Agrify Corp. ( (AGFY) ) has released its Q4 earnings. Here is a breakdown of the information Agrify Corp. presented to its investors.
Agrify Corporation is a leading provider of innovative solutions for the cannabis and hemp industries, known for its Señorita brand of hemp-derived THC beverages. The company recently released its financial results for the fourth quarter and full year of 2024, highlighting significant changes and strategic moves.
In the fourth quarter of 2024, Agrify reported a revenue of $2.3 million, with a notable loss of $11.9 million from the disposal of its Cultivation business. The company’s cash balance stood at $31.2 million at the end of the year. For the full fiscal year 2024, Agrify’s revenue was $9.7 million, a decrease from $15.1 million in 2023, and it recorded an operating loss of $10.2 million from continuing operations.
Key developments for Agrify include securing $20 million in convertible note financing and raising $25.9 million through a private placement. The company also acquired the assets of Double or Nothing LLC, including the Señorita brand, and entered a partnership with The Salt Shed in Chicago to promote its THC beverages. Additionally, Agrify expanded its board and appointed a new Chief Financial Officer, Brad Asher.
Looking ahead, Agrify’s management, led by Interim CEO Ben Kovler, is focused on streamlining operations and positioning the company for growth in the THC beverage market. With a strong balance sheet and strategic partnerships, Agrify aims to expand its reach and capitalize on the growing demand for hemp-derived products.