RTTNews | May 18, 2021 11:04AM EDT

11:03 Tuesday, May 18, 2021 (RTTNews.com) - Shares of Agrify Corp. (AGFY) are gaining over 13% on Tuesday morning after the company reported its first-quarter results.

AGFY is currently trading at $8.62, up $1.00 or 13.12%, on the Nasdaq.

Agrify reported first-quarter loss of $3.81 million, wider than last year's loss of $3.41 million last year. Total revenues increased to $7.0 million from $1.0 million last year.

Sales backlog increased to $82 million from $59 million at the end of fourth quarter 2020.

The company now expects full year 2021 revenue of between $48 to $50 million, up from $40 million.

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