The focus on hemp-based drinks marks a new era for the firm under its new GTI leadership.
Agrify Corp. (Nasdaq: AGFY) saw wider third-quarter losses driven primarily by changes in warrant valuations as its new management pivots toward hemp-derived beverages.
The Michigan-based company posted a net loss of $18.7 million, or $17.31 per share, versus a $2.1 million loss in the same period last year, the company said Thursday. The increased loss was mainly attributed to a $15 million change in warrant liabilities.
Revenue dropped 38% to $1.9 million from $3.1 million a year earlier, while gross profit declined to $200,000 from $974,000.
The earnings report comes just days after Green Thumb (CSE: GTII) (OTCQX: GTBIF), one of the largest U.S. cannabis operators, effectively took control of Agrify through a $20 million convertible note financing deal. As part of that transaction, GTI CEO Ben Kovler was appointed chairman and interim CEO, replacing outgoing chief Raymond Chang.
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