Agrify Corporation (NASDAQ:AGFY), reported Wednesday financial results for the third quarter ended September 30, 2022, with revenue of $7.0 million, down by 55.4% compared to $15.9 million in the same period of 2021.
“While the operating environment within the cannabis industry continues to pose significant challenges for us, we remain determined to pursue and execute on a number of important and practical initiatives,” stated Raymond Chang, chairman and chief executive officer of Agrify. “Unfortunately, our third quarter financial performance was not what we anticipated. We entered the quarter with line of sight on more than $15.0 million in revenue, however, we had to make some difficult business decisions, which resulted in quarterly revenue of only $7.0 million.”
