Agrify Corporation Announces Preliminary Unaudited Financial Results for Q4 2023 and Update on Customer Project
21 Febbraio 2024 - 1:30PM
Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a
leading provider of innovative cultivation and extraction solutions
for the cannabis industry, today announced preliminary unaudited
financial results for the fourth fiscal quarter of 2023 and updates
for its Ocean Deep/Golden Lake Business Park project.
Fourth Quarter 2023 Outlook
- Net Loss in Q4 2023 is expected to
be at a historical low of $750 thousand, compared to $2.1 million
net loss in Q3 2023, and $58 million loss in Q4 2022.
- Loss from Operations is expected to
decrease by 46% to a historical low of $2.5 million, compared to
$4.6 million in Q3 2023
- Gross Profit is expected to
increase 105% to $1.9 million, compared to $1 million in Q3 2023,
and a gross loss of $33.5 million in Q4 2022.
- Q4 2023 Net Cash burn is also
expected to be the lowest in the Company history, and the Company
expects to be in a position to approach cashflow break-even in the
second half of 2024.
Agrify is expected to release its financial
results for the fourth quarter and full fiscal year ended December
31, 2023 before the end of March 2024. The financial information
presented in this press release may be adjusted as a result of the
completion of customary annual review and audit procedures.
Golden Lake Business Park Project
Update
Agrify’s customer, Ocean Deep/Golden Lake
Business Park, is a California-based vertically integrated cannabis
operator. Ocean Deep has completed the purchase of a roughly 30,000
square feet facility in Adelanto, California, and is currently
constructing Agrify’s UL-Certified EXP1 Explosion Proof Room. Ocean
Deep expects to soon be extracting products with Agrify’s
turnkey PX30 Hydrocarbon Extraction Lab Package to
bolster its product offerings. Ocean Deep is also expected to
begin operation with an estimated 120 Vertical Farming Units
(“VFUs”) sold by the Company to produce high-quality cannabis
flower in 2024.
About Agrify
Agrify is a leading provider of innovative
cultivation and extraction solutions for the cannabis industry,
bringing data, science, and technology to the forefront of the
market. Our proprietary micro-environment-controlled Vertical
Farming Units (VFUs), enable cultivators to produce the highest
quality products with unmatched consistency, yield, and ROI (return
on investment) at scale. Our comprehensive extraction product line,
which includes hydrocarbon, ethanol, solventless extraction,
post-processing, and lab equipment, empowers producers to maximize
the quantity and quality of extract required for premium
concentrates. For more information, please visit our website at
http://www.agrify.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 concerning Agrify and other matters. All
statements contained in this press release that do not relate to
matters of historical fact should be considered forward-looking
statements including, without limitation, statements regarding
preliminary financial results, the Company’s ability to approach
break-even during the second half of 2024, the timing of the
Company’s release of its audited financial statements, and the
timing of Ocean Deep’s production using Agrify products. In some
cases, you can identify forward-looking statements by terms such as
“may,” “will,” “should,” “expects,” “plans,” “anticipates,”
“could,” “intends,” “targets,” “projects,” “contemplates,”
“believes,” “estimates,” “predicts,” “potential,” or “continue” or
the negative of these terms or other similar expressions. The
forward-looking statements in this press release are only
predictions. We have based these forward-looking statements largely
on our current expectations and projections about future events and
financial trends that we believe may affect our business, financial
condition, and results of operations. Forward-looking statements
involve known and unknown risks, uncertainties and other important
factors that may cause our actual results, performance, or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. You should carefully consider the risks
and uncertainties that affect our business, including those
described in our filings with the Securities and Exchange
Commission (“SEC”), including under the caption “Risk Factors” in
our Annual Report on Form 10-K for the year ended December 31, 2022
that was filed with the SEC on November 28, 2023, which can be
obtained on the SEC website at www.sec.gov. These forward-looking
statements speak only as of the date of this communication. Except
as required by applicable law, we do not plan to publicly update or
revise any forward-looking statements, whether as a result of any
new information, future events, or otherwise. You are advised,
however, to consult any further disclosures we make on related
subjects in our public announcements and filings with the SEC.
Agrify Investor Relations
IR@agrify.com(857) 256-8110
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