Freight Farms received orders for 95 container farms during the fourth quarter of 2023, a year-on-year increase of 83% according to an update released today by Agrinam Acquisition Corporation and Freight Farms. On a sequential basis, orders were up 111% from 45 in the third quarter and compared to 33 orders in the second quarter.
“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.”
In October 2023 Freight Farms and Agrinam signed a definitive agreement for a business combination with a pro forma market cap valuation for the combined entity of approximately US$147 million.
Today Agrinam and Freight Farms also provided the following additional preliminary results:
- 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.
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 decentralising 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.
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.
¹ Represents a non-IFRS measure