Agrify Corporation (NASDAQ:AGFY) released financial results for the first quarter ended March 31, 2022.
First Quarter 2022 Financial Results
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Revenue was $26.0 million for the first quarter, an increase of 271% compared to $7.0 million for the prior year period.
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Gross profit for the first quarter totaled $4.2 million, or 16.0% of revenue, compared to $(540) thousand, or (7.7)% of revenue, in the prior year period.
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Operating expenses were $13.9 million for the first quarter, compared to $6.0 million in the prior year period.
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Net loss for the first quarter was $8.9 million, or $0.36 per diluted share, compared to net loss of $3.8 million, or $0.33 per diluted share, in the prior year period.
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Cash flow used in operating activities was $34.2 million for the first quarter, compared to $7.3 million in the prior year period.
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Adjusted EBITDA was a loss of $6.1 million in the first quarter, compared to a loss of $4.2 million in the prior year period.
"Increased customer adoption across our product lines not only fueled our Q1 growth but also helped strengthen the foundation for future high-margin recurring revenue streams, which we expect to begin to realize later this year," stated Raymond Chang, chairman and CEO of Agrify. “We continue to make tremendous progress on the successful execution of our growth strategy as we expand our vertical farming units and extraction customer base, selectively enter new limited-license states and international markets, and innovate and improve our product offerings.”
Agrify will host a conference call and webcast on May 11, 2022 at 8:30 a.m. Eastern Time to discuss its financial results for the first quarter ended March 31, 2022.
2022 Outlook
Agrify reiterates its previously provided revenue guidance for fiscal year 2022 to be in the range of $140 million to $142 million.
Photo: Courtesy of Mackenzie Marco on Unsplash
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