TROY, Mich. — Agrify Corporation, a provider of branded solutions for the cannabis and hemp industries, reported financial results for the quarter ended September 30, 2024.
Third Quarter 2024 Financial Results Summary
- Revenue was $1.9 million for the third quarter of 2024
- Gross profit was $0.2 million for the third quarter of 2024
- Net loss for the third quarter of 2024 was $18.6 million, primarily attributed to a $15 million change in fair value of warrant liabilities
- As of November 14, 2024, Agrify has approximately 1.5 million shares of common stock outstanding and 6.3 million warrants
Recent Developments
- 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
- Ben Kovler was appointed Chairman and Interim CEO on November 5, 2024
- Announced intent to acquire the Señorita brand of hemp-derived THC drinks (HDT) on November 12, 2024
“Today really is Day One at Agrify,” said Chairman and Interim CEO Ben Kovler. “The hemp and cannabis industries are evolving fast and Agrify’s fortified balance sheet is ready to move on opportunities. We have a deep understanding of the consumer and plan to leverage that strength today to build Agrify’s value for tomorrow. With that in mind, we made our first strategic decision this week when we signed a non-binding letter of intent to acquire the Señorita brand of HDT beverages. While challenges in the industry remain, we are excited about the innovative aspects of this sector and see lots of opportunity ahead.”
About Agrify (Nasdaq:AGFY)
Agrify Corporation is a developer of branded innovative solutions for the cannabis and hemp industries in extraction, cultivation and more. Agrify’s proprietary micro-environment-controlled Vertical Farming Units (VFUs) enable cultivators to produce the highest quality products with unmatched consistency, yield, and return on investment at scale. Agrify’s comprehensive extraction product line, which includes hydrocarbon, ethanol, solventless, post-processing, and lab equipment, empowers producers to maximize the quantity and quality of extract required for premium concentrates.
