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AGRIFY ™ Agrify Announces Third Quarter 2021 Financial Results November 10 , 2021 Revenue grew 460 % year - over - year and 33 % sequentially to $ 15.8 million in Q3 2021 New bookings of $ 32.2 million , increasing total backlog to $ 117.5 million Q4 2021 bookings expected to top $ 100 million , Q4 2021 revenue expected to be approximately $ 26 million to $ 28 million , and full year guidance increased to $ 60 million to $ 62 million BILLERICA , Mass . , Nov. 10 , 2021 ( GLOBE NEWSWIRE ) Agrify Corporation ( Nasdaq : AGFY ) ( " Agrify " or the " Company " ) , a vertically integrated provider of premium cultivation and extraction solutions for the cannabis and hemp industry , today announced financial results for the period ended September 30 , 2021 ( " Q3 2021 " ) . Q3 2021 Highlights -- • Revenue increased 460 % to $ 15.8 million for Q3 2021 compared to $ 2.8 million for Q3 2020 and increased 33 % sequentially from $ 11.8 million in Q2 2021 • New bookings were $ 32.2 million for Q3 2021 , and total backlog increased to $ 117.5 million from $ 101.1 million at the end of Q2 2021 Announced new customer engagements : o Signed second Agrify Total Turn - Key Solution ( " Agrify TTK Solution " ) agreement with True House Cannabis LLC to install up to 214 of Agrify's Vertical Farming Units ( " VFUs " ) ■ Based on the newly increased VFU count , this partnership is anticipated to generate an estimated $ 73 million in revenue in the next 10 years o Established multi - year vertical farming research and development partnership with Curaleaf to study the impact of cultivation environment on plant health and harvest yields • Expanded and amplified partnership with existing customer , WhiteCloud Botanicals : o Shipped 114 new VFUs for WhiteCloud Botanicals ' Phase 2 facility expansion , addressing increased demand in the growing Nevada market ■ Phase 2 of the facility is expected to be fully operational by the end of 2021 ■ WhiteCloud Botanicals will feature the Agrify licensed brand , Western Cultured , as well as its own proprietary brand , WhiteCloud , at multiple top - tier dispensaries across Nevada , such as Jardin , ShowGrow , Thrive , Source , Ayr ( aka The Dispensary ) , Green Cannabis Co , and Tryke ( aka Reef Dispensaries ) • Obtained a license from the state of Massachusetts for the cultivation and production of industrial hemp • Opened new cultivation and production R & D facility , product showcase , and corporate office in Billerica , Massachusetts , including the launch of Agrify University , a state - of - the - art indoor vertical farming facility and project - based learning program featuring Agrify's latest technology and advanced cultivation methods for in - classroom and on - demand learning options " We are thrilled to announce that Q3 was another strong and impactful quarter for our team , " said Raymond Chang , Chief Executive Officer of Agrify . " 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 . " Mr. Chang added , " I am immensely proud of our team for showing tremendous character and tenacity in achieving a wide range of objectives in the third quarter and for setting us up for what we believe will be a hugely successful fourth quarter . Not only did we continue to translate the growing demand for our solutions into improved new bookings and revenue in Q3 , but we also put a massive amount of time and energy into laying the foundation for the many deals and developments we've already announced in Q4 , such as our transformative acquisition of Precision Extraction Solutions and Cascade Sciences , our VFU technology improvements , our entry into the attractive Arizona market through our transaction with Olive El