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     109  0 Kommentare Agrify Corporation Announces Preliminary Unaudited Financial Results for Q4 2023 and Update on Customer Project

    Expects to Achieve the Lowest Record Net Loss and Cash Burn in Company History

    TROY, Mich., Feb. 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 preliminary unaudited financial results for the fourth fiscal quarter of 2023 and updates for its Ocean Deep/Golden Lake Business Park project.

    Fourth Quarter 2023 Outlook

    • Net Loss in Q4 2023 is expected to be at a historical low of $750 thousand, compared to $2.1 million net loss in Q3 2023, and $58 million loss in Q4 2022.
    • Loss from Operations is expected to decrease by 46% to a historical low of $2.5 million, compared to $4.6 million in Q3 2023
    • Gross Profit is expected to increase 105% to $1.9 million, compared to $1 million in Q3 2023, and a gross loss of $33.5 million in Q4 2022.
    • Q4 2023 Net Cash burn is also expected to be the lowest in the Company history, and the Company expects to be in a position to approach cashflow break-even in the second half of 2024.

    Agrify is expected to release its financial results for the fourth quarter and full fiscal year ended December 31, 2023 before the end of March 2024. The financial information presented in this press release may be adjusted as a result of the completion of customary annual review and audit procedures.

    Golden Lake Business Park Project Update

    Agrify’s customer, Ocean Deep/Golden Lake Business Park, is a California-based vertically integrated cannabis operator. Ocean Deep has completed the purchase of a roughly 30,000 square feet facility in Adelanto, California, and is currently constructing Agrify’s UL-Certified EXP1 Explosion Proof Room. Ocean Deep expects to soon be extracting products with Agrify’s turnkey PX30 Hydrocarbon Extraction Lab Package to bolster its product offerings. Ocean Deep is also expected to begin operation with an estimated 120 Vertical Farming Units (“VFUs”) sold by the Company to produce high-quality cannabis flower in 2024.

    About Agrify

    Agrify is a leading provider of innovative cultivation and extraction solutions for the cannabis industry, bringing data, science, and technology to the forefront of the market. Our proprietary micro-environment-controlled Vertical Farming Units (VFUs), enable cultivators to produce the highest quality products with unmatched consistency, yield, and ROI (return on investment) at scale. Our comprehensive extraction product line, which includes hydrocarbon, ethanol, solventless extraction, post-processing, and lab equipment, empowers producers to maximize the quantity and quality of extract required for premium concentrates. For more information, please visit our website at http://www.agrify.com.

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    Agrify Corporation Announces Preliminary Unaudited Financial Results for Q4 2023 and Update on Customer Project Expects to Achieve the Lowest Record Net Loss and Cash Burn in Company HistoryTROY, Mich., Feb. 21, 2024 (GLOBE NEWSWIRE) - Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction …