Agrify Corporation Reports Significant Revenue Decline, Net Loss Hits $41.75 Million

Agrify Corporation reported a significant financial downturn for the fiscal year ending December 31, 2024, with total revenue dropping to $9.68 million from $15.14 million in the prior year, leading to a net loss of $41.75 million. The decline in revenue was attributed to increased discounting, while the cost of goods sold also decreased, contributing to a gross profit of only $0.67 million. The company's selling and administrative expenses were reduced, but material weaknesses in internal controls were identified. Agrify's strategic pivot towards the hemp-derived beverage market includes the acquisition of the Señorita brand and a partnership with a Chicago venue to promote its products. Despite the losses, management expressed optimism about future growth opportunities and the company’s ability to leverage its new product offerings. The financial results highlight a challenging year, but the ongoing restructuring and new ventures could provide a pathway to recovery.