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Agrify Q2 Revenue Grows 63.5% YoY, What About Net Loss?
Agrify Q2 Revenue Grows 63.5% YoY, What About Net Loss?
Agrify Corporation (NASDAQ:AGFY) released financial results for the second quarter ended June 30, 2022, revealing revenue of $19.3 million, an increase of 63.5% compared to $11.8 million for the prior year period.
Q2 2022 Financial Highlights
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Gross profit for the second quarter totaled $1.6 million, or 8.3% of revenue, compared to $527 thousand, or 4.5% of revenue, in the prior year period.
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Operating expenses totaled $93.1 million for the second quarter, compared to $6.0 million in the prior year period.
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Net loss for the second quarter was $93.4 million, or $3.51 per diluted share, compared to a net loss of $5.6 million, or $0.28 per diluted share, in the prior year period.
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Adjusted EBITDA was a loss of $19.4 million in the second quarter, compared to an adjusted EBITDA loss of $4.5 million in the prior year period.
"The second quarter was challenging for the entire cannabis industry," stated Raymond Chang, chairman and CEO of Agrify. "Despite this difficult business environment, which has impacted our recent performance and altered our outlook for the remainder of 2022, we are actively taking steps to adapt to the new market realities. We have adjusted our near-term strategy and priorities to focus on the most immediate and impactful revenue-generating opportunities, all without compromising our ability to capitalize on the expected long-term growth in the sector. In parallel, we are also in the process of restructuring our credit facility and reducing our operating expenses to strengthen our cash position. We remain steadfast on bringing new and innovative solutions to our customers and delivering value to our stakeholders."
Credit Facility
Agrify has reached an agreement in principle with its institutional lender to amend its existing credit facility to modify and eliminate certain financial covenants which, once complete, should give the company additional flexibility to operate and meet its long-term strategic goals while also allowing it to responsibly adjust to the many challenges currently facing the cannabis industry. The company expects that the restructuring will involve repayment of the existing note with a combination of cash on hand and through the issuance of a new note with a reduced principal amount, no amortization of monthly loan payment, and the flexibility of early re-payment. Agrify and the lender are continuing to finalize the specific terms of this agreement.
2022 Outlook
The company is updating its revenue guidance for fiscal year 2022 due to the downturn in the cannabis industry. Agrify now expects to generate between $70 million and $75 million in total revenue for fiscal year 2022.
Photo by Mackenzie Marco on Unsplash
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Agrify Corporation (NASDAQ:AGFY) released financial results for the second quarter ended June 30, 2022, revealing revenue of $19.3 million, an increase of 63.5% compared to $11.8 million for the prior year period.
Agrify公司纳斯达克(股票代码:AGFY)发布了截至2022年6月30日的第二季度财务业绩,披露r平均的1,930万美元,一个增长63.5%上年同期为1180万美元。
Q2 2022 Financial Highlights
2022年第二季度财务亮点
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Gross profit for the second quarter totaled $1.6 million, or 8.3% of revenue, compared to $527 thousand, or 4.5% of revenue, in the prior year period.
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Operating expenses totaled $93.1 million for the second quarter, compared to $6.0 million in the prior year period.
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Net loss for the second quarter was $93.4 million, or $3.51 per diluted share, compared to a net loss of $5.6 million, or $0.28 per diluted share, in the prior year period.
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Adjusted EBITDA was a loss of $19.4 million in the second quarter, compared to an adjusted EBITDA loss of $4.5 million in the prior year period.
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毛利第二季度合计160万美元,占收入的8.3%,而去年同期为52.7万美元,占收入的4.5%。
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运营费用总计9310万美元第二季度,与去年同期的600万美元相比。
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净亏损第二季度是9340万美元,或每股稀释后3.51美元,而去年同期净亏损560万美元,或每股稀释后亏损0.28美元。
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调整后的EBITDA是个亏损1,940万美元第二季度,调整后的EBITDA亏损为450万美元。
"The second quarter was challenging for the entire cannabis industry," stated Raymond Chang, chairman and CEO of Agrify. "Despite this difficult business environment, which has impacted our recent performance and altered our outlook for the remainder of 2022, we are actively taking steps to adapt to the new market realities. We have adjusted our near-term strategy and priorities to focus on the most immediate and impactful revenue-generating opportunities, all without compromising our ability to capitalize on the expected long-term growth in the sector. In parallel, we are also in the process of restructuring our credit facility and reducing our operating expenses to strengthen our cash position. We remain steadfast on bringing new and innovative solutions to our customers and delivering value to our stakeholders."
他说:“第二季度对整个大麻行业来说是具有挑战性的。”张雷蒙,Agrify董事长兼首席执行官。尽管这种艰难的商业环境影响了我们最近的业绩,并改变了我们对2022年剩余时间的展望,但我们正在积极采取措施,适应新的市场现实。我们已经调整了我们的近期战略和优先事项,将重点放在最直接和最有影响力的创收机会上,所有这些都不会影响我们利用该行业预期的长期增长的能力。同时,我们还在重组我们的信贷安排,降低我们的运营成本,以加强我们的现金状况。我们仍然坚定不移地为我们的客户带来新的和创新的解决方案,并为我们的利益相关者提供价值。
Credit Facility
信贷安排
Agrify has reached an agreement in principle with its institutional lender to amend its existing credit facility to modify and eliminate certain financial covenants which, once complete, should give the company additional flexibility to operate and meet its long-term strategic goals while also allowing it to responsibly adjust to the many challenges currently facing the cannabis industry. The company expects that the restructuring will involve repayment of the existing note with a combination of cash on hand and through the issuance of a new note with a reduced principal amount, no amortization of monthly loan payment, and the flexibility of early re-payment. Agrify and the lender are continuing to finalize the specific terms of this agreement.
Agrify已与其机构贷款人达成原则协议,修改其现有的信贷安排,以修改和取消某些金融契约,一旦完成,应使该公司在运营和实现其长期战略目标方面具有更大的灵活性,同时还使其能够负责任地调整,以应对大麻行业目前面临的许多挑战。该公司预计,重组将涉及以手头现金的组合偿还现有票据,并通过发行本金金额减少的新票据、不摊销每月贷款付款以及灵活地提前还款。Agrify和贷款机构正在继续敲定这项协议的具体条款。
2022 Outlook
2022年展望
The company is updating its revenue guidance for fiscal year 2022 due to the downturn in the cannabis industry. Agrify now expects to generate between $70 million and $75 million in total revenue for fiscal year 2022.
由于大麻行业的低迷,该公司正在更新2022财年的收入指引。Agrify现在预计2022财年的总收入将在7000万至7500万美元之间。
Photo by Mackenzie Marco on Unsplash
Mackenzie Marco在Unspash上的照片
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