Q3 Net Loss Drops Sharply, Revenue Decreases YoY For Michigan Cannabis Co. Agrify (CORRECTED)

Editor’s note: This story has been corrected to reflect that Agrify’s third-quarter results were released Jan. 3, 2024.

Agrify Corporation AGFY announced its financial results Jan. 3 for the third quarter ended Sept. 30, 2023, revealing a nearly 56% year-over-year decrease in revenue to $3.1 million.

The Michigan-based company also reported a net loss of $2.1 million, or $1.27 per basic and diluted share, compared to a net loss of $57.4 million, or $429.98 per basic and diluted share for the third quarter of last year.

"The historically low net loss of $2.1 million is encouraging and good evidence that we are moving in the right direction," said Raymond Chang, Agrify chairman and CEO.

"In the third quarter, we successfully negotiated with several vendors, resulting in approximately $1.1 million in reduced payments, exited additional leased properties and conducted several fixed asset sales to reduce future obligations, and completed a legal settlement resulting in a gain of approximately $0.8 million," Chang continued.

Q3 2023 Financial Highlights

• Gross profit was $1 million, compared to a loss of $4.1 million in the corresponding period of 2022.
• Total operating expenses totaled $5.6 million, compared to $27.4 million in the third quarter of 2022. The decrease is largely due to a decrease in general and administrative costs.
• Operating loss was $4.6 million compared to an operating loss of $31.5 million for the prior year's period.
• Net loss was $2 million, down from $57.4 million in the same quarter of last year.
• As of Sept. 30, 2023, the company had $43 million in total assets and $64.3 million in total liabilities, compared to $69.7 million and $78.7 million, respectively, as of Dec. 31, 2022.

AGFY Price Action

Agrify's shares traded 1.9271% higher at $1.28 per share after the market close on Tuesday.

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