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Cubicfarm Systems Corp. (CUBXF): Pioneering Sustainable Agricultural Technology
Cubicfarm Systems Corp., trading under the symbol CUBXF, stands at the forefront of agricultural technology innovation with its proprietary ag-tech solutions designed to feed a changing world. Leveraging advanced indoor vertical farming and hydroponic techniques, the company has established itself as a trusted provider of sustainable, smart farming technologies that enable growers to produce high-quality, predictable produce and fresh livestock feed. With a particular focus on reducing resource consumption and minimizing environmental impact, Cubicfarm combines state-of-the-art engineering with robust agricultural practices.
At the heart of Cubicfarm’s offerings is its HydroGreen Nutrition Technology division, which delivers patented systems for Automated Vertical Pastures™. These systems employ cutting-edge hydroponic growing methods to sprout grains and leafy greens indoors, all year round. By automating the entire growing process—from seeding and watering to lighting, harvesting, and re-seeding—the HydroGreen technology minimizes the need for extensive land, labor, water, and other traditional inputs, while ensuring consistent and nutrient-rich produce. This innovative approach not only supports high-yield food production but also enhances the quality of livestock feed, benefiting dairy and cattle industries by providing a reliable, fresh feed alternative that promotes animal health and productivity.
Operating within the competitive landscape of agricultural technology, Cubicfarm Systems has carved out a unique niche by focusing on localized food supply and Feed as a Service (FaaS) models. Through its network of regional feed centers, the company offers a scalable and efficient solution that addresses both logistical and environmental challenges faced by modern farming operations. By integrating advanced digital monitoring tools and automated systems, Cubicfarm delivers a transparent and efficient operational model that aligns with the demand for sustainable agriculture. The seamless communication between technology and operational efficiency is underpinned by robust cost control initiatives, strategic partnerships, and a commitment to regulatory compliance, reinforcing its reputation for operational excellence and financial transparency.
Cubicfarm’s strategic approach to the ag-tech sector is further enhanced by its focus on innovation and intellectual property. With multiple patents in its portfolio related to hydroponic growing systems, the company continuously evolves its technology to maximize yield, reduce resource consumption, and support eco-friendly practices. These innovations not only ensure superior nutritional feed production but also provide measurable environmental benefits, such as significant reductions in water usage and energy consumption compared to traditional methods.
The company’s comprehensive business model encompasses both product sales and the provision of value-added services, such as installation, remote monitoring, and ongoing support for its automated systems. This dual revenue stream not only strengthens its market position but also contributes to its operational efficiency and customer satisfaction. Cubicfarm is committed to empowering farmers and growers by offering solutions that are both technologically advanced and economically viable, addressing the pressing need for reliable, sustainable food production in a rapidly changing world.
As a local chain agricultural technology company, Cubicfarm Systems continues to demonstrate its commitment to innovation through strategic market positioning, a focus on cost efficiency, and the deployment of high-performance ag-tech solutions. The integration of automated, indoor farming technologies and its Feed as a Service model creates a compelling value proposition for stakeholders and underscores the company’s role in addressing global challenges such as climate change, resource scarcity, and the demand for sustainable agricultural practices. With an emphasis on transparency, efficiency, and sustainability, Cubicfarm Systems Corp. remains an influential entity within the modern ag-tech industry.
CubicFarm Systems Corp. (TSXV: CUB) announces the full revocation of its failure-to-file cease trade order by the British Columbia Securities Commission on January 16, 2025. The company has filed all required financial documents and applied for reinstatement on TSXV.
The company faces significant financial challenges, including defaults on multiple loans: a business loan from August 2022, convertible debentures from June 2022, and a senior secured term loan from September 2022. Currently experiencing a $28 million working capital deficiency, with approximately 50% related to loans payable.
Management is actively negotiating loan extensions and amendments to clear default status, which could reduce the working capital deficit by half. The company is also pursuing several sales deals, leveraging existing inventory to fulfill orders with minimal additional costs. A positive impact from USD appreciation against CAD is expected to benefit the company's financial position.
CubicFarm Systems Corp. (TSXV: CUB) has filed its Q3 2024 financial results, reporting revenue of $57,000 and $208,000 for the three and nine months ended September 30, 2024, respectively. The company achieved significant cost reductions, with corporate overhead decreasing by 22% to $1.7 million in Q3 compared to the previous year. Net loss for Q3 was $2.6 million, up from $2.2 million last year due to foreign exchange adjustments, while the nine-month net loss improved to $7.0 million from $10.9 million.
The company remains under a failure-to-file cease trade order (FFCTO) issued by the BCSC on July 15, 2024. Following Q2 filings, CubicFarm has submitted revocation and reinstatement applications to the BCSC and TSXV respectively, and is awaiting responses after addressing their information requests.
CubicFarm Systems Corp. (TSXV: CUB) has announced its upcoming annual general meeting scheduled for January 10, 2025, to be held virtually due to ongoing postal strikes in Canada. The company will rely on CSA Coordinated Blanket Order 51-931 for exemption from sending physical proxy materials.
Key meeting agenda items include financial statements review, election of four directors, auditor appointments, and notably, approval of amendments to the company's Stock Option Plan. The proposed changes would increase shares reserved for issuance from 3,566,944 to 7,897,914 common shares, representing 20% of outstanding shares.
Meeting materials are available on SEDAR+ and the company's website. Shareholders can vote through online platforms or by contacting Computershare Investor Services for voting instructions.
CubicFarm Systems Corp (TSXV:CUB) has filed its Q2 2024 financial statements, reporting revenue of $130,000 and $145,000 for the three and six months ended June 30, 2024, respectively. The company achieved significant cost reductions, with corporate overhead decreasing by 26% to $2.1 million in Q2. Net loss improved to $2.6 million for Q2 and $4.5 million for H1 2024, compared to $4.0 million and $8.7 million in the prior year. The company secured a sales agreement for two DGS machines and is working to revoke a failure-to-file cease trade order issued by the BCSC on July 15, 2024.
CubicFarm Systems Corp. (TSXV: CUB) has filed its Q1 2024 financial results. Key highlights include:
- Revenue of $0.02 million, down from $0.5 million in Q1 2023
- Corporate overhead reduced by 54% to $3.8 million
- Net loss of $4.7 million, improved from $9.0 million in Q1 2023
- Two significant sales agreements signed for HydroGreen machines
The company is operating under a cease trade order issued by the BCSC on July 15, 2024. CubicFarms expects to file Q2 2024 results by October 25, 2024, and will then apply to revoke the cease trade order.
CubicFarm Systems Corp. (TSXV: CUB) has filed its annual audited financial statements for the fiscal year ended December 31, 2023. Revenue for Q4 2023 was $0.5 million, up from $0.2 million in the prior year. Full-year revenue increased to $4.3 million from $3.6 million. Corporate overhead for Q4 2023 decreased by 73% to $2.3 million, while full-year overhead reduced by 65% to $11.2 million.
The company recorded non-cash impairment charges of $3.5 million for Q4 and $3.4 million for the full year. Net loss for Q4 2023 was $5.5 million, down from $12.9 million in the prior year. Full-year net loss decreased to $16.4 million from $61.2 million. CubicFarms is focusing on disciplined growth and exploring options, particularly with its HydroGreen division serving the dairy and cattle industries.
The company is under a failure-to-file cease trade order (FFCTO) issued by the British Columbia Securities Commission. CubicFarms plans to file interim financial statements for Q1 and Q2 2024 by October 11 and October 24, 2024, respectively, and will then apply for FFCTO revocation.
CubicFarm Systems Corp. (TSXV: CUB) has been issued a failure-to-file cease trade order (FFCTO) by the British Columbia Securities Commission. This order prohibits trading or purchasing of the company's securities in Canada, including trades on the TSX Venture Exchange. The FFCTO was issued due to delays in filing annual audited financial statements for the fiscal year ended December 31, 2023, and interim financial statements for Q1 2024, along with related documents.
The company expects to file the required annual filings by July 26, 2024. This FFCTO replaces a previously granted management cease trade order from April 30, 2024. CubicFarms is working with its auditors to complete the required filings and will provide updates as information becomes available.
CubicFarms Systems Corp., a leader in agricultural technology, announced a new feed centre site in Chowchilla, California through its subsidiary HydroGreen Inc.
This facility will serve local dairy farms, supplying 85 tons of HydroGreen's sustainable feed daily. Equipped with 40 GLS 808 machines, the centre can produce 128 tons of fresh sprouted grains daily. Market Offtake Agreements (MOTs) ensure the feed is sold at market prices, supporting economic and environmental goals.
The centre aims to lower transportation costs and environmental impact while enhancing local dairy operations. This expansion aligns with HydroGreen's commitment to sustainable agricultural practices.
CubicFarm Systems announced the closing of its non-brokered private placement, issuing 2,875,000 units at C$0.20 per unit, generating gross proceeds of C$575,000. Each unit comprises one common share and one-half of a purchase warrant, allowing the holder to buy an additional share at C$0.25 within 24 months. The funds will be used for general working capital. Insider John de Jonge participated, purchasing 500,000 units, constituting a related party transaction, but exempt from formal valuation and minority approval requirements. The private placement is subject to regulatory approvals, including TSX Venture Exchange.
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