Agrify
Company achieves first positive quarterly net income of approximately $572,000
TROY, Mich., April 15, 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 financial results for the fiscal year ended December 31, 2023. During the quarter ended December 31, 2023, the Company achieved its first positive quarterly net income of approximately $572,000.
Fourth Quarter 2023 Financial Results Summary
Revenue was $2.8 million for the fourth quarter of 2023 compared to $5.9 million for the fourth quarter of 2022.
Gross profit was $2.7 million for the fourth quarter of 2023 compared to a gross loss of $33.5 million for the fourth quarter of 2022.
Operating loss was $1.5 million for the fourth quarter of 2023, compared to $60.5 million in the fourth quarter of 2022.
Net income for the fourth quarter of 2024 was $0.572 million, compared to a net loss of $57.94 million in the fourth quarter of 2022.
Fiscal Year 2023 Financial Results Summary
Revenue was $16.9 million for the fiscal year compared to $58.3 million for fiscal year 2022.
Gross profit for the fiscal year was at $5.3 million compared to a gross loss of $31.8 million in fiscal year
