Key Takeaways
- Achievement of Positive Net Income: Agrify recorded its first positive quarterly net income of $572,000 in Q4 2023.
- Yearly Financials: Total revenue for 2023 was $16.9 million, a decrease from $58.3 million in 2022, with a net loss of $18.7 million for the year.
- Expense Reductions: Significant cuts in operating expenses and streamlined operations marked Agrify’s strategic adjustments.
- Technological Adoption: Increased interest in Agrify’s Vertical Farming Units (VFUs) and extraction solutions underscored by recent strategic agreements.
Financial Performance Overview
Agrify Corporation (Nasdaq:AGFY), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, has announced its financial results for the year ended December 31, 2023. The fourth quarter saw the company achieving its first quarterly net income of approximately $572,000.
Fourth Quarter Financial Highlights
- Revenue: Reached $2.8 million, compared to $5.9 million in Q4 2022.
- Gross Profit: Stood at $2.7 million, significantly improved from a gross loss of $33.5 million in the same quarter of the previous year.
- Operating Loss: Reduced to $1.5 million from $60.5 million in Q4 2022.
- Net Income: Agrify reported a net income of $572,000, a recovery from a net loss of $57.94 million in Q4 2022.
Fiscal Year 2023 Summary
- Annual Revenue: Decreased to $16.9 million from $58.3 million in the previous year.
- Gross Profit: Reported at $5.3 million, up from a gross loss of $31.8 million in 2022.
- Operating Expenses: Down by 85% to $24.3 million, compared to $161.5 million in 2022.
- Net Loss: Narrowed to $18.7 million, or $12.51 per diluted share, from $188.2 million, or $902.19 per diluted share in 2022.
Raymond Chang, Chairman and CEO of Agrify, commented, “Despite continuous industry headwinds, we are starting to see a pick-up in capital expenditures, especially in newly licensed states. Our technological innovations and new policy implementations have significantly contributed to our financial improvements this year.”
Operational Developments and Industry Position
Extraction Division Developments
Agrify’s extraction division has seen growing demand for its reliable and high-quality solutions, reflecting broader industry trends favoring sustainability and efficiency. “We recognize that operators are investing in more than just equipment; they are investing in the reliability and efficiency of their entire operations,” said Brian Towns, Executive Vice President & General Manager of Agrify. The company has noted an increase in the adoption of managed service agreements and is expanding its reach through strategic agreements, like the recent LOI with PDS Ventures in Warren, MI.
Cultivation Division Success
The cultivation division highlighted its Total Turnkey (TTK) solutions with the success at Nevada Holistic Medicine (NHM), where Agrify’s VFUs have been integral. “Our TTK solutions have proven their value and continue to attract significant interest, solidifying our leadership in the market,” mentioned a company spokesperson. NHM’s use of Agrify technology has led to high product demand under the StackHouse brand, demonstrating the effectiveness of Agrify’s integrated solutions.
Strategic Adjustments and Economic Impact
Throughout 2023, Agrify made several strategic adjustments, including a new policy requiring a 50-75% deposit upfront on all new sales orders, significantly lowering operational expenses by reducing headcount and consolidating office spaces. “These initiatives have been crucial in reducing costs and optimizing our operations to match the current economic conditions,” explained Raymond Chang. The company also aggressively managed its inventory and pursued legal measures to improve financial stability.
Agrify Latest News
Supports Groundbreaking Vertical Farming Research at University of Georgia (2024/04/12)
Agrify Corporation has expanded its technology to vertical farming and collaborated with the University of Georgia’s Controlled Environmental Agriculture program. The university utilized Agrify’s Model R Horticulture LED lights, which have received comprehensive certifications for quality and safety standards. The research explored optimal airflow and nutrient levels for leafy green production in vertical farms, with practical applications for designing efficient indoor farming systems. Agrify aims to continue supporting the CEA program’s research.
Partners With Justice Cannabis For New Jersey Expansion (2024/03/21)
Agrify Corporation has partnered with Blackstone Valley Cannabis to improve their extraction capabilities. The collaboration involves the procurement of Pure Pressure’s advanced solventless extraction and laboratory equipment. Blackstone Valley Cannabis has also opted for Agrify’s Advanced Solventless Training package. Raymond Chang, Chairman and CEO of Agrify, expressed enthusiasm about the partnership. Justine Vota, Extraction Laboratory & Kitchen Manager at Blackstone Valley Cannabis, shared her excitement about leveraging Agrify’s equipment and expertise.
Agrify and Justice Cannabis Strengthen Their Partnership (2024/03/14)
Agrify Corporation and Justice Cannabis Co. are expanding their collaboration into the New Jersey cannabis market. Justice Cannabis Co. invested in Agrify’s Turnkey Hydrocarbon Extraction and Lab Equipment Package to elevate cannabis product quality and safety. The package includes the X10 Hydrocarbon Extractor, Filtration Equipment, Solvent Recovery System, and Agrify’s UL-Compliant C1D1 Explosion Proof Room. This partnership reflects Justice Cannabis Co.’s ongoing commitment to bringing high-quality cannabis experiences to consumers.
Partnering with PDS Ventures (2024/02/23)
Agrify Corporation announced a partnership with PDS Ventures in Michigan to provide managed extraction services. Agrify will offer turnkey extraction and lab equipment on a lease basis with comprehensive support from a dedicated specialist. The partnership includes advanced extraction technologies and a monthly production success fee and management fee for Agrify. This collaboration aims to set a new standard for the cannabis industry in achieving operational excellence and superior product quality.
Q4 2023 Financial Outlook (2024/02/22)
Agrify Corporation reports a significant financial and operational improvement in Q4 2023, with a historic low net loss of $750 thousand, a 46% decrease in operational losses to $2.5 million, and a 105% increase in gross profit to $1.9 million, marking strides towards achieving cashflow break-even in the second half of 2024. The partnership with Ocean Deep/Golden Lake Business Park underscores Agrify’s expansion and innovation in the cannabis industry, with the installation of UL-Certified EXP1 Explosion Proof Room and the commencement of Vertical Farming Units, indicating a promising future in cultivation and extraction solutions.
Agrify Partners with Denver Cole Labs (2024/02/21)
Agrify Corporation has forged a strategic partnership with Denver Cole Labs, valued at around half a million dollars, to strengthen its presence in the Northeast cannabis market. This deal includes supplying Denver Cole with a comprehensive Turnkey Ethanol Extraction and Lab Equipment Package from Precision Extraction, alongside providing expert on-site training and advanced software to ensure operational efficiency and product quality. Aimed at producing high-quality, safe cannabis products in New Jersey with plans to expand into Michigan, Illinois, and beyond, this partnership underscores both companies’ commitment to quality, compliance, and customer satisfaction, marking a significant step forward in Agrify’s expansion and influence in the competitive cannabis industry.
PX-30 Boosts Efficiency at Lume Cannabis (2024/02/07)
Agrify Corporation has marked a significant advancement in cannabis extraction technology with the successful installation of the PX-30 Hydrocarbon Extraction System at Lume Cannabis’ facility in Michigan. As the largest in Agrify’s PX-Extraction series, the PX-30 enhances operational efficiency and precision, supporting higher yields and quality in cannabis and hemp extraction. This strategic move enables Lume Cannabis to scale operations to meet increasing demand for premium cannabis extracts, building on its experience with Agrify’s XMU Hydrocarbon Extraction System. The PX-30 stands out for its high extraction efficiency, operator-focused design, and compliance with safety and sanitary standards, reflecting Agrify’s commitment to innovation and customer success in the competitive cannabis industry.
Agrify Granted Extension by Nasdaq (2024/02/01)
Agrify Corporation has received an extension until April 15, 2024, from the Nasdaq Hearings Panel to meet the minimum stockholders’ equity requirement of $2.5 million for continued listing on The Nasdaq Capital Market, after facing potential delisting due to non-compliance. Through debt conversion and equity increase efforts, notably by entities affiliated with the CEO and a Board member, and ongoing efforts to resolve legal and trade payables, Agrify is actively improving its financial standing to comply with Nasdaq’s listing rules. This strategic financial restructuring and management demonstrate Agrify’s commitment to maintaining its stock market listing and stabilizing its financial health.
Financial Restructuring (2024/01/26)
Agrify Corporation has made strategic financial moves to secure its position on Nasdaq and strengthen its financial structure. Key actions include increasing authorized common stock from 10 million to 35 million shares, consolidating all outstanding debt into a convertible note through CP Acquisitions LLC, and converting approximately $3.9 million of this debt into equity at $1.46 per share. Additionally, the prior secured lender exercised warrants, resulting in a net issuance of 2,473,542 common shares and reducing outstanding warrants. This was facilitated by the approval of a Charter Amendment, which gained 51.6% support from shareholders, allowing for the issuance of common stock for equity conversion. These measures are designed to restructure Agrify’s balance sheet, reduce liabilities, and ensure compliance with Nasdaq’s minimum stockholders’ equity requirement of $2.5 million. CEO Raymond Chang’s focus on these initiatives reflects a commitment to improving Agrify’s financial health and enhancing shareholder value.
Agrify and Ocean Deep Partner (2024/01/19)
Agrify Corporation has entered into a major sales agreement with California-based Ocean Deep/Golden Lake Business Park. This deal will see Ocean Deep utilizing Agrify’s PX30 Hydrocarbon Extraction Lab Package and 120 Vertical Farming Units (VFUs) to enhance their cannabis production. The PX30 system is particularly noted for its ability to process large batches quickly and efficiently, processing up to 30 pounds per batch in under an hour. This technology aligns with Ocean Deep’s commitment to high standards in cannabis production, emphasizing both safety and efficiency. Agrify’s systems, including UL-compliant Explosion Proof (EXP) Rooms and C1D1/C1D2 extraction rooms, are designed to ensure safety in the extraction process. The partnership between Agrify and Ocean Deep marks a significant step in advancing cannabis cultivation and extraction technology, focusing on consistency, quality, and safety in the rapidly evolving cannabis industry.
Agrify Announces Results Of AGM (2024/01/09)
At the Annual Meeting of Stockholders of Agrify Corporation, several key decisions were made, while the Authorized Share Proposal was adjourned due to insufficient votes. The meeting, held on January 8, 2024, successfully re-elected all director nominees, including a new member, expanding the Board to six directors. Marcum LLP was ratified as the independent accounting firm. Other proposals regarding stock warrants, amendments to a convertible note, and the Omnibus Equity Incentive Plan were approved. However, the proposal to increase authorized shares of common stock fell short of the required majority, leading to an adjournment and rescheduling of the meeting to January 22, 2024. The failure to pass this proposal could have implications for Agrify’s future equity financing and compliance with Nasdaq’s standards.
Agrify Q3 2023 Financial Results (2024/01/04)
Agrify Corporation, a leading cannabis company, reported a notable reduction in net loss to $2.1 million in Q3 2023, achieved through cost-cutting measures and asset sales. Despite a decrease in revenue, the company reported a positive gross profit of $1.0 million, a significant improvement from the previous year. With a focus on profitability, Agrify is leveraging its innovative technologies to become profitable quickly in the cannabis market.
Read more here.
Nasdaq Compliance Issues (2023/12/07)
Agrify Corporation amended its financial agreement with CP Acquisitions LLC, raising the loan limit to $4 million. This move reflects the company’s ongoing efforts to restructure its finances under challenging conditions. Agrify Corporation received a notice from Nasdaq for non-compliance with listing rules due to negative stockholders’ equity. This development follows previous notices regarding the company’s delay in filing Annual and Quarterly Reports, leading to a potential delisting risk. The company’s response includes filing some overdue reports and planning to file the remaining reports after review. However, the outcome of the Nasdaq Hearings Panel’s decision on the company’s continued listing remains uncertain.
Results For FY22 & Q1 2023 (2023/11/29)
The financial overview for Agrify reveals a decrease in revenue and gross profit, primarily due to increased operating expenses. Q1 2023 shows a decline in revenue and gross profit, but a decrease in operating expenses. The Extraction Division launched new products and achieved UL Compliance for EXP Rooms. The Cultivation Division assisted clients in achieving commercial success and signed agreements with new partners. Agrify’s CEO emphasized the company’s focus on restructuring debts, reducing costs, improving products, and expanding into international markets. The acquisition of four extraction companies is expected to enhance performance in 2024.
Read more here.
Agrify Corporation Notified Of Non-Compliance With Listing Rule (2023/11/23)
Agrify Corporation, a cannabis industry solutions provider, failed to file its Q3 report with the SEC, resulting in a non-compliance notification from Nasdaq. While there is no immediate effect on its listing, there are concerns about potential delisting if compliance isn’t regained promptly. The issue is partly due to errors in accounting for previously issued warrants. Nasdaq staff has initiated a process that could result in delisting, but Agrify plans to complete the delayed financial reports and file them.
Agrify Announces Credit Facility Transfer & Anticipated New Equity Investment (2023/10/31)
Agrify Corporation announced a definitive agreement with CP Acquisition LLC, its new lender. CP Acquisition LLC has purchased all outstanding convertible and senior secured notes from the existing institutional lender and plans to participate in a future equity raise for Agrify. The new lender has agreed to waive any events of default under the acquired notes until December 31, 2023, and to extend the maturity date until December 31, 2025. The company aims to rebound and reestablish itself as the preeminent solution provider for the cannabis industry with the potential for future injections of capital.
Agrify Faces Potential Delisting from Nasdaq (2023/10/23)
Agrify Corporation received a notice from Nasdaq’s Listing Qualifications Department. The notice highlighted the possibility of Agrify’s securities getting delisted from Nasdaq, given the company’s non-compliance with a specific Nasdaq Listing Rule.
Agrify Corporation Completes Restatement of Prior Period Financial Results (2023/10/03)
Agrify Corporation (Nasdaq: AGFY), a leading provider of cultivation and extraction solutions for the cannabis industry, announced the completion of restatements for its financial results for the first three quarters of the 2022 fiscal year. The restated financials will be filed with the U.S. Securities and Exchange Commission (SEC) today.
Agrify Faces Nasdaq Listing Compliance Challenges (2023/08/22)
Agrify Corporation (Nasdaq: AGFY), a prominent player in providing innovative cultivation and extraction solutions for the cannabis industry, revealed that it had received a notification from the Nasdaq Stock Market LLC (Nasdaq) regarding its non-compliance with Nasdaq Listing Rule 5250(c)(1). This non-compliance arose due to the company’s failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ending June 30, 2023, with the Securities and Exchange Commission (SEC).
Agrify Announces 1-for-20 Reverse Stock Split (2023/07/05)
Agrify Corporation has recently announced a 1-for-20 reverse stock split. This decision was approved by the Company’s Board of Directors and is scheduled to take effect at 12:01 a.m. on Wednesday, July 5, 2023. The purpose of the reverse stock split is to increase the per share trading price of Agrify’s common stock to meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market.
Agrify Introduces New Diamond Miner Product for Premium Cannabis Concentrates Production (2023/06/05)
Agrify Corporation (Nasdaq: AGFY) announced the introduction of its new Diamond Miner product. Released under its solvent extraction brand, Precision Extraction Solutions, the Diamond Miner offers a safe, reliable, and consistent method for THC-A crystallization of cannabis, facilitating the production of premium concentrates.
Agrify Introduces PurePack (2023/05/24)
Agrify Corporation (Nasdaq: AGFY) has recently unveiled its latest offering, PurePacks. These cutting-edge rosin bags, developed under Agrify’s solventless extraction brand PurePressure, feature seamless, double filtration technology, setting a new standard in the industry.
Agrify Corporation Announces Leadership Restructuring to Foster Long-Term Growth (2023/05/26)
Agrify Corp (Nasdaq: AGFY) announced three leadership changes to ensure sustainable long-term growth. David Kessler is now Executive Vice President, Chief Science Officer, and General Manager of the Cultivation Division. Brian Towns is promoted to Executive Vice President and General Manager of the Extraction Division. Sheryl Elliott is now Senior Vice President of Human Resources. Stuart Wilcox has resigned as Chief Operating Officer. Raymond Chang, Chairman, and Chief Executive Officer of Agrify expressed excitement about these changes.
Agrify Corp Receives Non-Compliance Notification From NASDAQ (2023/04/25)
Agrify Corporation (Agrify Stock: AGFY) has received a notification from Nasdaq for non-compliance with Listing Rule 5250(c)(1) due to its failure to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The company’s non-compliance is rooted in accounting errors related to previously issued warrants, which necessitate the restatement of its financial statements for specific quarters of 2022. Although the listing of Agrify’s common stock is currently unaffected, a failure to regain compliance could result in its delisting from Nasdaq. To rectify this, Agrify has until June 20, 2023, to submit a plan for regaining compliance. The company stated that it strives to file its Form 10-K within this period, eliminating the need for a formal plan.
Agrify Corporation Reduces Warrant Exercise Price (2023/04/20)
Agrify Corporation has announced its entry into warrant inducement letters to raise $1.84 million in gross proceeds from exercising 10,651,430 common stock warrants. In addition, Agrify has reduced the exercise price of all the existing warrants from $0.65 per share to $0.1725 per share, allowing select investors to exercise their existing warrants at the reduced price. The move is indicative of Agrify’s commitment to innovation and growth in the cannabis industry, and the company’s proprietary micro-environment-controlled Vertical Farming Units (VFUs) and comprehensive extraction product line are empowering producers to maximize quality and yield at scale.
Completes Turnkey Facility for Denver Greens (2023/04/12)
Agrify Corporation (Agrify Stock: AGFY) has announced that Denver Greens is expected to become its new operating partner by acquiring the total turnkey (TTK) project, Greenstone. The final approval from the Colorado Marijuana Enforcement Division (MED) and the execution of documentation is still pending. The program comprises designing and constructing facilities for cultivation and extraction, providing cutting-edge equipment for these processes, process design, training, and implementation, as well as tried-and-true grow recipes, product formulations, and data analytics. Denver Greens is a 9,000-square-foot facility built in phases with extraction and cultivation capabilities.
Completes Las Vegas Facility, Share Price at All-Time Low (2023/03/24)
Agrify Corporation has completed the construction of a cultivation facility for Nevada Holistic Medicine, equipped with 132 Vertical Farming Units, and production, which will generate recurring SaaS and Production Success Fees for Agrify, is set to commence in April. Despite this milestone, the company’s stock is at an all-time low, below the necessary $1 mark, raising concerns about potential de-listing. Furthermore, the company’s expected Earnings Per Share of -$57.38 and sales of $63.7M for the 2022 financial year represent a decline in performance. An ongoing lawsuit exacerbates the company’s challenges. Nevertheless, some institutional investors, including UBS Securities LLC, IFP Advisors, and Merlin Capital LLC, have acquired more shares, demonstrating continued faith in Agrify’s potential, even as others have shorted their positions.
Credit Facility Amended (2023/03/10)
Agrify Corp has agreed with its institutional lender to amend its credit facility. The agreement states that the lender can convert the Convertible Note any time before its maturity date in August 2025. However, if Agrify raises at least $8.0 million in equity before August 19, 2023, the lender cannot redeem the August 2022 or the Convertible Note in August 2023. This provision benefits Agrify by incentivizing raising additional capital, strengthening its financial position, and reducing its reliance on debt.
Agrify Implements Cost-Saving Plan As it Aims To Decrease Cash-Burn Rate (2023/01/23)
To align its resources with the current operating environment, aiming to achieve positive cash flow by the end of 2023. This plan involves trimming costs, leveraging cost synergies from its four extraction brands acquired in 2021 and 2022, optimizing sales efforts, and assembling industry-leading talent. Agrify’s cost reduction strategies include effective supplier agreements, volume discounts, less dependency on contract manufacturers, and implementing an enterprise resource planning (ERP) system. The company has also simplified its organizational structure and strategically consolidated its offices and facilities. According to CEO Raymond Change, these strategies, alongside a growth focus on cultivation, are expected to facilitate stability, generate up to USD 7 million in cost savings in 2023, and help the company weather current headwinds.
Closed USD 8.7M Public Offering (2022/12/21)
Agrify Corporation (NASDAQ: AGFY) closed its previously announced underwritten public offering of 11,884,615 shares of its common stock. Instead of common stock, confident investors were offered pre-funded warrants. The aggregate gross proceeds from the Offering were approximately $8.7 million.
Agrify Reports Catastrophic Q3 & Faces Hostile Take-Over (2022/11/09)
Agrify Corporation’s Q3 2022 financial results showed a significant drop in revenue, falling to $7.0 million from an expected $15.0 million due to business decisions and a pending lawsuit. This marked a 55.4% decrease from $15.8 million for the same period in the prior year. However, year-to-date revenue increased by 51.4% to $52.4 million, compared to $34.6 million in the prior year-to-date period. The company’s operating expenses and net loss for Q3 and year-to-date also surged due to factors like loan reserve increases and acquisition-related earnout arrangements. In addition, Bud & Mary’s lawsuit led Agrify to lower its revenue guidance for FY2022 from $70.0 million to $75.0 million to between $65.0 million and $70.0 million. Meanwhile, shareholder Marc Beginin has reported plans for a hostile takeover after attempts to build his own in the company were countered by share dilution.
Registers New Orders For Its Cannabis Extractor (2022/11/03)
Agrify Corp is set to install its new PX10 hydrocarbon cannabis extractor at three customer sites, including a new partnership with Alchemist Ventures in Maryland. The PX10, which debuted in August, is a hydrocarbon extraction technology with a unique passive recovery design, boasting twice the capacity and output of its predecessor, the PX5. As a result, it offers immediate economic benefits and allows customers to expand into desired markets rapidly and at scale. Under its purchase agreement with Alchemist, Agrify will supply a full suite of extraction and post-processing equipment and specialized training. Alchemist plans to use the PX10 and other equipment to produce a range of high-quality extracts for the burgeoning Maryland market, where adult-use cannabis may soon be legalized.
Performs A 1-for-10 Reverse Stock Split (2022/10/18)
Agrify Corp (Nasdaq: AGFY) announced that the Company’s Board of Directors approved a 1-for-10 reverse stock split. effective at 12:01 a.m. on Tuesday, October 18, 2022. The Company’s common stock will open for trading on the Nasdaq Capital Market on Tuesday, October 18, 2022, on a split-adjusted basis under the current trading symbol “AGFY.” The reverse stock split was approved by the Company’s stockholders on October 14, 2022, and is intended to increase the per-share trading price of the Company’s common stock to enable the Company to satisfy the minimum bid price requirement for continued listing on the Nasdaq Capital Market.
Agrify Reports a $93M Net Loss (2022/08/15)
Agrify Corporation reported its Q2 2022 financial results, with a challenging quarter for the cannabis industry due to changes in market realities. Despite this, Agrify increased its revenue by 63.5% to $19.3 million compared to the same quarter in the previous year, and the year-to-date revenue also rose by 140.8% to $45.4 million. However, the company experienced a net loss of $93.4 million for Q2 and $102.3 million year-to-date, primarily attributed to $69.9 million in impairment charges, among other factors. Operating expenses also significantly rose in both periods due to these factors. Meanwhile, Agrify’s partnership with New Zealand-based company Ora Pharm and the unveiling of its CannaBeast 13 system were significant business highlights. Agrify is restructuring its credit facility to cope with the industry challenges and aims to generate between $70 million and $75 million in total revenue for Fiscal Year 2022.
Changes Board Of Directors (2022/07/15)
Agrify Corp announced significant leadership changes to support the company’s growth. Max Holtzman, Operations Director at Ocean 14 Capital and former Senior Advisor to the U.S. Secretary of Agriculture, has been appointed an Independent Director on Agrify’s Board of Directors. Stuart Wilcox, former Chief Operating Officer of Curaleaf, who served as an Independent Director on Agrify’s Board, has been appointed Agrify’s Chief Operating Officer. Chris Benyo, who joined Agrify in January 2022 and served as Senior Vice President and General Manager for Agrify’s Extraction Division, has been promoted to Chief Revenue Officer. Meanwhile, Thomas Massie, Agrify’s former President, and COO, has left the company and resigned from the board to pursue other opportunities.
Q1 Marks Record Revenue For Agrify (2022/05/12)
Agrify Corporation, a leading provider of advanced cultivation and extraction solutions for the cannabis industry, has reported strong financial results for Q1 2022. The company experienced a 271% increase in revenue, reaching $26.0 million compared to $7.0 million for the same period last year. Gross profit for Q1 2022 was $4.2 million, or 16% of the revenue. However, operating expenses and net losses also increased due to growth in the scale of the company’s core business and recent acquisitions, among other factors. Despite this, Agrify made notable strides, including a $2 million agreement with Boone Labs, launching the PX5 product from its Extraction Division, and announcing various sales agreements and partnerships. These developments illustrate Agrify’s progress in expanding its customer base and innovating its product offerings.
Image provided by Agrify
