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Agrify Corporation (Nasdaq: AGFY) is a leading innovator in precision hardware and software grow solutions for the indoor agriculture market, with a strong focus on the cannabis industry. Established in 2016 and based in Burlington, Massachusetts, Agrify's core offerings include Vertical Farming Units (VFUs), Integrated Grow Racks, LED Grow Lights, and a comprehensive range of non-proprietary products such as air cleaning systems and pesticide-free surface protection products.
The company has developed a reputation for integrating data, science, and technology into its cultivation and extraction solutions. Agrify’s proprietary VFUs are designed to optimize micro-environment controls, enabling cultivators to produce high-quality products with exceptional consistency and yield. The company also offers a suite of associated services, including consulting, engineering, and construction, which bolsters its value proposition in the indoor agriculture space.
Recent financial results indicate significant progress in Agrify's financial health. For instance, the company reported its first positive quarterly net income of approximately $572,000 for the quarter ending December 31, 2023. Agrify has also seen a marked improvement in gross profit and a substantial reduction in operating expenses, demonstrating effective cost management and operational efficiency.
Notable achievements include the successful deployment of Agrify's Total Turnkey (TTK) project with Nevada Holistic Medicine, which showcases the efficacy of Agrify's technology in producing premium-quality cannabis products. Additionally, the company has made strides in the extraction market, signing a $500K Turnkey Hydrocarbon Extraction and Lab Equipment Package deal with Grotech Farms LLC.
Agrify continues to explore strategic partnerships and acquisitions to strengthen its market position. Although a planned merger with Nature's Miracle Holding Inc. was recently terminated due to unfavorable market conditions, Agrify’s management remains committed to pursuing opportunities that create shareholder value.
The company has also taken significant steps to maintain its Nasdaq listing, including a $13.8 million debt-to-equity conversion that helped regain compliance with Nasdaq’s equity requirements. This move underscores the commitment of Agrify's management and leading shareholders to the company's long-term success.
For more information, visit Agrify’s official website at www.agrify.com.
Agrify Corporation (Nasdaq:AGFY) announced a conference call to discuss its financial results for Q4 and the fiscal year ending December 31, 2021, scheduled for March 23, 2022, at 8:30 a.m. ET. The call will be led by CEO Raymond Chang and CFO Timothy Oakes. Interested parties can join via dial-in or listen to the webcast, which will also be available for replay. Agrify specializes in innovative cultivation and extraction solutions for the cannabis and hemp industry, utilizing proprietary Vertical Farming Units for optimal product quality and yield.
Agrify Corporation (Nasdaq:AGFY) has acquired Lab Society, a leading company in distillation and solvent separation solutions for the cannabis extraction sector. This acquisition, valued at $8 million, with $4 million in cash and $4 million in stock, is expected to boost Agrify's extraction division revenue to approximately $65 million for 2022. Lab Society brings $10 million in annual revenue and a strong reputation for quality. The acquisition aims to enhance Agrify's market position and product offerings amid anticipated federal legalization of cannabis in the U.S.
Agrify Corporation (Nasdaq: AGFY) has announced a private placement offering to raise approximately $27.3 million. The company will issue 4,020,994 shares of common stock, along with pre-funded warrants and accompanying warrants to purchase an additional 3,015,745 shares at an exercise price of $7.48 per share. The shares are being sold at a combined price of $6.80. Proceeds from the offering will support working capital, product development, and acquisitions. The offering is expected to close on or around January 28, 2022.
Agrify Corporation (Nasdaq: AGFY) announced record new bookings exceeding $250 million for Q4 2021, surpassing previous guidance of $100 million by $150 million. The company reaffirmed revenue guidance of $26 million to $28 million for the same quarter, pending audit completion. Agrify's new bookings represent a significant operational metric driven by their Vertical Farming Units and Total Turn-Key Solution agreements, expected to yield $850 million in total revenue over ten years. Chairman and CEO Raymond Chang highlighted the strong growth trajectory and transformation in 2021.
Agrify Corporation (Nasdaq:AGFY) announced the completion of its acquisition of PurePressure, a leader in solventless extraction equipment for the cannabis and hemp industry. This strategic move positions Agrify as the largest provider of cannabis and hemp extraction solutions globally. PurePressure generated approximately $10 million in revenue for 2021. The acquisition, valued at $9 million, includes a mix of cash and unregistered shares and is projected to enhance shareholder value and business growth in 2022.
Agrify Corporation (Nasdaq:AGFY) announces its largest partnership to date with Gold Leaf Florida LLC, projecting over $140 million in revenue during the first three years and exceeding $400 million over a 10-year term. This agreement marks Agrify's entry into Florida's expanding cannabis market, where Gold Leaf plans to open 20 dispensaries. Agrify will supply 1,510 Vertical Farming Units at a 200,000-square-foot facility, with plans for future expansions. The company anticipates significant growth and improved patient experiences through this collaboration.
Agrify Corporation (Nasdaq: AGFY) announced that its CEO, Raymond Chang, and CFO, Tim Oakes, will participate in the 2022 ICR Conference on January 10, 2022. They will engage in a cannabis panel discussion at 12:00 p.m. ET, moderated by Camilo Lyon from BTIG. Additionally, a fireside chat about Agrify will be held at 2:00 p.m. ET, moderated by Gerald Pascarelli from Cowen. The event will be accessible via Agrify's Investor Relations website, with replays available. One-on-one and small group meetings with the management team will also be arranged.
Agrify Corporation (Nasdaq:AGFY) announced the appointment of Barry Turkanis as an independent director on its Board of Directors, replacing Timothy Oakes, who is now the Chief Financial Officer. Turkanis, with over 22 years of experience, including 15 years at Goldman Sachs, brings expertise in finance, private equity, and venture capital. His role will include serving on the Audit Committee and the Nominating and Corporate Governance Committee. This leadership change aims to support Agrify's growth strategy and enhance operational execution.
Agrify Corporation (Nasdaq: AGFY) announced a binding letter of intent to acquire PurePressure, a leader in solventless extraction, for $9 million, consisting of $4 million in cash and $5 million in unregistered shares. This acquisition aims to enhance Agrify's extraction division by integrating PurePressure's advanced products and services. PurePressure has projected annual revenue of approximately $10 million for 2021. The transaction is expected to close by the end of December 2021, with potential additional payments based on future performance.
Agrify Corporation (Nasdaq: AGFY) announces the appointment of Thomas Massie as President and Chief Operating Officer, while Timothy Oakes transitions to Chief Financial Officer effective November 10, 2021. Massie, a board member with extensive experience in growth-oriented companies, aims to enhance market strategies. Oakes, with over 30 years in finance, will step down from the board after serving as interim CFO for Living Greens Farms. The leadership changes are set to strengthen Agrify's execution of its growth strategy in the cannabis and hemp industry.
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