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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) 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.
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.
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