Good morning, and welcome to Agrify's Q3 2021 Earnings Call. With us on today's call are Raymond Chang, Chief Executive Officer, David Kessler, Chief Science Officer, and Niv Krikov, our departing Chief Financial Officer. Today, management will review the highlights and financial results for the Q3 and provide a business and operational update. Following management's prepared remarks, there will be a question and answer session. A reminder that today's conference call is being recorded. Before we begin, we would like to remind everyone that prepared remarks contain forward-looking statements and management may make additional forward-looking statements in response to your questions. Such statements involve a number of known and unknown risks and uncertainties, many of which are outside the company's control, that could cause its future results, performance, or achievements to differ significantly from the results, performance, or achievement expressed by or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks detailed in our public filings with the Securities and Exchange Commission and those mentioned in the earnings release. Except as required by law, we undertake no obligation to update any forward-looking or other statements herein, whether as a result of new information, future events, or otherwise. Now, at this time, it is my pleasure to turn the call over to Mr. Raymond Chang, Agrify's CEO. Sir, you may begin. Thank you, operator. Before we get started, I would like to thank everyone for joining us on the call today. During our prepared remarks, we will be referring to information that's contained within our press releases and our call slides, which can be accessed on our investor relations website at ir.agrify.com. On this call today, I will provide you with an update on our continued successful execution of our growth strategy during Q3, including our key achievements from the quarter. I will highlight some recent company developments. My Chief Science Officer, David Kessler, will discuss some of our customers' VFU-enabled successes. He will also walk you through the game-changing improvements we are making to our technology. Niv Krikov, our departing CFO, who has served Agrify with purpose and professionalism through our initial public offering and the subsequent public offering, as well as our recent acquisition, will follow with a detailed review of our financial results for the Q3. As announced this morning, Tim Oakes, who has been a valued member of our board and a chair of our audit committee, will begin transitioning to the Chief Financial Officer role, effective today. Niv will graciously stay on board for the next few months as an advisor to ensure that both Tim and Agrify are set up for success in 2022. We look forward to introducing Tim to many of you in the near future. For information on Tim and his impressive track record, please refer to the press release that we issued earlier this morning, highlighting the exciting changes in addition to our executive team to help us further accelerate our growth. Now, let's dive into our Q3 highlights. We are thrilled to share with you that the Q3 of 2021 was yet another strong and record quarter for Agrify. We saw revenue soar to $15.8 million, our best record to date. With 460% year-over-year growth and up 33% sequentially from Q2 of 2021. Besides our record revenue, I am pleased to report that we generated $32.2 million in new bookings. Our backlog at the end of the quarter now stands at $117.5 million, up from $101 million at the end of Q2 2021. The improvement in our financial results continues to be driven by the healthy and growing partnership we have cultivated with our existing customers and our robust pipeline of new business opportunities. Over the summer, we accomplished a wide range of business objectives. We moved our headquarters to Billerica, Massachusetts, where we also opened Agrify University. This location now serves as a cultivation and production R&D facility, training center, product showcase facility, and corporate office. We also signed our second TTK partnership with True House Cannabis for the installation of now up to 214 VFUs. With the recently updated and increased VFU counts, this partnership is now anticipated to generate more than $73 million in revenue over the next 10 years. In addition, we established a multiyear vertical farming R&D partnership with Curaleaf to study the impact of cultivation environment on plant health and harvest yield. We expanded our existing partnership with WhiteCloud Botanicals, shipping another 114 new 3.6 VFUs for phase two of their facility expansion in Nevada. I would also like to acknowledge the dedication, character, and resolve that our team displayed during Q3. While our financials and public announcements generally get most of the attention, we worked incredibly hard behind the scene in the Q3 to combat major global supply chain issues, to deliver on important customer promises, to mobilize for scale-up manufacturing, and to push forward discussions with MSOs and negotiations with potential TTK and cash customers, and to finalize our transformative and strategic acquisition of Precision Extraction and Cascade Sciences. Based on all these efforts, Q4 is already shaping up to be yet another record quarter for us, which I will elaborate a little bit more later on this, in this call. Now at this point, I would like to turn the call over to David, my Chief Science Officer, who will give an update on our customer success and horticulture initiatives as well as our new product enhancements. David? Thank you, Raymond. In Q3, our clients continued to see improvements in consistency and yield, achieving new leaps in cultivation performance using our VFUs. This quarter, the highest yield one of our customers recorded with 99 grams per sq ft of canopy, an incredible 50% increase over the next highest yield from the past three quarters. In more practical terms, if 3 VFUs are stacked in configuration, then the potential yield per sq ft of facility floor space would be 594 grams per crop cycle, or 2,970 grams per year for each sq ft of facility allocated. Agrify customers continue to see exceptional cannabinoid consistency of Agrify VFU-grown flower as well. Across five harvest batches in the prior three months, one of Agrify's customers saw less than 0.94% variation in the cannabinoid concentration across all five batches. This level of consistency is propelling the industry towards branded products that deliver reproducible consumer and patient experiences. This quarter, we also launched Agrify University, an immersive online and in-person project-based learning experience that empowers Agrify customers with the knowledge and best practices to succeed. Utilizing our vast data sets and technological innovations, Agrify University offers a curriculum designed to support the long-term growth of the industry. To improve efficiency, Agrify has incorporated a plug-and-play system for automated harvest waste data capture, which effectively eliminates the need to manually enter data into Metrc or other compliance software, reducing human error and fostering faster, more accurate data input and collection. We've made exciting advancements to our VFU technology as well, leading to our recent launch of the improved VFU Generation 3.7, with enhanced features for increased efficiency and higher quality yield, including lighting with industry-leading performance, media, electrical conductivity, and water sensing capability, as well as integration of intelligent camera technology. Developed with our contract manufacturer, Mack Molding, the new features of the Generation 3.7 VFU include durable, adjustable spectrum lights that can be precisely tailored to serve the specific needs of different cannabis varieties. The new lights deliver approximately a 40% increase in light output with best-in-class power efficiency of 3 micromoles per joule after lensing and loss. A camera system integrated with Agrify Insights, enabling ongoing image analysis to proactively identify issues before they can be seen with the naked eye, as well as growing media monitoring via moisture and electrical conductivity sensing, enabling granular control over the fertigation events and optimizations based on environmental feedback, which minimize potential risks from facility anomalies, nutrient deficiencies, and improper irrigation fertigation schedules. To foster biosecurity, Generation 3.7 VFUs have incorporated a heat sanitation mode to automatically sanitize our VFUs in between crop cycles, helping to eliminate one of the most underperformed and important tasks in any facility. We expect to begin delivery of the Generation 3.7 VFUs during the Q1 of 2022, and we look forward to seeing the real-world improvements that these latest advancements will bring to our clients. With that, I will turn the call back to Raymond. Thank you, David. We are confident that we will begin shipments of our 3.7 VFU in Q1 of next year. Our most advanced solutions to date are expected to drive our growth well through 2022 and beyond. We are already noticing a marked increase in interest from major operators in the indoor ag space, and we expect that interest to intensify. As we continually strive to improve our VFUs for enhanced performance, we remain laser focused on our core mission of providing the highest yields, the highest consistency, the highest quality at the lowest possible cost. As I've stated before, this mission is integral to our success as it is to the success of our customers. With that, I'd like to pass this over to Niv, who will review the financial results. Thank you, Raymond, and good morning, everyone. Today, I'll provide you with an overview of our Q3 2021 financial results. Before I begin, I would like to welcome Tim Oakes to the team again in his new role as incoming Chief Financial Officer. As I reflect on my time at Agrify, I'm immensely proud of all the things we have accomplished during my tenure with the company. I've worked with Tim very closely over the past year, and I'm excited to see what the future holds for Agrify with Tim taking an expanded responsibilities. I look forward to continuing to work closely alongside Tim and the team to ensure seamless transition so that Agrify can continue its momentum through a strong Q4 and into a bright 2022. For the quarter ended September 30, 2021, total revenue increased by 460% to $15.8 million compared to $2.8 million for the same period in 2020. Our Q3 2021 revenue consisted of facility build-out revenue as well as hardware revenue from the delivery of new VFU to our customers. This revenue mix is consistent with our expectations for 2021, as this year has deliberately been about kicking off new projects and ensuring that our existing customers are successful with their expansion and growth needs. This has led to a higher concentration of facility build-out revenue in the short term, but we fully anticipate this will shift more towards hardware, SaaS, and other recurring revenue streams as more and more facilities come online in the H2 of fiscal 2022. Gross loss for the Q3 was $380,000, compared to a gross loss of $200,000 for the same period in 2020, resulting in a negative gross profit margin of 2.4% for Q3 2021, compared to a negative gross profit margin of 7.1% in Q3 2020. In Q3, our cost of goods and gross margins were mainly impacted by continued global supply chain disruption, which are unfortunately increasing the cost of our production materials and also delaying receipt of the materials. We took extraordinary effort and incurred significant short-term costs, including production labor costs, to ensure the timely delivery of our VFU to our customers. We understand how important it is to get our customer's facility up and running as quickly as possible, as our business model is not driven by short-term hardware sales, but by the future recurring SaaS and production fees resulting from our customer success. Looking ahead, we are proactively taking steps to secure all the currently required VFU production materials for the Q4 of 2021 and the Q1 of 2022. Further, as we begin to shift our production from the current 3.6 to the 3.7 VFU model, we are anticipating not only improved performance, but the additional benefit of a cost reduction on LED lights of up to $2,000 per VFU, or roughly 10% of the overall cost. We anticipate that we will see the benefits from this expected cost reduction in late Q1 2022. SG&A for the Q3 of 2021 was $8.6 million, up from $1.9 million, up $1.9 million for the same period in 2020. The increase in SG&A expenses was primarily attributed to the $2.4 million breakup fee associated with the cancellation of Maxim Group's right of first refusal on future stock offerings and an increase in payroll costs associated with the accelerated hiring of additional senior executives and staff necessary to support the company's significant growth. Additional increases also include stock-based compensation expenses, insurance costs directly related to being a publicly traded company, and legal and other professional services in connection with the due diligence and closing of the Precision Cascade acquisition. Research and development costs were $827,000 in Q3 2021, up from $449,000 in Q3 2020. Total operating expenses for the quarter were $9.4 million, compared with $2.4 million for the same period in 2020. Net loss attributable to Agrify for Q3 2021 was $9.8 million compared to $2.7 million in Q3 2020. Adjusted EBITDA loss for Q3 2021 was $5.6 million compared to an adjusted EBITDA loss of $2.1 million in the same period of 2020. With a positive contribution from Precision Cascade, we anticipate our EBITDA will significantly improve in the Q4 of 2021. This concludes my remarks on the financials. Thank you all again. I will now turn the call back to Raymond for his closing statement. Thank you, Niv. During the Q3 of 2021, we achieved several significant milestones. As we continue to forge ahead through the rest of the year, we anticipate our Q4 bookings to exceed hundreds of millions of dollars. Revenues to be approximately $26 million-$28 million, a pace that is equivalent to a $104 million-$112 million annual run rate. A full year revenue of $60 million-$62 million, up from our previous guidance of $48 million-$50 million. We further anticipate our EBITDA margins to improve significantly as we continue to see positive synergies and contributions from our newly acquired extraction division. So far, during Q4, we have increased our production capacity between our Georgia facility and Mack Molding to roughly 220-240 VFU production per month. We are confident that the VFU production will continue to ramp up to support our accelerated growth. We also secured a 10-year TTK partnership that we announced earlier this week with Kief USA, including the installation of 485 VFUs at their Massachusetts facility. We also secured an order earlier this month for 400 VFUs from Olive El Mirage, which is our first deal in the attractive Arizona market. We've always expected that the H2 of this year would be a meaningful reshape of our company in profound ways, and we believe our performance in Q3 and so far in Q4 shows that we are right on the mark. We continue to have advanced discussions with now over 20 MSOs, particularly following the successful MJBizCon in Las Vegas, and are actively exploring sales opportunities and partnerships with more than 15 potential cash and TTK customers across 8 states. On the extraction side, we are very excited about the recent accretive acquisition of Precision Extraction Solutions and Cascade Sciences, both leading brands in the cannabis extraction industry. Since the completion of the acquisition on October 1, we have been executing a very thoughtful and meaningful merger integration plan. This acquisition is yet another major milestone to our goal of becoming the world's most vertically integrated solution provider in the cannabis and hemp industry. Agrify is already embracing multiple cross-selling and upselling opportunities, and we believe there are significant organic growth opportunities that lie ahead in 2022 and beyond. We remain very much focused on finishing 2021 strong, with a foothold on the market for continued growth, both organically and through strategic and smart accretive acquisitions. We look forward to updating you on these developments and reporting on our continued positive progress, as well as initiating our 2022 guidance during our Q4 and year-end call. This concludes my remark. Now, I would like to open up for questions from our audience. Operator, please go ahead. As a reminder, to ask a question, you will need to press star one on your telephone. To withdraw your question, press the pound key. Your first question comes from Aaron Grey of Alliance Global. Your line is now open. Hi, good morning, and congrats on the strong quarter and what looks to be a strong Q4 as well. Thank you, Aaron. I very much appreciate it. Absolutely. First question for me, just on the 4Q bookings, I believe you said about, you know, $100 million. Just want to make sure I understood it correctly, just given the recent Precision and Cascade acquisitions. Is that $100 million? Could you break it up between the legacy Agrify business or if some of that's also attributed to the new extraction businesses with the $100 million 4Q bookings? Thanks. Yeah. We're expecting somewhere between 80%-85% coming from Agrify's core business and the remainder coming in from Precision and Cascade. Agrify core business will continue to be the main contributor, but we are very excited to see an uptick from Precision and Cascade as well. Aaron, you know, I wanted just to reiterate that the most recent MJBizCon attendance was a super positive one for Agrify as a whole. In fact, you know, Precision and Cascade were literally taking orders, you know, on the floor. We're just seeing positive synergies, cross-selling opportunities. I believe that our showcase for the latest 3.7 VFU technology was probably also one of the highlights this year. Thanks for that. That's really helpful color and really strong growth in the organic bookings there. Second, you know, going off, you know, your commentary on MJBiz, you know, great to hear, you know, the strong demand and interest there. You talked about conversations, advanced conversations with 20 MSOs, you know, another 15 potential TTK partnerships. Just want to think about, you know, your guys' own, you know, bandwidth right now. You're expanding, you're getting more production in the VFUs. A s you think about and vet which ones to potentially take on, you know, how do we think about your manpower and the mindshare on your end in terms of how many you'll be able to take on, you know, over the next, you know, few quarters, you know, with this high demand? Particularly, you know, between the MSOs and TTKs, it seems like the TTKs might take, you know, more manpower on your side, to help ramp those up because they might not have the cultivation expertise on their end. Any helpful color there would be appreciated. Thank you. Aaron, you're absolutely correct. We now have probably more inbound than you know what we can handle at this point, which obviously is a great problem to have. Internally, as we announced earlier this morning, I am very, very pleased to actually bring on world-class operators, a new CFO, as well as other high caliber and new executives to the team. That is going to help us to be able to scale our business in a tremendous way, right? Internally, you know, we're getting ready for what I believe is yet to be another very strong 2022 and beyond. Externally, we obviously having all these discussions, and we want to stay focused. I believe 50% of our resources will continue to devote to the MSOs, and the remainder 50%, will be for the TTK opportunities. Now, around the TTK opportunities, we are not going to entertain anything less than, you know, maybe 200-300 units. Most of the TTK opportunities are actually getting bigger in size, which is actually a good thing. It shows the scalability, and the advantage actually of the modular and scalable VFU design that we have. We believe we have probably Massachusetts very much under our belt. As you know, we now have three TTK partnerships. I believe with maybe one or two more, we would have a significant production volume into the Massachusetts market. We announced that we're getting into Arizona, so we're also looking at Florida, New York, New Jersey, Illinois, and Michigan. The focus will continue to be in limited licensed states with very attractive high, you know, wholesale pricing, and we're going to basically stay focused on these attractive and robust markets. Again, like I said, it's probably going to be 50% resources dedicated to the MSOs and about 50% to the TTK growers. Very helpful color there, and congrats again on the quarter and continued success. I'll jump back to the queue. Your next question comes from Eric Des Lauriers of Craig-Hallum Capital. Sir, your line is now open. Great. Thanks for taking my questions and offer my congrats as well. Following up on your opportunities with the MSOs, can you help us understand a bit more, what stage those discussions are in right now? You know, is it more validating the solution still at this point? You know, should we think of these really as R&D partnerships similar to the one announced by Curaleaf at this stage? Eric, great question. Since then, you know, we're basically having more than 20+ discussions, so the opportunities come in various stages, right? Obviously, a good chunk of them are very similar to the 10, 20 units R&D opportunities. I can also tell you that there are other discussions that are far more advanced and a lot of the operators are now fully convinced, and they are ready to go and not having to go through the similar R&D exercise. We have opportunities again in the early, you know, discussions around 20, 10, 20 units R&D, but we also have real discussion about a full rollout. It's all over the map at this point. Okay. All right. No, that's great to hear. Then, would each of these be announceable agreements, do you think? Are there some of these MSOs that you're in discussions with looking to keep this under wraps if they do go forward with an R&D partnership with you guys? Yeah, I think it's a combination of, you know, obviously a lot of the MSOs, they like to start the relationship, but not in such a public way. Obviously, the ones that are probably will be full rollout, you know, those are the ones that probably we're going to definitely announce. You know, again, I think, Eric, as you know, our business model is all about the installed user base, right? We want to have discussions with as many as possible. I do believe, and I'm very confident that once they switch over to our VFUs, it's very hard to turn back. It's all about getting as many partnership as possible, getting the VFUs out there because we're confident that once they start using it, this is definitely going to be the default on a going forward basis. Mm-hmm. Okay, that's great to hear. Then, just last one for me, just an update on the Cascade and Precision integration. I know it's still very early days here, but any timing goals for how we should think about, you know, you guys layering in some of those hardware sensors and, you know, getting these up to a place where you can start to charge recurring revenue on the extraction solutions as well. Just any timeline would be great. Thanks. Sure, Eric. You know, very pleased to say that Thomas Massie, our incoming Chief Operating Officer, President and COO, he's also taking on the interim extraction division GM role as well. His first assignment is to focus on making sure that the integration will go very smoothly. Thus far, he's doing a fantastic job. I think there are basically several key milestones, right? Number one, we see a lot of low-hanging fruits. We're helping them to essentially improve the sales processes, basically, instead of just being an order-taking entity to now becoming more aggressive, yeah, out there hunt for opportunities. Can I give you an example, right? They've never done this. At MJBiz, you know, people have always looked at this as just a trade, just a trade show. I n our case, this year, literally, our salespeople were taking orders, right? T hen, you know, so that's that itself, I believe, you know, will see a significant organic growth. We're also now beginning to look at some potential integration of local supply chain, as well as our software team has already actually sat down with a person in the Cascade team. I n fact, we have the entire development program already mapped out. I believe that, you know, by, I would say Q2, end of Q2, Q3 of 2022, we will have some demonstrable prototyping. Obviously, we want to test out, you know, the model, turning, you know, essentially these hardware to intelligent hardware and basically have nice recurring SaaS revenue as well as production revenue attached to it. I believe by the end of Q2 and Q3, we will begin to experiment, and we'll begin to be able to roll this out to some of our customers. All right. It's great to hear. Congrats again, guys. Your next question comes from Scott Fortune of ROTH Capital Partners. Your line is now open. Good morning. Congrats on the quarter, and thanks for the questions. Fo llowing up on the Precision Cascade, you know, the downstream extraction, you've added that in a total integrated solution. Can you provide you know, backlog or run rate a little bit from that? More importantly, can you provide a little color on the potential of other value add solutions into facilities and the valuations you see in that fragmented market continuing to add solutions for your partners going forward? Sure. Scott, you know, I think as mentioned in our prior press release, we are expecting an equivalent of $40 million from Precision and Cascade for 2021. O bviously, that's on a pro forma basis because, you know, the acquisition did not close until October first. So that's the top line. Now, as I mentioned earlier, we are already seeing very, very positive pickup in both the Precision and Cascade businesses. We had a very strong showing in MJBiz, and we look forward to updating you on the. I believe it's going to be a very, very attractive result for Q4 from the Precision Extraction division. Now, so far, I believe the combination of Precision and Cascade really gives us maybe about 60%-70% of the product portfolio. We are already definitely the most vertically integrated solution provider in the industry. However, there are still about 20% or 30% of the opportunities that we would like to potentially either partner up or acquire to complete the entire solution offerings. We are aggressively, you know, working on that. Li ke I said, I think the combination of Precision and Cascade already has about 60%-70% of everything we need. Th ere will be an additional 20% or 30% of products that we're currently under discussion. It will be either through a partnership, distribution partnerships or acquisition. We look forward to completing our entire portfolio suites in the very near term. Great. No, I appreciate that color. Then circling back on the TTK opportunity. I know you set aside originally about $50 million for that. Can you provide color on the strategy or initiatives on the financing side, as that seems to be the bottleneck potentially for more TTK deals in size? Congrats on moving up that size-wise. Any additional partnerships that you're looking at to drive or help finance these additional business opportunities? A little color there would be great. Yes, Scott. We're continuing to have multiple discussions with REITs and other alternative financing entities. They are very interested in becoming our partner to further expand the TTK program. In fact, most of the conversations are not just this one-off financing. Essentially everyone is looking to basically provide us with, you know, a credit facility, $100+ million type of arrangements so that we don't have to be, you know, hold back because of the need to raise additional capital on a project-by-project basis. We have multiple of those discussions. As you know, for most of these TTK projects, since at least 50%-60% of the upfront is construction related, having REITs and other financing companies to take on that support would be tremendous. Now, in addition, right? For example, if you look at the most recent deal that we announced in Arizona, in fact, our partner is actually handling both the real estate and construction. There's actually no construction loan required for that particular project. They're actually stepping up. They've obtained cheaper financing, construction financing loans, and they will actually be taking care of that themselves, which is great. In the case of the Kief USA, the Massachusetts deal that we just announced, our partner is stepping up with 20% of not only construction loan but also hardware. People are now beginning to find other alternative financing to bring to the table, and we very much welcome that. I think it's going to be a combination of efforts. Number one is us getting a deal done with maybe a REIT or, you know, other financing company to line up this very strong line of credit so that, you know, we could actually offer that to our partners. Simultaneously, we are also seeing our partners stepping up with their own capital as well. It's very, very positive developments. Thanks. I have one more question real quick. You know, we've seen the industry hit with supply chain issues, but remind us the manufacturing process you have in the U.S. base right now. You mentioned you can produce 200-240 VFUs per month. With the contracts and pipelines, how do you view your manufacturing needs and outputs going forward here? Sure, Scott. You know, for Q3 and in fact for Q4, we've actually have shipped all the key components. You know, we have them already in our warehouse. What was not expected was, for example, trucking delivery all the way out to Nevada. We did not expect, for example, aluminum extrusion to be a problem. You know, we did not expect something as small as PVC pipe to be a problem. Obviously, we cannot ship the units without having these components already built in as well. You know, in Q3, we were impacted by the global supply chain, and a lot of the materials actually came in. Non-key component materials came in late, and as a result, we have to pay overtime to complete those units because we promised our customers that we want to get the units to them by the end of Q3. Essentially, I was committed to making sure that we live up to that promise. The good news is that the 114 units that we shipped to WhiteCloud, not only are they shipped, they are all installed and currently under commission at this point. Going forward, we have actually learned from that. We're actually getting smarter in terms of you know supply chain management. We believe that we now have all the materials necessary for our Q4 as well as Q1 production needs. Furthermore, as I mentioned in my script earlier, we're seeing the version 3.7 of VFU, which is our next generation of VFU. It's going to have roughly about $2,000 cost reduction, and that's roughly about 10% of the overall BOM costs. Again, better light, right? 3.3 micromoles per joule. Yes, we're going to see a $2,000 cost reduction. So we're Great. I believe we have, you know, the supply chain under control, and we will continue to move, you know, and see if we can actually reduce the hardware costs in a going forward basis. Thanks. I will jump back in the queue. Thank you, Scott. Your next question comes from Anthony Vendetti of Maxim Group. Your line is now open. Thank you. I was wondering if you, Raymond, if you could talk a little bit more about the TTK program. I know that originally the board approved $50 million in funding through your balance sheet, and I know you've talked about alternative sources and working with other financing options. Has the board decided to increase your capability of using additional capital? Or at this point, you're looking to just source additional capital outside of Agrify? That discussion is currently underway internally. Personally, I'm working very hard to source alternative financing and as I mentioned earlier, talking to REITs, talking to other financing companies, and we are actually making very good progress on that front. Obviously the goal is to, you know, bring on cheaper and then alternative financing sources to help us to continue to grow, right? However, at the same time, we are also seeing such a, you know, great progress on the TTK front. Again, our business model is all about getting the largest customer install base. The discussion is also underway internally to potentially increase the allocation to the TTK program. It's going to be a combination of the two. Okay. Excellent. Can you talk about I know you've been in discussions with MSOs. It looks like that the number that you're in advanced discussions with has ramped significantly in the last quarter. Would you attribute that to either the Curaleaf announced deal or a combination of that plus your expanded portfolio, particularly on the extraction side with Precision and Cascade? I was just wondering if you could talk about how those discussions have increased and the number has increased. Yeah. Anthony, you know, it's really the combination of all that, right? It's basically us having successful, you know, customer deployment, right? Our customers, as David alluded earlier, are seeing amazing results on consistency and on yield, right? It's very hard to argue against, you know, these numbers. Also, you know, for just, you know, continuous inbound interests, and as well as cross-selling with through Precision, right? For example, this last, you know, MJBiz attendance, you know, I was actually in meetings just nonstop from 7 till 11 every day and just having conversation after conversation. Our booth was probably one of the most visited. There's a lot of people now, you know, maybe started out with a relationship on the extraction front, and we basically tell them that, "Look, in order for you to actually have better consistent results, you need to actually have better biomass production," right? How about using the VFUs and vice versa, right? We're seeing a lot of our cross synergies already happening between the cultivation division as well as the extraction division. One last question because it's obviously impacting a number of industries. You did mention a little bit about the supply chain concerns, and you're trying to get ahead of that. Can you talk a little bit more about what I guess the potential for any issues, or do you think you're at this point sufficiently ahead of that and have contingency plans in place? Yeah. I think for Q4 and most of the Q1, we have all the materials in place. Obviously, you know, we're going to continue to, you know, monitor and just make sure that, you know, if the global supply chain issue becomes worse, instead of basically planning for, you know, a 3-6-month lead time, we might have to do 9-12, right? You know, we have, you know, our procurement team as well as our manufacturing team staying on top of things and making sure that, you know, looking at the sales forecast and make sure that we can deliver all the VFUs on time. Being able to deliver the VFUs on time is one of our top priorities, right? We'll do everything we can to, you know, fulfill the customer promise because we know every day costs as much for our customers, right? If we actually have to give a little bit off on the hardware margin, you know, our business model is not hinged on, you know, short-term, you know, hardware margin. It's all about the recurring revenue from SaaS and production fees. One day, if we can actually just help our customer to, you know, bring their facility up and running one day sooner, both sides will benefit. That's our number one mission, is just to get the VFUs installed as quickly as possible. Excellent. Thank you. I'll hop back in the queue. Appreciate it. Your next question comes from Gerald Pascarelli of Cowen. Your line is now open. Hi, good morning, and thanks very much for taking the questions. I'd like to go back to the yield per sq ft, and ultimately try to tie back to the drivers behind that 50% increase. Is it simply due to stacking your VFUs, or are there other factors and drivers to be mindful of given the notable increase? Thank you. I think David will probably be a better person to answer that. The short answer is no, it's not because of the stacking. It's the actual square footage increase and now basically hitting close to 90+ grams per sq ft. David, can you chime in here, please? I'd be happy to. Gerald, thank you for the question. When it comes to the 99 grams per sq ft achieved by the client, the increase is really related to optimizations based on iterative cultivation cycles. Because Agrify Insights, the software program that controls our hardware, the VFU, records over 1.5 million data points, our clients are seeing things like planting density versus biomass yield per sq ft calculations that are automatically calculated. The yield that increased to 99 grams per sq ft, which is a market trend across the entire facility, is really related to a couple of things, optimizations in plant density, and understanding of the genetic performance, tracking different recipes of cultivation across multiple cycles. They realized that a lot of the biomass was bulking up or increasing in weight in the final weeks, and they decided to go a little bit longer after looking at the data, which increased the overall harvest weight on many of the strains. On top of that, the cultivation team is now looking at water content data and being able to really optimize the fertigation and environment to steer the crop effectively. What you're seeing is actually the proliferation of data and then the application of that data towards a goal. I'm very happy to report that it's being well received, and they're being able to use that data actionably to make these improvements. Yeah. Gerald, just if I may add to that, you know, as David mentioned, on this particular genetic strain, you know, what we realized is that, basically the last week, you know, the flowers really bulked up, right? So instead of planting, for example, 64, you might actually just reduce it down to 46, but allowing more room to really expand during that last week of the harvest period. Now on the other hand, you might have a completely different genetic that actually doesn't have that, you know, last week, you know, effect. Under that scenario, the plant count should be at 64, right? It's being able to collect these insights that allows us to get smarter on a genetic by genetic basis and to continuously reiterate optimization, right, that we're allowing our customers to do by giving them data, giving them insights that is really the, you know, the game changer. Got it. That is, that's super helpful color. Thanks very much. Last one for me is just on your relative price gaps. Obviously, your last five batches incredibly consistent in terms of variance. Raymond, could you just provide some color on how your relative price gaps for premium indoor grown flower are maybe holding up relative to competition in the wholesale market in the current environment? Thank you. Okay. David, can you provide more color on that, please? I'd be happy to. In terms of the price gaps, I think that you are seeing some compression in maturing markets. The mature markets are not compressing as quickly, I think, as they've already experienced that. In terms of our customers' ability to hold price, it's really just driven on quality, consistency, and brand, so they're doing exceptionally well. The consistency, the flower produced and then the flower quality is allowing them to introduce more branded product into their market and ultimately retain that higher price point. Perfect. Yeah. Y ou know, reiterate on that, for example, you know, our customer in Nevada, this is, you know, White Cloud Botanicals. They're consistently selling above the, you know, average wholesale, you know, selling price, for premium flowers in Nevada. Nevada, I believe is around $2,700-$2,800, but they are selling their flowers at, you know, $3,200-$3,300, right? Again, it's the better consistency and better quality that allows them to actually sell at a premium, even to, you know, the rest of the market. Got it. Thank you. Thanks very much for the color, and I will pass it on. Operator, are there any additional questions? If not, I would like to thank everyone again for joining the call today and for your interest in Agrify. We look forward to updating you on our continued progress. Thank you all, and have a great day.