Agrify Corporation Announces $3.4 Million Sales Order From New Jersey Woman-Owned Business HarvestWorks Farm
Agrify Corporation Announces First Multi-Year and Two-Million Dollar Extraction Managed Services Contract with Customer in Michigan
Gross Profit is expected to increase 105% to $1.9 million, compared to $1 millionin Q3 2023
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’s Enters Into First Hydrocarbon Extraction Lab & Vertical Farming Unit Facility in California
Hello Everyone,
We have another new profile that we anted you to research for Friday’s session. This is a company that we have never profiled in the past but are excited to do so.
We have seen some exciting profiles in February that have shown us some serious movement. Today’s profile (Thursday) opened up at 2.07 after closing at 1.98 on Wednesday. We saw it breakout and hit highs of 2.57 shortly before 1 pm for a massive 25% move off the open in one session. We have seen some other big movers in Feb that I will update you on over the weekend before my next profile
Pull up AGFY immediately.
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.
We saw this one explode all the way up to .74 on huge interest during Thursday’s session are releasing explosive news that caught The Street’s attention, causing it to have the company’s 2nd highest volume in the past year.
Agrify Corporation Announces $3.4 Million Sales Order From New Jersey Woman-Owned Business HarvestWorks Farm
Deal Includes Additional Multi-Year Production Success and SaaS Fees
TROY, Mich., Feb. 29, 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 the signing of a multi-year cultivation and extraction deal with HarvestWorks Farm, New Jersey(“HarvestWorks Farm” or the “Customer”), a licensed New Jersey operator. The multi-faceted transaction includes a $3.4 million cultivation and extraction order for 156 of Agrify’s Vertical Farming Units (or “VFUs”) and a complete Turnkey Pure Pressure Solventless extraction Lab Package, a 2-year Service Support Agreement at $350 per pound Production Success Fees (or “PSF”), and a 5-year of approximately $1 million SaaS Fee Agreement.
HarvestWorks Farm is a woman-owned company founded by CEO and entrepreneur, Rita Ruggieri, a New Jersey resident. HarvestWorks Farm was one of the first operators licensed for cannabis cultivation and manufacturing in the Garden State and is dedicated to the cultivation and processing of exceptional quality cannabis products for provisioning centers and distributors as a wholesale contract manufacturer as permitted by the state of New Jersey Cannabis laws and regulations.
Raymond Chang, Chairman and CEO of Agrify, shared that “Agrify is pleased to have the opportunity to work with Rita and her amazing team at HarvestWorks Farm in this fast-growing and exciting new market. Rita is a proven, successful, and an award-winning serial entrepreneur with deep knowledge and passion in the Cannabis industry. Agrify is excited to be HarvestWorks’ partner of choice. Together, we will work to bring the some of the most innovative and high-quality products to the Garden State.”
HarvestWorks Farm has recently completed their 6-day on-site advanced solventless training program with the Senior Training Manager for Solventless Extraction. During the course of the training program, Agrify’s team guided HarvestWorks Farm’s staff through production and manufacturing of some of the most unique and exciting Live Resin and Live Rosin concentrates the market. The HarvestWorks Farm team was trained in all processes relating to Hash Washing, Freeze Drying, Pressing, Jar Tech, Mechanical Separation, and Vape Cart Formulation techniques to produce the finest quality Ice Water Hash, Live Rosin, Jam, Diamonds, Sauces, Rosin Vape Pens, and other textures. HarvestWorks aims to introduce a multi-faucet of products into the New Jersey market by early summer of 2024.
In addition, HarvestWorks Farm will be deploying 70 double stacked VFUs in their approximately 20,000 square feet (about four times the area of a basketball court) building in conjunction with their extraction lab. Phase two of the operation will include another approximately 80+ VFUs in an adjacent building. HarvestWorks Farm has elected Agrify’s Service Support Program whereby a dedicated Agrify Customer Success Manager will be on site to provide operational support, optimizations, and quality control during the first two years of operation. In return, Agrify would receive a yield-based Production Success Fee of $350 per pound of flowers produced. Agrify estimates that the VFU would produce an average of 40 pounds of top-quality flowers per year.
“Agrify’s team has been a pleasure to work with – from designing and engineering to installation of the equipment in our facility. HarvestWorks Farm is excited to optimize strain specific recipes in Agrify’s VFUs, coupled with the data from Agrify Insights software, to produce scalable, consistent, and high-quality cannabis products for a young, dynamic, and rapidly growing New Jersey adult market” said Rita Ruggieri, CEO of HarvestWorks Farm.
Agrify Corporation Announces First Multi-Year and Two-Million Dollar Extraction Managed Services Contract with Customer in Michigan
TROY, Mich., Feb. 22, 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 the signing of a term sheet with PDS Ventures, LLC (“PDS Ventures” or the “Customer”), a licensed Michigan operator, to provide PDS Ventures with Agrify’s multi-year end-to-end managed extraction services (“Managed Services”).
Agrify’s Managed Services is a first-of-its-kind program where Agrify leases turnkey extraction and post-processing lab equipment to qualified operators and provides a full-time customer success specialist to guide and manage extraction-related operations for the customer. The customer success specialist will be on-site at the customer’s facility to provide hands-on support, training, and guidance on how to adhere to standard operating procedures of a full suite of extraction equipment. Managed Services allows Agrify to significantly increase the average lifetime value of our customers. Instead of just selling the hardware, this new innovative partnership allows Agrify to invest alongside qualified operators and enjoy multi-year high margin revenue. Operators also benefit from Agrify’s professional design, support, installation, and ongoing training and SOP enforcement to ensure maximum yield and results.
The multi-year Managed Service contract allows Agrify to collect a monthly production success fee based on the actual amount of finished product produced and a monthly management fee during the duration of the contract term. Agrifycould potentially earn up to $2 million throughout the lifetime of this multi-year managed service contract with PDS Ventures.
“We are extremely excited to launch our end-to-end managed service contract with PDS Ventures,” said Brian Towns, EVP & General Manager of Agrify. “We have been planning for the launch of this industry-first end-to-end managed extraction service for some time and it is only possible with the combination of our proprietary managed software and the multiple extraction solutions now under Agrify. Together, we believe PDS Ventures will become one of the most successful extraction operators in the State of Michigan.”
PDS Ventures has signed a 3-year contract with Agrify and together, Agrify and PDS have elected to deploy Agrify’s PX10 Hydrocarbon Extraction System, Hydrocarbon Distillation Unit (HDU), and Diamond Miner from Precision Extraction. The post-processing capabilities have been enhanced by the selection of a HIVE15 Thin Film Distillation System from Lab Society, and to scale solventless processing, the Axis Trichome Separator turn-key package which includes a Pikes Peak Rosin Press.
“We are confident that Agrify’s Managed Services program will be a game-changer for our business,” said Daniel Yatooma, Partner at PDS Ventures. “With Agrify’sexpertise and support, we are excited to expand our extraction capabilities and bring even higher-quality products to our customers.”
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 millionin 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.
Agrify’s Enters Into First Hydrocarbon Extraction Lab & Vertical Farming Unit Facility in California
TROY, Mich., Jan. 18, 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 it has entered into a multi-million dollar sales agreement (“the Agreement”) with Ocean Deep/Golden Lake Business Park, a California-based vertically integrated cannabis operator. Ocean Deep will 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.
The PX30 Hydrocarbon Extraction System is the largest system of Agrify’s PX-series. The PX30’s four 7.5 lbs. material columns can be run in parallel, allowing a complete 30-pound batch cycle in under 60 minutes, and making it one of the largest and fastest extractors on the market with up to 240+ lbs. per 8-hour shift. This robust system is poised to offer enhanced capabilities for hydrocarbon extraction, catering to the demands of commercial operators focusing on large-scale batch processing and extracting for the creation of direct-to-consumer products.
Raymond Chang, Chairman and CEO of Agrify, shared that “We are very excited to announce this agreement for the sale of our first combined VFU and PX30 Hydrocarbon Extraction Lab facility in the state of California. We applaud our partner Ocean Deep/Golden Lake Business Park’s foresight for selecting Agrify’s technologies in the fiercely competitive California market. We believe our superior cultivation and extraction technologies will allow Ocean Deep to offer the highest quality and most consistent products to its customers.”
The addition of Agrify’s UL-compliant Explosion Proof (EXP) Rooms was, the Company believes, an ideal choice for Ocean Deep’s C1D1 extraction lab. Agrify’s safe and easy to install C1D1/C1D2 extraction rooms are designed to be easily set up in less than one day and are equipped with a PSI technical report certification for professional engineers to field verify in all 50 states.
“As CEO of Ocean Deep/Golden Lake Business Park, it is with great enthusiasm that I disclose our new alliance with Agrify, renowned for their trailblazing cannabis cultivation and extraction innovations. Our southern California operations will proudly serve as a showcase for their end-to-end cannabis solutions,” said Mr. Sun, CEO of Ocean Deep/Golden Lake Business Park. “We chose Agrify because their approach to the industry is grounded in science and focuses on efficiency which resonate with our mission to redefine industry benchmarks through the adoption of forefront technologies that amplify our production capabilities and assure superior product quality. We look forward to the advancements and triumphs that our combined efforts will yield.”
These industry developments illustrate the continuous innovation and commitment to safety within the cannabis sector as Agrify adapts to expanding market demands.
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MANAGEMENT TEAM
Raymond Nobu Chang
David Kessler
EVP, Chief Science Officer, and GM Cultivation Division
Brian Towns
Sheryl Elliott
Senior Vice President of Human Resources
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