Agrify Corporation Announces Results for Third Quarter 2024

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].