Slide 1: Q122 Earnings Call
Q122 Earnings Call M a y 11 , 2 0 2 2 Passionately Transforming Cannabis Through Innovation
Slide 2: Important Notices & Disclosures
Important Notices & Disclosures This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, or the Exchange Act. All statements other than statements
Slide 3: Q122 Review & Business Updates
Q122 Review & Business Updates
Slide 4: 2022 Key Accomplishments
2022 Key Accomplishments • Finalized first New Jersey TTK contract with Loud Wellness • 500 VFUs: $18M in SaaS fees and $100M in production success fees • Signed first international VFU deal with BioCann Pharmaceutical • 190 VFUs: $4M equipment sale and $2.1M in SaaS fees • Entered partnership with
Slide 5: Q122 Revenue Growth
Q122 Revenue Growth $30,000,000 $26M $25,000,000 $20,000,000 $15,000,000 A 271% YoY Increase $10,000,000 $7M Marketing $5,000,000 Excellence 5,119 new $0 contacts YTD Q121 Q122 Passionately Transforming Cannabis Through Innovation 5
Slide 6: Q122: $43M in New Bookings
Q122: $43M in New Bookings 2% 8% Extraction 9% Production Success Fees 43% SaaS Fees 38% Marketing VFU Purchase Excellence 5,119 new Other contacts YTD Note: New bookings represents the first 3 of the 10 years of projected revenue from the TTK agreements Passionately Transforming Cannabis Through In
Slide 7: Q122 Financial Results Summary
Q122 Financial Results Summary • Revenue = $26.0M vs. $7.0M in Q121 o $6.6M, or 94% YoY “Organic” Increase in Revenue ($13.6M vs. $7.0M) o TTK Construction Revenue - $13.2M o Extraction Revenue - $12.4M (vs. $12.2M in Q421) • Gross Profit = $4.2M, Gross Margin of 16% o Extraction - 33% Gross Margin
Slide 8: Q122 Preliminary Financial Results
Q122 Preliminary Financial Results Q1'22 Q122 Q1'21 Q121 YoYChange YoY Change (In Thousands) Prelim Prelim Actual Actual $ $ %% % Revenue $ 26,021 $ 7,008 $ 19,013 271.3% Cost of Goods Sold 21,851 7,548 14,303 189.5% Gross Profit 4,170 (540) 4,710 (872.2)% Gross Margin % 16.0% (7.7)% 23.7% Operatin
Slide 9: Q122 Adjusted EBITDA (Non-GAAP Financial Measure)
Q122 Adjusted EBITDA ( N o n - G A A P F i n a n c i a l M e a s u r e ) Q122 (In Thousands) Q1'22 Q122 Reconciliation of GAAP Net Income to Adjusted EBTIDA (Non-GAAP): Reported GAAP Net Loss $ (8,882) Income Tax Benefit (200) Interest Income, Net (682) Depreciation and Amortization 1,052 Stock-Base
Slide 10: Q122 Balance Sheet - Assets
Q122 Balance Sheet - Assets (Unaudited) (Audited) ▪ Cash/Marketable Securities/Restricted Cash: The March 31, December 31, combined balance of $93.4M (vs. $66.5M as of December 31st) reflects cash infusion of $27M from a private placement 2022 2021 transaction and $65M from an initial draw against a
Slide 11: Q122 Balance Sheet - Liabilities
Q122 Balance Sheet - Liabilities (Unaudited) (Audited) March 31, December 31, 2022 2021 LIABILITIES (In Thousands) Accounts Payable $ 3,683 $ 9,151 ▪ Accounts Payable: The decrease in AP relates to the first quarter payment of acquired accounts payable balances Accrued Expenses 30,112 28,764 associa
Slide 12: Q122 Balance Sheet – Stockholders’ Equity
Q122 Balance Sheet – Stockholders’ Equity (Unaudited) (Audited) March 31, December 31, 2022 2021 STOCKHOLDERS' EQUITY (In Thousands) ▪ Common Stock/APIC: The increase is related to current year equity-based activities: Common Stock $ 25 $ 21 ▪ Issuance of shares and warrants in connection with the P
Slide 13: Q122 Cash Flow (Condensed Summary)
Q122 Cash Flow ( C o n d e n s e d S u m m a r y ) (Unaudited) March 31, March 31, Net Cash (Used In) Provided By: 2022 2021 ▪ Operating Activities: The cash flow usage is primarily (In Thousands) associated with the reported net operating loss in Q122 $(8.9)M, inventory build of approximately $(16.
Slide 14: VFU Backlog & Project Status Updates
VFU Backlog & Project Status Updates
Slide 15: Total VFU Engagements Impact
Total VFU Engagements Impact Estimated Projections 11 # of ENGAGEMENTS 4,569 TOTAL VFUs 160K $84M $923M TOTAL 10 YEAR * POUNDS PER ** ANNUAL TTK & NON-TTK UNDER CONTRACT YEAR RECURRING CONTRACTUAL REVENUE BACKLOG * Estimated pounds per year is based on each VFU producing 35 pounds annually ** Estima
Slide 16: $923M of Contractual Backlog Mix
$923M of Contractual Backlog Mix Estimated Projections Extraction Interest (Build) 2% 1% VFU Interest 2% Design & Build Production Success Fees 1% SaaS Fees 10% Design & Build 14% SaaS Interest (Build) 70% Production Success Extraction Fees Interest (VFU) VFU Purchase Passionately Transforming Canna
Slide 17: Actual Customer Results
Actual Customer Results Up to 34% 17
Slide 18: VFU Project Status Updates
VFU Project Status Updates # of Projected Initial Projected Customer State VFUs Commissioning First Harvest > TTK (production success fees and monthly SaaS fees) Greenstone CO 239 Q222 Q322 Treehouse NV 132 Q222 Q322 Hannah WA 186 Q222 Q322 True House MA 159 Q223 Q323 Kief USA MA 485 Q323 Q423 Bud &
Slide 19: FY 2022 Revenue Projections
yy |FY 2022 Revenue Projections
Slide 20: FY 2022 Revenue Projections
FY 2022 Revenue Projections FULL YEAR REVENUE (M) $140 $120 $100 $80 A 134% YoY Increase $60 NOTE: Agrify expects more than 60% of the projected $40 2022 revenue will be achieved in the second half of the fiscal $20 year $0 2021 2022 Passionately Transforming Cannabis Through Innovation 20
Slide 21: Agrify
AGRIFY’ Passionately Transforming Cannabis Through Innovation