Net sales for the first quarter of 2017 were $38 million, up 17 percent versus the first quarter of 2017, primarily due to the contribution from Tecnidex as well as increased SmartFresh penetration in traditional and new crops. The Company adopted a new accounting standard, ASC 606, in the first quarter of 2018, resulting in approximately $0.8 million of revenue being deferred that would otherwise have been recognized in the quarter if we had utilized the same accounting conventions utilized in the first quarter a year ago. For the quarter, Tecnidex revenues were almost $6 million.

Katherine Harper, Chief Financial Officer, said, "Results for the first quarter demonstrate that our investment in strengthening the SmartFresh Quality System and in complementary acquisitions is generating attractive returns. We adopted ASC 606 this quarter, deferring approximately $0.8 million of revenue that would have been recognized in the quarter under our previous revenue recognition policies, with the concomitant impact on revenue and profitability metrics. The effect was to reduce organic revenues by about 3% and gross margins by about 300 basis points. Driving down operating expenses remains a priority. Though cash at quarter end was down from previous quarters, our model is asset-light and we expect strong operating cash flow for the year, providing us with the liquidity and financial resources to fund both our internal and other growth initiatives. Global demand for better stewardship of limited resources is leading to rapid development of the highly fragmented food preservation and waste reduction space. This provides multiple growth opportunities, including organic growth in existing markets, the creation of new markets through new product innovation, and strategic acquisitions, partnerships and other creative arrangements that can accelerate our growth trajectory, all of which are important elements of our long-term growth strategy."

The Company will conduct a conference call to discuss its first quarter 2018 results at 8:30 a.m. Eastern Time on May 10, 2018. To access the call, please dial 877-883-0383 from the U.S. or 412-902-6506 from outside the U.S. The conference call I.D. number is 8752918. The call will also be available as a live webcast with an accompanying slide presentation, which will be accessible via the "Events & Presentation" page of the Investor Relations section of the Company's website at www.agrofresh.com. All participants should call or access the website approximately 10 minutes before the conference call begins.

This press release contains the non-GAAP financial measure EBITDA. The Company believes this non-GAAP financial measure provides meaningful supplemental information as it is used by the Company's management to evaluate the Company's performance. Management believes that this measure enhances a reader's understanding of the financial performance of the Company, is more indicative of operating performance of the Company, and facilitates a better comparison between fiscal periods, as the non-GAAP measure excludes items that are not considered core to the Company's operations.

The Company does not intend for the non-GAAP financial measure contained in this release to be a substitute for any GAAP financial information. Readers of this press release should use this non-GAAP financial measure only in conjunction with the comparable GAAP financial measure. Reconciliations of the non-GAAP financial measure EBITDA to the most comparable GAAP measure are provided in the table at the end of this press release.

AgroFresh Solutions, Inc. (NASDAQ:AGFS) is a global leader in delivering innovative food preservation and waste reduction solutions for fresh produce. The company is empowering the food industry with Smarter Freshness™, a new range of integrated solutions designed to help growers, packers and retailers improve produce freshness and quality, reducing waste. AgroFresh's solutions range from pre-harvest with Harvista^TM and LandSpring^TM to its marquee SmartFresh Quality^TM System, which includes SmartFresh^TM, AdvanStore^TM and ActiMist^TM, working together to maintain the quality of stored produce. AgroFresh has a controlling interest in Tecnidex, a leading provider of post-harvest fungicides, waxes and biocides for the citrus market. Additionally, the company's initial retail solution, RipeLock^TM, optimizes banana ripening for the benefit of retailers and consumers. AgroFresh has key products registered in over 45 countries, with approximately 3,700 direct customers and services over 25,000 storage rooms globally. For more information, please visit www.agrofresh.com

In addition to historical information, this release may contain "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements and are identified with, but not limited to, words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions (or the negative versions of such words or expressions). Forward-looking statements include, without limitation, information concerning the Company's possible or assumed future results of operations, including all statements regarding financial guidance, anticipated future growth, business strategies, competitive position, industry environment, potential growth opportunities and the effects of regulation. These statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's management's control that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks include, without limitation, the risk of increased competition; risks relating to the Company's relationship with its employees; risks relating to portfolio concentration; the ability of the business to grow and manage growth profitably; risks relating to acquisitions and investments; changes in applicable laws or regulations, and the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors. Additional risks and uncertainties are identified and discussed in the Company's filings with the SEC, which are available at the SEC's website at www.sec.gov.

The following table sets forth the non-GAAP financial measure of EBITDA. The Company believes this non-GAAP financial measure provides meaningful supplemental information as it is used by the Company's management to evaluate the Company's performance, is more indicative of future operating performance of the Company, and facilitates a better comparison among fiscal periods, as the non-GAAP measure excludes items that are not considered core to the Company's operations. These non-GAAP results are presented for supplemental informational purposes only and should not be considered a substitute for the financial information presented in accordance with GAAP.