Agrify Corp Stock Price, News & Analysis

Agrify Corporation (AGFY) reported substantial growth in its financial results for the fourth quarter and fiscal year ended December 31, 2021. Revenue soared 481% year-over-year to $25.3 million in Q4 and increased 395% to $59.9 million for the fiscal year. The company secured new bookings of $377 million, a 919% rise, while total backlog reached $837 million, up 1,319%. Gross profit for Q4 was $5.6 million (22.3%), compared to a loss in the prior year. Despite high revenue growth, net losses were $13.3 million in Q4, with operating expenses significantly rising. The 2022 revenue outlook is between $140-$142 million.

Agrify Corporation (Nasdaq: AGFY) secured a $135 million debt financing agreement with an institutional lender, announced on March 14, 2022. This Senior Secured Note facility provides an initial $65 million to support working capital and corporate purposes, with an option to access an additional $70 million in two further tranches of $35 million each, contingent on conditions. CEO Raymond Chang noted this funding affirms their Total Turn-Key (TTK) Solution program, which has generated over $500 million in sales opportunities.

Agrify Corporation (Nasdaq:AGFY) announced a debt financing agreement for up to $135 million with an institutional lender to enhance its balance sheet and accelerate growth. The initial funding of $65 million is available, with an option to draw $70 million in two tranches. The financing supports Agrify's Total Turn-Key Solution, which aims to generate an estimated $850 million in revenue over ten years. The Note matures on March 1, 2026, with a 6.75% annual coupon. Agrify's strategic moves highlight positive growth prospects in the cannabis industry.

Agrify Corporation (Nasdaq:AGFY) announced its participation at the 34^th Annual Roth Conference in Dana Point, California, on March 14, 2022. CEO Raymond Chang and CFO Timothy Oakes will hold a fireside chat at 3:30 p.m. ET, moderated by Scott Fortune from Roth Capital Partners. The event will be accessible via Agrify’s Investor Relations website, with a replay available post-conference. The management team is also available for one-on-one meetings during the conference.

Agrify Corporation (Nasdaq:AGFY) announced a conference call to discuss its financial results for Q4 and the fiscal year ending December 31, 2021, scheduled for March 23, 2022, at 8:30 a.m. ET. The call will be led by CEO Raymond Chang and CFO Timothy Oakes. Interested parties can join via dial-in or listen to the webcast, which will also be available for replay. Agrify specializes in innovative cultivation and extraction solutions for the cannabis and hemp industry, utilizing proprietary Vertical Farming Units for optimal product quality and yield.

Agrify Corporation (Nasdaq:AGFY) has acquired Lab Society, a leading company in distillation and solvent separation solutions for the cannabis extraction sector. This acquisition, valued at $8 million, with $4 million in cash and $4 million in stock, is expected to boost Agrify's extraction division revenue to approximately $65 million for 2022. Lab Society brings $10 million in annual revenue and a strong reputation for quality. The acquisition aims to enhance Agrify's market position and product offerings amid anticipated federal legalization of cannabis in the U.S.

Agrify Corporation (Nasdaq: AGFY) has announced a private placement offering to raise approximately $27.3 million. The company will issue 4,020,994 shares of common stock, along with pre-funded warrants and accompanying warrants to purchase an additional 3,015,745 shares at an exercise price of $7.48 per share. The shares are being sold at a combined price of $6.80. Proceeds from the offering will support working capital, product development, and acquisitions. The offering is expected to close on or around January 28, 2022.

Agrify Corporation (Nasdaq: AGFY) announced record new bookings exceeding $250 million for Q4 2021, surpassing previous guidance of $100 million by $150 million. The company reaffirmed revenue guidance of $26 million to $28 million for the same quarter, pending audit completion. Agrify's new bookings represent a significant operational metric driven by their Vertical Farming Units and Total Turn-Key Solution agreements, expected to yield $850 million in total revenue over ten years. Chairman and CEO Raymond Chang highlighted the strong growth trajectory and transformation in 2021.

Agrify Corporation (Nasdaq:AGFY) announced the completion of its acquisition of PurePressure, a leader in solventless extraction equipment for the cannabis and hemp industry. This strategic move positions Agrify as the largest provider of cannabis and hemp extraction solutions globally. PurePressure generated approximately $10 million in revenue for 2021. The acquisition, valued at $9 million, includes a mix of cash and unregistered shares and is projected to enhance shareholder value and business growth in 2022.