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.
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.