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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) announced the launch of its VFU Rapid Deployment Packs (RDP), designed to quickly deploy 10 to 28 prepackaged Vertical Farm Units (VFUs) at customer facilities. These RDPs allow cultivators to accelerate market entry and profitability by minimizing facility build-out expenses and disruptions. Each VFU integrates Agrify Insights™ software for improved cultivation management and is equipped with necessary peripheral support. Agrify's approach promises rapid deployment while maintaining production capacity, offering a plug-and-play solution for MSOs.
Agrify Corporation (Nasdaq: AGFY) will participate in the Benzinga Cannabis Capital Conference in Miami from April 20 to April 21, 2022. CEO Raymond Chang and CFO Timothy Oakes will host a fireside chat on April 20 at 11:10 a.m. ET, available via webcast on Agrify’s Investor Relations website. Additionally, the management team will be open for one-on-one and small group meetings throughout the event. Agrify is recognized for its advanced cultivation and extraction solutions in the cannabis industry, focusing on innovation and high-quality product output.
Agrify Corporation (Nasdaq:AGFY) has announced a definitive agreement with BioCann Pharmaceutical Company to introduce its advanced cultivation technology to the emerging European cannabis market. The deal involves the installation of 190 Vertical Farming Units at BioCann's facility in Portugal, aimed at enhancing cannabis production quality and ROI. The total contract value is $6.1 million, which includes $4 million for the cultivation equipment and a $2.1 million SaaS agreement for Agrify Insights. This partnership is seen as a strategic move to capitalize on the anticipated growth of the European cannabis market, projected to reach $37 billion by 2027.
Agrify Corporation has signed a definitive agreement to install 500 of its proprietary Vertical Farming Units at Loud Wellness’ facility in Glassboro, NJ. This engagement is projected to generate approximately $118 million in revenue over the next decade. Loud Wellness, one of only eight operators in NJ with cultivation and manufacturing licenses, aims to leverage Agrify's Total Turn-Key Solution for high-quality cannabis production. Key components of the agreement include $100 million in production success fees and $18 million in software fees, enhancing both companies' market position.
Agrify Corporation (Nasdaq:AGFY) announced participation at the Cantor Fitzgerald 2nd Virtual Cannabis Conference from April 12-14, 2022. CEO Raymond Chang and CFO Timothy Oakes will represent Agrify, participating in a panel on April 14 at 9:00 a.m. ET. The company aims to highlight its innovative advanced cultivation and extraction solutions tailored for the cannabis industry, leveraging technology and data-driven approaches to optimize product quality and yield. The management team will also hold one-on-one meetings throughout the conference.
Agrify Corporation (Nasdaq: AGFY) announced a strategic agreement with Greenlight Cannabis to provide advanced cultivation solutions across their operations. This deal includes the installation of Vertical Farming Units (VFUs) to enhance yield, consistency, and quality in cannabis production. Following operational acceptance, the partnership may expand to additional locations, ensuring ongoing technical support and training. Agrify's technology allows Greenlight to increase grow canopy significantly, facilitating rapid return on investment and positioning Agrify as a leader in cannabis cultivation.
Agrify Corporation (Nasdaq: AGFY) announced participation in the BTIG Global Cannabis Conference on April 6, 2022. CEO Raymond Chang and CFO Timothy Oakes will host a fireside chat at 3:30 p.m. ET, providing insights into their innovative cultivation and extraction solutions for the cannabis industry. Investors can reach out to BTIG for webcast access, and the Agrify team will also be available for one-on-one meetings throughout the event. Agrify focuses on advanced technology to improve yield, consistency, and ROI in cannabis cultivation.
Agrify Corporation (AGFY) reported substantial growth in its financial results for the fourth quarter and fiscal year ended December 31, 2021. Revenue soared 481% year-over-year to $25.3 million in Q4 and increased 395% to $59.9 million for the fiscal year. The company secured new bookings of $377 million, a 919% rise, while total backlog reached $837 million, up 1,319%. Gross profit for Q4 was $5.6 million (22.3%), compared to a loss in the prior year. Despite high revenue growth, net losses were $13.3 million in Q4, with operating expenses significantly rising. The 2022 revenue outlook is between $140-$142 million.
Agrify Corporation (Nasdaq: AGFY) secured a $135 million debt financing agreement with an institutional lender, announced on March 14, 2022. This Senior Secured Note facility provides an initial $65 million to support working capital and corporate purposes, with an option to access an additional $70 million in two further tranches of $35 million each, contingent on conditions. CEO Raymond Chang noted this funding affirms their Total Turn-Key (TTK) Solution program, which has generated over $500 million in sales opportunities.
Agrify Corporation (Nasdaq:AGFY) announced a debt financing agreement for up to $135 million with an institutional lender to enhance its balance sheet and accelerate growth. The initial funding of $65 million is available, with an option to draw $70 million in two tranches. The financing supports Agrify's Total Turn-Key Solution, which aims to generate an estimated $850 million in revenue over ten years. The Note matures on March 1, 2026, with a 6.75% annual coupon. Agrify's strategic moves highlight positive growth prospects in the cannabis industry.
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