• Agrify’s revenue increased by 271% YoY to reach USD 26 million in Q1 2022, compared to USD 7 million in the same period last year. However, the company reported an adjusted EBITDA loss of USD 6.1 million for the quarter, which was 1.5x the loss of Q1 2021 (USD 4.2 million). 

• The growth in the top-line was due to increased demand across the company’s product suite including vertical farming units (VFUs), extraction solutions, and cultivation products. The company recorded USD 43 million in new bookings for the quarter. Bookings stood at USD 250 million as of FY 2021. To date, the company has installed 4,569 VFUs and expects to generate USD 923 million in revenue over the next 10 years. 

• Agrify’s gross profits improved YoY, reaching 4.2 million (16% margin) in Q1 2022 compared to the loss of USD 0.5 million (-7.7% margin) in the same quarter last year. 

<ul><li>The company maintains its previously announced FY2022 revenue guidance range of USD 140 million–142 million.</ul> 

Recent operational highlights include: 

<ul><li> First TTK partnership in New Jersey : Signed a 10-year definitive agreement with cannabis-based cosmetics products provider Loud Wellness Inc., which included installing 500 VFUs with a total revenue opportunity of USD 118 million (April 2022).</ul> 

<ul><li>VFU sales agreements with Greenlight Cannabis , Boone Labs (72 VFUs, USD 2 million deal value) and BioCann Pharmaceutical (190 VFUs, revenue opportunity of USD 2.3 million), a Portugal-based cannabis cultivator. BioCann is the company’s first international customer and will introduce the company’s tech to the European market—the largest cannabis market in the world.</ul> 

• New product solution launches: In April 2022, “VFU Rapid Deployment Packs,” which allows multi-state operators (MSOs) to adopt VFU tech without major building renovations; in May 2022 “PX5”, a passive hydrocarbon extractor product from its extraction division, which can allow up to a 33% increase in daily production and 40% savings in annual energy costs.