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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
Related News
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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公司納斯達克(股票代碼:AGFY)發佈了截至2022年6月30日的第二季度財務業績,披露r平均的1,930萬美元,一個增長63.5%上年同期為1180萬美元。
Q2 2022 Financial Highlights
2022年第二季度財務亮點
-
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.
-
Operating expenses totaled $93.1 million for the second quarter, compared to $6.0 million in the prior year period.
-
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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毛利第二季度合計160萬美元,佔收入的8.3%,而去年同期為52.7萬美元,佔收入的4.5%。
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運營費用總計9310萬美元第二季度,與去年同期的600萬美元相比。
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淨虧損第二季度是9340萬美元,或每股稀釋後3.51美元,而去年同期淨虧損560萬美元,或每股稀釋後虧損0.28美元。
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調整後的EBITDA是個虧損1,940萬美元第二季度,調整後的EBITDA虧損為450萬美元。
"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."
他説:“第二季度對整個大麻行業來説是具有挑戰性的。”張雷蒙,Agrify董事長兼首席執行官。儘管這種艱難的商業環境影響了我們最近的業績,並改變了我們對2022年剩餘時間的展望,但我們正在積極採取措施,適應新的市場現實。我們已經調整了我們的近期戰略和優先事項,將重點放在最直接和最有影響力的創收機會上,所有這些都不會影響我們利用該行業預期的長期增長的能力。同時,我們還在重組我們的信貸安排,降低我們的運營成本,以加強我們的現金狀況。我們仍然堅定不移地為我們的客户帶來新的和創新的解決方案,併為我們的利益相關者提供價值。
Credit Facility
信貸安排
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已與其機構貸款人達成原則協議,修改其現有的信貸安排,以修改和取消某些金融契約,一旦完成,應使該公司在運營和實現其長期戰略目標方面具有更大的靈活性,同時還使其能夠負責任地調整,以應對大麻行業目前面臨的許多挑戰。該公司預計,重組將涉及以手頭現金的組合償還現有票據,並通過發行本金金額減少的新票據、不攤銷每月貸款付款以及靈活地提前還款。Agrify和貸款機構正在繼續敲定這項協議的具體條款。
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.
由於大麻行業的低迷,該公司正在更新2022財年的收入指引。Agrify現在預計2022財年的總收入將在7000萬至7500萬美元之間。
Photo by Mackenzie Marco on Unsplash
Mackenzie Marco在Unspash上的照片
Related News
相關新聞
Agrify Posed To Miss Annual Revenue Projections As Preliminary Q2 Sales Grow
隨着第二季度初步銷售額的增長,Agrify可能無法實現預期的年度收入預測
Agrify Reveals Changes To The Board Of Directors And Executive Leadership Team
Agrify宣佈董事會和執行領導團隊的變化
Agrify Enters New Zealand Cannabis Market Through Sales And SaaS Licensing Agreement With Ora Pharm
Agrify公司通過與Ora製藥公司簽訂銷售和SaaS許可協議進入新西蘭大麻市場
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
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在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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