|Over a month ago|
Agrify completes credit facility modification » 07:0508/1908/19/22
Agrify Corporation announced it has signed a definitive agreement with its institutional lender to successfully amend its existing credit facility. "Given the current challenging operating environment in the cannabis industry, it is imperative for us to align our strategy, resources, and execution plan with the new realities of the market," said Raymond Chang, Chairman and CEO of Agrify. "Modifying our credit facility has been a top priority for us, and we are pleased to be able to move forward with additional flexibility to manage our business, conserve cash, and pursue a variety of compelling growth opportunities with fewer restrictions. As part of this transaction, we will be paying down a portion of the outstanding balance on the original note, exchanging the remaining balance under the original note for a new note with a significantly reduced principal balance, and removing or modifying certain financial covenants. The new note will have no required amortization payments on the principal balance for three years and a Company option for early repayment. All of these modifications should make it easier for us to navigate through these turbulent times as we look forward to rebounding strongly from the temporary challenges facing the entire industry." Pursuant to the modification, Agrify will partially prepay the senior secured note originally issued to the lender in March 2022 and exchange the remaining balance of the Original Note for a new senior secured note with an original principal amount of $35M and a new warrant to purchase 14,227,643 shares of common stock. Additionally, Agrify will exchange the warrant to purchase 6,881,108 shares of common stock issued in the Prior Closing for a new warrant with the same number of underlying shares but with a reduced exercise price.
Roth Capital downgrades Agrify to Neutral with $1.50 price target » 09:0108/1608/16/22
As previously reported,…
As previously reported, Roth Capital analyst Scott Fortune downgraded Agrify to Neutral from Buy with a $1.50 price target. On August 9, the analyst had withdrawn his estimates - now reinstated -, and put his previous Buy rating and $11 price target under review awaiting Q2 results. Fortune notes that Agrify reported Q2 revenues of $19.3M, well below expectations, and lowered 2022 guidance in half to $70M-$75M on delays and capital market constraints.
Agrify downgraded to Neutral from Buy at Roth Capital » 08:5508/1608/16/22
Roth Capital analyst…
Roth Capital analyst Scott Fortune downgraded Agrify to Neutral from Buy with a $1.50 price target.
Agrify sees FY22 revenue $70M-$75M, consensus $131.48M 07:1108/1508/15/22
Agrify reports Q2 EPS ($3.51), consensus (43c) » 07:1108/1508/15/22
Reports Q2 revenue…
Reports Q2 revenue $19.3M, consensus $26.1M. "The second quarter was challenging for the entire cannabis industry," said Raymond Chang, Chairman and Chief Executive Officer of Agrify. "Despite this difficult business environment, which has impacted our recent performance and altered our outlook for the remainder of 2022, we are actively taking steps to adapt to the new market realities. We have adjusted our near-term strategy and priorities to focus on the most immediate and impactful revenue-generating opportunities, all without compromising our ability to capitalize on the expected long-term growth in the sector. In parallel, we are also in the process of restructuring our credit facility and reducing our operating expenses to strengthen our cash position. We remain steadfast on bringing new and innovative solutions to our customers and delivering value to our stakeholders."
Agrify withdraws 2022 revenue guidance » 07:2508/0808/08/22
Given the current…
Given the current difficult macro business environment, and specifically a drastic downturn in the cannabis industry, Agrify has re-evaluated its near-term strategic initiatives and business prospects. Consequently, the Company's prior revenue guidance for Fiscal Year 2022 is withdrawn and should no longer be relied upon. Management will provide additional information regarding its revenue guidance for Fiscal Year 2022 in conjunction with the upcoming release of its full second quarter 2022 financial results.
Agrify reaches agreement in principle with institutional lender » 07:2408/0808/08/22
The Company has reached…
The Company has reached an agreement in principle with its institutional lender to amend its existing credit facility to modify certain financial covenants which, once complete, should give the Company additional flexibility to operate and meet its long-term strategic goals while also allowing it to responsibly adjust to the many challenges currently facing the cannabis industry.
Agrify sees Q2 revenue $19.3M, consensus $28.93M » 07:2308/0808/08/22
Agrify Corporation announced certain preliminary financial results for the second quarter ended June 30, 2022 and also announced that its scheduled conference call to discuss its complete financial results for the second quarter ended June 30, 2022 will now be held on Monday, August 15, 2022. Preliminary Financial Results: Based on the information currently available for the second quarter ended June 30, 2022, the Company is announcing preliminary financial results as follows: Revenue is expected to be $19.3 million; and Adjusted EBITDA, prior to consideration of any potential impairment charges against the carrying value of the Company's long-lived assets, is expected to be a loss of $(19.4) million. Agrify requires additional time to finalize its quarterly closing and financial reporting process as the Company is currently concluding its impairment analysis associated with the carrying value of its goodwill and intangible assets. The Company expects that this analysis will result in significant non-cash impairment charges as of June 30, 2022.
Agrify COO Thomas Massie departs, Stuart Wilcox, to succeed » 16:3807/1407/14/22
Agrify (AGFY) announced a…
Agrify (AGFY) announced a number of leadership changes. Stuart Wilcox, who is the former COO of Curaleaf (CURLF) and who, prior to this announcement, served as an independent director on Agrify's board and chair of the nominating and corporate governance committee, has been named the company's COO. Wilcox stepped down from the Agrify board as a director concurrently with his appointment as COO. Chris Benyo, who joined Agrify in January and most recently served as senior VP and GM for Agrify's extraction division, has been promoted to the newly created role of chief revenue officer in which he will oversee all of the company's revenue streams and growth efforts. Thomas Massie, the company's former president and COO, has departed Agrify and resigned from the Agrify board of directors in order to pursue other business opportunities.
|Over a quarter ago|
Agrify enters New Zealand cannabis market with $1.625M Ora Pharm pact » 07:1906/2706/27/22
Agrify announced it has…
Agrify announced it has signed a definitive agreement to supply Ora Pharm, a Waikato, New Zealand-based health and wellness company developing high-quality, sustainably-produced medicinal cannabis, with a full suite of end-to-end hardware and software products to be utilized at a 5,000-square-foot facility in Auckland, New Zealand. Under the terms of the Agreement, which has a base value of $1.625M, Ora Pharm, a licensed cultivator and distributor of medicinal cannabis, has committed to purchase 20 Vertical Farming Units VFUs that will be used to grow cannabis, as well as several cutting-edge extraction technologies including a C1D1 Extraction Pod, a C-15 Centrifuge Extraction System, and the CannaBeast 13 Thin Film Distillation System. In addition, Agrify will provide access to the fully integrated Agrify Insights seed to sale automation software for five years in exchange for monthly recurring SaaS fees. All of these cultivation and extraction solutions will form a robust ecosystem to give Ora Pharm complete and precise control over the full life cycle of its botanicals from new plants to finished products and should enable Ora Pharm to achieve new operational efficiencies and better overall results. With the rapid emergence and expansion of cannabis markets around the world, the global cannabis industry is on track to reach $35B this year and is projected to surpass $61B by 2026, according to BDSA. Located in the Asia-Pacific region, Ora Pharm is well positioned to easily serve a variety of attractive markets with high-quality cannabis products. The company currently has an Australian market presence and contracts to strategically expand into the United States, Europe, Asia, and its home country of New Zealand. Additionally, Ora Pharm has recently received a coveted grant from Callaghan Innovation to research cannabis cultivation inputs in New Zealand. By employing Agrify's solutions, Ora Pharm will gain new operational insight and data visibility to verify active ingredient levels. The partnership with Agrify also supports the continuation of Ora Pharm's broader mission to consistently deliver high-quality cannabis and manufactured finished products of major and minor cannabinoids.