Agrify Corp Stock Price, News & Analysis

Agrify Corporation (Nasdaq: AGFY) announced that its CEO, Raymond Chang, and CFO, Tim Oakes, will participate in the 2022 ICR Conference on January 10, 2022. They will engage in a cannabis panel discussion at 12:00 p.m. ET, moderated by Camilo Lyon from BTIG. Additionally, a fireside chat about Agrify will be held at 2:00 p.m. ET, moderated by Gerald Pascarelli from Cowen. The event will be accessible via Agrify's Investor Relations website, with replays available. One-on-one and small group meetings with the management team will also be arranged.

Agrify Corporation (Nasdaq:AGFY) announced the appointment of Barry Turkanis as an independent director on its Board of Directors, replacing Timothy Oakes, who is now the Chief Financial Officer. Turkanis, with over 22 years of experience, including 15 years at Goldman Sachs, brings expertise in finance, private equity, and venture capital. His role will include serving on the Audit Committee and the Nominating and Corporate Governance Committee. This leadership change aims to support Agrify's growth strategy and enhance operational execution.

Agrify Corporation (Nasdaq: AGFY) announced a binding letter of intent to acquire PurePressure, a leader in solventless extraction, for $9 million, consisting of $4 million in cash and $5 million in unregistered shares. This acquisition aims to enhance Agrify's extraction division by integrating PurePressure's advanced products and services. PurePressure has projected annual revenue of approximately $10 million for 2021. The transaction is expected to close by the end of December 2021, with potential additional payments based on future performance.

Agrify Corporation (Nasdaq: AGFY) announces the appointment of Thomas Massie as President and Chief Operating Officer, while Timothy Oakes transitions to Chief Financial Officer effective November 10, 2021. Massie, a board member with extensive experience in growth-oriented companies, aims to enhance market strategies. Oakes, with over 30 years in finance, will step down from the board after serving as interim CFO for Living Greens Farms. The leadership changes are set to strengthen Agrify's execution of its growth strategy in the cannabis and hemp industry.

Agrify Corporation (AGFY) reported a remarkable revenue increase of 460% year-over-year, reaching $15.8 million for Q3 2021. Sequential growth was 33% compared to Q2 2021. New bookings totaled $32.2 million, raising total backlog to $117.5 million. Guidance for Q4 indicates expected revenue of $26 million to $28 million, with full-year projections raised to $60 million to $62 million. Key partnerships were established, including a transformative acquisition of Precision Extraction Solutions, positioning Agrify as a leader in cannabis solutions.

Agrify has signed a 10-year agreement with Kief USA, installing 485 Vertical Farming Units (VFUs) at a new 84,000-square-foot facility. This partnership is projected to generate $68.7 million in revenue within the first three years. Kief USA will contribute 20% of the $24 million construction costs, with Agrify financing the remaining 80% at 16.5% APR. This expansion into the Massachusetts cannabis market, where sales exceeded $2 billion this year, aims to enhance Agrify's market share and shareholder value.

Agrify Corporation (Nasdaq: AGFY) has signed a definitive agreement with Olive El Mirage Partners LLC to install 400 Vertical Farming Units at a new 30,000-square-foot facility in Arizona.

The deal is valued at approximately $23.8 million, including $9.4 million for the VFUs and $14.4 million in recurring SaaS revenue from Agrify Insights over 10 years. Olive El Mirage will fund the facility’s construction internally. This partnership aims to enhance product quality and yield efficiency in the burgeoning Arizona cannabis market.

Agrify Corporation (Nasdaq: AGFY) will host a conference call and webcast on November 10, 2021, at 8:00 a.m. ET to review its Q3 financial results for the period ending September 30, 2021. CEO Raymond Chang and CFO Niv Krikov will lead the discussion. Interested participants can join the call by dialing (844) 792-4409. The event will be accessible via a live webcast, and a replay will be available until November 17, 2021. Agrify specializes in providing advanced cultivation and extraction solutions for the cannabis and hemp industries, utilizing proprietary technology for optimal product quality.

Agrify Corporation (Nasdaq: AGFY) announced the unveiling of enhanced Vertical Farming Units (VFUs) at MJBizCon 2021 in Las Vegas, scheduled for October 19-22. These VFUs feature advanced technology aimed at optimizing cannabis cultivation, including a 40% increase in light output, integrated soil sensors, and an automated harvest tracking system. Customers can expect improved crop yields and reduced processing times, ultimately driving greater ROI. The VFUs will be available in Q1 2022, underscoring Agrify's commitment to providing innovative cultivation solutions.