Benzinga | Jan 20, 2022 07:09AM EST

Agrify Announces Record Bookings of Over $250M In Q4; Co. Reaffirms Q4 Sales Guidance Of $26M-$28M Vs. $27.84M Est.

Agrify Corporation (NASDAQ:AGFY) ("Agrify" or the "Company"), the most innovative and vertically integrated provider of premium cultivation and extraction solutions for the cannabis and hemp industry, announces fourth quarter 2021 new bookings exceeded $250 million and reaffirms its fourth quarter 2021 revenue guidance of $26 million to $28 million, subject to the completion of its standard audit process.

The more than $250 million in new bookings for the fourth quarter of 2021 is $150 million greater than the previously provided fourth quarter guidance of $100 million and over $220 million greater than the bookings the Company generated in the third quarter of 2021. The new bookings are an operational metric comprised of the Company's sales of its state-of-the-art cultivation and extraction solutions, including its Vertical Farming Units ("VFUs"), as well as the expected revenue from Agrify's Total Turn-Key Solution ("Agrify TTK Solution") agreements over the first three years of cultivation. The Company expects to generate substantially more value over the full 10-year term of the TTK partnerships.

"Our record high revenue and bookings this quarter are a testament to the current strength of our business and our growth trajectory," said Raymond Chang, Chairman and CEO of Agrify. "2021 was a transformational year for Agrify. We have seen significant and consistent improvement in our financial results quarter-over-quarter. Additionally, the introduction of our TTK Solution has proven to address multiple pain points in the rapidly evolving cannabis and hemp industry, while simultaneously creating compelling and long-term value for our shareholders. We look forward to providing a more detailed update on our recent progress and future prospects during our next earnings call."