Agrify's Shares Jump On 600% YoY Higher Revenue Of $7M, Cannabis Co. Raises Its Full-Year Guidance

A developer of premium grow solutions, Agrify Corporation AGFY posted its first-quarter earnings results Monday, reporting revenue of $7 million, compared to $4.4 million and $1 million in the previous quarter and the same quarter of 2020, respectively.

The company further revealed a quarterly net loss from continuing operations of $3.81 million, compared to a loss of $3.41 million in the same period of 2020.

Its sales backlog reached $82 million from $59 million in the previous quarter.

Based on this sales backlog improvement, Agrify updated its previously announced full-year 2021 guidance raising its revenue projections to somewhere between $48 to $50 million, from $40 million.

Important Recent Business Milestones

• Agrify launched an improved customer offering – Total Turn-Key Solution with up to $50 million of original financial investment;
• Entered into a binding letter of intent for an extra $3 million for facility development and the integrations of 179 Vertical Farming Units, yearly SaaS fees revenue of $285,000, and production service fees projected at $1.9 million per year in the following 10 years;
• Improved its Insights software platform with the addition of Metrc and collaboration with Confident Cannabis;
• Teamed up with Atlantis Hydroponics on research and development facility;
• Finalized initial public offering and listing on NASDAQ, raising around $147 million;
• Welcomed to its Board of Directors an industry veteran, Stuart Wilcox, former COO of Curaleaf Holdings CURLF.

“We are incredibly pleased to share that our first quarter of 2021 saw quarterly revenue grow to a record $7 million, an increase of 600% from Q1 2020, and 60% from Q4 2020,” Raymond Chang, CEO of Agrify stated. “We also executed on numerous meaningful deliverables during the quarter that have positioned our business with a strong foundation for long-term growth.”

Chang added that the company is experiencing a positive boost in customer relations.

“We have expanded engagements and relationships with all our existing customers, launched the Agrify TTK Solution, signed our first Agrify TTK Solution partner, and continue to receive data on the consistency and quality our customers are seeing after implementing our solutions," Chang said. "These milestones demonstrate that customers are increasingly seeing the value our hardware and software solutions will provide as the landscape changes and evolves and the focus on consistency and quality becomes critical to maintaining and growing market share.” 

Price Action

Agrify’s shares were trading 10.76% higher at $8.44 per share at the time of writing.

Photo by Richard T on Unsplash