AGFY - Agrify's CEO Optimistic Despite YoY Decline In Q2 Revenue Gross Profit: A Path To Profitability? | Benzinga
Agrify Corporation (NASDAQ:AGFY) announced its second-quarter financial results on Tuesday for the three months ended June 30, 2023, revealing a 73% year-over-year decrease in revenue to $5.1 million.
Raymond Chang, chairman and CEO at Agrify provided more insight into what the company's focus was during the previous period.
"As described in our prior earnings release, the four key priorities for the Company are (1) restructuring our balance sheet, (2) reducing our costs and headcount, (3) improving our product offerings, and (4) getting our key products CE-certified for international markets," Chang said.
Q2 2023 Financial Highlights
- Gross profit was $0.6 million, compared to $1.6 million in the same period of last year.
- Operating expenses were $5.9 million, compared to $93.1 million in the same quarter of 2022. The decrease was largely due to a decrease in general and administrative costs and a decrease in impairment of goodwill and intangible assets.
- Operating loss for was $5.3 million, compared to $91.5 ...