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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) reported a 63.5% increase in second quarter revenue, reaching $19.3 million, compared to $11.8 million in 2021. Year-to-date revenue surged 140.8% to $45.4 million. However, net loss escalated to $93.4 million, or $3.51 per diluted share, up from $5.6 million the previous year. Operating expenses spiked to $93.1 million, primarily due to impairment charges of $69.9 million. Agrify is restructuring its credit facility and revising its 2022 revenue guidance to $70-$75 million amid industry challenges.
Agrify Corporation (Nasdaq:AGFY) announced a conference call to discuss its financial results for Q2 2022, set for August 10, 2022, at 8:30 a.m. ET. Led by CEO Raymond Chang and CFO Timothy Oakes, the call will review critical financial data ahead of the scheduled report release. Interested parties can participate via a listen-only webcast or a dial-in option for questions. Agrify specializes in advanced cultivation and extraction solutions for the cannabis industry, leveraging innovative technology for maximum yield and quality.
Agrify Corporation (Nasdaq:AGFY) announced significant leadership changes to enhance its growth strategy. Max Holtzman joins as an Independent Director, bringing extensive experience in operations and agriculture policy. Stuart Wilcox, previously on the Board, is appointed Chief Operating Officer, while Chris Benyo is promoted to Chief Revenue Officer, overseeing revenue streams. Former President Thomas Massie departs for other opportunities. CEO Raymond Chang emphasized the strategic importance of these appointments in driving international growth and market share in the cannabis industry.
Agrify Corporation has signed a $1.625 million agreement with Ora Pharm to supply 20 Vertical Farming Units and advanced extraction technologies for a 5,000-square-foot facility in Auckland, New Zealand. This strategic partnership enhances Ora Pharm's production of medicinal cannabis, emphasizing quality and operational efficiency. Agrify aims to leverage global cannabis market growth, projected to reach $61 billion by 2026. The collaboration also focuses on adhering to high Good Manufacturing Practice standards, supporting Ora Pharm's expansion in various international markets.
Agrify Corporation (Nasdaq: AGFY) has launched the CannaBeast 13, a cutting-edge short path, thin film distillation system for cannabis oil extraction. Partnered with Lab Society and InCon Process Systems, this system maximizes efficiency, allowing operators to produce 35-45 kg of distillate per eight-hour shift. Key features include a large feed tank, advanced HMI software, and a design that enhances thermal efficiency. The system is expected to meet the increasing demand for distilled cannabis products as the market continues to expand.
Agrify Corporation (Nasdaq: AGFY) has announced a reminder for stockholders to vote ahead of the deadline for the proxy voting process, which concludes at 11:59 p.m. EDT on June 7, 2022. The annual meeting will take place virtually on June 8, 2022, at 10:00 a.m. EDT. The Board of Directors recommends stockholders vote FOR all proposed resolutions. Stockholders are encouraged to read meeting materials and vote online or by phone before the deadline. For assistance or questions, they can contact Alliance Advisors, LLC.
Agrify Corporation (Nasdaq:AGFY) reported a remarkable 271% year-over-year revenue growth, reaching $26 million for Q1 2022. This performance exceeded prior guidance, highlighting a strong increase in customer adoption across its product lines.
Contractual backlog rose by $77 million, supporting future revenue streams. Despite these gains, the net loss widened to $8.9 million, with operating expenses increasing to $13.9 million. Adjusted EBITDA also showed a loss of $6.1 million, indicating challenges amidst significant growth investments.
Agrify Corporation (Nasdaq:AGFY) has entered into a $2 million agreement with Boone Labs to provide advanced cultivation and extraction solutions for their new cannabis production facility in Michigan. The deal allocates approximately $1.5 million for Vertical Farming Units (VFUs) and $0.5 million for extraction systems. The facility will feature 72 VFUs integrated with Agrify Insights software for operational precision. This partnership aims to support Boone Labs in producing consistent, high-quality cannabis products and allows for future expansion as the company seeks to grow its operations.
Agrify Corporation has introduced the PX5, an advanced passive hydrocarbon extractor designed for the cannabis industry. This system enhances efficiency by reducing batch times by up to 33% and increasing hourly production by 200%. The PX5 is energy-efficient, saving up to 40% in annual energy costs compared to traditional systems. It meets stringent safety standards, has a modular design for scalability, and is expected to gain Canadian certification by Q3 2022. This launch aligns with growing market demand for high-quality cannabis products.
Agrify Corporation (Nasdaq: AGFY) will host a conference call on May 11, 2022, at 8:30 a.m. ET, to discuss its first-quarter financial results for the period ending March 31, 2022. The call will be led by CEO Raymond Chang and CFO Timothy Oakes. Interested participants can join the call via a dial-in number, (844) 792-4409, and use conference ID 2387725. A webcast of the call, available for replay, can be accessed at Agrify's Investor Calendar.
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