Agrify's Revenue Jumps From Third Quarter

Agrify Corporation (Nasdaq: AGFY)  announced financial results for the fourth quarter and fiscal year ended December 31, 2021, with revenue rising 481% to $25.3 million for the fourth quarter over last year’s $4.4 million for the same time period. It was also a big jump over the third quarter’s revenue of $15.8 million. Agrify delivered a net loss for the fourth quarter of $13.3 million, or $0.60 per diluted share, compared to a net loss of $13.1 million, or $2.23 per diluted share, in the prior-year period.

Full Year Results

Revenue was $59.9 million for the fiscal year of 2021, an increase of 395% versus $12.1 million for the prior-year period. The net loss totaled $32.5 million, or $1.69 per diluted share, for the fiscal year, compared to a net loss of $21.6 million, or $5.32 per diluted share, in the prior year.

“During 2021, we drove significant year-over-year growth, launched our Total Turn-Key Solution for cannabis cultivators, created a significant backlog of future high-margin recurring revenues, drove tremendous pipeline velocity, implemented innovative technological advancements to our Vertical Farming Unit, and established ourselves as the leader in premium extraction solutions through a series of well-executed acquisitions,” said Raymond Chang, Chairman and Chief Executive Officer of Agrify. “We look forward to continued accelerated growth in 2022 and beyond.”

Operating expenses were $19.0 million for the fourth quarter, compared to $3.9 million in the prior-year period. Operating expenses were $40.3 million for the fiscal year, compared to $13.2 million in the prior year. The comparative increase in our fourth-quarter operating expenses is largely attributable to $10.4 million of one-time expenses related to direct acquisition costs, incremental expense related to the addition of Precision Extraction Solutions and Cascade Sciences operations, a change in contingent consideration, an increase in reserves, an increase in depreciation and amortization, and an increase in stock-based compensation.

Outlook

As a result of the strong demand for Agrify’s cultivation and extraction solutions, management said it is expecting revenue to be in the range of $140 million to $142 million for the fiscal year 2022. The company also said that cumulatively, all of the 10-year agreements under Agrify’s TTK Solution program are projected to generate an estimated $837 million in total revenue.

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.


Leave a Reply

Your email address will not be published. Required fields are marked *

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

We respect your privacy. See our privacy policy.


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 2 days

Aurora’s Price Keeps Dropping For Bought Deals

@GreenMarketRpt – 2 days

Harborside Says Revenue Is Increasing

@GreenMarketRpt – 2 days

Canopy Suffers From Declining Revenue

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

We respect your privacy. See our privacy policy.