Why Agrify Stock Dropped on Wednesday

Shares of Agrify (NASDAQ: AGFY) are dropping on Wednesday after the company reported disappointing earnings results for the third quarter. The stock was down as much as 24.3% today, and as of 11:16 a.m. EST, it was down 20%.

On Wednesday, Agrify reported its earnings results for the third quarter. The company, which sells technology-empowered indoor growing systems for cannabis, increased revenue 460% year over year to $15.8 million in the quarter, with total backlog up to $117.5 million. The company is not yet profitable, posting a net loss of around $10 million in the quarter.

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Source Fool.com