Financial Performance - Revenue for Q2 2024 was $2,994,000, a decrease of 41% compared to $5,066,000 in Q2 2023 [241]. - Gross profit for Q2 2024 was $1,127,000, compared to $600,000 in Q2 2023, reflecting an increase of 88% [241]. - Total operating expenses for Q2 2024 were $2,799,000, down from $5,944,000 in Q2 2023, a reduction of 53% [241]. - Net loss for Q2 2024 was $2,972,000, compared to a net loss of $6,807,000 in Q2 2023, indicating an improvement of 56% [241]. - Total revenue for the first half of 2024 was $5,592,000, down 49% from $10,870,000 in the first half of 2023 [241]. - The company reported a significant gain on the settlement of contingent liabilities of $5,935,000 in the first half of 2024 [241]. - Revenues decreased by $2.1 million, or 41%, for the three months ended June 30, 2024, and by $5.3 million, or 49%, for the six months ended June 30, 2024, primarily due to declines in facility build-outs and extraction solutions [246]. - Cost of goods sold decreased by $2.6 million, or 58%, for the three months ended June 30, 2024, and by $5.0 million, or 54%, for the six months ended June 30, 2024, aligning with the reduction in revenue [249]. - Gross profit totaled $1.1 million, or 37.6% of total revenue, for the three months ended June 30, 2024, compared to $0.6 million, or 11.8%, for the same period in 2023 [250]. - The company incurred a net loss of $1.3 million for the six months ended June 30, 2024, a significant reduction from a net loss of $17.1 million in the same period of 2023 [275][276]. Operational Developments - Agrify reported a successful installation of its Vertical Farming Units (VFUs), with Nevada Holistic Medicine harvesting 9 pounds of A-grade flower per VFU, achieving approximately 64 grams per canopy square foot and over 90% A-grade flower quality [196]. - The company streamlined its extraction technology portfolio, deploying several turnkey extraction packages across California, Michigan, and the East Coast, and launched new products including the Cannabeast 13 Distillation Unit and PX30 Hydrocarbon Extractor [197]. - Agrify's strategic plan for 2023 focuses on sustainable long-term growth through cost efficiencies and enhanced sales initiatives, successfully onboarding new customers like Golden Lake Business Park and Harvest Works [196]. - Agrify's integrated hardware and software solutions position it uniquely in the indoor agriculture market, aiming to create a dominant market presence [192]. - Agrify Insights software revenue increased by 94% to $68,000 in Q2 2024 from $35,000 in Q2 2023 [244]. Compliance and Regulatory Issues - The company received a Staff Delisting Determination from Nasdaq due to non-compliance with listing requirements, specifically failing to file required reports in a timely manner [201]. - Agrify reported stockholders' equity of $(17.17) million, which is below the minimum requirement of $2.5 million for Nasdaq compliance [202]. - The company has a compliance period until September 3, 2024, to meet Nasdaq's Minimum Bid Requirement of maintaining a closing bid price of at least $1.00 per share [204]. Financing and Capital Management - A public offering on February 27, 2024, resulted in the issuance of 2,760,000 shares at $0.38 per share, generating approximately $2.2 million in net proceeds after fees [206]. - The company amended its Convertible Note, reducing the conversion price to $1.46 per share and extending the maturity date to December 31, 2025, with an outstanding principal amount of approximately $18.9 million [199]. - The company has a Convertible Note with an outstanding amount of $8.8 million, maturing on August 19, 2025, with a 9.0% annualized interest rate [271]. - The company received total proceeds of approximately $779,000 from a PPP Loan, which was extended to mature on May 7, 2025, with monthly payments of approximately $24,000 [266]. - Net cash provided by financing activities for the six months ended June 30, 2024, was $4.1 million, primarily driven by proceeds from related party notes and common stock issuance [279]. - The company anticipates allocating a significant portion of its working capital to satisfy financing requirements for current and future TTK arrangements, which require substantial upfront capital [264]. - The company may opportunistically raise debt capital for strategic alternatives and general corporate purposes, but may face challenges in securing favorable terms [265]. - As of October 30, 2023, approximately $6.7 million was outstanding under the Exchange Note, indicating ongoing debt management efforts [271]. Expense Management - General and administrative expenses decreased by $2.6 million, or 53%, for the three months ended June 30, 2024, and by $5.4 million, or 46%, for the six months ended June 30, 2024 [253]. - Research and development expenses decreased by $0.5 million, or 71%, for the three months ended June 30, 2024, and by $0.9 million, or 67%, for the six months ended June 30, 2024 [255]. - Selling and marketing expenses decreased by $0.7 million, or 65%, for the three months ended June 30, 2024, and by $1.9 million, or 68%, for the six months ended June 30, 2024 [258]. - Interest expense decreased by $0.4 million, or 93%, for the three months ended June 30, 2024, compared to the same period in 2023 [260]. - The change in fair value of warrant liabilities decreased by $0.2 million, or 22%, for the three months ended June 30, 2024 [261].

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 ...

Core Insights - The 2024 election is expected to significantly influence penny stocks through regulatory changes, market sentiment, and sector-specific movements [1][14]. Anticipated Regulatory Changes - Regulatory changes post-election can reshape the trading landscape for penny stocks, potentially enhancing market transparency and integrity [5][14]. - New regulations may increase disclosure requirements for penny stocks, leading to better-informed trading decisions and attracting more investors [5][6]. - Streamlined compliance procedures could result in a greater number of viable trading options, allowing investors to identify undervalued stocks with high return potential [6][7]. Shifting Market Sentiment - Market sentiment during election years can lead to heightened volatility in penny stocks, influenced by candidates' economic agendas [8][14]. - Optimism regarding favorable policies can drive interest in specific industries, such as renewable energy, resulting in increased buying activity for related penny stocks [8][9]. - Conversely, negative sentiments towards certain sectors may prompt investors to withdraw, creating opportunities for strategic trading [9][12]. Sector Changes - Election outcomes can create significant opportunities in specific sectors, as candidates often highlight industries they intend to support [10][15]. - Increased infrastructure spending proposed by candidates can boost penny stocks in construction and engineering [10][11]. - Advancements in technology policy may benefit penny stocks in sectors like cybersecurity and artificial intelligence, while healthcare-related stocks could attract attention due to anticipated regulatory shifts [11][12].

Agrify (NASDAQ:AGFY) stock is rocketing higher on Monday alongside heavy pre-market trading of the cannabis hardware and software cultivation company's shares. This has more than 17 million shares of AGFY stock changing hands as of this writing. That's well above the company's daily average trading volume of about 1.1 million shares. Investors will also note that Agrify's float is sitting at 7.17 million units. It's unclear what's causing this increased interest in AGFY stock. There are no new press release ...

TROY, Mich., June 11, 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 the signing of a $500K Turnkey Hydrocarbon Extraction and Lab Equipment Package with Grotech Farms LLC ("Grotech" or the "Customer"), an annual licensed cannabis operator founded by Miriam Porter and partners. Grotech Farms has purchased Agrify's Turnkey PX10 Hydrocarbon Extraction and La ...

TROY, Mich., June 11, 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 the signing of a $500K Turnkey Hydrocarbon Extraction and Lab Equipment Package with Grotech Farms LLC (“Grotech” or the “Customer”), an annual licensed cannabis operator founded by Miriam Porter and partners. Grotech Farms has purchased Agrify’s Turnkey PX10 Hydrocarbon Extraction and La ...

TROY, Mich., May 28, 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 that after the recent $13.8 million debt-to-equity conversions by CP Acquisitions, LLC and GIC Acquisition, LLC, two entities affiliated with Raymond Chang, Chairman and CEO of Agrify, Agrify has received confirmation from Nasdaq that it has regained compliance with the stockholders' equity ...

TROY, Mich., May 22, 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 an approximately $13.8 million debt-to-equity conversion by CP Acquisitions, LLC and GIC Acquisitions LLC. As a result of the conversion, the Company is expected to regain compliance with Nasdaq's Listing Rule, achieving stockholder's equity of at least $2.5 million as of the date of conver ...