Category: AGFY

AGFY – Agrify Second Quarter Revenue Rises 203% To $11.8M, Reaffirms Its Full Year Guidance Of $48 to $50M

Agrify Corporation (NASDAQ:AGFY) announced financial results for the period ended June 30, 2021, revealing 203% revenue improvement from the same period in 2020, reaching $11.8 million. The company, based in Billerica, Massachusetts, missed Seeking Alpha estimates of $15.15 million in revenue for the quarter.

Q2 2021 Financial And Operational Highlights

  • Revenue increased 203% to $11.8 million for Q2 2021 compared to $3.9 million for Q2 2020 and increased 69% sequentially from $7 million in Q1 2021.
  • New bookings were $30.7 million for Q2 2021, which is the highest quarterly bookings total for the Company to date.
  • Total backlog increased to $101.1 million from $82.2 million at the end of Q1 2021.
  • The company announced the first Agrify Total Turn-Key Solution customer partnership, signing a definitive agreement with Bud & Mary’s Cultivation, Inc. to install up to 1,200 Agrify Vertical Farming Units at its 50,000-square-foot facility. The partnership is anticipated to generate an estimated $28 million in annual revenue with up to $280 million expected in the next 10 years.
  • Expanded and amplified partnerships with existing customers including WhiteCloud, Greenstone and Nevada Holistic Medicine.

“We are very pleased to share that our Q2 revenue grew to a record $11.8 million, a year-over-year increase of 203%, and sequential growth of 69%,” Raymond Chang, CEO of Agrify stated. “At the beginning of the year, we set out to achieve $40 million in top-line revenue, secure a partnership with a major MSO, and launch our latest technology, VFU 3.6. I am proud to report that we have already exceeded these goals, and we are well on our way to realizing our expanded full year 2021 revenue guidance of $48-$50 million.”

Key Q3 2021 Developments To Date

  • Established multi-year vertical farming research and development partnership with Curaleaf Holdings (OTCQX: CURLF) to study the impact of cultivation environment on plant health and harvest yields;
  • Opened new cultivation and production facility, product showcase, and corporate office in Billerica, Massachusetts, following the Company’s receipt of a license for the cultivation and production of industrial hemp from the state
  • Launched Agrify University, a 3,500-square-foot state-of-the-art indoor vertical farming facility featuring Agrify’s latest technology and advanced cultivation methods, and an innovative, project-based learning program providing participants with in-classroom, on-site 
  • and on-demand learning options;
  • Announced the second Agrify TTK Solution customer partnership with True House Cannabis LLC, a partnership that is anticipated to generate an estimated $45.3 million in expected revenue in the next 10 years;

2021 Outlook and Guidance

As a result of the continued strength of Agrify’s operations, the Company remains on track to achieve the upper target of its previously disclosed total revenue guidance of $48 to $50 million for the full year 2021.

Price Action

Agrify’s shares were trading 2.60% higher at $27.20 per share during Friday’s pre-market session.

Photo: Courtesy of Diyahna Lewis on Unsplash

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights
reserved.

AGFY – Why Cannabis Stock Agrify Zoomed 19.5% Today

What happened

Shares of Agrify (NASDAQ:AGFY) popped today, rocketing as high as 19.5% in the first hour of trading before cooling off a bit to end the day up 8.3%. Agrify received its first-ever buy rating from an analyst, and it was enough to send the indoor cannabis grow solutions stock shooting through the roof.

If you haven’t heard about Agrify stock, that’s probably because the company became public only earlier this year through an IPO.

So what

On Friday, a Craig-Hallum analyst initiated coverage of Agrify stock and put a buy rating on it with a price target of $25 a share. That represented nearly 37% upside from the stock’s closing price on Thursday.

The analyst is optimistic about Agrify’s prospects as it expands its product offerings and builds its cash balance, and he believes the company’s software-as-a-service (SaaS) revenue could more than double by 2025.

Agri-tech specialists at an indoor vertical farm.

Image source: Getty Images.

Agrify provides indoor grow solutions including equipment that can be used by cannabis cultivators. Its core product is Agrify vertical farming units (AVFUs), or modular compartmentalized units to grow indoor crops.

Importantly, Agrify also licenses software solutions in a bundled package to AVFU customers under a subscription-based model, and can therefore generate recurring revenue in the form of monthly fees for its software. In March, Agrify also launched Total Turn-Key Solution to provide customers with end-to-end solutions, right from funding and construction services to equipment, software, data, and maintenance support.

This past May, Agrify released its first earnings report as a public company. Its revenue grew a stunning 600% to $7 million during the quarter ended March 31, and sales backlog increased 39% sequentially to $82 million. Thanks to the strong backlog growth, management upped its full-year revenue target to $48 million to $50 million from its previously guided level of $40 million.

Now what

Agrify is in the early stages of growth, so profitability could be far away as the company focuses on expanding its customer base and growing its top line. Earlier in July, it struck a research and development partnership with Curaleaf Holdings, a rapidly growing vertically integrated cannabis company.

With the indoor farming market projected to grow rapidly, Agrify’s business — particularly its recurring-revenue offerings — looks promising. That makes it a stock investors interested in marijuana may want to add to their radar. 

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

AGFY – AGFY Stock Increased Over 25% Intraday: Why It Happened

  • The stock price of Agrify Corp (NASDAQ: AGFY) increased by over 25% during intraday trading. This is why it happened.

The stock price of Agrify Corp (NASDAQ: AGFY) – a developer of highly advanced and proprietary precision hardware and software cultivation solutions for the indoor agricultural marketplace – increased by over 25% during intraday trading. This is a continuation of momentum as the company stock price has increased by over 33% over the past few trading days. Investors are responding positively to the company announcing a few days ago that it announcing the opening of Agrify University, a brand new 3,500 sq. ft. state-of-the art indoor vertical farming facility featuring Agrify’s latest technology and advanced cultivation methods. 

The company said it believes this new immersive hands-on project-based learning experience will empower Agrify customers and next-generation growers with the knowledge and education to successfully cultivate cannabis with efficiency at scale by utilizing the power of Agrify’s vertical farming units (VFUs) and the Agrify Insights software solution.

Based in Billerica, MA and led by Agrify’s Chief Science Officer David Kessler  and a team of industry experts, horticulturists, and scientists, Agrify University will offer participants with in-classroom, on-site, and on-demand learning options. And the immersive multi-sensory curriculum will enable customers and growers to expand their knowledge of how to apply novel scientific research, interpret cultivation data, and utilize Agrify’s technology to improve their indoor cannabis cultivation practices.

KEY QUOTES:

“The cultivation methods used by many operators have not evolved as quickly as the industry itself, and we see an opportunity to use the power of data and cutting-edge techniques to dramatically improve the quality and yields from indoor cultivation. Agrify University utilizes our vast cannabis research data sets and technological innovation to provide a curriculum that we believe will support the long-term growth of our industry. We’re proud to add this valuable resource to our comprehensive Agrify ecosystem, and we look forward to welcoming our first cohorts.”

— Agrify’s Chief Science Officer David Kessler

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.

AGFY – Agrify Announces Launch of Innovative, Project-Based Learning Program, Agrify University

BILLERICA, Mass., July 19, 2021 (GLOBE NEWSWIRE) — Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software cultivation solutions for the indoor agricultural marketplace, today announced the opening of Agrify University, a brand new 3,500 sq. ft. state-of-the art indoor vertical farming facility featuring Agrify’s latest technology and advanced cultivation methods. We believe this new immersive, hands-on project-based learning experience will empower Agrify customers and next-generation growers with the knowledge and education to successfully cultivate cannabis with efficiency at scale by leveraging the power of Agrify’s vertical farming units (“VFUs”) and the Agrify Insights software solution.

Located in Billerica, MA, Agrify University, led by David Kessler, Agrify’s Chief Science Officer, and a team of industry experts, horticulturists, and scientists, will provide participants with in-classroom, on-site, and on-demand learning options. The immersive, multi-sensory curriculum will enable customers and growers to expand their knowledge of how to apply novel scientific research, interpret cultivation data, and leverage Agrify’s technology to improve their indoor cannabis cultivation practices.

“The cultivation methods used by many operators have not evolved as quickly as the industry itself, and we see an opportunity to use the power of data and cutting-edge techniques to dramatically improve the quality and yields from indoor cultivation,” said Mr. Kessler. “Agrify University utilizes our vast cannabis research data sets and technological innovation to provide a curriculum that we believe will support the long-term growth of our industry. We’re proud to add this valuable resource to our comprehensive Agrify ecosystem, and we look forward to welcoming our first cohorts.”

Agrify University classes are available now to all customers. For more information on how to apply and on available program resources, please contact Agrify at info@agrify.com.

About Agrify (NasdaqCM:AGFY)
Agrify is a developer of premium grow solutions for the indoor agriculture marketplace. The Company uses data, science, and technology to empower its customers to be more efficient, more productive, and more intelligent about how they run their businesses. Agrify’s highly advanced and proprietary hardware and software solutions have been designed to help its customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit Agrify’s website at 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, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, 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 Agrify University. 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 as well as the curriculum and plans that have been developed for Agrify University. 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, 2020 filed with the SEC, 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.


AGFY – Agrify (AGFY) Stock: 20.47% Increase Explanation

  • The stock price of Agrify Corp (NASDAQ: AGFY) increased by 20.47%. This is why it happened.

The stock price of Agrify Corp (NASDAQ: AGFY) increased by 20.47% as it went from a previous close of $7.62 to $9.18. Investors responded positively to the company’s first-quarter ended March 31, 2021.

These are the highlights:

— Total revenue increased 600% to $7 million for Q1 2021 compared to $1 million for Q1 2020 and increased 60% sequentially from $4.4 million in Q4 2020

— Launched the Agrify Total Turn-Key Solution (“Agrify TTK Solution”), the Company’s enhanced comprehensive customer offering, with up to $50 million initial capital committed

— Further expanded engagement with existing customer Hannah Industries

— Enhanced Agrify Insights™ software platform with integration of Metrc and partnership with Confident Cannabis

— Established a partnership with Atlantis Hydroponics to build out a research and development facility focused on the hemp market
— Completed initial public offering and listing on the NASDAQ under the symbol AGFY

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.

AGFY – Agrify's Shares Jump On 600% YoY Higher Revenue Of $7M, Cannabis Co. Raises Its Full-Year Guidance

A developer of premium grow solutions, Agrify Corporation (NASDAQ:AGFY) posted its first-quarter earnings results Monday, reporting revenue of $7 million, compared to $4.4 million and $1 million in the previous quarter and the same quarter of 2020, respectively.

The company further revealed a quarterly net loss from continuing operations of $3.81 million, compared to a loss of $3.41 million in the same period of 2020.

Its sales backlog reached $82 million from $59 million in the previous quarter.

Based on this sales backlog improvement, Agrify updated its previously announced full-year 2021 guidance raising its revenue projections to somewhere between $48 to $50 million, from $40 million.

Important Recent Business Milestones

  • Agrify launched an improved customer offering – Total Turn-Key Solution with up to $50 million of original financial investment;
  • Entered into a binding letter of intent for an extra $3 million for facility development and the integrations of 179 Vertical Farming Units, yearly SaaS fees revenue of $285,000, and production service fees projected at $1.9 million per year in the following 10 years;
  • Improved its Insights software platform with the addition of Metrc and collaboration with Confident Cannabis;
  • Teamed up with Atlantis Hydroponics on research and development facility;
  • Finalized initial public offering and listing on NASDAQ, raising around $147 million;
  • Welcomed to its Board of Directors an industry veteran, Stuart Wilcox, former COO of Curaleaf Holdings (OTC:CURLF).

“We are incredibly pleased to share that our first quarter of 2021 saw quarterly revenue grow to a record $7 million, an increase of 600% from Q1 2020, and 60% from Q4 2020,” Raymond Chang, CEO of Agrify stated. “We also executed on numerous meaningful deliverables during the quarter that have positioned our business with a strong foundation for long-term growth.”

Chang added that the company is experiencing a positive boost in customer relations.

“We have expanded engagements and relationships with all our existing customers, launched the Agrify TTK Solution, signed our first Agrify TTK Solution partner, and continue to receive data on the consistency and quality our customers are seeing after implementing our solutions,” Chang said. “These milestones demonstrate that customers are increasingly seeing the value our hardware and software solutions will provide as the landscape changes and evolves and the focus on consistency and quality becomes critical to maintaining and growing market share.” 

Price Action

Agrify’s shares were trading 10.76% higher at $8.44 per share at the time of writing.

Photo by Richard T on Unsplash

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights
reserved.

AGFY – Agrify Launches Total Turn-Key Customer Solution with Targeted IRR of 40-50%

Company has identified up to $50 million in initial TTK partnerships
Comprehensive offering created to position customers for long-term success
BURLINGTON, Mass., March 15, 2021 (GLOBE NEWSWIRE) — Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace, today announced it has launched its new comprehensive customer offering, the Agrify Total Turn-Key Solution (“Agrify TTK Solution”). This first-of-its-kind program is designed to offer qualified strategic partners the capital, hands-on support, resources, and know-how needed to quickly establish cutting-edge cultivation facilities that leverage the power of Agrify’s fully integrated grow solution, including its Vertical Farming Units (“VFUs”) and proprietary SaaS solution, Agrify Insights. Agrify currently has up to $50 million in new TTK opportunities identified.The Agrify TTK Solution addresses many obstacles that have historically hindered the progress of new cultivation ventures. Through this program, the Company intends to enter into long-term 10-year partnerships with customers and provide them with prompt access to funding, facility design and construction services, cultivation equipment and software, standard operating procedures, extensive training through Agrify University, data and insights, and ongoing maintenance, support, and equipment upgrades throughout the life of the relationship. The Agrify TTK Solution is intended to be the industry’s first true end-to-end solution.In turn, the Agrify TTK Solution should enable the Company to secure more opportunities earlier in the customer journey, increase adoption of its core technologies, accelerate recognition of yield-based and recurring SaaS revenues, and achieve overall higher return on investment. Agrify is targeting an Internal Rate of Return (“IRR”) of 40-50% for this program through the Company’s comprehensive 10-year production-based revenue streams as well as repayment of construction loans and fixed monthly lease payments from customers. Agrify will initially be focused on working with customers based in states that feature favorable wholesale pricing as well as attractive regulatory conditions.“As the industry’s first total turn-key solution, we believe we can now provide customers with a truly comprehensive end-to-end offering that should allow them to get to market faster and consistently grow the high-quality products that their customers expect, in a controlled and replicable environment, all at a significantly lower cost of production,” said Raymond Chang, Chief Executive Officer of Agrify. “We feel as if the Agrify TTK Solution provides the access to capital and high-touch support that today’s growers are looking for, and we anticipate that this launch will be met with significant interest and excitement from prospective customers. Overall, we are confident that this diverse offering of hardware, software, capital, and complementary services will enable us to increase our total addressable market, gain additional market share, and enhance long-term shareholder value.”We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com.Forward-Looking StatementsThis press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: risks relating to our ability to execute our new customer offering, the Agrify TTK Solution, our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for additional funds; intellectual property matters; competition; as well as other risks described in the section entitled “Risk Factors” in the prospectus from our initial public offering, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations, and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.Company Contacts:Agrify
Niv Krikov
Chief Financial Officer
niv.krikov@agrify.com
(617) 896-5240
Rob Kelly
Investor Relations
ir@agrify.com
(416) 992-4539