Revenue grew 203% year-over-year and 69% sequentially to
New bookings were
Q2 2021 Highlights
- Revenue increased 203% to
$11.8 million for Q2 2021 compared to$3.9 million for Q2 2020 and increased 69% sequentially from$7 million in Q1 2021 - New bookings were
$30.7 million for Q2 2021, which is the highest quarterly bookings total for the Company to date - Total backlog increased to
$101.1 million from$82.2 million at the end of Q1 2021 - Announced the first Agrify Total Turn-Key Solution (“Agrify TTK Solution”) customer partnership:
- Signed a definitive agreement with Bud & Mary’s
Cultivation, Inc. to install up to 1,200 of Agrify’s Vertical Farming Units (“VFUs”) at its 50,000-square-foot facility - The partnership is anticipated to generate an estimated
$28 million in annual revenue, with up to$280 million expected in the next 10 years
- Signed a definitive agreement with Bud & Mary’s
- Expanded and amplified partnerships with existing customers, including:
- A
$3.5 million purchase contract from WhiteCloud Botanicals to triple its current flower production canopy, addressing increased product demand in the growingNevada market- Contract to include new phases of facility design and build-out, 132 additional VFUs, and three years of recurring SaaS revenue for use of the Agrify Insights™ software platform
- WhiteCloud Botanicals will also feature the
Agrify licensed brand Western Cultured, as well as its own proprietary brand, WhiteCloud, at multiple top-tier dispensaries acrossNevada , such as Planet 13, Green Thumb, Shango, Jardin, and ShowGrow
- An up to
$2.5 million contract with Greenstone to complete construction of a 25,000-square-foot expansion of itsDenver, Colorado facility- Under the terms of the agreement,
Agrify will provide construction loans at 18% APR, to be repaid over a 24-month period following commencement of operations - The agreement includes an estimated
$11 million in production-based fees and consulting services over a 10-year period, and an option on a second expansion phase for up to an additional$37 million
- Under the terms of the agreement,
- A
$12 million contract with Nevada Holistic Medicine for the build-out of a 12,400-square-foot facility and an additional five years of SaaS revenue
- A
Management Commentary
“We are very pleased to share that our Q2 revenue grew to a record
Key Q3 2021 Developments, To Date
- Established multi-year vertical farming research and development partnership with Curaleaf to study the impact of cultivation environment on plant health and harvest yields
- Opened new cultivation and production facility, product showcase, and corporate office in
Billerica, Massachusetts , following the Company’s receipt of a license for the cultivation and production of industrial hemp from the state Launched Agrify University , a 3,500-square-foot state-of-the-art indoor vertical farming facility featuring Agrify’s latest technology and advanced cultivation methods, and an innovative, project-based learning program providing participants with in-classroom, on-site, and on-demand learning options- Announced the second Agrify TTK Solution customer partnership with
True House Cannabis LLC , a partnership that is anticipated to generate an estimated$45.3 million in expected revenue in the next 10 years
2021 Outlook and Guidance
As a result of the continued strength of Agrify’s operations, the Company remains on track to achieve the upper target of its previously disclosed total revenue guidance of
Financial Summary
Three Months Ended | Six Months Ended | |||||||
(in $USD 000’s) | ||||||||
Total Revenue | 11,825 | 3,908 | 18,833 | 4,921 | ||||
Gross Profit (loss) | 527 | 1,018 | (13) | 1,059 | ||||
Gross Margin | 4.5% | 26% | (0.1%) | 21.5% | ||||
Total Operating Expenses | 5,955 | 3,456 | 11,911 | 6,946 | ||||
Selling, general and administrative expenses | 5,181 | 2,713 | 10,255 | 5,003 | ||||
Research & Development | 774 | 743 | 1,656 | 1,943 | ||||
Net loss attributable to | (5,636) | (2,444) | (9,446) | (5,857) |
Adjusted EBITDA
Three Months Ended | Six Months Ended | |||||||
(in $USD 000’s) | ||||||||
Pro Forma Adjusted Net Income (Loss) | ||||||||
Net loss from continuing operations | (5,636) | (2,444) | (9,446) | (5,857) | ||||
Interest expense (income), net | (55) | 41 | (23) | 36 | ||||
Other expenses | 63 | --- | 63 | --- | ||||
Depreciation and amortization | 166 | 81 | 313 | 147 | ||||
Gain on debt extinguishment | --- | --- | (2,685) | --- | ||||
Loss from write-off | --- | --- | --- | 662 | ||||
Stock-based compensation | 931 | 542 | 3,066 | 603 | ||||
Adjusted EBITDA | (4,531) | (1,780) | (8,712) | (4,409) |
Non-GAAP Financial Measures
We report our financial results in accordance with generally accepted accounting principles in
To supplement our audited consolidated financial statements which are prepared in accordance with GAAP, we use “Adjusted EBITDA”, which is a non-GAAP financial measure. Our non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP. There are several limitations related to the use of our non-GAAP financial measures as compared to the closest comparable GAAP measures. Some of these limitations include:
We define Adjusted EBITDA as net income (loss) excluding interest expense, income taxes, depreciation and amortization, share-based compensation and other unusual and/or infrequent costs (i.e., change in fair value of derivatives liabilities, loss on debt extinguishment, one-time loss from write off and sale of fixed assets, costs associated with efforts to become public, acquisition related fees), which we do not consider in our evaluation of ongoing operating performance.
Conference Call
The conference call will be webcast with an accompanying slide deck, which can be accessed by visiting Agrify’s investor relations website at ir.agrify.com. All interested parties are invited to listen to the live conference call and presentation by dialing the number below or by clicking the webcast link.
DATE: | |
TIME: | |
DIAL-IN NUMBER: | (844) 792-4409 |
WEBCAST | Click here to join |
CONFERENCE ID: | 1493498 |
REPLAY: | (855) 859-2056 or (404) 537-3406 Available until Replay Code: 1493498 |
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning
Company Contacts
Chief Financial Officer
niv.krikov@agrify.com
(617) 896-5240
Investor Relations
ir@mattio.com
(416) 992-4539
Media Contact
renee@mattio.com
Source:
2021 GlobeNewswire, Inc., source