Company raises full year 2021 top revenue guidance to $48-50 Million
Revenue increased 60% sequentially from Q4 2020 to Q1 2021
Total sales backlog grew 38% to $82 million
BURLINGTON, Mass., May 18, 2021 (GLOBE NEWSWIRE) -- Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software cultivation solutions for the indoor agriculture marketplace, today announces financial results for its first quarter ended March 31, 2021.
Q1 2021 Highlights
Total revenue increased 600% to $7 million for Q1 2021 compared to $1 million for Q1 2020 and increased 60% sequentially from $4.4 million in Q4 2020
- Sales backlog increased to $82 million from $59 million at the end of Q4 2020
Launched the Agrify Total Turn-Key Solution (“Agrify TTK Solution”), the Company’s enhanced comprehensive customer offering, with up to $50 million initial capital committed
Further expanded engagement with existing customer Hannah Industries
Signed a binding letter of intent for an additional $3 million for facility build-out and the installation of 179 Vertical Farming Units, ("VFUs") annual SaaS fees revenue of approximately $285,000, and yield-based production service fees estimated at $1.9 million per annum for the next 10 years
Enhanced Agrify Insights™ software platform with integration of Metrc and partnership with Confident Cannabis
Established a partnership with Atlantis Hydroponics to build-out a research and development facility focused on the hemp market
Completed initial public offering and listing on the NASDAQ under the symbol AGFY
Raised approximately $147 million in total proceeds from initial public offering and subsequent secondary offering, including two over-allotments
Added bench strength to the Board of Directors with appointment of industry veteran, Stuart Wilcox, former Curaleaf Chief Operating Officer
