Agrify Corporation, a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced financial results for the third quarter ended September 30, 2023 (“Q3 2023”).
“In the third quarter, we successfully negotiated with several vendors, resulting in approximately $1.1 million in reduced payments, exited additional leased properties and conducted several fixed asset sales to reduce future obligations, and completed a legal settlement resulting in a gain of approximately $0.8 million,” said Raymond Chang, Chairman and Chief Executive Officer at Agrify. “We are proud of the various initiatives the Company has taken to turn around our business. The historically low net loss of $2.1 million is encouraging and good evidence that we are moving in the right direction. The team remains committed to turn the business profitable in the shortest time possible.”
Third Quarter 2023 Financial Results Summary
- Revenue was $3.1 million for Q3 2023, compared to $7.0 million for Q3 2022.
- Gross profit was $1.0 million for Q3 2023, compared to a loss of $(4.1) million in Q3 2022.
- Operating expenses were $5.6 million for Q3 2023, compared to $27.4 million in Q3 2022. The decrease is largely due to a decrease in general and administrative costs.
- Operating loss was $(4.6) million for Q3 2023, compared to an operating loss of $(31.5) million for Q3 2022.
- Net loss attributable to Agrify was $(2.1) million for Q3 2023, or $(1.27) per basic and diluted share, compared to a net loss of $(57.4) million, or $(429.98) per basic and diluted share for Q2 2022.
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.
