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Agrify Corporation (AGFY+0.91%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $9.68 million, a decrease from $15.14 million in the previous year, attributed to increased discounting.
Cost of goods sold for the year was $9.02 million, leading to a gross profit of $0.67 million, down from $4.02 million in 2023.
Selling, general, and administrative expenses decreased to $12.31 million from $16.06 million, with reductions in salaries, stock-based compensation, insurance expenses, and consulting fees.
Research and development expenses were $0.74 million, a decrease from $2.30 million in the previous year.
The company reported a net loss of $41.75 million, compared to a net loss of $18.65 million in 2023, with significant impacts from the change in fair value of warrant liabilities.
Agrify completed the sale of its Cultivation Business on December 31, 2024, resulting in a loss on disposal of $11.89 million.
The company acquired the Señorita brand of hemp-derived THC beverages in December 2024, as part of its strategic shift towards the hemp-derived beverage market.
Agrify raised approximately $25.9 million in a private placement in November 2024 and issued a $10 million convertible note to Green Thumb Industries in the same period.
The filing details the company's compliance with Nasdaq listing requirements following a reverse stock split and continued efforts to meet equity and bid price standards.
Agrify's management identified material weaknesses in internal controls over financial reporting, with remediation efforts ongoing.
The company continues to focus on its hemp-derived beverage line and is exploring alternatives for its extraction business to optimize shareholder value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Agrify Corporation annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.