Agrify Corporation(AGFY) and its subsidiaries ha ve released their financial results for the third quarter of 2022, revealing a net loss of $57.4 million. While facing a substantial loss, the company managed to achieve a revenue of $7.0 million during the same period. Let's delve deeper into the financial details of Agrify Corporation and its performance in this quarter.
Agrify's Balance Sheet Reflects Key Financial Metrics
Agrify Corporation reported total current assets of $63.7 million as of September 30, 2022. This includes $2.2 million in cash and cash equivalents, $10.0 million in restricted cash and restricted marketable securities, $381 thousand in marketable securities, and $4.6 million in accounts receivable.
Non-Current Assets
The company's non-current assets stood at $46.4 million, which includes a loan receivable of $29.2 million, property and equipment valued at $13.2 million, right-of-use assets at $2.5 million, and other non-current assets totaling $1.4 million.
Agrify reported current liabilities of $72.8 million, with accounts payable at $9.6 million, accrued expenses and other current liabilities at $20.5 million, and deferred revenue at $10.1 million. Non-current liabilities amounted to $6.9 million.
In terms of stockholders' equity, the company disclosed $29.3 million attributable to Agrify Corporation and $0.4 million in non-controlling interests, resulting in total stockholders' equity of $29.7 million.
Agrify's Revenue Performance
Agrify Corporation reported a total revenue of $7.0 million for the third quarter of 2022. This includes revenue from related parties amounting to $0.0 million. The revenue has seen significant growth when compared to the same period in 2021, reflecting the company's ongoing efforts to expand its market presence.
Operating Expenses Impact Bottom Line
The company's operating expenses for the third quarter of 2022 were substantial, totaling $27.4 million. General and administrative expenses amounted to $24.1 million, while selling and marketing expenses were $2.2 million, and research and development expenses were $1.7 million. Additionally, the company reported a change in contingent consideration of ($0.6 million) and an impairment of goodwill and intangible assets of $0.0 million.
Net Loss and Future Prospects
Despite the growth in revenue, Agrify Corporation reported a significant net loss of $57.4 million for the third quarter of 2022. This loss was primarily attributed to operating expenses and various financial adjustments.
Agrify Corporation remains committed to its growth strategies and expanding its market presence, as reflected in its financial activities during this quarter. As it continues to invest in its operations, the company aims to achieve long-term profitability and sustainable growth.