Company achieves near break-even quarterly results TROY, Mich., May 21, 2024 (GLOBE NEWSWIRE) -- Agrify Corporation (NASDAQ:AGFY) ("Agrify" or the "Company"), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced financial results for the first quarter ended March 31, 2024. First Quarter 2024 Financial Results Summary Revenue was $2.6 million for the first quarter of 2024, compared to $5.8 million for the first quarter of 2023. Gross profit was $0.73 million for the first quarter of 2024, compared to a gross profit of $1 million for the first quarter of 2023. Operating loss was $0.8 million for the first quarter of 2024, compared to $7.6 million in the first quarter of 2023. Net loss for the first quarter of 2024 was $0.04 million, compared to $10 million in the first quarter of 2023. "Following our first positive quarter in the fourth quarter of 2023, we are pleased to witness a sustained improvement in our business, marking another near break-even quarter. We have observed a notable uptick in extraction sales, particularly among prominent multi-state operators (MSOs). Additionally, consumable and part sales are on the rise as the supply of second-hand equipment diminishes, compelling operators to upgrade or replace their existing machinery. The success of our customer's Las Vegas facility using our VFU technology has reignited interest in our VFUs, attracting both new and existing operators seeking advanced cultivation technology to enhance flower quality" stated Raymond Chang, Chairman and CEO of Agrify. About Agrify (NASDAQ:AGFY) Agrify is a leading provider of innovative cultivation and extraction solutions for the cannabis industry, bringing data, science, and technology to the forefront of the market. Agrify's proprietary micro-environment-controlled Vertical Farming Units (VFUs) enable cultivators to produce the highest quality products with unmatched consistency, yield, and ROI at scale. Agrify's comprehensive extraction product line, which includes hydrocarbon, ethanol, solventless, post-processing, and lab equipment, empowers producers to maximize the quantity and quality of extract required for premium concentrates. For more information, please visit Agrify at http://www.agrify.com. AGRIFY CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except share and per share data)     Three months ended March 31,      2024     2023  Revenue (including $0 and $46 from related parties, respectively)   $ 2,598     $ 5,804   Cost of goods sold     1,869       4,816   Gross profit     729       988             General and administrative     2,952       6,931   Selling and marketing     462       1,590   Research and development     275       735   Change in contingent consideration     (2,180 )     (684 ) Total operating expenses     1,509       8,572   Loss from operations     (780 )     (7,584 ) Interest expense, net     (145 )     (799 ) Change in fair value of warrant liabilities     873       2,672   Loss on extinguishment of long-term debt, net     —       (4,620 ) Other income, net     14       4   Total other income (expense), net     742       (2,743 ) Net loss before income taxes     (38 )     (10,327 ) Income tax benefit (expense)     —       —