AGFY - Q3 Net Loss Drops Sharply Revenue Decreases YoY For Michigan Cannabis Co. Agrify (CORRECTED) | Benzinga
Editor’s note: This story has been corrected to reflect that Agrify’s third-quarter results were released Jan. 3, 2024.
Agrify Corporation (NASDAQ:AGFY) announced its financial results Jan. 3 for the third quarter ended Sept. 30, 2023, revealing a nearly 56% year-over-year decrease in revenue to $3.1 million.
The Michigan-based company also reported a net loss of $2.1 million, or $1.27 per basic and diluted share, compared to a net loss of $57.4 million, or $429.98 per basic and diluted share for the third quarter of last year.
"The historically low net loss of $2.1 million is encouraging and good evidence that we are moving in the right direction," said Raymond Chang, Agrify chairman and CEO.
"In the third quarter, we successfully negotiated with several vendors, resulting in approximately $1.1 million in reduced payments, exited additional leased properties and conducted several fixed asset sales to reduce future obligations, and ...