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AGRIFY ™ Agrify Announces Record Second Quarter 2021 Financial Results August 12 , 2021 Revenue grew 203 % year - over - year and 69 % sequentially to $ 11.8 million in Q2 2021 New bookings were $ 30.7 million , bringing total backlog up to record $ 101.1 million BILLERICA , Mass . , Aug. 12 , 2021 ( GLOBE NEWSWIRE ) Agrify Corporation ( NasdaqCM : AGFY ) ( " Agrify " or the " Company " ) , a developer of highly advanced and proprietary precision hardware and software cultivation solutions for the indoor agriculture marketplace , today announced financial results for the period ended June 30 , 2021 ( " Q2 2021 " ) . Q2 2021 Highlights • Revenue increased 203 % to $ 11.8 million for Q2 2021 compared to $ 3.9 million for Q2 2020 and increased 69 % sequentially from $ 7 million in Q1 2021 • New bookings were $ 30.7 million for Q2 2021 , which is the highest quarterly bookings total for the Company to date • Total backlog increased to $ 101.1 million from $ 82.2 million at the end of Q1 2021 • Announced the first Agrify Total Turn - Key Solution ( " Agrify TTK Solution " ) customer partnership : o Signed a definitive agreement with Bud & Mary's Cultivation , Inc. to install up to 1,200 of Agrify's Vertical Farming Units ( " VFUS " ) at its 50,000 - square - foot facility o The partnership is anticipated to generate an estimated $ 28 million in annual revenue , with up to $ 280 million expected in the next 10 years • Expanded and amplified partnerships with existing customers , including : O A $ 3.5 million purchase contract from WhiteCloud Botanicals to triple its current flower production canopy , addressing increased product demand in the growing Nevada market ■ Contract to include new phases of facility design and build - out , 132 additional VFUs , and three years of recurring SaaS revenue for use of the Agrify InsightsTM software platform ■ WhiteCloud Botanicals will also feature the Agrify licensed brand Western Cultured , as well as its own proprietary brand , WhiteCloud , at multiple top - tier dispensaries across Nevada , such as Planet 13 , Green Thumb , Shango , Jardin , and ShowGrow o An up to $ 2.5 million contract with Greenstone to complete construction of a 25,000 - square - foot expansion of its Denver , Colorado facility ■ Under the terms of the agreement , Agrify will provide construction loans at 18 % APR , to be repaid over a 24 - month period following commencement of operations ■ The agreement includes an estimated $ 11 million in production - based fees and consulting services over a 10 - year period , and an option on a second expansion phase for up to an additional $ 37 million o A $ 12 million contract with Nevada Holistic Medicine for the build - out of a 12,400 - square - foot facility and an additional five years of SaaS revenue Management Commentary " We are very pleased to share that our Q2 revenue grew to a record $ 11.8 million , a year - over - year increase of 203 % , and sequential growth of 69 % , "