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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) 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.
Agrify Corporation (AGFY) reported a remarkable revenue increase of 460% year-over-year, reaching $15.8 million for Q3 2021. Sequential growth was 33% compared to Q2 2021. New bookings totaled $32.2 million, raising total backlog to $117.5 million. Guidance for Q4 indicates expected revenue of $26 million to $28 million, with full-year projections raised to $60 million to $62 million. Key partnerships were established, including a transformative acquisition of Precision Extraction Solutions, positioning Agrify as a leader in cannabis solutions.
Agrify has signed a 10-year agreement with Kief USA, installing 485 Vertical Farming Units (VFUs) at a new 84,000-square-foot facility. This partnership is projected to generate $68.7 million in revenue within the first three years. Kief USA will contribute 20% of the $24 million construction costs, with Agrify financing the remaining 80% at 16.5% APR. This expansion into the Massachusetts cannabis market, where sales exceeded $2 billion this year, aims to enhance Agrify's market share and shareholder value.
Agrify Corporation (Nasdaq: AGFY) has signed a definitive agreement with Olive El Mirage Partners LLC to install 400 Vertical Farming Units at a new 30,000-square-foot facility in Arizona.
The deal is valued at approximately $23.8 million, including $9.4 million for the VFUs and $14.4 million in recurring SaaS revenue from Agrify Insights over 10 years. Olive El Mirage will fund the facility’s construction internally. This partnership aims to enhance product quality and yield efficiency in the burgeoning Arizona cannabis market.
Agrify Corporation (Nasdaq: AGFY) will host a conference call and webcast on November 10, 2021, at 8:00 a.m. ET to review its Q3 financial results for the period ending September 30, 2021. CEO Raymond Chang and CFO Niv Krikov will lead the discussion. Interested participants can join the call by dialing (844) 792-4409. The event will be accessible via a live webcast, and a replay will be available until November 17, 2021. Agrify specializes in providing advanced cultivation and extraction solutions for the cannabis and hemp industries, utilizing proprietary technology for optimal product quality.
Agrify Corporation (Nasdaq: AGFY) announced the unveiling of enhanced Vertical Farming Units (VFUs) at MJBizCon 2021 in Las Vegas, scheduled for October 19-22. These VFUs feature advanced technology aimed at optimizing cannabis cultivation, including a 40% increase in light output, integrated soil sensors, and an automated harvest tracking system. Customers can expect improved crop yields and reduced processing times, ultimately driving greater ROI. The VFUs will be available in Q1 2022, underscoring Agrify's commitment to providing innovative cultivation solutions.
Agrify Corporation (Nasdaq: AGFY) announced its participation in three significant upcoming conferences, emphasizing its role in the cannabis and hemp industry. CEO Raymond Chang will be at the Global AgTech Virtual Conference on October 14, participating in a cannabis panel. Additionally, he will speak at the Benzinga Cannabis Capital Conference on October 14-15 in New York. Chief Science Officer David Kessler will participate in the MJBizCon 2021 from October 19-22. Agrify focuses on providing premium cultivation and extraction solutions through its innovative Vertical Farming Units.
Agrify Corporation (AGFY) announced a $50 million acquisition of Precision Extraction Solutions and Cascade Sciences, enhancing its position in the cannabis industry. This transaction includes $30 million in cash and $20 million in Agrify common stock, with the potential total reaching $65 million based on performance in 2021. This strategic move aims to expand Agrify’s market share, accessing a growing $24 billion cannabis extract vertical by 2028, and is expected to nearly double its annual revenue.
Agrify Corporation (NasdaqCM:AGFY) has announced the acquisition of Precision Extraction Solutions and Cascade Sciences, expanding its role in the cannabis and hemp supply chain. The transaction, valued at $50 million, is projected to generate approximately $40 million in additional revenue in 2021, nearly doubling Agrify's revenue. With access to a growing market expected to reach $24 billion by 2028, Agrify aims to leverage new synergies and enhance its customer base by 50%. The acquisition is immediately accretive with positive EBITDA contributions.
Agrify Corporation (AGFY) reported impressive financial results for Q2 2021, with revenue soaring 203% year-over-year to $11.8 million, and a 69% sequential increase. The company achieved record bookings of $30.7 million and a total backlog of $101.1 million. Notable partnerships were formed, including a deal with Bud & Mary's, projected to generate $28 million annually. Management is optimistic, raising revenue guidance to $48-$50 million for the full year, driven by strategic expansion and new technology deployment.
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