Agrify (AGFY) - 2024 Q3 - Quarterly Results

Financial Performance - Revenue for Q3 2024 was $1.9 million, a decrease from$3.1 million in Q3 2023, representing a decline of approximately 39% year-over-year [2]. - Gross profit for Q3 2024 was $0.2 million, down from$1.0 million in Q3 2023, indicating a decrease of about 77% year-over-year [5]. - Net loss for Q3 2024 was $18.6 million, primarily due to a$15 million change in fair value of warrant liabilities, compared to a net loss of $2.1 million in Q3 2023 [2]. Financing and Investments - Agrify secured new convertible note financing of up to$20 million, with an initial draw of $10 million from Green Thumb Industries on November 5, 2024 [2]. - Agrify announced the intent to acquire the Señorita brand of hemp-derived THC drinks on November 12, 2024, marking a strategic expansion into the beverage sector [2]. Assets and Liabilities - Total assets as of September 30, 2024, were$38.95 million, while total current liabilities were $27.77 million, resulting in total equity of$5.46 million [6]. - Cash and cash equivalents stood at $263,000 as of September 30, 2024 [6]. - Inventory, net, was reported at$18.09 million, indicating a significant asset base in product stock [6]. Shareholder Information - The weighted average number of shares outstanding for Q3 2024 was approximately 1.08 million, reflecting the impact of recent reverse stock splits [5]. Strategic Outlook - Agrify's Chairman and Interim CEO Ben Kovler emphasized the company's readiness to capitalize on opportunities in the evolving hemp and cannabis industries [2].