Agrify Corp Files 10-Q for Period Ended September 30, 2023

TL;DR

<b>Agrify Corp filed its quarterly report (10-Q) for the period ending September 30, 2023, indicating its status as a non-accelerated filer and smaller reporting company.</b>

AI Summary

Agrify Corp (RYM) filed a Quarterly Report (10-Q) with the SEC on January 3, 2024. Agrify Corp filed a 10-Q report for the quarterly period ended September 30, 2023. The company is incorporated in Nevada and its fiscal year ends on December 31. Agrify Corp's common stock trades on the NASDAQ Capital Market under the symbol AGFY. The filing indicates Agrify Corp is a non-accelerated filer and a smaller reporting company. The report was filed as of January 3, 2024.

Why It Matters

For investors and stakeholders tracking Agrify Corp, this filing contains several important signals. This 10-Q filing provides investors with an update on Agrify Corp's financial performance and operational status for the third quarter of 2023. As a smaller reporting company and non-accelerated filer, Agrify Corp's disclosures may be less extensive than larger, accelerated filers, which is important context for financial analysis.

Risk Assessment

Risk Level: — Agrify Corp shows moderate risk based on this filing. The filing is a standard quarterly report and does not contain immediate red flags, but the company's classification as a smaller reporting company and non-accelerated filer suggests it may have limited financial resources or market capitalization.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-Q to assess Agrify Corp's current financial health and future prospects.

Key Numbers

• 2023-09-30 — Quarterly Period End Date (Conformed Period of Report)
• 2024-01-03 — Filing Date (Filed as of Date)

Key Players & Entities

• Agrify Corp (company) — Filer name
• September 30, 2023 (date) — Quarterly period ended
• 2024-01-03 (date) — Filed as of date
• Nevada (jurisdiction) — State of incorporation
• AGFY (ticker) — Trading Symbol
• NASDAQ Capital Market (exchange) — Name of exchange

FAQ

Industry Context

Agrify Corp operates in the agriculture services sector, specifically focusing on providing technology and equipment for cultivation. This 10-Q provides insights into its performance within this industry.

Regulatory Implications

The filing is a standard Form 10-Q, a quarterly report required by the U.S. Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the financial statements for revenue, expenses, and profitability for Q3 2023.
2. Examine any disclosed risk factors to understand potential challenges facing Agrify Corp.
3. Compare key metrics to previous periods to identify trends in performance.

Key Dates

• 2023-09-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-01-03: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is a standard 10-Q for the period ending September 30, 2023. Specific comparative financial data from the previous filing is not detailed in this header information.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share AGFY NASDAQ Capital Market

Filing Documents

• f10q0923_agrify.htm (10-Q) — 1463KB
• f10q0923ex31-1_agrify.htm (EX-31.1) — 11KB
• f10q0923ex32-1_agrify.htm (EX-32.1) — 4KB
• image_001.jpg (GRAPHIC) — 4KB
• 0001213900-24-000433.txt (&nbsp;) — 9938KB
• agfy-20230930.xsd (EX-101.SCH) — 105KB
• agfy-20230930_cal.xml (EX-101.CAL) — 73KB
• agfy-20230930_def.xml (EX-101.DEF) — 517KB
• agfy-20230930_lab.xml (EX-101.LAB) — 945KB
• agfy-20230930_pre.xml (EX-101.PRE) — 537KB
• f10q0923_agrify_htm.xml (XML) — 1367KB

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 1 Condensed Consolidated Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022 1 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023 (unaudited) and 2022 (unaudited) 2 Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the three and nine months ended September 30, 2023 (unaudited) and 2022 (unaudited) 3 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 (unaudited) and 2022 (unaudited) 5 Notes to the Condensed Consolidated Financial Statements 6 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 44 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 63 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 63 PART II OTHER INFORMATION 64 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 64 ITEM 1A.

RISK FACTORS

RISK FACTORS 64 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 64 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 64 ITEM 4. MINE SAFETY DISCLOSURES 64 ITEM 5. OTHER INFORMATION 64 ITEM 6. EXHIBITS 65

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. Financial Statements AGRIFY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) September 30, December 31, 2023 2022 (Unaudited) Assets Current assets: Cash and cash equivalents $ 154 $ 10,457 Restricted cash — 10,000 Marketable securities 4 460 Accounts receivable, net of allowance for credit losses of $ 2,535 and $ 4,605 at September 30, 2023 and December 31, 2022, respectively 1,187 1,070 Inventory, net of reserves of $ 29,845 and $ 32,759 at September 30, 2023 and December 31, 2022, respectively 17,724 21,396 Prepaid expenses and other current assets 2,136 1,510 Total current assets 21,205 44,893 Loan receivable, net of allowance for credit losses of $ 19,215 and $ 33,050 at September 30, 2023 and December 31, 2022, respectively 11,298 12,214 Property and equipment, net 8,385 10,044 Operating lease right-of-use assets 2,036 2,210 Other non-current assets 141 326 Total assets $ 43,065 $ 69,687 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 22,160 $ 20,543 Accrued expenses and other current liabilities 12,824 16,380 Operating lease liabilities, current 669 734 Long-term debt, current 1,140 28,833 Related party debt, current 500 — Deferred revenue 4,079 4,112 Total current liabilities 41,372 70,602 Warrant liabilities 2,386 5,985 Other non-current liabilities — 147 Operating lease liabilities, net of current 1,550 1,587 Long-term debt, net of current 18,998 407 Total liabilities 64,306 78,728 Commitments and contingencies (Note 15) Stockholders' (deficit) equity: Common Stock, $ 0.001 par value per share, 10,000,000 and 5,000,000 shares authorized at September 30, 2023 and December 31, 2022, respectively, 1,651,281 and 1,038,298 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively (1) 2 1 Pr

View Full Filing

View this 10-Q filing on SEC EDGAR