Agrify’s Q3 Revenue Drop, $18.6M Loss Amid New Leadership
Agrify Corporation (NASDAQ:AGFY), a cannabis and hemp solutions provider, reported its third quarter 2024 financial results Thursday, revealing a $1.9 million revenue, down from $3.1 million a year ago. The company posted a net loss of $18.6 million, largely driven by a $15 million change in the fair value of warrant liabilities.
Q3 2024 Financial Highlights
- Revenue: $1.9 million, compared to $3.1 million in Q3 2023.
- Net Loss: $18.6 million, primarily due to a $15 million change in the fair value of warrant liabilities, compared to a net loss of $2.1 million in Q3 2023.
- Gross Profit: $0.2 million, compared to $1.0 million in Q3 2023.
- Adjusted EBITDA: Not specified in the earnings report.
New Financing Strengthens Agrify’s Balance Sheet
Despite ongoing financial struggles, …