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 conve ...

Company achieves near break-even quarterly results TROY, Mich., May 21, 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 first quarter ended March 31, 2024. First Quarter 2024 Financial Results Summary Revenue was $2.6 million for the first quarter of 2024, compared to $5.8 million for the first quarter of 2023.Gross profit was $0.73 ...

Company achieves near break-even quarterly results TROY, Mich., May 21, 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 first quarter ended March 31, 2024. First Quarter 2024 Financial Results Summary Revenue was $2.6 million for the first quarter of 2024, compared to $5.8 million for the first quarter of 2023.Gross profit was $0.73 ...

Financial Performance - Total revenue for the three months ended March 31, 2024, was $2.6 million, a decrease of $3.2 million or 55% compared to $5.8 million in the same period in 2023 [275]. - Revenue from extraction solutions decreased by $2.5 million, totaling $2.5 million in Q1 2024, while facility build-out revenues decreased by $0.6 million due to the discontinuation of certain projects [279]. - Gross profit for the three months ended March 31, 2024, was $729,000, down from $988,000 in the same period in 2023 [275]. - The net loss for the three months ended March 31, 2024, was $38,000, compared to a net loss of $10.3 million in the same period in 2023 [275]. - Gross profit totaled $0.7 million, or 28.1% of total revenue, during the three months ended March 31, 2024, compared to a gross loss of $1.0 million, or 17% of total revenue, in the same period in 2023 [282]. Operating Expenses - Total operating expenses for Q1 2024 were $1.5 million, significantly lower than $8.6 million in Q1 2023, primarily due to a reduction in general and administrative expenses [275]. - General and administrative expenses decreased by $4.0 million, or 57%, to $2.9 million for the three months ended March 31, 2024, compared to $6.9 million in the same period in 2023 [284]. - Research and development expenses decreased by $0.5 million, or 63%, to $0.3 million for the three months ended March 31, 2024, compared to $0.7 million in the same period in 2023 [286]. - Selling and marketing expenses decreased by $1.1 million, or 71%, to $0.5 million for the three months ended March 31, 2024, compared to $1.6 million in the same period in 2023 [289]. - Interest expense decreased by $0.7 million, or 82%, to $0.1 million for the three months ended March 31, 2024, compared to $0.8 million in the same period in 2023 [291]. Cash Flow and Liquidity - Net cash used in operating activities was $3.0 million for the three months ended March 31, 2024, compared to $9.5 million in the same period in 2023 [303]. - As of March 31, 2024, the company's liquidity sources included cash and cash equivalents totaling $0.1 million [295]. - For the three months ended March 31, 2024, net cash provided by financing activities was $2.3 million, primarily from proceeds of $2.1 million from the issuance of common stock and warrants [308]. - For the three months ended March 31, 2023, net cash used in financing activities was $9.3 million, primarily driven by repayments of notes payable of $10.8 million [309]. Strategic Initiatives - 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 [232]. - The company is committed to safety and quality in cannabis extraction, making significant strides towards UL Compliance for its extraction facilities [233]. - Agrify entered into a public offering agreement to issue 2,760,000 shares of common stock at a price of $0.38 per share, raising approximately $2.2 million in net proceeds [242]. - The company plans to continue investing in the development of its VFUs, Agrify Insights software, and extraction products [288]. Compliance and Regulatory Issues - Agrify received a Staff Delisting Determination from Nasdaq due to non-compliance with listing requirements, specifically reporting stockholders' equity of $(17.17) million [238]. - The company has until September 3, 2024, to regain compliance with Nasdaq's Minimum Bid Requirement, which mandates a closing bid price of at least $1.00 per share for 10 consecutive trading days [240]. Innovation and Market Position - Agrify's integrated hardware and software solutions position it uniquely in the indoor agriculture market, aiming to create a dominant market position [229]. - The company emphasizes continuous innovation in response to evolving market demands, strengthening partnerships across the country [234]. - Agrify Insights software revenue increased by 107% to $62,000 in Q1 2024, up from $30,000 in Q1 2023 [279]. Accounting and Financial Reporting - The preparation of consolidated financial statements requires management to make estimates and assumptions that may significantly impact reported amounts of assets, liabilities, revenues, and expenses [311]. - Subjective estimates identified include fair value of derivative assets and liabilities, goodwill impairment assessment, revenue recognition, and cost of goods sold [312]. - There have been no significant changes in accounting policies and estimates that impacted financial condition and results of operations for the periods covered [313]. - Information on recently issued accounting pronouncements is included in the notes to consolidated financial statements [314]. - The company is not required to provide information on market risk as a "smaller reporting company" under applicable regulations [316].

TROY, Mich., May 20, 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 Agrify Corporation and Nature's Miracle Holdings Inc. (NASDAQ:NMHI) ("Nature's Miracle") have mutually agreed to terminate the agreement and plan of merger, previously announced on May 16, 2024, given unfavorable market conditions. In connection with the termination of the merger, Agri ...

ONTARIO, Calif., May 20, 2024 /PRNewswire/ -- Nature's Miracle Holding Inc. (NASDAQ: NMHI) ("Nature's Miracle" or the "Company"), a leader in vertical farming technology and infrastructure, announced today that both Nature's Miracle and Agrify Corporation (NASDAQ: AGFY) ("Agrify"), have mutually agreed to terminate the previously announced plan to merge, originally announced on May 16, 2024. Given unfavorable market conditions, a decision was reached to terminate the planned merger.In connection with the te ...

TROY, Mich., May 20, 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 Agrify Corporation and Nature’s Miracle Holdings Inc. (NASDAQ: NMHI) (“Nature’s Miracle”) have mutually agreed to terminate the agreement and plan of merger, previously announced on May 16, 2024, given unfavorable market conditions. In connection with the termination of the merger, Agr ...

This Is How To Make Money In The Cannabis SectorMarijuana stock investors see the future of cannabis as being even more profitable in the market. But what is triggering this speculation surrounding investing in cannabis? The cannabis industry has come a long way over the years with over 50% of the USA having established cannabis markets. Even with no federal reform set in place companies have been seeing great success. When continuous growth and money is being made it creates excitement among those who inve ...

NEW YORK, May 16, 2024 /PRNewswire/ -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and is investigating Agrify Corporation (NASDAQ: AGFY), relating to its proposed merger with Nature's Miracle Holding Inc. Under the terms of the agreement, Agrify shareholders will each be issued 0.45 of a share o ...

ONTARIO, Calif., May 16, 2024 (GLOBE NEWSWIRE) -- Nature's Miracle Holding Inc. (NASDAQ: NMHI; NMHIW) (“Nature’s Miracle” or the “Company”), a leader in vertical farming technology and infrastructure, and Agrify Corporation (NASDAQ: AGFY) (“Agrify”), announced today that both parties have signed a definitive agreement and plan of merger (“Agreement”) in which a new wholly-owned subsidiary of Nature’s Miracle will merge with and into Agrify, with Agrify surviving the merger as a wholly-owned subsidiary of Na ...