Agrify Announces Record Fiscal 2020 Annual Results
BURLINGTON, Mass., April 1, 2021 (GLOBE NEWSWIRE) – PRESS RELEASE – Agrify Corporation (NasdaqCM:AGFY), a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace, reported financial results for its fourth quarter and year ended Dec. 31, 2020.
- Total revenue increased 195.7% to $12.1 million
- Began realizing higher-margin software as a service (SaaS) revenue as customers commenced operations utilizing the Agrify Insights™ software solution
- Completed the development of and started taking pre-orders for the newest generation of Agrify’s Vertical Farming Units (VFUs), which offer improved lighting efficiency, greater light output, and a wider range of environmental control and reproduction, furthering the company’s mission to deliver consistency to the industry
- Acquired TriGrow Systems, Inc., which was the exclusive distributor of Agrify’s indoor grow solutions, giving Agrify full control of sales, product marketing and customer relationships
- Acquired Harbor Mountain Holdings, LLC (HMH), an agile manufacturer and installer of many of Agrify’s products, giving Agrify direct access to HMH’s research and development, testing and flexible manufacturing plant located just outside Atlanta, along with key engineering talent and equipment
“We are pleased with the growth we achieved in 2020,” Agrify CEO Raymond Chang said. “On many fronts, last year was a pivotal turning point for Agrify. We successfully executed several strategic initiatives such as accelerating market adoption, focusing on customer success and building our team, and all of these efforts provide us with the opportunity to deliver sustained revenue growth and profitability. Additionally, we advanced our technology and software platforms and expanded our customer offerings, which enabled us to significantly increase our order backlog and sales pipeline.
“As we look towards 2021, we note that we have already made progress on a number of key initiatives, including launching our Agrify Total Turn-Key (TTK) Solution, the industry’s first total turn-key solution. Through this program, we aim to help our customers by providing them with access to capital, leading-edge technology and the industry expertise they need to consistently cultivate high-quality products. This should enable our customers to get to market faster, with consistent, high-quality products that are grown in a controlled and replicable environment, all at a lower cost of production. We passionately believe this new partnership opportunity will be highly desirable to customers in this rapidly evolving industry, which is experiencing a favorable shift in the regulatory landscape. We are seeing many positive signs of potential cannabis reform in new markets, and as demand continues to grow, we believe there will be an increasing number of potential customers looking to partner with us due to our premium solutions. The Agrify TKK Solution especially enables us to partner with customers early and help establish their cultivation systems to position them as well as ourselves for long-term growth, together.”
Chang concluded and said, “I would like to thank each member of the Agrify team for their hard work and dedication. All of their efforts have set Agrify up for a great year in 2021. With the right team and technology, combined with a strong balance sheet and significant customer pipeline, we are well-positioned in our drive to capture additional market share and to enhance long-term shareholder value.”
Key 2021 Developments, To Date
- Completed initial public offering and listing on the NASDAQ under the symbol AGFY
- Raised approximately $147 million in total net proceeds from our initial public offering and a subsequent secondary offering, including two over-allotments
- Integrated Metrc with Agrify Insights™ software platform, adding regulatory tracking and compliance functionality in several states
- Established a partnership with Confident Cannabis, a cannabis business-to-business (B2B) wholesale platform powered by verified lab data, to integrate Confident Cannabis’ lab data with the Agrify Insights™ software platform, enabling cultivators to enhance certain processes to optimize the chemical composition of plants
- Expanded relationship with Hannah Industries by entering into a binding letter of intent for an additional $3 million contract encompassing facility build-out and installation of 179 VFUs
- Appointed industry veteran, Stuart Wilcox, former Curaleaf chief operating officer, to the Agrify Board of Directors
- Entered into a binding letter of intent to establish a partnership with Atlantis Hydroponics to build-out a research and development facility focused on the hemp market
- Introduced an enhanced comprehensive customer offering with the launch of the Agrify TKK Solution and currently engaged in advanced discussions on multiple potential customer opportunities
To view the full financial summary, click here.