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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 a conference call scheduled for May 18, 2021, at 8:30 a.m. ET. The call will focus on the company’s financial results for the first quarter ending March 31, 2021. CEO Raymond Chang and CFO Niv Krikov will lead the discussion. Interested parties can attend via a dial-in number: (833) 919-0714, with Conference ID 3871522. A replay of the call will be available until June 1, 2021. Agrify specializes in precision cultivation solutions for indoor agriculture, leveraging technology to enhance efficiency and yield.
Agrify Corporation (AGFY) has announced a significant $3.5 million purchase order from LNP, LLC, d/b/a WhiteCloud Botanicals, to enhance their cultivation operations in Nevada. The order includes an expansion of their facility with 132 additional Vertical Farming Units (VFUs), tripling their flower production capacity to 12,544 square feet. The project, starting in April 2021, aims for completion by Q4 2021, along with three years of recurring revenue from Agrify's Agrify Insights™ software.
Agrify Corporation (NasdaqCM:AGFY) reported significant growth in its financial results for 2020, with total revenue increasing 195.7% year-over-year to $12.1 million. The company began generating higher-margin SaaS revenue and introduced advanced Vertical Farming Units. Key acquisitions included TriGrow Systems and Harbor Mountain Holdings, enhancing sales and manufacturing capabilities. Despite growth, net loss for 2020 was $21.6 million, mainly due to non-cash expenses. The company raised approximately $147 million through its IPO and plans to leverage new partnerships in the evolving cannabis market.
Agrify Corporation (NasdaqCM:AGFY) has announced a conference call on April 1, 2021, at 8:30 a.m. ET, to discuss its financial results for Q4 and the year ended December 31, 2020. Hosted by CEO Raymond Chang and CFO Niv Krikov, the call will provide insights into the company’s performance. Interested parties can join the discussion via dial-in at (833) 919-0714, with a conference ID of 1570689. A replay will be available until April 14, 2021. Agrify specializes in precision hardware and software solutions for indoor agriculture, promoting efficiency and productivity in the marketplace.
Agrify Corporation (NasdaqCM:AGFY) announced a partnership with Atlantis Hydroponics to establish a 2,500 square foot research and development facility in Georgia focusing on hemp cultivation. This collaboration aims to enhance sustainable growing practices and improve the quality of hemp products by manipulating environmental factors affecting phytochemical concentrations. Operations are expected to start in April 2021, subject to a definitive agreement. The facility will utilize Agrify's Vertical Farming Units and Agrify Insights software, marking a significant step in indoor agriculture.
Agrify Corporation (NasdaqCM:AGFY) announced the launch of its Agrify Total Turn-Key Solution (TTK Solution), targeting up to $50 million in initial partnerships. This comprehensive program aims to support strategic partners in establishing advanced cultivation facilities, providing capital and expertise. Agrify plans to create long-term partnerships, offering design, training, and ongoing support. The company anticipates an Internal Rate of Return (IRR) of 40-50% from its revenue streams. CEO Raymond Chang expressed confidence in the solution's potential to enhance market share and shareholder value.
Agrify Corporation (NasdaqCM:AGFY) announced participation by CEO Raymond Chang in two key conferences: the Roth Capital Partners 33rd Annual Conference from March 15-17 and the M Vest LLC and Maxim Group LLC Emerging Growth Virtual Conference from March 17-19. At these events, Chang will engage in discussions about innovative technologies in the cannabis industry and broader opportunities in indoor agriculture. Agrify focuses on precision hardware and software solutions to enhance efficiency, productivity, and yield for indoor farming.
Agrify Corporation (NasdaqCM:AGFY) has formed a new Advisory Board, appointing Rosie Mattio, CEO of MATTIO Communications, and Matthew Kressy, Founding Director of MIT Integrated Design & Management program. The board aims to provide strategic guidance on market opportunities and enhance Agrify's business. CEO Raymond Chang expressed enthusiasm for their expertise in accelerating growth and capitalizing on new markets. Mattio highlighted Agrify's scientific approach as crucial for competitiveness in the cannabis marketplace. Kressy emphasized his commitment to solving grower challenges.
Agrify Corporation (NasdaqCM:AGFY) announces the appointment of Stuart Wilcox as an Independent Director, replacing Matthew Kressy, who remains on the Advisory Board. With over 30 years of experience in the cannabis industry, including his role as COO of Curaleaf, Wilcox is expected to enhance Agrify's strategic growth. CEO Raymond Chang emphasized Wilcox's extensive knowledge as a key asset for the company. Wilcox commended Agrify's innovative cultivation solutions and their integration with the Agrify Insights platform.
Agrify Corporation (AGFY) has signed a binding letter of intent with Hannah Industries for a 30,000 sq. ft. cannabis cultivation facility in Washington State. The build-out contract is valued at $3 million, with additional annual SaaS revenue projected at $285,000. Financing will be provided by Agrify over two years at a 25% APR. This agreement complements the previously purchased 179 Vertical Farming Units. Completion is expected by early Q4 2021.
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