Ancillary cannabis company Agrify Corporation AGFY announced its preliminary unaudited fourth-quarter financial results on Wednesday.
Q4 2023 Financial Outlook
- Net loss is expected to be at $750 000, compared to $2.1 million net loss in the third quarter of 2023, and $58 million loss in the fourth quarter of 2022.
- Loss from operations is expected to decrease by 46% to a historical low of $2.5 million, compared to $4.6 million in the third quarter of 2023.
- Gross profit is expected to increase 105% to $1.9 million, compared to $1 million in the prior period, and a gross loss of $33.5 million in the corresponding quarter of last fiscal year.
- Net cash burn is also expected to be the "lowest in the company history," Agrify said.
- The company expects to be in a position to approach cashflow break-even in the second half of 2024.
See also: New Investor Helps This Cannabis Tech Co. Rebound, Here’s How
Agrify plans on reporting on its financial results for the fourth quarter and full fiscal year ended December 31, 2023, before the end of March 2024.
In its third-quarter earnings report, published in January, the company revealed 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.
Raymond Chang, the company's chairman and CEO, said at the time, "The historically low net loss of $2.1 million is encouraging and good evidence that we are moving in the right direction.”
AGFY Price Action
Agrify’s shares traded 1.58% higher at $0.579 per share during the pre-market session on Wednesday morning.
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The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!