Agrify Corporation Announces Financial Results and Recent Developments

On November 14, 2024, Agrify Corporation (NASDAQ: AGFY) released its financial results for the quarter ending September 30, 2024. The company reported revenue of $1.9 million for the quarter, with a gross profit of $0.2 million. However, Agrify experienced a net loss of $18.6 million for the same period, mainly due to a $15 million change in fair value of warrant liabilities.

Agrify currently has approximately 1.5 million shares of common stock outstanding and 6.3 million warrants as of November 14, 2024. In recent developments, the company secured new convertible note financing of up to $20 million, with an initial draw of $10 million from Green Thumb Industries on November 5, 2024. Additionally, Ben Kovler was appointed Chairman and Interim CEO on the same day and the company announced its intent to acquire the Señorita brand of hemp-derived THC drinks on November 12, 2024.

Chairman and Interim CEO Ben Kovler expressed optimism about the future, stating that Agrify is well-prepared to capitalize on opportunities in the rapidly evolving hemp and cannabis industries. He highlighted the company’s focus on leveraging consumer insights to drive value and innovation. The acquisition of the Señorita brand marks Agrify’s strategic move towards expanding into the HDT beverages sector.

Agrify Corporation, a leading provider of branded innovative solutions for the cannabis and hemp industries, is known for its proprietary micro-environment-controlled Vertical Farming Units (VFUs) that enable high-quality and consistent product cultivation at scale. The company also offers a comprehensive extraction product line that includes various extraction methods and lab equipment.

The press release contained forward-looking statements about Agrify’s future financial performance, growth opportunities, potential transactions, and delivery of solutions and services. The company highlighted that actual results may differ materially from these statements due to various risks and uncertainties. Agrify emphasized the importance of considering these factors, as disclosed in its filings with the Securities and Exchange Commission, when evaluating forward-looking statements.

For further information, interested parties can reach Agrify Investor Relations at IR@agrify.com or by calling (857) 256-8110.

The financial highlights from Agrify’s unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024, as well as the balance sheet summary, were also included in the press release.

Please note that all the information provided is as per the 8-K SEC filing and attached exhibit 99.1 released by Agrify Corporation on November 14, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Agrify’s 8K filing here.

About Agrify

Agrify Corporation offers hardware and software cultivation and extraction solutions for the cannabis and hemp industry in the United States. It offers vertical farming units and Agrify Insights Software-as-a-Service software; integrated grow racks and LED grow lights; and non-proprietary products designed, engineered, and manufactured by third parties, such as air cleaning systems and pesticide-free surface protection products.