Agrify Corporation Announces Results for Second Quarter 2024 and Amended Results for First Quarter 2024

Core Insights - Agrify Corporation reported a revenue of $3.0 million for Q2 2024, marking a 15% increase from Q1 2024 but a decline from $5.1 million in Q2 2023 [2][4] - Gross profit for Q2 2024 was $1.7 million, up 54.8% from Q1 2024 and significantly higher than $0.6 million in Q2 2023 [2][4] - The operating loss decreased to $1.5 million in Q2 2024 from $5.3 million in Q2 2023, while the net loss improved to $2.8 million from $6.8 million in the same period [2][4] Financial Performance - Revenue for Q2 2024 was $3.0 million compared to $2.6 million in Q1 2024 and $5.1 million in Q2 2023 [2] - Gross profit for Q2 2024 was $1.7 million, an increase from $0.7 million in Q1 2024 and $0.6 million in Q2 2023 [2] - Operating loss for Q2 2024 was $1.5 million, down from $5.3 million in Q2 2023 [2] - Net loss for Q2 2024 was $2.8 million, compared to $6.8 million in Q2 2023 [2] Adjustments and Reassessments - The company reassessed the accounting of a settlement with Mack Molding, resulting in non-cash adjustments that did not affect revenue or cash flows [3] - For the first half of 2024, the company reported an operating income of $1.99 million and a net income of $1.48 million due to these adjustments [3] Management Commentary - The CEO highlighted a cautious industry outlook due to regulatory uncertainties and limited capital availability, despite the positive revenue and gross profit growth [4] - The company is focused on cost reduction and exploring strategic options to enhance shareholder value [4] Balance Sheet Highlights - As of June 30, 2024, cash and cash equivalents were $53,000, a significant decrease from $430,000 at the end of 2023 [9] - Total current liabilities decreased to $25.1 million from $41.2 million at the end of 2023, indicating improved financial management [10] Cash Flow Summary - For the first half of 2024, cash used in operating activities was $4.8 million, compared to $11.6 million in the same period of 2023 [12] - Cash provided by financing activities was $4.1 million in the first half of 2024, contrasting with a cash outflow of $9.9 million in 2023 [12]