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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 (NasdaqCM:AGFY) announced it will host a conference call on August 12, 2021, at 5:00 p.m. ET, to discuss its financial results for the second quarter ending June 30, 2021. The call will be led by CEO Raymond Chang and CFO Niv Krikov. Interested parties can join the call using the dial-in number (844) 792-4409 and conference ID 1493498. A replay will be available until 8:00 p.m. ET on August 15, 2021. Agrify specializes in precision hardware and software solutions for indoor agriculture.
Agrify Corporation (NasdaqCM:AGFY) has launched Agrify University, a new 3,500 sq. ft. indoor vertical farming facility aimed at enhancing cannabis cultivation for its customers. Located in Billerica, MA, the university offers hands-on training and uses advanced cultivation methods and proprietary technology. Led by Chief Science Officer David Kessler, the program is designed to empower growers with essential knowledge and skills by utilizing data-driven techniques for better quality and yield. Classes are available to all customers starting now.
Agrify Corporation (NasdaqCM:AGFY) has received a cultivation and production license for industrial hemp from Massachusetts, allowing the company to grow up to 3,000 plants annually at its new facility in Billerica. Operations are set to commence in August 2021, focusing on optimizing chemical metabolite production and improving biomass. The facility showcases Agrify's Vertical Farming Units, emphasizing enhanced quality and yield for hemp cultivation. The site will also serve as a research and training center for clients to experience Agrify's advanced technology.
Agrify Corporation (AGFY) has entered a definitive Collaboration Agreement with Curaleaf Holdings to conduct research on environmental impact on cannabis cultivation. This partnership aims to analyze how Agrify’s Vertical Farming Units and Agrify Insights™ software can enhance plant health, harvest yields, and terpene profiles over three years at Curaleaf’s Massachusetts facility. Both companies will jointly own the test data, furthering advancements in optimized cannabis production and contributing to a cost-effective cultivation approach.
Agrify Corporation (NasdaqCM:AGFY) announced a $12 million contract with Nevada Holistic Medicine LLC for the construction of a 12,400 square foot cultivation facility. The deal includes the installation of 140 Vertical Farming Units and five years of SaaS revenue from the Agrify Insights™ platform. This agreement strengthens Agrify’s position in the growing Nevada market, expected to thrive due to rising consumer demand. CEO Raymond Chang emphasized the importance of data-driven cultivation solutions in maximizing yields and product quality.
Agrify Corporation (NasdaqCM:AGFY) announced CEO Raymond Chang's participation in the Benzinga Cannabis Capital Conference on June 3-4, 2021. Chang is set to present on June 3 at 11:35 a.m. ET and join a panel discussion on the cannabis industry at 12:35 p.m. ET. Agrify focuses on precision hardware and software solutions for indoor agriculture, aiming to enhance customer efficiency, productivity, and yield while minimizing costs.
Agrify Corporation (NasdaqCM: AGFY) raised its full-year 2021 revenue guidance to between $48 million and $50 million, up from $40 million. The company reported a 600% year-over-year revenue increase, reaching $7 million for Q1 2021. Additionally, the sales backlog grew 38% to $82 million. Agrify launched the Agrify Total Turn-Key Solution, securing significant partnerships and expanded customer engagements, projecting significant revenue streams from these initiatives. However, the company also reported a net loss of $3.81 million for the quarter.
Agrify Corporation (NasdaqCM:AGFY) has announced a research and development partnership with Front Range Biosciences to enhance cannabis and hemp genetics. The initiative aims to utilize Agrify's advanced cultivation solutions alongside FRB's breeding technology. Based in California and Colorado, the collaboration will focus on optimizing cultivation environments to improve yield, consistency, and terpene output while minimizing cannabinoid variance. This partnership is expected to drive innovation in both adult use and medical cannabis markets.
Agrify Corporation (NasdaqCM:AGFY) has entered into a definitive agreement with Greenstone Holdings to expand its cultivation facility in Denver by 25,000 square feet. The deal includes an estimated $11 million in production-based fees and consulting services over 10 years, along with up to $2.5 million in construction loans. Additionally, Agrify may secure up to $37 million through further financing options. Construction is set to begin in Q2 2021, with completion expected by Q4 2021.
Agrify Corporation (NasdaqCM: AGFY) has signed a definitive agreement with Bud & Mary’s Cultivation, Inc. to install up to 1,200 Vertical Farming Units (VFUs) in a 50,000 square foot facility in Massachusetts. The initial phase will feature 774 VFUs, estimated for completion by Q1 2022. Agrify will finance up to $13.5 million for the construction, set to be repaid within 24 months post-commercial production. This partnership is projected to generate over $28 million annually for Agrify over the next decade through fixed SaaS revenue and production-based fees.
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