Freight Farms 2023 Q4 Business Update
TORONTO and BOSTON, Jan. 9, 2024 -- Agrinam Acquisition Corporation (TSX:AGRI.U) ("Agrinam") and Freight Farms, Inc. ("Freight Farms"), a rapidly growing innovative agtech company and a leader in the global revolution for sustainable, hyper-local and ultra-fresh food production, today provided an update on the 2023 fourth quarter performance and operations of Freight Farms. Specifically, Agrinam and Freight Farms note the following preliminary results:
Freight Farms received orders for 95 farms during the fourth quarter of 2023, a year-over-year increase of 83%, including two orders for its new Garden model. On a sequential basis, orders were up 111% from 45 in the third quarter and compared to 33 orders in the second quarter.
Revenue for the fourth quarter is expected to be higher than third quarter of fiscal 2023 as well as the fourth quarter of 2022. Revenue was limited by existing inventory and remains subject to audit and review by Freight Farms auditor.
Yield research established a new benchmark of 280K+ ounces for a full farm versus the 180K+ assumed in Freight Farms' current financial model. Individual panel results were even stronger, pointing to the way to further increases in yield in 2024.
The 50 Hz version of the latest Greenery 7 model, which features several performance enhancements and stability improvements as well as lower costs, was completed and shipped.
The initial five production units of the Garden have been built and this includes high visibility placements that we anticipate announcing in the first quarter of 2024.
"We are very pleased with our fourth quarter results reflecting strong momentum across our business," said Rick Vanzura, CEO. "Order growth was well above plan and backlog1 now represents approximately half of fiscal 2024 forecasted revenue. We also continued to make steady progress on key growth initiatives and our innovation agenda, providing further tailwinds as 2024 unfolds. Our proposed business combination with Agrinam remains on track and we continue to expect the transaction to close during the first quarter of 2024."
Freight Farms final results for fiscal 2023 will be included in its audited financial statements and management's discussion and analysis, copies of which will be available under Agrinam's profile on SEDAR+ at www.sedarplus.com.