Agrify Corporation Reports Fourth Quarter and Full Year 2024 Results

Core Viewpoint - Agrify Corporation reported its financial results for the fourth quarter and fiscal year 2024, highlighting a focus on growth in the cannabis and hemp industries, particularly through its Señorita brand of THC beverages [1][3]. Financial Results Summary - Revenue for the fourth quarter of 2024 was $2.3 million, a decrease from$15.1 million in fiscal year 2023, resulting in total revenue of $9.7 million for fiscal year 2024 [5][8]. - The company recorded an operating loss from continuing operations of$10.2 million for fiscal year 2024, compared to a loss of $13.0 million in fiscal year 2023 [5][10]. - The net loss attributable to Agrify Corporation for fiscal year 2024 was$41.7 million, compared to a net loss of $18.6 million in fiscal year 2023 [10]. Recent Developments - Agrify appointed Brad Asher as Chief Financial Officer, effective March 24, 2025, to strengthen its financial leadership during a critical growth phase [3][4]. - The company secured new financing of up to$20 million and raised approximately $25.9 million in a private placement to support future growth opportunities [5][8]. - Agrify completed an asset purchase agreement for the acquisition of Double or Nothing LLC and its Señorita brand, expanding its product offerings in the hemp-derived THC beverage market [5][8]. Product and Market Position - The Señorita brand offers a range of hemp-derived THC beverages, including low-sugar, low-calorie options, available in nine U.S. states and Canada, with plans for further expansion [6][8]. - Agrify aims to leverage its strong balance sheet and market position to capitalize on the growing THC market in America [3][4].