Agrify Reports 481% YoY Revenue Increase In Q4, Wider Net Loss In 2021

Agrify Corporation AGFY announced financial results for the fourth quarter and fiscal year ended December 31, 2021.

Q4 2021 Financial Highlights

• Revenue totaled $25.3 million representing an increase of 481% compared to $4.4 million for the prior year period.
• Total backlog was $837 million at the end of the fourth quarter, an increase of 1,319% compared to $59 million at the end of the prior year.
• Gross profit totaled $5.6 million, or 22.3% of revenue, compared to $(290) thousand, or (6.7)% of revenue, in the prior year period.
• Operating expenses were $19  million, compared to $3.9 million in the prior year period.
• Net loss was $13.3 million, or $0.60 per diluted share, compared to net loss of $13.1 million, or $2.23 per diluted share, in the prior year period.
• Cash flow used in operating activities was $12.6 million, compared to $4.1 million in the prior year period.
• Adjusted EBITDA - a non-GAAP financial measure -  was a loss of $5.5 million compared to a loss of $2.8 million in the prior year period.

Full Year 2021 Financial Highlights

• Revenue was $59.9 million for the fiscal year, an increase of 395% versus $12.1 million for the prior year period.
• New bookings were $377 million for the fiscal year, an increase of 919% compared to $37 million for the prior year period.
• Gross profit was $5.2 million, or 8.7% of revenue, compared to $570 thousand, or 4.7% of revenue in the prior year.
• Operating expenses were $40.3 million, compared to $13.2 million in the prior year.
• Net loss totaled $32.5 million, or $1.69 per diluted share, compared to net loss of $21.6 million, or $5.32 per diluted share, in the prior year.
• Cash flow used in operating activities was $30.2 million, compared to $14.8 million in the prior year period.
• Adjusted EBITDA was a loss of $20 million, compared to a loss of $8.4 million in the prior fiscal year.

Recent Business Highlights

• As of March 23, 2022, Agrify has contractual commitments for 3,729 vertical farming units that will be powered by the Agrify Insights SaaS cultivation software.
• As of March 23, 2022, the total qualified pipeline of opportunities is approximately $571 million.
• On February 2, 2022, Agrify announced its acquisition of Lab Society, a leader in distillation and solvent separation solutions for the cannabis extraction industry.
• On January 5, 2022, Agrify announced the completion of its acquisition of PurePressure, the leader in solventless extraction and advanced ice water hash processing equipment in the cannabis and hemp industry.
• On January 4, 2022, Agrify announced it had entered into a TTK partnership with Gold Leaf Florida LLC, expanding Agrify’s footprint to the lucrative and fast-growing Florida cannabis market.

As a result of the strong demand for Agrify’s cultivation and extraction solutions, management is expecting revenue to be in the range of $140 million to $142 million for fiscal year 2022.

“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,” Raymond Chang, chairman and CEO of Agrify, said.

To meet Chang in person sign up for the Benzinga Cannabis Capital Conference in Miami, where she is a speaker among many other top names in the cannabis industry. Click here for more info.

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