Financial Performance - Revenue for the three months ended September 30, 2024, was $1,934,000, a decrease of $1,205,000 or 38% compared to $3,139,000 for the same period in 2023 [274]. - Revenue for the nine months ended September 30, 2024, was $7,526,000, a decrease of $6,483,000 or 46% compared to $14,009,000 for the same period in 2023 [274]. - Cost of goods sold for the three months ended September 30, 2024, was $1,709,000, a decrease of $456,000 or 21% compared to $2,165,000 for the same period in 2023 [280]. - Cost of goods sold for the nine months ended September 30, 2024, was $6,009,000, a decrease of $5,438,000 or 48% compared to $11,447,000 for the same period in 2023 [280]. - Gross profit for the three months ended September 30, 2024, was $225,000, compared to $974,000 for the same period in 2023 [274]. - Gross profit for the nine months ended September 30, 2024, was $1,517,000, compared to $2,562,000 for the same period in 2023 [274]. - Net loss for the three months ended September 30, 2024, was $18,651,000, compared to a net loss of $2,092,000 for the same period in 2023 [274]. - Net loss for the nine months ended September 30, 2024, was $17,387,000, compared to a net loss of $19,226,000 for the same period in 2023 [274]. - The extraction solutions revenue decreased by $1,164,000 or 35% for the three months ended September 30, 2024, compared to the same period in 2023 [278]. Cost Management - General and administrative expenses decreased by $1.0 million, or 22%, for Q3 2024 compared to Q3 2023, and by $6.3 million, or 39%, for the nine months ended September 30, 2024 [285]. - Research and development expenses decreased by $0.3 million, or 65%, for Q3 2024 compared to Q3 2023, and by $1.2 million, or 66%, for the nine months ended September 30, 2024 [288]. - Selling and marketing expenses decreased by $0.5 million, or 57%, for Q3 2024 compared to Q3 2023, and by $2.3 million, or 66%, for the nine months ended September 30, 2024 [290]. - Interest expense decreased by $0.3 million, or 90%, for Q3 2024 compared to Q3 2023, and by $1.4 million, or 89%, for the nine months ended September 30, 2024 [292]. Capital and Financing Activities - Agrify raised approximately $2.2 million from a public offering of 2,760,000 shares of Common Stock at a price of $0.38 per share, which closed on February 28, 2024 [226]. - The company entered into a Purchase Agreement with Ionic to sell up to $15.0 million of Common Stock over a 36-month term, allowing for purchases between $250,000 and $750,000 on business days [232]. - The company issued a 2024 CP Note to CP Acquisitions for up to $1,500,000 at a 10% annual interest rate, maturing on July 1, 2025, with a conversion price of $3.9495 [234]. - The maximum principal of the 2024 CP Note was increased to $3,000,000 while maintaining the conversion price of $3.9495 [238]. - The company issued a Secured Convertible Note (Green Thumb Note) for up to $20.0 million, with $10.0 million advanced upon issuance, maturing on November 5, 2025, at a 10% interest rate [239]. - The maximum principal amount of the Junior Secured Note was increased to $4.0 million, with a maturity date extended to December 31, 2024 [299]. - The Company entered into the Restated GIC Note, increasing the principal amount to approximately $2.29 million and extending the maturity date to December 31, 2025 [304]. - Net cash used in operating activities for the nine months ended September 30, 2024, was $6.25 million, a decrease from $25.94 million in the same period of 2023 [309]. - Net cash provided by financing activities for the nine months ended September 30, 2024, was $5.7 million, primarily from related party notes and Common Stock issuance [313]. Strategic Initiatives - Agrify's strategic plan for 2023 focuses on sustainable long-term growth through cost efficiencies and enhanced sales initiatives, particularly in the cultivation business [221]. - The company aims to provide a variety of products for indoor agriculture, including cultivation solutions and Agrify Insights™ software [275]. - The company has made significant progress in obtaining Underwriters Laboratories Compliance for its extraction facilities, emphasizing its commitment to safety and quality [222]. Compliance and Governance - Agrify received a deficiency letter from Nasdaq regarding its stock price falling below $1.00 per share, but regained compliance after a 1-for-15 reverse stock split on October 8, 2024 [224]. - The company appointed GuzmanGray as its independent registered public accounting firm after the resignation of Matsuura, effective June 25, 2024 [231]. - Agrify's stockholders approved amendments to the Pre-Funded Warrants, adjusting the exercise price and change of control thresholds, enhancing the terms for investors [230]. Accounting and Reporting - The company recognizes revenue from equipment sales, services, and construction contracts, following a five-step model under ASC Topic 606 [249]. - The company accounts for warrants based on their specific terms, determining whether they are classified as equity or liabilities [245]. - The company provides a one-year warranty on products, accruing for warranty returns when losses are probable and estimable [264]. - The company accounts for income taxes under ASC Topic 740, recognizing deferred tax assets and liabilities for temporary differences [265]. - The Company’s critical accounting estimates include fair value assessments and revenue recognition, which may significantly impact financial results [316][317].

Financial Performance - Revenue for Q3 2024 was $1.9 million, a decrease from $3.1 million in Q3 2023, representing a decline of approximately 39% year-over-year [2]. - Gross profit for Q3 2024 was $0.2 million, down from $1.0 million in Q3 2023, indicating a decrease of about 77% year-over-year [5]. - Net loss for Q3 2024 was $18.6 million, primarily due to a $15 million change in fair value of warrant liabilities, compared to a net loss of $2.1 million in Q3 2023 [2]. Financing and Investments - Agrify secured new convertible note financing of up to $20 million, with an initial draw of $10 million from Green Thumb Industries on November 5, 2024 [2]. - Agrify announced the intent to acquire the Señorita brand of hemp-derived THC drinks on November 12, 2024, marking a strategic expansion into the beverage sector [2]. Assets and Liabilities - Total assets as of September 30, 2024, were $38.95 million, while total current liabilities were $27.77 million, resulting in total equity of $5.46 million [6]. - Cash and cash equivalents stood at $263,000 as of September 30, 2024 [6]. - Inventory, net, was reported at $18.09 million, indicating a significant asset base in product stock [6]. Shareholder Information - The weighted average number of shares outstanding for Q3 2024 was approximately 1.08 million, reflecting the impact of recent reverse stock splits [5]. Strategic Outlook - Agrify's Chairman and Interim CEO Ben Kovler emphasized the company's readiness to capitalize on opportunities in the evolving hemp and cannabis industries [2].

Core Viewpoint - Agrify Corporation reported its financial results for the third quarter of 2024, highlighting significant losses primarily due to changes in warrant liabilities and ongoing strategic developments in the cannabis and hemp industries [2][5]. Financial Performance - Revenue for Q3 2024 was $1.9 million, a decrease from $3.1 million in Q3 2023 [5]. - Gross profit for Q3 2024 was $0.2 million, down from $0.97 million in the same quarter of the previous year [5]. - The net loss for Q3 2024 was $18.6 million, compared to a net loss of $2.1 million in Q3 2023, largely due to a $15 million change in fair value of warrant liabilities [2][5]. - Total expenses for Q3 2024 were $3.9 million, a decrease from $5.6 million in Q3 2023 [5]. - The net loss per share for Q3 2024 was $17.31, compared to $19.02 in Q3 2023 [5]. Recent Developments - Agrify secured new convertible note financing of up to $20 million, with an initial draw of $10 million from Green Thumb Industries on November 5, 2024 [2]. - Ben Kovler was appointed as Chairman and Interim CEO on November 5, 2024 [2]. - The company announced its intent to acquire the Señorita brand of hemp-derived THC drinks on November 12, 2024 [2]. Company Overview - Agrify Corporation specializes in providing innovative solutions for the cannabis and hemp industries, focusing on extraction and cultivation [3]. - The company’s proprietary Vertical Farming Units (VFUs) are designed to enhance product quality, consistency, yield, and return on investment [3].

High-Potential Marijuana Penny Stocks to Keep an Eye on Next WeekAs the cannabis industry continues to grow, marijuana stocks have gained significant attention from investors. In 2023, the U.S. cannabis market generated over $32 billion in sales, and projections suggest it could reach $50 billion by 2028. With ongoing legalization efforts, the industry is poised for further expansion. Recent headlines, including the possibility of federal legalization, have fueled interest in marijuana stocks. These develop ...

TROY, Mich., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Financial Results Summary Revenue was $3.0 million for the second quarter of 2024, compared to $2.6 million for the first quarter of 2024 and $5.1 million for the second quarter of 2023.Gross profit was $1.7 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 001-39946 AGRIFY CORPORATION (Exact name of registrant as specified in its charter) Nevada 30-0943453 (State or other juris ...

BILLERICA, Mass., Aug. 02, 2024 (GLOBE NEWSWIRE) -- Agrify Corporation (NASDAQ:AGFY) ("Agrify" or the "Company"), the most innovative provider of advanced cultivation and extraction solutions for the cannabis industry, would like to remind stockholders to cast their votes for the proposals that will be voted on at the Company's annual meeting of stockholders (the "Meeting") in advance of the proxy voting deadline for voting by telephone or electronically of 11:59 p.m. (Eastern Daylight Time) on Sunday, Augu ...

BILLERICA, Mass., Aug. 02, 2024 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), the most innovative provider of advanced cultivation and extraction solutions for the cannabis industry, would like to remind stockholders to cast their votes for the proposals that will be voted on at the Company's annual meeting of stockholders (the "Meeting") in advance of the proxy voting deadline for voting by telephone or electronically of 11:59 p.m. (Eastern Daylight Time) on Sunday, Augu ...

Vertical farming is a hot topic with significant productivity-based advantages. In fact, the industry is forecasted to grow by 24.1% annually until 2031, illustrating its potential. As a result, investors are looking into vertical farming stocks for massive returns. Given the above, I embarked on a journey to find three undervalued vertical farming stocks. I was aware that value and growth traps are prominent due to the industry’s immature state. As such, I applied a robust screening methodology, which look ...

3 Ways That the 2024 Election Can Impact Penny StocksElections can significantly influence financial markets, including the domain of penny stocks. Penny stocks, often traded below five dollars per share, present a unique opportunity for investors aiming for substantial gains through small initial investments. The 2024 election is set to impact the trading of penny stocks in several ways, primarily through regulatory changes, market sentiment, and sector-specific movements.[Read More] Trading Penny Stocks o ...