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Agrify Second Quarter Revenue Rises 203% To $11.8M, Reaffirms Its Full Year Guidance Of $48 to $50M – Yahoo Finance

Posted: August 15, 2021 at 1:51 am

Agrify Corporation (NASDAQ: AGFY) announced financial results for the period ended June 30, 2021, revealing 203% revenue improvement from the same period in 2020, reaching $11.8 million. The company, based in Billerica, Massachusetts, missed Seeking Alpha estimates of $15.15 million in revenue for the quarter.

Q2 2021 Financial And Operational Highlights

Revenue increased 203% to $11.8 million for Q2 2021 compared to $3.9 million for Q2 2020 and increased 69% sequentially from $7 million in Q1 2021.

New bookings were $30.7 million for Q2 2021, which is the highest quarterly bookings total for the Company to date.

Total backlog increased to $101.1 million from $82.2 million at the end of Q1 2021.

The company announced the first Agrify Total Turn-Key Solution customer partnership, signing a definitive agreement with Bud & Marys Cultivation, Inc. to install up to 1,200 Agrify Vertical Farming Units at its 50,000-square-foot facility. The partnership is anticipated to generate an estimated $28 million in annual revenue with up to $280 million expected in the next 10 years.

Expanded and amplified partnerships with existing customers including WhiteCloud, Greenstone and Nevada Holistic Medicine.

Management Commentary

We are very pleased to share that our Q2 revenue grew to a record $11.8 million, a year-over-year increase of 203%, and sequential growth of 69%, Raymond Chang, CEO of Agrify stated. At the beginning of the year, we set out to achieve $40 million in top-line revenue, secure a partnership with a major MSO, and launch our latest technology, VFU 3.6. I am proud to report that we have already exceeded these goals, and we are well on our way to realizing our expanded full year 2021 revenue guidance of $48-$50 million.

Key Q3 2021 Developments To Date

Established multi-year vertical farming research and development partnership with Curaleaf Holdings (OTCQX: CURLF) to study the impact of cultivation environment on plant health and harvest yields;

Opened new cultivation and production facility, product showcase, and corporate office in Billerica, Massachusetts, following the Companys receipt of a license for the cultivation and production of industrial hemp from the state

Launched Agrify University, a 3,500-square-foot state-of-the-art indoor vertical farming facility featuring Agrifys latest technology and advanced cultivation methods, and an innovative, project-based learning program providing participants with in-classroom, on-site

and on-demand learning options;

Announced the second Agrify TTK Solution customer partnership with True House Cannabis LLC, a partnership that is anticipated to generate an estimated $45.3 million in expected revenue in the next 10 years;

2021 Outlook and Guidance

Story continues

As a result of the continued strength of Agrifys operations, the Company remains on track to achieve the upper target of its previously disclosed total revenue guidance of $48 to $50 million for the full year 2021.

Price Action

Agrifys shares were trading 2.60% higher at $27.20 per share during Friday's pre-market session.

View more earnings on AGFY

Photo: Courtesy of Diyahna Lewis on Unsplash

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Agrify Second Quarter Revenue Rises 203% To $11.8M, Reaffirms Its Full Year Guidance Of $48 to $50M - Yahoo Finance

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