Agrify Corporation AGFY, a trailblazer in cultivation and extraction technologies for the cannabis sector, has disclosed its financial achievements for the fiscal year ending December 31, 2023, marking a significant turnaround with its first-ever positive quarterly net income.
In the final quarter of 2023, Agrify reported a net income of approximately $572,000, a stark contrast to the net loss of $57.94 million during the same period in 2022.
This milestone underscores the company's successful implementation of strategic measures aimed at financial stabilization and growth.
Raymond Chang, chairman and CEO, expressed optimism about the company's trajectory, highlighting the impact of Agrify’s pioneering Vertical Farming Units (VFUs) and a comprehensive approach to client engagements.
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Financial Highlights
- The fourth quarter saw revenues at $2.8 million, down from $5.9 million the previous year, but gross profit soared to $2.7 million from a gross loss of $33.5 million in Q4 2022.
- Despite a reduction in operating loss to $1.5 million from a substantial $60.5 million, the year's total revenue dipped to $16.9 million from $58.3 million in 2022.
- However, the gross profit for the year improved significantly, turning a gross loss of $31.8 million in 2022 into a $5.3 million profit.
- Operating expenses saw a drastic reduction of 85%, falling to $24.3 million from $161.5 million in the previous year, evidencing the company's aggressive cost-cutting and efficiency measures.
- Net loss for the year was considerably narrowed to $18.7 million from $188.2 million in 2022.
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