Vertically integrated cannabis company Agrify Corporation (NASDAQ: AGFY) announced its financial results Wednesday for the third quarter of fiscal 2021, revealing a 460% year-over-year and 33% sequential increase in revenue to $15.8 million.
In the nine months ended September 30, total revenue amounted to $34.6 million.
Moreover, new bookings were $32.2 million for the period, and the total backlog increased to $117.5 million from $101.1 million at the end of the previous quarter.
"We are thrilled to announce that Q3 was another strong and impactful quarter for our team," Raymond Chang, the company's CEO said. "In the third quarter, we generated new highs in quarterly bookings and revenue while also moving our headquarters to Billerica, Massachusetts, launching Agrify University, securing new business opportunities and partnerships, and expanding our relationship with one of our valued legacy customers."
Q3 2021 Financial Highlights
- Gross loss totaled $380 000 compared to $199 000 in the same quarter of 2020.
- The gross margin was negative at 2.4% versus 7.1% a year ago.
- Total operating expenses were $9.4 million, compared to $2.4 million in the prior year's period.
- Net loss …