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Agrify Corp (AGFY) drives innovation in controlled-environment agriculture through vertical farming systems and cannabis cultivation technology. This news hub provides investors and industry professionals with authoritative updates on corporate developments shaping the indoor agriculture sector.
Access real-time announcements including earnings reports, product innovations, and strategic partnerships. Our curated feed ensures timely access to financial filings, leadership updates, and operational milestones directly from Agrify’s corporate communications.
Key coverage areas include advancements in micro-environment control systems, extraction equipment developments, and market expansion initiatives. Bookmark this page to monitor Agrify’s progress in delivering precision cultivation solutions for commercial growers and cannabis producers.
Agrify Corporation (Nasdaq:AGFY) reported a remarkable 271% year-over-year revenue growth, reaching $26 million for Q1 2022. This performance exceeded prior guidance, highlighting a strong increase in customer adoption across its product lines.
Contractual backlog rose by $77 million, supporting future revenue streams. Despite these gains, the net loss widened to $8.9 million, with operating expenses increasing to $13.9 million. Adjusted EBITDA also showed a loss of $6.1 million, indicating challenges amidst significant growth investments.
Agrify Corporation (Nasdaq:AGFY) has entered into a $2 million agreement with Boone Labs to provide advanced cultivation and extraction solutions for their new cannabis production facility in Michigan. The deal allocates approximately $1.5 million for Vertical Farming Units (VFUs) and $0.5 million for extraction systems. The facility will feature 72 VFUs integrated with Agrify Insights software for operational precision. This partnership aims to support Boone Labs in producing consistent, high-quality cannabis products and allows for future expansion as the company seeks to grow its operations.
Agrify Corporation has introduced the PX5, an advanced passive hydrocarbon extractor designed for the cannabis industry. This system enhances efficiency by reducing batch times by up to 33% and increasing hourly production by 200%. The PX5 is energy-efficient, saving up to 40% in annual energy costs compared to traditional systems. It meets stringent safety standards, has a modular design for scalability, and is expected to gain Canadian certification by Q3 2022. This launch aligns with growing market demand for high-quality cannabis products.
Agrify Corporation (Nasdaq: AGFY) will host a conference call on May 11, 2022, at 8:30 a.m. ET, to discuss its first-quarter financial results for the period ending March 31, 2022. The call will be led by CEO Raymond Chang and CFO Timothy Oakes. Interested participants can join the call via a dial-in number, (844) 792-4409, and use conference ID 2387725. A webcast of the call, available for replay, can be accessed at Agrify's Investor Calendar.
Agrify Corporation (Nasdaq:AGFY) announced the launch of its VFU Rapid Deployment Packs (RDP), designed to quickly deploy 10 to 28 prepackaged Vertical Farm Units (VFUs) at customer facilities. These RDPs allow cultivators to accelerate market entry and profitability by minimizing facility build-out expenses and disruptions. Each VFU integrates Agrify Insights™ software for improved cultivation management and is equipped with necessary peripheral support. Agrify's approach promises rapid deployment while maintaining production capacity, offering a plug-and-play solution for MSOs.
Agrify Corporation (Nasdaq: AGFY) will participate in the Benzinga Cannabis Capital Conference in Miami from April 20 to April 21, 2022. CEO Raymond Chang and CFO Timothy Oakes will host a fireside chat on April 20 at 11:10 a.m. ET, available via webcast on Agrify’s Investor Relations website. Additionally, the management team will be open for one-on-one and small group meetings throughout the event. Agrify is recognized for its advanced cultivation and extraction solutions in the cannabis industry, focusing on innovation and high-quality product output.
Agrify Corporation (Nasdaq:AGFY) has announced a definitive agreement with BioCann Pharmaceutical Company to introduce its advanced cultivation technology to the emerging European cannabis market. The deal involves the installation of 190 Vertical Farming Units at BioCann's facility in Portugal, aimed at enhancing cannabis production quality and ROI. The total contract value is $6.1 million, which includes $4 million for the cultivation equipment and a $2.1 million SaaS agreement for Agrify Insights. This partnership is seen as a strategic move to capitalize on the anticipated growth of the European cannabis market, projected to reach $37 billion by 2027.
Agrify Corporation has signed a definitive agreement to install 500 of its proprietary Vertical Farming Units at Loud Wellness’ facility in Glassboro, NJ. This engagement is projected to generate approximately $118 million in revenue over the next decade. Loud Wellness, one of only eight operators in NJ with cultivation and manufacturing licenses, aims to leverage Agrify's Total Turn-Key Solution for high-quality cannabis production. Key components of the agreement include $100 million in production success fees and $18 million in software fees, enhancing both companies' market position.
Agrify Corporation (Nasdaq:AGFY) announced participation at the Cantor Fitzgerald 2nd Virtual Cannabis Conference from April 12-14, 2022. CEO Raymond Chang and CFO Timothy Oakes will represent Agrify, participating in a panel on April 14 at 9:00 a.m. ET. The company aims to highlight its innovative advanced cultivation and extraction solutions tailored for the cannabis industry, leveraging technology and data-driven approaches to optimize product quality and yield. The management team will also hold one-on-one meetings throughout the conference.
Agrify Corporation (Nasdaq: AGFY) announced a strategic agreement with Greenlight Cannabis to provide advanced cultivation solutions across their operations. This deal includes the installation of Vertical Farming Units (VFUs) to enhance yield, consistency, and quality in cannabis production. Following operational acceptance, the partnership may expand to additional locations, ensuring ongoing technical support and training. Agrify's technology allows Greenlight to increase grow canopy significantly, facilitating rapid return on investment and positioning Agrify as a leader in cannabis cultivation.
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