AgriFORCE Growing Systems .(AGRI)

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AgriFORCE Growing Systems .(AGRI) - 2025 Q1 - Quarterly Report
2025-05-15 20:24
Acquisitions and Investments - The company has completed two acquisitions in the sustainable Bitcoin mining industry, now operating three facilities with a total of 1,120 BITMAIN Antminer S19j units[162]. - The acquisition of Radical Clean Solutions, Inc. was completed, increasing the company's ownership from 14% to 100%, allowing full control over RCS[196]. - The acquisition of a bitcoin mining facility in Alberta, Canada, was completed for $1.5 million, enhancing the Company's operational capabilities[207]. - A second acquisition in Ohio was made for $4.55 million, including 900 S-19 J Pro BITMAIN Antminers, with a power purchase agreement at $0.04 per kWh[208]. - The Company has entered into a $50 million financing facility with institutional investors, utilizing part of the first tranche for acquisitions[216]. - Net cash used in investing activities was $4,765,000 for the acquisition of Bald Eagle Bitcoin Mining[240]. Financial Performance - The Company reported gross sales of $71,162 from the sale of 12 hydroxyl generating devices for the three months ended March 31, 2025, with no sales recorded in the same period of 2024[231]. - Operating expenses increased by $798,789 or 59% to $2,139,789 for the three months ended March 31, 2025, primarily due to increased wages and salaries, research and development, and investor relations expenses[232]. - The Company recorded a net loss of $145,455 for the three months ended March 31, 2025, with an accumulated deficit of $60,927,574 as of the same date[233]. - Net cash used in operating activities was $2,172,409 for the three months ended March 31, 2025, compared to $1,309,334 for the same period in 2024, reflecting a decrease of $863,075[237]. - The Company held $1,351,983 in cash as of March 31, 2025, an increase from $489,868 as of December 31, 2024[234]. - Net cash provided by financing activities was $8,188,000 for the three months ended March 31, 2025, compared to $1,000,000 for the same period in 2024[241]. - The Company plans to seek additional capital through debt or equity financing to fund operations over the next twelve months, raising substantial doubt about its ability to continue as a going concern[236]. - The Company experienced a significant improvement in the fair value of derivative liabilities by $3,000,680 due to conversions and stabilizing stock prices[244]. Product Development and Commercialization - The UN(THINK) Awakened Flour™ product line has been launched, providing over five times more fiber, up to two times more protein, and 23% less net carbs compared to conventional all-purpose flour[181]. - The patented CERES-MNG process allows for the production of baking flour that has 40 times more fiber, three times more protein, and 75% less net carbohydrates than standard flour[176]. - The company is advancing the commercialization of Hydroxyl clean room systems to reduce the spread of pathogens and diseases in processing facilities worldwide[189]. - The company is focusing on expanding its product range in the US and Canada while exploring international markets for its Hydroxyl devices[189]. - The company is developing several finished product prototypes, including a line of pancake mixes, which are ready for consumer testing[171]. - The Company generated its first revenue from the sale of RCS devices in late 2023 and signed an exclusive distribution agreement for the AgriFORCE/RCS hydroxyl generating devices in Mexico[197]. - The Company plans to expand its distribution network into Latin America and Asia by 2026[199]. Bitcoin Mining Operations - The Company has entered the sustainable Bitcoin mining industry, operating three facilities with a total of 1,120 BITMAIN Antminer S19j units, powered by sustainable energy[202]. - The average cost of Bitcoin mined is approximately $41,000, with specific costs of $56,000 in Alberta and $35,100 in Ohio[214]. - The Company has increased its hashrate by over 600% through recent acquisitions, positioning itself as a leader in sustainable energy and cryptocurrency innovation[217]. - The operations in Ohio are expected to create new job opportunities and enhance food security, addressing local challenges[218][219]. - The Company holds all mined Bitcoin in cold storage with BitGo, ensuring liquidity while maintaining a long-term holding strategy[211]. Technology Integration - The company plans to integrate artificial intelligence and blockchain into its FinTech systems for commercial farmers, enhancing financing capabilities[186]. - The Company is at the development stage and anticipates needing additional financing to commercialize its technology and support growth[235].
AGRIForce Growing Systems Ltd. to Attend Bitcoin 2025 in Las Vegas
Globenewswire· 2025-05-15 16:30
Core Insights - AgriForce Growing Systems Ltd. is participating in Bitcoin 2025, the largest gathering of Bitcoin professionals, to showcase its vertically integrated Bitcoin mining approach and infrastructure strategy focused on operational sovereignty and sustainable growth [1][2]. Company Overview - AgriForce is a diversified infrastructure and technology company focused on agriculture, energy, and digital innovation, dedicated to solving critical challenges in these sectors [4]. - The company aims to build energy-efficient operations that support long-term value creation, leveraging proprietary infrastructure strategies and clean energy assets [4]. Event Participation - At Bitcoin 2025, AgriForce will engage with investors, energy experts, miners, and infrastructure leaders, highlighting its commitment to operational innovation and decentralized computing [2][3]. - The company plans to participate in networking sessions, private meetings with institutional investors, and provide updates on its expansion and operations in Ohio and Alberta [6]. Strategic Positioning - The CEO of AgriForce emphasized the company's role in shaping energy-efficient digital infrastructure, while the CFO noted the importance of their asset-backed approach for scalability and resilience [3].
AGRIForce Announces Completion of 500 Miner Delivery for Installation at East Palestine, Ohio Bitcoin Mining Site
Globenewswire· 2025-05-14 13:00
Core Insights - AgriForce Growing Systems Ltd. has successfully delivered 500 Bitmain S19j Pro 100T Bitcoin mining machines for installation at its second facility in East Palestine, Ohio, marking a significant step in its expansion strategy [1][4] - The new equipment is expected to add 50 petahash per second (PH/s) of mining capacity, bringing the total operational hashrate in Ohio to 130 PH/s, which includes the existing 80 PH/s from another facility [2][3] - The company emphasizes its competitive position in the North American Bitcoin mining sector by leveraging low-cost power agreements and vertically integrated infrastructure [3] Company Strategy - The delivery of the new machines is seen as a strategic milestone in AgriForce's scale-up roadmap, aimed at enhancing operational capacity and cost efficiency [4] - The company aims to reach a target of one exahash in total mining capacity, showcasing its commitment to growth and efficiency in converting investments into revenue-generating assets [4] - AgriForce's ability to quickly locate and install well-priced miners demonstrates its operational agility and effectiveness in optimizing success rates [4] Technical Specifications - Each Bitmain S19j Pro 100T unit has a hashrate of 100 terahash per second (TH/s) and a power consumption of approximately 2,950 watts, contributing to a total system power draw of around 1.475 megawatts (MW) for the 500 units [8] - The facility in East Palestine has a total capacity of 2 MW, allowing for optimized load balancing [8] Company Overview - AgriForce Growing Systems Ltd. is focused on addressing challenges in agriculture, digital infrastructure, and environmental innovation, with a commitment to building energy-efficient operations [5] - The company leverages proprietary infrastructure strategies and clean energy assets to drive sustainable growth and long-term value creation [5]
AGRIForce Reports Milestone Achievement: Over Five Bitcoin Mined from Alberta and Ohio Operations
Globenewswire· 2025-05-06 16:20
Core Insights - AgriForce Growing Systems Ltd. has successfully mined over five Bitcoin in less than six months, showcasing rapid deployment and operational efficiency [1][2][3] - The company has generated nearly $500,000 worth of Bitcoin from its mining operations, indicating a strong revenue generation capability from digital assets [2][3] - AgriForce is finalizing the deployment of 500 additional ASIC miners in Ohio, which is expected to enhance site optimization and operational capacity [2][4] Company Performance - The achievement of mining five Bitcoin demonstrates the company's ability to quickly mobilize resources and convert capital investment into digital asset production [3][4] - The company has established three high-performance mining sites with a total installed capacity of six megawatts, reinforcing its position in the North American digital asset landscape [2][3] - AgriForce aims to reach a target of one exahash by Q1 2026, indicating a strategic focus on scaling its operations and increasing Bitcoin output [3][4] Strategic Direction - The company plans to continue its acquisition strategy to expand its mining operations, leveraging energy-efficient infrastructure and modular deployment [4] - AgriForce's current strategy has proven effective, positioning the company for sustained growth in the digital asset sector [4] - The focus on building scalable, high-yield mining operations across North America reflects the company's commitment to innovation and efficiency in the digital energy space [4][5]
Global Agriculture Drones Market Projected to Reach $8.03 Billion By 2029 with Significant Growth Still Expected
Newsfilter· 2025-04-24 12:30
Industry Overview - The global agriculture drones market is projected to grow from $2.01 billion in 2024 to $8.03 billion by 2029, indicating significant growth potential driven by the adoption of aerial data collection tools in agriculture [1] - The cereals and grains segment is experiencing substantial growth, with drones playing a crucial role in optimizing yields through aerial surveys, crop health monitoring, and soil condition assessments [2] - The overall agriculture drone market is expected to grow from $6.10 billion in 2024 to $23.78 billion by 2032, at a CAGR of 18.5%, fueled by demand for precision agriculture and advancements in drone technology [4] Company Developments - ZenaTech, Inc. has received FAA Part 137 approval for its ZenaDrone 1000, allowing it to conduct commercial agricultural operations, including crop spraying and precision agriculture [2][3] - ZenaTech plans to utilize a Drone as a Service (DaaS) model to sell its solutions, targeting larger commercial farms and agribusinesses [2] - Unusual Machines, Inc. reported a fourth-quarter revenue of over $2.0 million, marking a 31% increase quarter-over-quarter, with total revenue for FY2024 reaching $5.65 million, exceeding its target by 13% [11] Technological Advancements - The ZenaDrone 1000 features advanced technology, including AI, sensors, and purpose-built attachments for crop spraying, designed for stable flight and heavy lift capabilities [5][6] - Sidus Space has unveiled a near real-time vessel detection and classification capability through its LizzieSat® satellite platform, enhancing space-based maritime intelligence [12][13] - AgriFORCE Growing Systems Ltd. has made progress in its Radical Clean Solutions division, receiving a U.S. patent for a chemical-free solution to reduce mold and extend the shelf life of produce [14][15][16]
AgriForce Growing Systems Announces Completion of Optimization at Sturgeon, Alberta Bitcoin Mining Facility
Newsfilter· 2025-04-09 12:00
Core Insights - AgriForce Growing Systems Ltd. has successfully completed optimization and full operational deployment at its Bitcoin mining facility in Sturgeon, Alberta, Canada, achieving a total hash rate of 35.22 PH/s [1][2] - The facility utilizes a diversified fleet of high-performance ASIC miners, which positions the company at the forefront of digital asset infrastructure development [1][2] - The completion of optimization enhances AgriForce's hashpower, improves cost structure, and supports its strategic goal of building a vertically integrated digital infrastructure platform [2] Company Overview - AgriForce Growing Systems Ltd. is a technology company focused on addressing critical challenges in agriculture, sustainability, and environmental stewardship through advanced technologies and innovative business models [3] - The company aims to deliver value for shareholders while creating lasting benefits for communities and ecosystems [3] Mining Facility Details - The Sturgeon facility is a cornerstone of AgriForce's digital asset strategy, combining reliable energy infrastructure, strategic geographic location, and advanced mining technology [2] - The facility's mining fleet includes: - 81 Bitmain S19k Pro 120T Antminers contributing 9.72 PH/s - 50 Bitmain S21 XP 270T Antminers contributing 13.50 PH/s - 120 Bitmain S19j Pro 100T Antminers contributing 12.00 PH/s [5]
AgriFORCE Growing Systems .(AGRI) - 2024 Q4 - Annual Report
2025-04-07 18:56
Acquisitions and Investments - The company has completed two acquisitions in the Bitcoin mining industry, now operating three facilities with a total of 1,120 BITMAIN Antminer S19j units[23]. - The Company acquired a 14% stake in Radical Clean Solutions (RCS) on October 1, 2023, and completed the acquisition of 86% of RCS on August 16, 2024, resulting in full control over RCS[57]. - The Company completed the acquisition of a bitcoin mining facility in Alberta for $1.5 million and a 5 MW facility in Ohio for $4.55 million, significantly increasing its hashrate[68][69]. - The Company signed a letter of intent to purchase a Bitcoin mining facility in Sturgeon County, Alberta, on November 13, 2024, highlighting a strategic shift towards sustainable technology initiatives[85]. - The acquisition of the Sturgeon County Bitcoin mining facility was completed on December 3, 2024, and sustainable agriculture operations were launched on December 5, 2024[85]. - The Company signed a letter of intent to acquire a Bitcoin mining facility in Madison Township, Ohio, on December 10, 2024, with the acquisition completed on January 17, 2025[85]. Financial Performance and Projections - The company has experienced recurring net losses since inception and currently has little revenue[120]. - The Company aims to capture a small percentage share of the global market size of target categories, potentially generating net revenues of $560 million[42]. - The Company has incurred an accumulated deficit of approximately $60.8 million as of December 31, 2024, with a net loss of approximately $16.3 million for the year[198]. - The company expects to continue incurring significant operating losses for the foreseeable future and may never become profitable[198]. - The company had approximately $5.3 million of net cash used in operating activities for the year ended December 31, 2024[198]. Technology and Product Development - The UN(THINK) Awakened Flour™ product line has been launched, which is believed to provide health advantages over traditional flour, with production processes refined and scaled[26][30]. - The patented CERES-MNG process allows for flour that has 40 times more fiber, three times more protein, and 75% less net carbohydrates compared to regular all-purpose flour[36][37]. - The company has developed a patented technology that converts grains, pulses, and root vegetables into low-starch, low-sugar, high-protein fiber-rich baking flour products[108]. - The company is exploring joint ventures and licensing opportunities for its FORCEGH+ technology in various environments, including arctic and tropical[51][53]. - The company is integrating artificial intelligence and blockchain into its FinTech systems to enhance financing capabilities for commercial farmers[46][52]. Market and Competitive Landscape - The company may face significant competition from other businesses in the industry, which could affect its market position and financial condition[176]. - The company has a competitive edge with no direct competitors providing a proprietary facility design and automated grow system[105]. - The company operates in a rapidly evolving agriculture industry, which may intensify competition and affect profitability[203]. Risks and Challenges - Bitcoin prices are highly volatile, affecting the Company's growth plans and profitability[123]. - The company must continually add new miners to grow its hash rate to remain competitive in the Bitcoin mining industry[129]. - Security breaches could result in the loss of digital assets, with no insurance protection available for such losses[161]. - The reliance on third-party custody providers for cold-storage solutions poses risks, as breaches could lead to significant asset loss[153]. - The company may require substantial additional capital to execute its business plan, which could be dilutive to existing shareholders[170]. Corporate Governance and Compliance - The Investment Canada Act requires non-Canadian entities acquiring control of a Canadian business to file a pre-closing application for review if financial thresholds are exceeded[210]. - The Competition Act (Canada) allows the Commissioner of Competition to review acquisitions that may substantially prevent or lessen competition, with a notification required if holdings exceed 20% of outstanding voting shares[211]. - New laws and regulations regarding corporate governance may increase compliance costs and create uncertainty for public companies[213]. Management and Staffing - On January 25, 2024, Troy McClellan resigned as President, effective immediately[110]. - Richard Wong resumed his role as Chief Financial Officer on February 10, 2024, and Chris Polimeni was appointed to succeed him on March 4, 2025[111][114]. - As of April 7, 2025, the Company has three employees and eight consultants/contractors, with plans to hire additional staff[115]. Intellectual Property - The company protects its proprietary products and technology through a combination of contractual provisions and intellectual property laws[99]. - The company holds multiple patents related to automated growing systems, with several applications pending in various countries including the United States and Canada[101][102]. - The company has several trademarks registered, including AGRIFORCE and AWAKENED FLOUR, indicating a strong brand presence[103][104].
AgriForce Growing Systems to Participate in Entrepreneurs' Organization Event at Morgan Stanley's New York City Offices
Newsfilter· 2025-03-27 13:38
Core Insights - AgriFORCE Growing Systems, Ltd. is participating in a panel discussion on mergers and acquisitions, highlighting its strategic growth initiatives [1] - The company has recently acquired Bitcoin mining facilities, indicating a shift towards the cryptocurrency sector and its impact on corporate culture and financial systems [2] Group 1: Event Participation - Jolie Kahn, CEO of AgriFORCE, will be a panelist at an event hosted by Morgan Stanley in New York City on March 27, 2025 [1] - The event is organized by the New York chapter of the Entrepreneurs' Organization, with over 100 CEOs registered to attend [1] Group 2: Company Strategy - AgriFORCE's recent acquisitions in the Bitcoin mining space are expected to influence its operational culture and financial reporting [2] - The company aims to leverage advanced technologies and innovative business models to address challenges in agriculture and sustainability [4]
AgriForce Growing Systems to Participate in Entrepreneurs’ Organization Event at Morgan Stanley’s New York City Offices
Globenewswire· 2025-03-27 13:38
Core Insights - AgriFORCE Growing Systems, Ltd. is participating in a panel discussion on mergers and acquisitions, highlighting its strategic growth initiatives [1] - The company has recently acquired Bitcoin mining facilities, indicating a shift towards the cryptocurrency sector and its impact on corporate culture and financial systems [2] Company Overview - AgriFORCE Growing Systems Ltd. is a technology company focused on addressing challenges in agriculture, sustainability, and environmental stewardship through advanced technologies and innovative business models [4] Event Details - The panel discussion will be co-moderated by Richard Levychin, CPA, who is a Managing Partner at Galleros Robinson and serves on AgriFORCE's Audit, Mergers and Acquisitions, and Compensation Committees [3] - The event is organized by the New York chapter of the Entrepreneurs' Organization, with over 100 CEOs registered to attend [1]
AgriForce Growing Systems to Deliver Keynote at Mining Disrupt 2025
Newsfilter· 2025-03-25 15:10
Core Insights - AgriForce Growing Systems Ltd. will be a keynote speaker at Mining Disrupt 2025, a major Bitcoin mining conference held from March 25-27 in Fort Lauderdale, Florida [1][3] - CEO Jolie Kahn will participate in a panel discussion on March 26, focusing on the future of Bitcoin mining and the competition between centralized and decentralized mining [2] - AgriForce will present its innovative modular mining infrastructure and agricultural colocation approach, emphasizing sustainability and energy efficiency [2] Company Overview - AgriForce Growing Systems Ltd. (NASDAQ:AGRI) is a technology company focused on addressing challenges in agriculture, sustainability, and environmental stewardship through advanced technologies and innovative business models [4]