Cannabis cultivation solutions provider Agrify Corporation AGFY on Tuesday announced financial results for the first quarter ended March 31, 2024, with sales of $5.8 million compared to first quarter 2023 sales of $5.8 million. announced that it was worth $2.6 million.
“Following our first positive quarter in Q4 2023, we have seen sustained improvement in our business and are back on track to break even,” said Raymond Chan, Chairman and CEO of AgriFi. “I'm glad it's a close quarter.” “We are seeing a notable increase in extraction sales, particularly among prominent multi-state operators (MSOs). Additionally, sales of consumables and parts are increasing as the supply of used equipment dwindles and business The success of our customer's Las Vegas facility using our VFU technology has reignited our interest in VFU and our ability to improve flower quality. It attracts both new and existing operators seeking innovative cultivation techniques. ”
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Financial overview for the first quarter of 2024
Gross profit was $729,000 (Q1 2023 gross profit was $988,000). Operating loss was $800,000 (2023 comparative period $7.6 million). Net loss was $38,000 (compared to $10.3 million in the quarter). Total operating expenses were $1.5 million in the prior-year period, compared to $8.6 million in the prior-year period. The company had cash and cash equivalents of $95,000 at the end of the quarter, compared to $1.48 million at the end of the first quarter of 2023.
The financial report was released just one day after Agrify confirmed a mutual agreement with Nature's Miracle Holdings Inc. NMHI to cancel previously announced merger plans due to unfavorable market conditions.
Both companies have entered into a mutual termination agreement that will terminate all previous agreements without termination or cancellation fees. This includes canceling Nature's Miracle's acquisition of Agrify's outstanding debt.
price action
Agrify stock closed Tuesday's market trading up 18.82% at 37 cents per share.
SEE ALSO: Cannabis company 4Front's first-quarter revenue falls 28% year over year, net loss widens, CEO upbeat on news of Biden's marijuana rescheduling
Photo: Courtesy of Artem Avetisyan, via Shutterstock
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