of beverages containing hemp-derived THC (HD9).
- On December 31, 2024, the Company entered into and closed an Asset Purchase Agreement with CP Acquisitions, LLC, an entity affiliated with Raymond Chang, the Company’s former Chairman and Chief Executive Officer, for the sale of Agrify’s legacy Cultivation business.
- On January 10, 2025, the Company announced a partnership with Chicago music venue, The Salt Shed, making Señorita the exclusive partner for hemp-derived THC (HD9) beverages at venue bars.
- On January 31, 2025, the Board increased its size from six to seven members, appointed Peter Shapiro and Sanjay Tolia as members of the Board, and announced Richard Drexler’s resignation from the Board.
“The Agrify team has been busy over the last quarter, streamlining the business and securing our position for future growth,” said Chairman and Interim CEO Ben Kovler. “We are excited about what lies ahead for THC in America and Agrify’s position to take advantage of that to create value for our shareholders. With a strong balance sheet and a clear vision, Agrify is poised to bring the award-winning THC Margarita, Señorita, to the tens of millions of Americans that previously had limited access to THC. In addition, we are continuing to explore various alternatives for our legacy extraction business.”
In addition, the Company named Brad Asher Chief Financial Officer, effective March 24, 2025. Asher is an accomplished finance and accounting professional with unique cross-sector experience spanning financial institutions and tech start-ups. Most recently he served as Chief Financial Officer at AYR Wellness, a multi-state cannabis operator.
“We are excited to welcome Brad to the Agrify team at this critical inflection point in the business,” said Agrify Chairman and Interim CEO Ben Kovler. “Now is the time to continue building the team to ensure our growth trajectory. Brad’s disciplined financial acumen and keen eye for anticipating market trends will be pivotal for our success as we forge ahead in the THC space.”
About Agrify (Nasdaq: AGFY)
Agrify Corporation (“Agrify” or the “Company”) is a developer of branded innovative solutions for the cannabis and hemp industries. Its Señorita brand offers consumers hemp-derived THC beverages that mirror popular, agave-based cocktails in three flavors: Lime Jalapeño Margarita, Mango Margarita, and Paloma. Known for its clean, fresh flavors and commitment to high-quality, natural ingredients, Señorita offers a low-sugar, low-calorie alternative to alcoholic beverages and is available at top retailers including Total Wine, ABC Fine Wine & Spirits, and Binny’s in nine U.S. states and Canada, with plans for expansion and future availability in premier on-premises destinations. Products are also available for direct-to-consumer purchase where permissible under state law at www.senoritadrinks.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, alternatives for the extraction business, potential growth opportunities and plans for expansion, and potential trends in the hemp-derived beverage market. 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
| Agrify Corporation | |||||||
| Highlights from Unaudited Condensed Consolidated Statements of Operations | |||||||
| For the Twelve Months Ended December 31, 2024 and 2023 | |||||||
| (Amounts Expressed in Thousands of United States Dollars, Except for Share Amounts) | |||||||
| Twelve Months Ended | |||||||
| December 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Revenues | $ | 9,680 | $ | 15,142 | |||
| Cost of Goods Sold | (9,015 | ) | (11,124 | ) | |||
| Gross Profit | 665 | 4,018 | |||||
| Expenses: | |||||||
| Selling, General and Administrative | 10,880 | 17,042 | |||||
| Total Expenses | 10,880 | 17,042 | |||||
| Loss From Operations | (10,215 | ) | (13,024 | ) | |||
| Other Income (Expense): | |||||||
| Other Income (Expense), net | (17,883 | ) | 1,742 | ||||
| Interest Expense, net | (256 | ) | (2,145 | ) | |||
| Total Other Income (Expense) | (18,139 | ) | (403 | ) | |||
| Loss Before Provision for Income Taxes And Non-Controlling Interest | (28,354 | ) | (13,427 | ) | |||
| Provision For (Benefit From) Income Taxes | (2 | ) | 2 | ||||
| Loss from Continuing Operations, Net of Taxes | (28,352 | ) | (13,429 | ) | |||
| Loss from Discontinued Operations, Net of Income Taxes | (13,394 | ) | (5,221 | ) | |||
| Net Income Attributable To Non-Controlling Interest | — | 1 | |||||
| Net Loss Attributable To Agrify Corporation | $ | (41,746 | ) | $ | (18,649 | ) | |
| Net Loss per share - basic and diluted | |||||||
| Continuing Operations | $ | (27.79 | ) | $ | (135.11 | ) | |
| Discontinued Operations | (13.13 | ) | (52.53 | ) | |||
| Net Loss per share - Attributable to Common Shareholders - basic and diluted | $ | (40.92 | ) | $ | (187.64 | ) | |
| Weighted average number of shares outstanding - basic and diluted (1) | 1,020,185 | 99,391 | |||||
| (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 reverse stock splits may be found in Note 1 – Overview, Basis of Presentation, and Significant Accounting Policies, included elsewhere in the notes to the consolidated financial statements. | |||||||
| Agrify Corporation | |||
| Highlights from the Condensed Consolidated Balance Sheet | |||
| (Amounts Expressed in Thousands of United States Dollars) | |||
| December 31 | |||
| 2024 | |||
| (Unaudited) | |||
| Cash and Cash Equivalents | $ | 31,170 | |
| Inventory, Net | 1,579 | ||
| Other Current Assets | 1,945 | ||
| Goodwill | 9,713 | ||
| Intangible Assets | 8,900 | ||
| Other Long-term Assets | 715 | ||
| Total Assets | $ | 54,022 | |
| Accounts Payable and Accrued Expenses | $ | 11,371 | |
| Related Party Debt, Current | 10,000 | ||
| Other Current Liabilities | 3,308 | ||
| Total Long-Term Liabilities | 1,254 | ||
| Total Equity | 28,089 | ||
| Total Liabilities and Equity | $ | 54,022 | |
| Agrify Corporation | |||||||
| Highlights from the Condensed Consolidated Statement of Cash Flows | |||||||
| For the Twelve Months Ended December 31, 2024 and 2023 | |||||||
| (Amounts Expressed in Thousands of United States Dollars) | |||||||
| Twelve Months Ended | |||||||
| December 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Cash Flows (Used In) Provided By | |||||||
| Operating Activities | $ | (11,583 | ) | $ | (30,975 | ) | |
| Investing Activities | (54 | ) | 25,179 | ||||
| Financing Activities | 42,373 | (4,227 | ) | ||||
| Net Increase (Decrease) in Cash and Cash Equivalents | $ | 30,736 | $ | (10,023 | ) | ||
FAQ
What was Agrify's (AGFY) revenue performance in 2024 compared to 2023?
How much capital did AGFY raise through recent financing activities in Q4 2024?
What strategic acquisitions did Agrify (AGFY) complete in December 2024?
What is AGFY's current share and warrant structure as of March 2025?
How much cash does Agrify (AGFY) have on its balance sheet at the end of 2024?
