TROY, Mich., Aug. 14, 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 second quarter ended June 30, 2024. Second Quarter 2024 Financial Results Summary Revenue was $3.0 million for the second quarter of 2024, compared to $2.6 million for the first quarter of 2024 and $5.1 million for the second quarter of 2023. Gross profit was $1.7 million for the second quarter of 2024, compared to $0.7 million for the first quarter of 2024 and $0.6 million for the second quarter of 2023.  Operating loss was $1.5 million for the second quarter of 2024, compared to $5.3 million in the second quarter of 2023. Net loss for the second quarter of 2024 was $2.8 million, compared $6.8 million in the second quarter of 2023. Amended First Quarter 2024 Financial Results and First Half 2024 Summary The Company is reporting a reassessment of the accounting of the settlement with Mack Molding. While the adjustments changed the first quarter 2024 net loss, gain on supply agreement, gain on revaluation of contingent liability, gain on settlement of contingent liabilities, and accrued expenses and other current liabilities line items in the consolidated cash flow statement, the changes are all non-cash accounting items. The reassessment did not have an impact on first quarter revenue, gross profit, total net cash used in operating activities, net cash used in investing activities, or net cash provided by financing activities. Due to the reassessment, the Company is now reporting a $1.99 million operating income and $1.48 million net income for the first half of 2024.  "We are pleased to report a 15% increase in quarterly revenue and a 54.8% rise in gross profit for the second quarter of 2024 in comparison to first quarter of 2024. However, we recognize that 2024 presents ongoing challenges, as the industry remains cautious about future capital investments due to uncertain regulations and limited capital availability. Despite our continuous efforts to reduce costs and address payables, our constrained cash position remains a barrier to growth. As such, the Company will continue to explore all strategic options to maximize shareholder value." said 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 June 30,   Six months ended June 30,     2024       2023       2024       2023     (Unaudited)       (Unaudited)     Revenue (including $0, $0, $0, and $46 from related parties, respectively) $ 2,994     $ 5,066     $ 5,592     $ 10,870   Cost of goods sold   1,303       4,466       3,736       9,282   Gross profit   1,691       600       1,856       1,588                   General and administrative   2,268       4,819       6,362       11,745   Selling and marketing   394       1,120       856       2,710   Research and development   185       643       460       1,378   Gain on settlement of contingent liabilities   350       —       (5,585 )     —   Gain on early termination of lease   (39 )     —       (39 )     —   Gain on disposal of property and equipment   (9 )     —       (9 )     Change in contingent consideration   —       (638 )     (2,180 )     (1,322 ) Total operating expenses   3,149       5,944       (135 )     14,516   Operating (loss) income   (1,458 )     (5,344 )     1,991       (12,928 ) Interest income (expense), net   (28 )     (400 )     (128 )     (1,199 ) Change in fair value of warrant liabilities   (1,277 )     (1,048 )     (404 )     1,624   Loss on extinguishment of long-term debt, net   —       (11 )     —       (4,631 ) Other income (expense), net   5       (4 )