TROY, Mich., Feb. 21, 2024 (GLOBE NEWSWIRE) — Agrify Corporation (NASDAQ:AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced preliminary unaudited financial results for the fourth fiscal quarter of 2023 and updates for its Ocean Deep/Golden Lake Business Park project.
Fourth Quarter 2023 Outlook
Net Loss in Q4 2023 is expected to be at a historical low of $750 thousand, compared to $2.1 million net loss in Q3 2023, and $58 million loss in Q4 2022.
Loss from Operations is expected to decrease by 46% to a historical low of $2.5 million, compared to $4.6 million in Q3 2023
Gross Profit is expected to increase 105% to $1.9 million, compared to $1 million in Q3 2023, and a gross loss of $33.5 million in Q4 2022.
Q4 2023 Net Cash burn is also expected to be the lowest in the Company history, and the Company expects to be in a position to approach cashflow break-even in the second half of 2024.
Agrify is expected to release its financial results for the fourth quarter and full fiscal year ended December 31, 2023 before the end of March 2024. The financial information presented in this press release may be adjusted as a result of the completion of customary annual review and audit procedures.
Golden Lake …