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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 (AGFY) reported a challenging third quarter for 2022, achieving revenue of $7.0 million, down 55.4% from $15.8 million a year earlier. The decrease was due to a $5.3 million revenue deferral linked to legal issues with Bud & Mary’s, alongside unfulfilled customer orders. Gross loss was $(4.1) million, while operating expenses surged to $27.4 million. The net loss was $46.3 million, or $17.33 per share. Despite setbacks, Agrify anticipates a revenue update for the fiscal year, expecting total revenue between $65.0 million and $70.0 million, revised from $70.0 million to $75.0 million.
Agrify Corporation (Nasdaq: AGFY) has announced the installation of its PX10 hydrocarbon cannabis extractor at three customer facilities, including Alchemist Ventures in Maryland. Unveiled in August, the PX10 promises increased efficiency, with twice the capacity of its predecessor, the PX5. Alchemist plans to utilize this technology to enhance its extraction business in anticipation of potential adult-use cannabis legalization in Maryland. Agrify will provide ongoing support with extraction equipment and specialized training to empower Alchemist's market entry.
Agrify Corporation (Nasdaq: AGFY) announced its compliance with Nasdaq's minimum bid price requirement of $1.00 per share, following a recent reverse stock split. The Nasdaq Stock Market has confirmed that Agrify can continue listing on the Nasdaq Capital Market. The company sees this compliance as a step towards enhancing visibility in the investment community, expanding its shareholder base, and meeting eligibility for market-wide and cannabis sector indices. The matter has been officially closed, indicating a positive development for the company's stock.
Agrify Corporation (Nasdaq: AGFY) announced a conference call to discuss its financial results for Q3 2022, scheduled for November 9, 2022, at 8:30 a.m. ET. The call will feature CEO Raymond Chang and CFO Timothy Oakes. Participants can access the call via a webcast or dial-in. The company aims to provide insights into its innovative solutions for the cannabis industry, focusing on cultivation and extraction technologies that enhance yield and quality. Financial results will be released prior to the call.
Agrify Corporation (Nasdaq:AGFY) reported an update on its at-the-market equity program, revealing the sale of 6,038,817 shares for gross proceeds of $15.40 million as of October 26, 2022. After commissions, net proceeds reached $14.94 million. The funds raised meet the credit facility's requirement for at least $15.0 million in equity issuance before October 31, 2022. Agrify plans to use the net proceeds for general corporate purposes, including capital expenditures and debt repayment.
Agrify Corporation (Nasdaq:AGFY) has announced a 1-for-10 reverse stock split effective from October 18, 2022. This decision was made by the Board of Directors to enhance the stock price and comply with Nasdaq's minimum bid price requirements; this split will reduce outstanding shares from approximately 26.7 million to about 2.67 million. The reverse stock split aims to maintain the company's listing on the Nasdaq Capital Market, with stockholders receiving whole shares instead of fractional shares.
Agrify Corporation (Nasdaq: AGFY) announced a default by Bud & Mary's Cultivation, Inc. on a construction loan extended for an Agrify TTK Solution project. In response, Bud & Mary's filed a lawsuit, which Agrify claims is meritless. Agrify asserts it has met all contractual obligations and intends to pursue repayment rigorously. The company aims to protect shareholder interests while navigating the legal situation.
Agrify Corporation (Nasdaq: AGFY) announced significant agreements with Prairie State Cannabis LLC, LowKey LLC, and MediFlora Cultivation LTD for the implementation of their Rapid Deployment Packs (RDPs). These projects, located in Illinois, Massachusetts, and South Africa, are expected to generate over $7.5 million in hardware sales, along with ongoing SaaS and production success fees. The RDPs, featuring Vertical Farming Units (VFUs), aim to enhance production capabilities within 60-90 days, allowing customers to produce approximately 7.5 pounds of flowers per VFU per cycle.
Agrify Corporation (Nasdaq: AGFY) announced that it received the Best Cultivation Technology Award at the Green Market Report’s Tech Summit held on September 8, 2022. Agrify, known for its innovative solutions in the cannabis industry, provides Vertical Farming Units and Agrify Insights software designed to optimize indoor cultivation. Their technology supports a range of customers from craft growers to multi-state operators, enhancing yield and consistency. CEO Raymond Chang emphasized the company's commitment to innovation in cultivation technology to empower growers.
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