Agrify Corporation (NASDAQ:AGFY) announced financial results for the fourth quarter and fiscal year ended December 31, 2021.
Q4 2021 Financial Highlights
- Revenue totaled $25.3 million representing an increase of 481% compared to $4.4 million for the prior year period.
- Total backlog was $837 million at the end of the fourth quarter, an increase of 1,319% compared to $59 million at the end of the prior year.
- Gross profit totaled $5.6 million, or 22.3% of revenue, compared to $(290) thousand, or (6.7)% of revenue, in the prior year period.
- Operating expenses were $19 million, compared to $3.9 million in the prior year period.
- Net loss was $13.3 million, or $0.60 per diluted share, compared to net loss of $13.1 million, or $2.23 per diluted share, in the prior year period.
- Cash flow used in operating activities was $12.6 million, compared to $4.1 million in the prior year period.
- Adjusted EBITDA - a non-GAAP financial measure - was a loss of $5.5 million compared to a loss of $2.8 million in the prior year period.
Full Year 2021 Financial Highlights
- Revenue was $59.9 million for the fiscal year, an increase of 395% versus $12.1 million for the prior year period.
- New bookings were $377 million for the fiscal year, an increase of 919% compared to $37 million for the prior year period.
- Gross profit was $5.2 million, or 8.7% of revenue, compared to $570 thousand, or 4.7% of revenue in the prior year.
- Operating expenses were $40.3 million, compared to $13.2 million in the prior year.
- Net loss totaled $32.5 million, or $1.69 per diluted share, compared to net loss of $21.6 million, or $5.32 per diluted share, in the prior year.
- Cash flow used in operating activities was $30.2 million, compared to $14.8 million in the prior year period.
- Adjusted EBITDA was a loss of $20 million, compared to a loss of $8.4 million in the prior fiscal year.
Recent Business Highlights
- As of March 23, 2022, Agrify has contractual commitments for 3,729 vertical farming units that will be powered by the Agrify Insights SaaS cultivation software.
- As of March 23, 2022, the total qualified pipeline of opportunities is approximately $571 million.
- On February 2, 2022, Agrify announced its acquisition of Lab Society, a leader in distillation and solvent separation solutions for the cannabis extraction industry.
- On January 5, 2022, Agrify announced the completion of its acquisition of PurePressure, the leader in solventless extraction and advanced ice water hash processing equipment in the cannabis and hemp industry.
- On January 4, 2022, Agrify announced it had entered into a TTK partnership with Gold Leaf Florida LLC, expanding Agrify’s footprint to the lucrative and fast-growing Florida cannabis market.
As a result of the strong demand for Agrify’s cultivation and extraction solutions, management is expecting revenue to be in the range of $140 million to $142 million for fiscal year 2022.
“During 2021, we drove significant year-over-year growth, launched our Total Turn-Key Solution for cannabis cultivators, created a significant backlog of future high-margin recurring revenues, drove tremendous pipeline velocity, implemented innovative technological advancements to our Vertical Farming Unit, and established ourselves as the leader in premium extraction solutions through a series of well-executed acquisitions,” Raymond Chang, chairman and CEO of Agrify, said.
To meet Chang in person sign up for the Benzinga Cannabis Capital Conference in Miami, where she is a speaker among many other top names in the cannabis industry. Click here for more info.
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