Key Takeaways:
- Innovative Partnership: HydroGreen Inc., a subsidiary of CubicFarm® Systems Corp., has entered an exclusive Feed as a Service (FaaS) partnership with Plainview Beef Company to support the rollout of a national grass-fed beef brand in the United States.
- Strategic Expansion: The agreement involves constructing and managing commercial-scale feed centers, starting with installations in Wray, Colorado, and expanding to additional locations in Southwest Kansas and Northern Oklahoma in the coming years.
- Technology Integration: HydroGreen’s technology will produce fresh sprouted barley or wheat grass, providing a digestible protein-rich feed to enhance the quality of Plainview Beef’s grass-fed cattle.
- Nationwide Vision: The collaboration supports Plainview Beef’s strategy to establish a vertically integrated, nationwide grass-fed beef brand, meeting growing consumer demand for health-conscious and humanely produced beef.
Groundbreaking Collaboration between HydroGreen and Plainview Beef
CubicFarm® Systems Corp. announces a significant step forward in agricultural technology and sustainable beef production through its subsidiary HydroGreen Inc. This strategic move comes with the signing of an exclusive Feed as a Service (FaaS) agreement with the Plainview Beef Company of Jenks, Oklahoma. This collaboration signifies a pioneering venture into establishing a series of feed centers dedicated to supporting Plainview Beef’s grass-fed beef brand across the United States.
Technological and Operational Milestones
Under this exclusive partnership, HydroGreen will spearhead the construction and operation of multiple commercial-scale feed centers. The initiative kicks off with the immediate setup of 2 DGS-66 production systems in Wray, Colorado, for an initial feed trial. This trial aims to optimize feed weight for Plainview Beef’s cattle during their 120-day finishing cycle. Following the trial’s success, a larger scale operation involving 20 GLS-808 machines is slated for construction in Q3 2024, marking a significant advancement in feed production capabilities.
Enhancing Grass-Fed Beef Quality
Gabe Orr, CEO of Plainview Beef Company, highlighted the importance of this partnership in enhancing the quality and taste of their premium grass-fed beef. “This collaboration gives us a competitive edge, ensuring our beef excels in taste and nutrition,” Orr stated. The partnership not only underlines the commitment to quality and sustainable farming practices but also aligns with the consumer shift towards health-conscious dietary choices.
A Shared Vision for Superior Quality Beef
John Jarchow, HydroGreen’s Chief Ruminant Nutritional Officer, expressed his enthusiasm for the partnership, reflecting on his extensive career dedicated to animal nutrition and welfare. “This partnership with Plainview is more than a business endeavor; it’s a fulfillment of a shared vision to bring nutritious, superior quality beef to consumers,” Jarchow remarked, emphasizing the collaboration’s potential to set new industry standards globally.
Strategic Implications and Future Directions
The partnership is described by Michael Kyne, HydroGreen’s CFO, as a “game-changer” for HydroGreen and a testament to the company’s innovation in FaaS. This venture is poised to redefine the grass-fed beef market standards, leveraging sustainable agricultural practices and enhancing shareholder value.
Daniel Burns, Chairman of CubicFarms, elaborated on the strategic shift for HydroGreen from equipment sales to direct feed supply, emphasizing the importance of the partnership with Plainview Beef. “Their commitment to using our fresh sprouted barley or wheat grass not only cements our role as their primary feed supplier but also underscores the proven value of our product,” Burns stated, outlining the bright future for HydroGreen in the sustainable feed sector.
CubicFarm Latest News
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Expands HydroGreen’s Global Footprint with Strategic Partnerships in Ireland and the Middle East (2024/03/26)
CubicFarm® Systems Corp. (TSXV: CUB) has announced a significant step forward in its international expansion efforts through its subsidiary, HydroGreen Inc. The company has signed an exclusivity agreement with Agrotopia Ireland Limited for the purchase of four additional HydroGreen Units, marking a pivotal moment for HydroGreen’s operations in Ireland and the Middle East. The partnership aims to offer eco-friendly, nutrient-rich feed solutions that have the potential to revolutionize farming practices, enhance livestock welfare, and mitigate environmental impacts.
HydroGreen Secures Strategic Partnership with BoomA Food Group in Australia (2024/03/21)
CubicFarm® Systems Corp (TSXV: CUB) has announced a partnership between its subsidiary, HydroGreen, and BoomA Food Group, a food producer in Australia. HydroGreen will supply BoomA with 10 HydroGreen machines and 66 units, which are expected to produce over 30 tonnes of feed daily. This partnership aims to promote sustainable food production and enhance dairy and beef production efficiency. The strategic alignment also allows HydroGreen to expand its international footprint while concentrating on FaaS in the domestic US market.
Settlement Marks a Positive Turn for HydroGreen Inc. (2024/03/18)
HydroGreen Inc. has reached a settlement with Burnett Land & Livestock, closing a lawsuit filed against them in Wyoming in 2023. The agreement has enabled HydroGreen to recover 12 commercial GLS 808 production units, alongside essential grain sizers, conveyor systems, grain bins, and other ancillary equipment. With this recovery, HydroGreen plans to establish itself as a leading producer of fresh sprouted grains in the United States.
CubicFarm® Systems Corp. Announces Share Consolidation (2024/01/18)
CubicFarm® Systems Corp. will consolidate its issued and outstanding common shares on the basis of one post-consolidation share for every ten pre-consolidation shares. The total number of common shares will be reduced from approximately 263 million to about 26 million. Shareholder approval is not required as this is a strategic step to streamline the share structure. The consolidation will adjust convertible securities and fractional shares. After the consolidation, the company will have new CUSIP and ISIN numbers. Shareholders with electronic holdings do not need to take any action. The consolidation is subject to approval from the TSX Venture Exchange and trading will begin on January 19, 2024.
HydroGreen’s Enters Irish Market (2024/01/04)
CubicFarm Systems Corp.’s HydroGreen has made a significant sale to an Irish agricultural company, marking its expansion in Ireland and potentially the UK. The sale aligns with the EU’s focus on innovative agricultural technology and Ireland’s commitment to sustainable food systems. The partnership also includes research and development trials with local agencies and universities. HydroGreen’s innovative approach to smart farming positions it as a key player in the future of agricultural technology.
CubicFarms’ Delisting From TSX (2023/12/18)
CubicFarm Systems Corp., a prominent local chain agricultural technology player, recently announced a significant change in its stock market listing. The company’s common shares and 8.00% unsecured convertible debentures, previously listed on the Toronto Stock Exchange (TSX), will be delisted after market close on December 18, 2023. This delisting is attributed to the company’s failure to meet the TSX’s continued listing requirements. After its delisting from TSX, CubicFarms will begin trading on the TSX Venture Exchange starting December 19, 2023. This move signifies a new chapter for the company in a different trading environment, potentially offering different opportunities and challenges.
CubicFarm Systems Corp Latest Financial Results (2023/11/15)
CubicFarm® Systems Corp. (TSX: CUB) reported a decrease in revenue for Q3 2023, recording $59,100, down from $325,480 in the same period last year. However, the company showed a significant reduction in net losses, which were $2.2 million for the quarter, a significant improvement from the $12.7 million loss in the previous year. The quarter was marked by significant operational progress, particularly in the Feed as a Service (FaaS) segment. CubicFarms announced a Memorandum of Terms with four new partners, expanding its reach in the dairy industry.
CubicFarms Announces Results of AGM of Shareholders 2023 (2023/10/05)
CubicFarm Systems Corp. announced the results of its Annual General and Special Meeting of shareholders. Four directors were elected by ballot, namely Janet Wood, Michael McCarthy, Daniel Burns, and George David Cole. An auditor was authorized by resolution with a high percentage of votes in favor. Shareholders also approved a resolution amending the Company’s Articles. CubicFarms continues to focus on its HydroGreen technology, which offers Automated Vertical Pastures™, producing high-performance feed ingredients for livestock throughout the year. The company is committed to developing and deploying technology to feed a changing world, providing an efficient, localized food supply solution that benefits people, the planet, and the economy.
CubicFarms and HydroGreen Expand into International Markets Through Partnership with Seehof Agrar GmBH (2023/08/26)
CubicFarm® Systems Corp.’s subsidiary HydroGreen Inc. has partnered with Seehof Agrar GmBH to promote and sell its livestock feed equipment in Europe, the Middle East, and select countries in the Asia Pacific. The partnership aims to expand internationally and target subsidized markets. This collaboration will make sustainable and efficient feed solutions more accessible worldwide, enhancing global food security, and reducing the environmental footprint of agricultural production.
HydroGreen Signs Deal with Bar None Dairy for Sprouted-Grain Feed Production (2023/08/21)
HydroGreen, a subsidiary of CubicFarm Systems Corp., has signed a deal with Bar None Dairy to provide 6 tons of sprouted-grain feed daily from its upcoming second phase facility in Riverdale, California. The facility will house 10 HydroGreen machines with a production capacity of up to 34 tons of feed each day. This collaboration paves the way for potential sales expansion to other nearby dairy and beef enterprises. The Feed as a Service (FaaS) business framework, a groundbreaking approach in agriculture, ensures peak feed production, stringent quality control, and superior animal performance outcomes for producers.
CubicFarm Q2 2023: Thriving Progress (2023/08/16)
CubicFarm Systems Corp. reported impressive Q2 2023 financial and operational results, with revenue growth, cost reduction measures, and a focus on sustainable farming practices. The company’s introduction of “Feed as a Service” through its subsidiary, HydroGreen, and successful installations of HydroGreen units for livestock feed market players exemplify its commitment to innovation and expansion in the agricultural technology landscape. The recent appointment of Michael Brendan Kyne as Interim CFO highlights the company’s focus on maintaining financial stewardship and guiding sustainable growth.
CubicFarm Systems Corp Announces Extension for Annual General Meeting Dates (2023/08/02)
CubicFarm® Systems Corp. (TSX: CUB) has announced an extension for its Annual General Meeting (AGM) for the year ending December 31, 2022. The Toronto Stock Exchange has granted a three-month extension to hold the AGM from June 30, 2023, to September 30, 2023, and the Registrar of Companies has granted a similar extension from September 16, 2023, to December 16, 2023, under section 182(4) of the Business Corporations Act. The decision to postpone the AGM was determined by the Company’s management to be in the best interest of its shareholders, allowing time to consider potential transactions requiring security holder approval or potential consolidation of share capital.
CubicFarms’ HydroGreen Scores Strategic Agreement with Johann Dairy, Expands FaaS Model in California (2023/07/23)
CubicFarms’ subsidiary, HydroGreen, has partnered with Johann Dairy in California. HydroGreen plans to set up a facility at the Wilson Dairy in Riverdale equipped with 10 HydroGreen machines, potentially producing approximately 34 tons of feed daily. As per the terms of the collaboration, HydroGreen will deliver 10 tons of their specially designed “As Fed” Feed daily. This move acts as a testament to HydroGreen’s product credibility and holds potential for further expansion of sales to other dairy and beef operations in the area.
CubicFarms’ HydroGreen and Crosswind Jerseys Embark on Innovative Feed Partnership (2023/07/07)
HydroGreen Inc. and Crosswind Jerseys have partnered up for Feed as Service deliveries. HydroGreen will deliver 45 tons of feed per month from its Sioux Falls production facilities starting July 7, 2023. Crosswind Jerseys recognized the potential of HydroGreen’s feed to enhance the performance of its 2,100-strong dairy cow herd. Trials have shown considerable improvements, including a 12% boost in rumination activity and dry matter intake, a 5% rise in milk production, and an 8% increment in conception rates.
CubicFarms Reports Its Q1 2023 (2023/05/16)
CubicFarms reported increased revenue for Q1 2023 but also posted net losses of $4.7 million. The reduction in net losses is attributed to cost-cutting measures, which decreased operating expenses. Key highlights include partnerships with Langley Indoor Produce Ltd. and Jim Cheney Inc. and the completion of an overnight marketed public offering. The interim CFO expressed satisfaction with the results and reiterated the Company’s commitment to delivering value to shareholders and pursuing sustainable growth in the agricultural sector.
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CubicFarm Systems Corp released its financial results for the year ended December 31, 2022 (2023/05/03)
CubicFarm Systems Corp reported a drop in revenue for Q4 2022, with $0.2 million compared to $0.8 million in the previous year, and annual revenue of $3.6 million compared to $5.3 million in the prior year. The net loss for Q4 2022 widened significantly to $29.8 million, up from $11.2 million during the same period in 2021, and the net loss for the full year was $60.4 million compared to $29.4 million in the prior year. However, the company is optimistic about its cost reduction plan, which is projected to yield annual savings of $15.6 million in cash-based operating expenses. Despite the challenges faced in 2022, CubicFarm Systems Corp is determined to return to financial stability by continuing to implement its cost reduction strategy while reassessing its asset values and working towards enhancing machine sales.
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Second Quarter 2022: Restructuring Process (2022/08/15)
CubicFarms focused on project execution and building a sales pipeline in Q2 2022. HydroGreen is nearing completion of its installation of AVPs at Burnett’s Land & Livestock. The company showcased its HydroGreen Innovation Center R&D facility to 400 National Holstein Convention conference attendees. Despite a net loss, the company has announced cost reduction measures, including workforce reduction and a centralized procurement structure. These measures will positively impact the company’s financial performance in Q3 2022.
Read the complete financial results here.
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