From GlobeNewswire: 2025-03-21 07:00:00

Agrify Corporation (Nasdaq: AGFY) reported fourth quarter 2024 revenue of $2.3 million, with a loss on disposal of Cultivation business at $11.9 million. Cash balance at year end was $31.2 million. Fiscal year 2024 revenue was $9.7 million, with operating loss of $10.2 million and loss from discontinued operations at $13.4 million.

Recent developments include new convertible note financing of up to $20 million, private placement raising $25.9 million, and acquisitions of Double or Nothing LLC and CP Acquisitions, LLC. Agrify also announced a partnership with Chicago music venue The Salt Shed and board member changes.

Ben Kovler, Chairman and Interim CEO, highlighted streamlining and growth opportunities for Agrify. The company welcomed Brad Asher as CFO, with a background in finance and accounting. Agrify focuses on THC beverages with its Señorita brand, currently available in nine states and Canada, with plans for expansion.

Agrify’s financial results for 2024 show revenue of $9.7 million, with a gross profit of $665,000. The company reported a loss from operations of $10.2 million and a net loss of $41.7 million for the year. Cash and cash equivalents at year end were $31.2 million.

The condensed consolidated balance sheet for Agrify as of December 31, 2024, shows total assets at $54,022, with cash and cash equivalents of $31,170. Total equity is $28,089. The condensed consolidated statement of cash flows reflects a net increase in cash and cash equivalents of $30,736 for the year ended December 31, 2024.



Read more at GlobeNewswire:: Agrify Corporation Reports Fourth Quarter and Full Year