TORONTO and BOSTON, Jan. 9, 2024 /PRNewswire/ -- 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.
About Agrinam Acquisition Corporation
Agrinam Acquisition Corporation is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting, directly or indirectly, an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization, or any other similar business combination within a specified period of time. For more information, visit www.agrinamspac.com.
About Freight Farms
Founded in 2012, Freight Farms debuted the first vertical hydroponic farm built inside an intermodal shipping container with the mission of democratizing and decentralizing the local production of fresh, healthy food. Since its inception, Freight Farms has refined its product offering to arrive at the Greenery™ container farm. With global customers ranging from small business farmers to the corporate, hospitality, retail, education, and nonprofit sectors, Freight Farmers make up one of the largest network of IoT connected farms in the world. AgTech Breakthrough named Freight Farms the 2022 "IoT Monitoring Solution of the Year" for its farmhand® IoT automation software. For more information, visit https://www.freightfarms.com/.
Forward-Looking Statements
Certain information contained in this press release may be forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are often, but not always identified by the use of words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "will", "may" and "should" and similar expressions or words suggesting future outcomes. This press release includes forward-looking information and statements pertaining to, among other things, the 2023 financial performance and operations of Freight Farms, revenue for the fourth quarter of 2023, yield increases for fiscal 2024, Freight Farms' backlog and the placement of the Garden at Biosphere 2 and the Museum of Science in Boston. The information contained in this press release does not constitute an announcement of financial results and all information included is subject to change and once available, readers are strongly encouraged to read Freight Farms audited annual financial statements and management's discussion and analysis thereon, which as noted above, copies of which will be available on Agrinam's profile on SEDAR+ at www.sedarplus.com.
These forward-looking statements reflect material factors and expectations and assumptions of Agrinam and Freight Farms which are based on Agrinam's and Freight Farms' perception of historical trends, current conditions and expectations, as well as other factors believed to be appropriate in the circumstances. Agrinam's and Freight Farms' estimates, beliefs and assumptions are inherently subject to uncertainties and contingencies regarding future events and as such, are subject to change. Numerous risks and uncertainties could cause the actual events and results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements in this press release, including those risks disclosed in the preliminary non-offering prospectus of Agrinam available on SEDAR+ at www.sedarplus.com. For more information on Agrinam and Freight Farms, investors are encouraged to review Agrinam's public filings on SEDAR+ at www.sedarplus.com.
Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Agrinam's and Freight Farms' expectations only as of the date of this press release. Agrinam and Freight Farms disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Note Regarding Future-Oriented Financial Information
To the extent any forward-looking statement in this presentation constitutes " future-oriented financial information" or "financial outlooks" within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated financial and operational performance of Freight Farms and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to risks as set out above under the heading "Forward Looking Statements". The actual financial position and results of operations for Freight Farms may differ materially from management's current expectations and, as a result, the Freight Farms' revenue and expenses may differ materially from the profiles provided. Such information is presented for illustrative purposes only and may not be an indication of the Freight Farms' actual financial position or results of operations.
Non-IFRS Measures
Certain non-IFRS financial measures are used to measure, compare and explain the operating results and financial performance of Freight Farms. These measures are commonly used by companies operating in the industry as useful metrics for measuring performance. However, they do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS. Freight Farms defines such financial measures as follows:
"Backlog" is defined as farms sold and not recognized as revenue. Freight Farms views backlog as a useful measure as it reflects committed revenue that is expected to be realized in future periods.
For further information contact:
Investor Contact:
Reed Anderson, ICR
FreightFarmsIR@icrinc.com
Media Contact:
Keil Decker, ICR
FreightFarmsPR@icrinc.com
1 Represents a non-IFRS measure. See the "Non-IFRS Measures" below for more information.
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SOURCE Freight Farms
