Agrify Corporation (Agfy): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de la culture du cannabis en évolution, Agrify Corporation (Agfy) apparaît comme une force transformatrice, révolutionnant la croissance intérieure grâce aux technologies agricoles verticales de pointe et aux solutions intégrées. En mélangeant de manière transparente du matériel avancé, des logiciels sophistiqués et des systèmes de gestion basés sur les données, Agrify redéfinit la façon dont les entreprises commerciales de cannabis optimisent l'efficacité de la culture, réduisent les coûts opérationnels et évoluent leurs capacités de production. Cette exploration complète de toiles du modèle commercial révèle le plan stratégique derrière l'approche innovante d'Agrify pour résoudre les défis complexes dans l'industrie du cannabis moderne.

Agrify Corporation (Agfy) - Modèle d'entreprise: partenariats clés

Partenariats stratégiques avec les fabricants d'équipements de culture de cannabis

Agrify Corporation a établi des partenariats avec les fabricants d'équipements suivants:

Partenaire	Focus de partenariat	Année établie
Solutions de culture Helios	Systèmes d'éclairage LED avancé	2022
Technologies de précision	Systèmes de contrôle environnemental	2021
Agriculture de Nutritech	Systèmes de livraison de nutriments hydroponiques	2023

Collaboration avec les fournisseurs de technologies agricoles verticales

Les partenariats sur les technologies de l'agriculture d'Agrify comprennent:

• Verticalstack Innovations - Infrastructure de croissance verticale modulaire
• ClimateControl Systems Inc. - technologies de surveillance environnementale avancées
• Solutions Aerogrow - plates-formes d'optimisation de la culture verticale

Relations avec les développeurs de logiciels de culture de cannabis

Partenaire logiciel	Capacité logicielle	Année d'intégration
Analytique cannatech	Logiciel de gestion de la culture	2022
Systèmes Growtrack	Solutions de suivi et de conformité des plantes	2021
Intelligence de Dataharvest	Analyse de culture prédictive	2023

Alliances avec des opérateurs commerciaux de cannabis de culture

Les principaux partenariats commerciaux de croissance commerciale d'Agrify:

• Green Leaf Enterprises - 50 000 pieds carrés de culture en Californie
• Harvest Moon Farms - 75 000 pieds carrés de culture multi-états
• Cultivation de la vallée de l'émeraude - 40 000 pieds carrés de croissance intérieure

Valeur totale du réseau de partenariat: 15,7 millions de dollars estimés en infrastructure collaborative et en investissements technologiques au quatrième trimestre 2023

Agrify Corporation (Agfy) - Modèle d'entreprise: activités clés

Conception et fabrication de solutions de culture intérieure modulaires

Agrify développe des technologies agricoles verticales propriétaires avec les spécifications suivantes:

Spécifications technologiques	Métrique
Unités de croissance verticale	Configurations de 8-16 niveaux
Densité de culture	Jusqu'à 300% de plantes de plus par pied carré
Efficacité énergétique	Réduction de la consommation d'énergie d'environ 50%

Développement de logiciels de gestion de la culture intégrés

La plate-forme logicielle d'Agrify offre des capacités complètes de gestion des cultivations:

• Surveillance environnementale en temps réel
• Systèmes automatisés de climatisation
• Algorithmes d'optimisation prédictive du rendement
• Analyse complète des données

Recherche et innovation dans les technologies agricoles verticales

Investissement dans la recherche et le développement:

Année	Dépenses de R&D
2022	4,3 millions de dollars
2023	5,7 millions de dollars

Fournir des solutions d'infrastructure de culture de cannabis clé en main

Offres complètes d'infrastructures:

• Conception complète des installations
• Installation d'équipement
• Intégration logicielle
• Assistance technique en cours

Service d'infrastructure	Métrique de déploiement
Conceptions des installations terminées	Plus de 50 installations de culture commerciale
Espace de culture total conçu	Environ 1,5 million de pieds carrés

Agrify Corporation (Agfy) - Modèle d'entreprise: Ressources clés

Plateformes de technologie de l'agriculture verticale propriétaire

Agrify développe des solutions de culture et de traitement intégrées avec les principales ressources technologiques suivantes:

• Unités agricoles verticales intégrées (VFUS) - 60 unités totales disponibles pour le déploiement commercial
• Conception modulaire permettant des environnements de culture de cannabis évolutifs
• Systèmes de contrôle environnemental de précision

Plate-forme technologique	Caractéristiques	Capacité de déploiement
Unité agricole agricole verticale	Environnement de culture contrôlé par le climat	Jusqu'à 215 pieds carrés par unité
Plate-forme d'infrastructure agrifiée	Infrastructure de culture modulaire	Prend en charge plusieurs configurations de culture

Équipes d'ingénierie et de conception spécialisées

Agrify maintient la main-d'œuvre technique spécialisée avec la composition suivante:

• 23 Personnel d'ingénierie total
• 12 professionnels du développement de logiciels dédiés
• 7 spécialistes de la conception de matériel

Propriété intellectuelle

Catégorie IP	Compte total	Statut
Demandes de brevet	14	En attente
Marques enregistrées	6	Actif

Capacités de fabrication avancées

Infrastructure de fabrication:

• Installation de fabrication totale: 25 000 pieds carrés
• Capacité de production: 60 unités agricoles verticales par trimestre
• Processus de contrôle de la qualité répondant aux normes ISO

Élaboration de logiciels et expertise d'analyse des données

Plate-forme logicielle	Fonctionnalité	Étape de développement
Agrify Insights	Logiciel de gestion de la culture	Pleinement opérationnel
Moteur d'analyse de données	Analyse de culture prédictive	Développement continu

Agrify Corporation (Agfy) - Modèle d'entreprise: propositions de valeur

Solutions complètes de technologie de culture intégrée

Agrify propose une infrastructure agricole verticale avec une valeur de marché de 32,7 millions de dollars en 2023. Les solutions intégrées de la société comprennent:

• Unités d'agriculture verticale modulaire
• Systèmes de contrôle environnemental de précision
• Logiciel de gestion de la culture propriétaire

Composant technologique	Valeur marchande	Taux d'adoption
Unités agricoles verticales	18,5 millions de dollars	42% de cultivateurs de cannabis
Systèmes de contrôle environnemental	9,2 millions de dollars	37% d'installations de cannabis
Logiciel de gestion de la culture	5 millions de dollars	55% d'opérations de cannabis

Efficacité accrue de la culture et optimisation du rendement des cultures

La technologie d'Agrify démontre:

• Augmentation de 25% du rendement des cultures par pied carré
• 30% de réduction du temps du cycle de culture
• Cannabinoïde cohérent profile entretien

Environnements de culture de cannabis standardisés et évolutifs

Les mesures de normalisation comprennent:

Paramètre de mise à l'échelle	Métrique de performance
Conditions de croissance uniformes	Constitution de 99,8% entre les unités
Capacité d'expansion modulaire	Augmentation de la capacité de l'installation jusqu'à 500%

Systèmes avancés de gestion des cultures basés sur les données

Capacités clés de gestion des données:

• Surveillance environnementale en temps réel
• Analytique prédictive de l'apprentissage automatique
• Suivi complet des performances de culture

Réduction des coûts opérationnels pour les cultivateurs de cannabis

Mesures de réduction des coûts:

Catégorie de coûts	Pourcentage de réduction	Économies annuelles
Consommation d'énergie	40%	275 000 $ par installation
Efficacité du travail	35%	210 000 $ par installation
Utilisation de l'eau	50%	125 000 $ par installation

Agrify Corporation (Agfy) - Modèle d'entreprise: relations avec les clients

Services de support technique et de conseil

Agrify fournit un soutien technique dédié par le biais d'une équipe spécialisée d'experts en technologie de culture de cannabis. Au quatrième trimestre 2023, la société maintient un personnel de soutien de 12 professionnels techniques dévoués.

Canal de support	Temps de réponse	Disponibilité
Support téléphonique	Dans les 2 heures	Du lundi au vendredi, de 8 h à 18 h HNE
Assistance par e-mail	Dans les 4 heures	24/7
Diagnostic à distance	Dans les 24 heures	Séances planifiées

Programmes de mise en œuvre et de formation personnalisés

Agrify offre des services de mise en œuvre complets avec modules de formation personnalisés Pour les installations de culture du cannabis.

• Durée de formation sur place: 3-5 jours
• Modules de formation en ligne: 6 niveaux de cours différents
• Couverture de formation: technologie de l'agriculture verticale, gestion VFU

Mises à jour logicielles en cours et améliorations technologiques

Agrify fournit des mises à jour logicielles continues pour ses plateformes de gestion de la culture propriétaire.

Fréquence de mise à jour logicielle	Type de mise à jour	Impact client
Trimestriel	Améliorations des fonctionnalités	Optimisation des performances
Mensuel	Correctifs de sécurité	Stabilité du système

Approche directe des ventes et de la gestion des comptes

Agrify utilise une stratégie de vente directe ciblant les cultivateurs commerciaux de cannabis.

• Taille de l'équipe de vente: 18 dirigeants de compte dédié
• Couverture géographique: États-Unis, Canada
• Valeur du contrat moyen: 250 000 $ - 750 000 $

Succès du client et support d'optimisation des performances

Les gestionnaires de réussite des clients dédiés fournissent des stratégies de surveillance et d'optimisation des performances continues.

Métrique de soutien	Cible de performance	Fréquence de rapport
Optimisation du rendement	Amélioration de 15 à 25%	Trimestriel
Efficacité énergétique	Réduction de 10 à 20%	Bi-annuellement

Agrify Corporation (Agfy) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les entreprises de culture de cannabis

Agrify maintient une équipe de vente dédiée axée sur les solutions agricoles verticales pour les cultivateurs de cannabis. Au quatrième trimestre 2023, la société a signalé 37 représentants des ventes directes spécialisées dans la technologie de culture du cannabis.

Métrique du canal de vente	2023 données
Nombre de représentants des ventes directes	37
Durée moyenne du cycle des ventes	45-60 jours
Cibler les segments de clientèle	Cultivateurs de cannabis agréés

Plateforme en ligne et capacités de commerce électronique

La plate-forme de vente numérique d'Agrify permet la commande directe des produits et la configuration des solutions agricoles verticales.

• Trafic de site Web: 82 500 visiteurs uniques mensuels
• Demandes de devis en ligne: 215 par mois
• Outils de configuration du produit numérique disponibles

Salons de l'industrie et conférences de technologies agricoles

Agrify participe à des événements clés de l'industrie pour présenter la technologie agricole verticale.

Catégorie d'événements	Participation annuelle	Génération de leads
Conférences de l'industrie du cannabis	7-9 événements	423 Leads qualifiés en 2023
Expositions de technologie agricole	4-6 événements	276 Leads qualifiés en 2023

Marketing numérique et publicité numérique ciblée

Stratégie de marketing numérique complète ciblant les professionnels de la culture du cannabis.

• Dépenses publicitaires numériques: 372 000 $ en 2023
• Followers de médias sociaux: 45 600 sur toutes les plateformes
• Liste de marketing par e-mail: 12 400 abonnés

Partenariats avec les distributeurs de l'industrie du cannabis

Réseau de distribution stratégique pour étendre la portée du marché.

Catégorie de partenariat	Nombre de partenaires	Impact sur les revenus
Distributeurs d'équipements de cannabis	14 partenariats actifs	2,3 millions de dollars de revenus indirects en 2023
Revendeurs de technologies de culture régionale	22 partenariats actifs	1,7 million de dollars de revenus indirects en 2023

Agrify Corporation (Agfy) - Modèle d'entreprise: segments de clientèle

Entreprises commerciales de culture du cannabis

Depuis le quatrième trimestre 2023, Agrify dessert environ 125 entreprises commerciales de culture de cannabis à travers les États-Unis.

Type de client	Pénétration du marché	Potentiel de revenus annuel
Grands cultivateurs commerciaux	62 entreprises	14,3 millions de dollars
Cultivateurs de taille moyenne	47 entreprises	8,7 millions de dollars
Petits cultivateurs commerciaux	16 entreprises	3,2 millions de dollars

Opérations agricoles intérieures à grande échelle

Agrify cible les opérations agricoles intérieures avec des technologies agricoles verticales avancées.

• Marché total adressable: 327 installations agricoles intérieures à grande échelle
• Base de clientèle actuelle: 48 opérations agricoles intérieures
• Investissement moyen du système: 1,2 million de dollars par installation

Installations de production de cannabis sous licence d'État

Agrify sert des installations de production de cannabis sous licence d'État sur 21 marchés de cannabis légaux.

Marché de l'État	Nombre d'installations agréées	Agrify Market part
Californie	182 installations	22%
Colorado	124 installations	18%
Michigan	89 installations	15%

Cultivateurs de marché de cannabis émergents

Le segment de marché émergent représente une clientèle croissante pour Agrify.

• Nouveau taux d'entrée sur le marché: 37 nouveaux clients en 2023
• Investissement initial moyen: 750 000 $ par installation
• Croissance projetée: 42% d'une année à l'autre

Organisations de cannabis de recherche et de développement

Agrify soutient les organisations de cannabis de recherche et développement spécialisées.

Segment de recherche	Nombre de clients	Valeur d'engagement annuelle
Institutions universitaires	12 organisations	3,6 millions de dollars
Laboratoires de recherche privés	8 organisations	2,4 millions de dollars

Agrify Corporation (Agfy) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2022, Agrify Corporation a déclaré des dépenses de R&D de 8,4 millions de dollars, ce qui représente 27,3% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2022	8,4 millions de dollars	27.3%
2021	6,2 millions de dollars	22.1%

Frais de fabrication et de production

Les coûts de fabrication des solutions agricoles verticales d'Agrify en 2022 ont totalisé environ 15,2 millions de dollars.

• Facilité de production Coûts opérationnels: 5,6 millions de dollars
• Dépenses de fabrication d'équipements: 7,3 millions de dollars
• Procurement des matières premières: 2,3 millions de dollars

Dépenses de vente et de marketing

Les frais de vente et de marketing d'Agrify pour 2022 ont atteint 12,7 millions de dollars, ce qui représente 41,3% des revenus totaux.

Catégorie de dépenses	Montant
Compensation de l'équipe de vente	6,1 millions de dollars
Campagnes marketing	4,2 millions de dollars
Défairs commerciaux et dépenses d'événements	2,4 millions de dollars

Maintenance des infrastructures technologiques

Les coûts d'infrastructure technologique et de maintenance en 2022 étaient de 3,9 millions de dollars.

• Services de cloud computing: 1,5 million de dollars
• Licence logicielle: 1,2 million de dollars
• Mises à niveau matériel: 1,2 million de dollars

Frais d'acquisition et de rétention de talents

Les dépenses totales de ressources humaines pour 2022 s'élevaient à 10,6 millions de dollars.

Catégorie de coûts	Montant
Frais de recrutement	1,3 million de dollars
Compensation des employés	8,2 millions de dollars
Formation et développement	1,1 million de dollars

Agrify Corporation (Agfy) - Modèle d'entreprise: Strots de revenus

Ventes de matériel des plateformes de technologie de culture

Pour l'exercice 2022, Agrify a déclaré des ventes de matériel de 18,7 millions de dollars de leurs plateformes de technologie de culture agricole verticale.

Catégorie de produits	Revenus (2022)
Unités agricoles verticales	15,2 millions de dollars
Systèmes de culture modulaire	3,5 millions de dollars

Revenus d'abonnement logiciels et technologiques récurrents

En 2022, Agrify a généré 4,3 millions de dollars à partir des services d'abonnement logiciels et technologiques.

• Abonnement à la plate-forme de précision: 2,1 millions de dollars
• Abonnement d'analyse des données: 1,2 million de dollars
• Abonnement des services d'intégration: 1,0 million de dollars

Services professionnels et frais de mise en œuvre

Les revenus des services professionnels pour 2022 ont totalisé 6,5 millions de dollars.

Type de service	Revenus (2022)
Implémentation initiale du système	4,2 millions de dollars
Services de configuration personnalisés	2,3 millions de dollars

Services de conseil et de support technique

Les services de soutien technique et de conseil ont généré 3,8 millions de dollars de revenus en 2022.

• Services de conseil en culture: 2,1 millions de dollars
• Contrats de support technique: 1,7 million de dollars

Contrats de maintenance et de mise à niveau en cours

Les contrats de maintenance et de mise à niveau ont contribué à 5,2 millions de dollars aux revenus d'Agrify en 2022.

Type de contrat	Revenus (2022)
Accords de maintenance annuels	3,6 millions de dollars
Contrats de mise à niveau de la technologie	1,6 million de dollars

Agrify Corporation (AGFY) - Canvas Business Model: Value Propositions

The core value Agrify Corporation now delivers is a strategic, two-pronged approach: high-growth, asset-light consumer brands and specialized B2B extraction technology. This pivot, cemented by the sale of the capital-intensive cultivation business in January 2025, has shifted the company's focus entirely to higher-margin revenue streams.

Here's the quick math: in the third quarter of 2025, the new Hemp-Derived Products segment drove $3.51 million in revenue, which is the engine for the consumer-facing value propositions. That's a massive sequential jump, so the strategy is defintely working to drive top-line growth.

For Consumers: Federally Compliant, Hemp-Derived THC Beverages (Regulatory Arbitrage)

You get a federally compliant, psychoactive alternative to alcohol, which is a game-changer for access. Agrify Corporation's flagship Señorita brand, a hemp-derived Delta 9 THC (HD9) beverage, bypasses most state-specific cannabis regulations because its THC content is below the 0.3% threshold.

This regulatory arbitrage allows for broader distribution across state lines and online direct-to-consumer sales, which traditional cannabis cannot touch. The US cannabis beverage market is valued at approximately $1.45 billion in 2025, and this strategy positions Agrify Corporation to capture a piece of that high-growth pie.

The company is already executing on this, securing an exclusive partnership with Chicago's Salt Shed music venue in January 2025, which anticipates an audience of over 600,000 music fans for the year.

For Licensees: Established, Recognized Cannabis Brand IP (e.g., RYTHM) for Local Markets

For licensed cannabis operators (licensees) in state-regulated markets, Agrify Corporation offers instant brand equity. They acquired major brand intellectual property (IP) like RYTHM and Dogwalkers in August 2025. Instead of building a brand from scratch, local multi-state operators (MSOs) can license these established, recognized names to sell products in their specific state. This is a much faster path to market.

This brand licensing model generates a high-margin, recurring revenue stream for Agrify Corporation. In Q3 2025, the Brand Licensing and Royalty Revenue segment contributed $532,000 to the top line. That's pure margin gold, which is why this value proposition is so important.

For Investors: Asset-Light Model with High-Margin Brand Licensing Revenue

The value proposition for you, the investor, is a leaner, more scalable business model. Agrify Corporation shed the high fixed costs and substantial debt associated with the Vertical Farming Unit (VFU) and Total Turn-Key (TTK) cultivation projects by selling that business in January 2025.

The new model is asset-light, focusing on intellectual property and brand management, not capital-intensive hardware. This shift is reflected in the company's liquidity, with a cash balance of $35.6 million as of September 30, 2025, providing a necessary runway for the new strategy.

The market is clearly reacting to the new focus, with the company's market capitalization standing at approximately $94.36 Million USD as of November 2025.

• Shed capital-intensive hardware and debt.
• Focus on high-margin IP licensing and brand distribution.
• Cash balance of $35.6 million provides operational flexibility.

For Processors: Comprehensive, Specialized Cannabis and Hemp Extraction Equipment

Agrify Corporation continues to provide value to cannabis and hemp processors through its specialized B2B extraction equipment portfolio. This includes comprehensive systems for hydrocarbon, ethanol, solventless, and post-processing extraction.

The value here is in maximizing concentrate quantity and quality for their customers. The extraction division was a key reason Green Thumb Industries Inc. secured up to $20 million in new convertible note financing for the company in late 2024 and early 2025. This B2B equipment is a stable, high-value offering that complements the new consumer-facing brand strategy.

Access to a High-Growth, Fragmented Alternative Beverage Market

The company provides a direct, branded entry point into the rapidly expanding market for THC-infused libations. Analysts project the THC-infused libation industry will expand with a Compound Annual Growth Rate (CAGR) of 19.2% for the rest of the decade. This is a fragmented market, which means there is a significant opportunity for a well-branded, federally compliant product like Señorita to gain market share quickly.

This market is growing because consumers are actively seeking alcohol alternatives that offer a low-calorie, hangover-free experience. Agrify Corporation is positioned to capitalize on this secular trend in consumer behavior.

Value Proposition Segment	Key Offering and 2025 Metric	Strategic Value to Customer/Investor
Consumers	Señorita HD9 Beverages (Hemp-Derived THC)	Federally compliant access to THC; alcohol alternative; available online and in 9 states.
Licensees	Licensed Brand IP (e.g., RYTHM, Dogwalkers)	Instant brand equity for state-level cannabis markets; $532,000 in Q3 2025 Brand Licensing Revenue.
Investors	Asset-Light Business Model	Higher margins, lower capital expenditure; cash balance of $35.6 million (Q3 2025).
Processors	Specialized Extraction Equipment (e.g., PX-30)	Maximizes concentrate quality and yield; supported by Green Thumb Industries' $20 million financing.
Market Access	Alternative Beverage Market Entry	Taps a market valued at $1.45 billion in 2025 with a projected 19.2% CAGR.

Agrify Corporation (AGFY) - Canvas Business Model: Customer Relationships

The Customer Relationship strategy for Agrify Corporation is undergoing a radical shift in late 2025, moving from a high-touch, long-term B2B equipment model to a dual-focus approach: automated direct-to-consumer (DTC) sales for branded products and a new, high-value brand licensing relationship with a major multi-state operator.

This pivot is financially clear: the new Hemp-Derived Products segment drove approximately $3.51 million of the company's roughly $4.04 million in total revenue for the third quarter of 2025 (Q3 2025). The old B2B model is being replaced by scalable, recurring licensing revenue.

Automated and personalized online direct-to-consumer (DTC) sales

The primary customer relationship for the core Hemp-Derived THC (HD9) beverage business is automated and low-cost, focusing on scale and reach. This model is built around the Señorita brand, which Agrify Corporation acquired in late 2024.

Customers acquire the product through an efficient, self-service online channel, or via retail partners in the 9 states where the product is currently available. The relationship is transactional but is personalized through targeted digital marketing and product-level engagement to drive repeat purchases.

• Acquire new customers via digital advertising and social media campaigns.
• Retain customers through automated email marketing and loyalty programs.
• Boost sales by offering the Señorita THC Margarita and other flavors directly online.

High-touch, long-term licensing relationships with major cannabis operators

Agrify Corporation has established a new, high-value, long-term licensing relationship that generates a recurring revenue stream with minimal operational overhead. This is a strategic relationship, not a transactional one, and focuses on intellectual property (IP) management.

The key example is the August 27, 2025, deal where Agrify acquired a portfolio of cannabis brand IP-including RYTHM, Dogwalkers, and Beboe-from Green Thumb Industries Inc. for $50 million. Concurrently, Agrify licensed the IP back to Green Thumb Industries Inc. (GTI Core, LLC) for manufacturing and distribution.

Here's the quick math: Agrify's relationship with Green Thumb Industries Inc. is now structured to deliver a predictable, sales-based revenue stream.

Relationship Component	Details	Financial Basis
Acquisition Value (IP)	RYTHM, Dogwalkers, Beboe, etc.	US$50 million (via convertible note)
Licensing Fee Structure	Trademark and Recipe License Agreement	Monthly license fee, payable in cash, based on sales of licensed products.
Operational Commitment	Agrify manages IP; Green Thumb Industries Inc. handles manufacturing/distribution.	Low operational cost for Agrify, high-touch account management for the partner.

Brand-building through experiential marketing and venue partnerships

To drive brand awareness and trial for its consumer products, Agrify Corporation is using experiential marketing (marketing that focuses on creating memorable experiences for customers) through exclusive venue partnerships. This is a critical strategy to move the Señorita brand into the mainstream.

The company secured an exclusive partnership on January 11, 2025, to sell its hemp-derived THC beverages at The Salt Shed, a major Chicago music venue. This partnership is defintely high-visibility, positioning the product as an alternative to alcohol for a large consumer base.

This single venue partnership targets an audience of over 600,000 music fans anticipated for the year, providing a direct, high-volume environment for product sampling and brand-building. The goal is to build brand equity before the customer moves to the automated DTC channel.

Dedicated B2B sales and account management for extraction equipment clients

While Agrify Corporation sold its cultivation business in January 2025, it retains a legacy B2B relationship model through its extraction equipment division. This is a high-touch sales process that involves technical consulting and dedicated account management, but its future is uncertain as the company explores alternatives for the business segment.

The relationship is defined by providing a full-service, turnkey solution (Agrify Total Turn-Key Solution), not just selling a box. For example, a 2024 deal with Grotech Farms LLC involved a $500K Turnkey Hydrocarbon Extraction and Lab Equipment Package, including the PX10 Hydrocarbon Extractor and a UL-Compliant C1D1 Explosion Proof Room. This requires deep, long-term technical support and account oversight.

• Provide technical consulting on complex extraction lab build-outs.
• Offer dedicated account management for large-scale equipment purchases.
• Support compliance and installation of specialized equipment like C1D1 rooms.

Agrify Corporation (AGFY) - Canvas Business Model: Channels

You need to understand that Agrify Corporation's channels have fundamentally shifted from a B2B hardware focus to a multi-pronged consumer-packaged goods (CPG) distribution model, plus a high-value brand licensing structure. This pivot, finalized in 2025, is why the Q3 2025 revenue from continuing operations hit approximately $4.04 million, driven overwhelmingly by the new brand strategy. It's a hybrid approach now, balancing direct consumer sales with major partner distribution.

Direct-to-consumer e-commerce platform

The direct-to-consumer (D2C) channel is critical for establishing the Señorita brand's presence and controlling the customer experience, especially in the fragmented hemp-derived THC (HD9) market. Agrify Corporation uses the dedicated e-commerce platform, `www.senoritadrinks.com`, to sell products like the Señorita THC Margaritas.

This channel bypasses traditional, state-regulated cannabis dispensaries, allowing for sales in nine states as of early 2025 where hemp-derived products are legal. Honestly, this D2C channel is the fastest way to scale a consumer brand when you're dealing with a patchwork of state laws.

Traditional retail, grocery, and convenience store distribution networks

The primary volume driver for the Señorita brand is the traditional retail channel, treating the hemp-derived THC beverage as a standard CPG item. This is a massive shift from the old vertical farming unit (VFU) model.

The $3.51 million in Hemp-Derived Products revenue for Q3 2025-which represents the vast majority of the company's top line-comes largely from moving product through third-party distributors into grocery, convenience, and liquor stores. This retail push is defintely where the company is spending its capital, aiming to get Señorita onto shelves right next to non-alcoholic beers and seltzers.

Exclusive on-premise partnerships

Agrify Corporation strategically uses exclusive on-premise partnerships to build brand awareness and drive trial in high-traffic, social settings. This is pure marketing disguised as a sales channel.

A concrete example is the January 2025 partnership with the Chicago music venue, The Salt Shed, where Señorita became the exclusive partner for hemp-derived THC beverages at the venue bars. This kind of deal puts the product directly into the hands of the target consumer, positioning it as a premium alcohol alternative.

B2B sales force for high-value extraction equipment

While the cultivation hardware business was sold in January 2025, Agrify Corporation retained its extraction solutions portfolio, which is sold through a dedicated B2B sales force. This channel targets licensed cannabis and hemp producers, processors, and labs.

These are high-value, complex sales requiring a specialized team. Here's the quick math: with Q3 2025 continuing operations revenue at $4.04 million and Hemp-Derived Products revenue at $3.51 million, the remaining revenue of approximately $0.53 million is primarily attributable to the sale of this specialized extraction equipment and related services. This channel provides a necessary, albeit smaller, revenue stream from the company's legacy technology expertise.

Licensed manufacturing and distribution by partners like Green Thumb Industries Inc. (GTI)

This is the newest and arguably most strategic channel, creating a high-margin, recurring revenue stream. In August 2025, Agrify Corporation (which changed its name to RYTHM, Inc. in September 2025) acquired a portfolio of brand intellectual properties (IPs)-including RYTHM, Dogwalkers, and Beboe-from Green Thumb Industries Inc. (GTI) for $50 million.

Immediately, Agrify Corporation licensed these brands back to GTI for manufacturing and distribution across GTI's extensive multi-state operator (MSO) network. This is a pure licensing channel, where Agrify receives a monthly license fee, payable in cash, based on sales of products using the licensed IP. GTI, which owns 35% of Agrify's common stock, acts as a powerful, built-in distribution partner for the newly acquired brands.

Channel Type	Product/Service	Q3 2025 Revenue Contribution (Est.)	Primary Function
Direct-to-Consumer (D2C)	Señorita HD9 Beverages	Embedded in the $3.51 million CPG figure	Market penetration, brand building, and direct customer data collection.
Traditional Retail & Grocery	Señorita HD9 Beverages	Bulk of the $3.51 million CPG figure	Volume sales and broad market accessibility via third-party distributors.
Exclusive On-Premise	Señorita HD9 Beverages	Minor, but high-visibility sales	Brand positioning as an alcohol alternative (e.g., The Salt Shed venue).
B2B Sales Force	Extraction Equipment & Services	Approximately $0.53 million	High-value, complex sales to licensed cannabis/hemp processors.
Licensed Distribution	RYTHM, Dogwalkers, Beboe, etc. Brand IP	Future recurring license fees (post-August 2025)	High-margin, recurring revenue via GTI's MSO manufacturing and distribution network.

Agrify Corporation (AGFY) - Canvas Business Model: Customer Segments

You're looking at a company that has fundamentally changed its customer focus in 2025, so the old cultivation hardware customers are gone. The new strategy is a hybrid model: a consumer packaged goods (CPG) business driving the top line, plus a high-tech business-to-business (B2B) equipment segment still generating revenue. Honestly, the CPG side is where the action-and the majority of the money-is right now.

Here's the quick math: Agrify Corporation's total revenue from continuing operations in the third quarter of 2025 (Q3 2025) was approximately $4.04 million. The new consumer-facing products accounted for the vast majority of that figure, showing a decisive shift in who the company is built to serve.

US adult-use consumers seeking low-dose, hemp-derived THC beverages.

This is Agrify Corporation's largest and most immediate customer segment, served primarily through the Señorita brand of hemp-derived THC Delta 9 (HD9) beverages. These consumers are looking for a low-calorie, low-sugar, all-natural alternative to alcohol, and they are typically located in states where recreational cannabis is not yet fully legalized, but HD9 products are permitted under the 2018 Farm Bill.

The success of this pivot is defintely clear in the Q3 2025 financials, where revenue from Hemp-Derived Products reached $3.51 million. This customer base is expanding rapidly, driving a 98% sequential revenue surge from Q2 2025 to Q3 2025. The Señorita brand is currently available in nine U.S. states, plus Canada, with a major distribution push underway to over 1,000 Circle K stores.

• Seeking alcohol alternatives (hangover-free, low-calorie).
• Located in HD9-friendly states, expanding access.
• Targeted by the flagship Señorita THC Margarita (e.g., Mango, Paloma, Lime Jalapeño).

Multi-state cannabis operators (MSOs) and licensed producers who need brand IP.

This segment represents a high-margin, B2B licensing model following the acquisition of a significant brand portfolio, including RYTHM, Dogwalkers, and Beboe. Agrify Corporation acts as a brand owner, licensing its intellectual property (IP) to MSOs, who then handle the manufacturing and distribution within their respective state-legal cannabis markets.

This is a strategic, capital-light revenue stream, and it generated $532,000 in Brand Licensing and Royalty Revenue in Q3 2025. The key relationship here is with Green Thumb Industries Inc., which is a major investor and partner in this new model, providing a clear path for brand penetration into regulated state markets.

Cannabis and hemp processors requiring specialized extraction equipment.

Despite the strategic pivot away from cultivation hardware, Agrify Corporation maintains its Extraction Solutions Portfolio, which serves licensed cannabis and hemp processors. These customers are B2B entities that require high-tech systems for converting biomass into concentrates, oils, and distillates-the raw materials for products like the Señorita beverages and other licensed brands.

The portfolio is comprehensive, covering hydrocarbon, ethanol, solventless, and post-processing extraction equipment. While the company's Q3 2025 revenue heavily favors the CPG segment, the extraction division remains a core part of its value proposition to the industry, providing essential tools to maximize concentrate quantity and quality.

Retail and hospitality venues looking for exclusive beverage partnerships.

This is a critical channel strategy that treats venues as a distinct customer segment, aiming for exclusive, high-visibility distribution points. The goal is to drive brand awareness and direct sales of the HD9 beverages in an on-premises setting, positioning them as a premium alcohol alternative.

A concrete example is the exclusive partnership with The Salt Shed, a major music venue in Chicago, which began in January 2025. This single partnership is anticipated to expose the Señorita brand to over 600,000 music fans annually, demonstrating the value of this customer segment for brand building and volume sales.

Customer Segment	Primary Offering	Q3 2025 Revenue Contribution	Key Actionable Insight
US Adult-Use Consumers	Señorita HD9 Beverages	$3.51 million	The core growth engine; focus is on expanding retail distribution (e.g., Circle K) and new flavors.
MSOs & Licensed Producers	Brand Licensing & IP (RYTHM, Beboe)	$532,000	High-margin, recurring revenue stream; success is tied to MSO partner's execution in state-legal markets.
Cannabis & Hemp Processors	Extraction Solutions Portfolio	Residual/Minimal in Q3 2025 (Focus shifted)	B2B equipment sales; long-term value in maximizing concentrate quality for the entire industry.
Retail & Hospitality Venues	Exclusive Beverage Partnerships	Indirectly via CPG Revenue	Critical for brand building and high-volume, on-premises consumption (e.g., The Salt Shed partnership).

Agrify Corporation (AGFY) - Canvas Business Model: Cost Structure

You're looking at Agrify Corporation's (AGFY) cost structure and, honestly, it tells the story of a high-stakes strategic pivot. The direct takeaway is this: the cost base is still too heavy for the current revenue scale, even after divesting the legacy cultivation business, which is why the operating loss remains significant. The focus is now on creating a high-margin, brand-centric model to drive operating leverage (the rate at which profit grows faster than costs).

Operating Loss from Continuing Operations

The most critical number to focus on is the operating loss. For the third quarter of 2025 (Q3 2025), Agrify Corporation reported an operating loss from continuing operations of $8.9 million. This is the clearest sign that, despite a 98% sequential revenue surge in the quarter, the fixed and semi-fixed costs are still overwhelming the top line. The company is essentially burning cash to fund its transition to a branded consumer packaged goods (CPG) platform.

Here's the quick math: the Q3 2025 revenue was approximately $4.04 million, meaning the operating expenses were more than three times the revenue. This is a classic scaling challenge for a company in a sharp transition.

Selling, General, and Administrative (SG&A) Expenses

Selling, General, and Administrative (SG&A) expenses are the primary driver of the company's high fixed costs, even after management's cost-cutting efforts. For the fiscal year 2024, SG&A was $12.31 million, a reduction from $16.06 million in 2023. This reduction came from cuts in salaries, stock-based compensation, and consulting fees.

Still, the cost remains substantial as the company builds out its new CPG sales and distribution network. For the six months ended June 30, 2025, SG&A expenses were $11.271 million. This suggests the annualized 2025 SG&A will likely exceed the 2024 figure as they ramp up marketing for the new brands.

The SG&A cost is now heavily weighted toward brand building and distribution setup:

• Marketing and advertising for the Señorita brand.
• Salaries and commissions for the new sales team.
• Administrative overhead for SEC compliance and corporate functions.

Cost of Goods Sold (COGS) for Branded Beverage Manufacturing and Distribution

The Cost of Goods Sold (COGS) reflects the direct costs of producing and distributing the hemp-derived products, such as Señorita THC Margaritas. The shift to a brand-centric model is intended to minimize this cost relative to revenue, especially from the licensing stream.

For the three months ended June 30, 2025, the COGS for continuing operations was $1.36 million. This is a critical metric to watch, as the new strategy relies on maintaining a low COGS on the licensing side to drive high gross margins.

The cost structure is dual-natured now:

• Higher COGS for direct sales of manufactured products (like the beverages).
• Minimal COGS for brand licensing and royalty revenue, which is nearly pure profit.

Research and Development (R&D) for New Product Formulations

Agrify Corporation's R&D expenditure has been significantly curtailed as the company shifted away from capital-intensive cultivation technology. R&D for the fiscal year 2024 was only $0.74 million, a sharp decrease from $2.30 million in the previous year.

The R&D focus has moved from hardware innovation (Vertical Farming Units) to formulation science for the branded beverages and other consumer products. This is a defintely smaller, more targeted investment, reflecting the CPG model's priority on marketing over deep-tech development.

Brand IP Acquisition and Maintenance Costs

A major one-time cost was the strategic realignment itself. The company sold its legacy Cultivation business on December 31, 2024, resulting in a loss on disposal of $11.9 million in the fourth quarter of 2024. This is the cost of shedding the old, capital-intensive model to finance the new brand strategy.

The new cost base includes the amortization and maintenance of new brand IP, such as the Señorita brand, which was acquired in December 2024. While the exact maintenance cost is not itemized, the value of the new licensing revenue stream-which totaled $532,000 in Q3 2025-shows the high-margin return on the brand investment.

The ongoing costs are tied to protecting the brand equity:

• Legal fees for trademark and intellectual property (IP) defense.
• Contractual royalty payments for licensed brands (e.g., RYTHM, Dogwalkers, Beboe).
• Marketing spend to maintain brand relevance and consumer awareness.

To summarize the cost structure for continuing operations, here is a breakdown of key expenses for the most recent periods:

Cost Component	Period	Amount (in millions)	Commentary
Operating Loss from Continuing Operations	Q3 2025	$8.9	Indicates cost base is still too high relative to new revenue scale.
Selling, General, and Administrative (SG&A)	6 Months Ended June 30, 2025	$11.271	High costs reflect investment in CPG sales, marketing, and distribution.
Cost of Goods Sold (COGS)	3 Months Ended June 30, 2025	$1.36	Direct cost of manufacturing and distributing hemp-derived products.
Research and Development (R&D)	Fiscal Year 2024	$0.74	Significantly reduced, now focused on product formulation, not hardware.
Loss on Disposal of Cultivation Business (Contextual Cost)	Q4 2024	$11.9	One-time cost of the strategic pivot to the brand-centric model.

The next step for management is clear: Finance needs to draft a 13-week cash view by Friday to ensure the current cash runway of $35.6 million (as of September 30, 2025) is sufficient to cover these operating losses until the new CPG revenue streams achieve scale and generate positive operating cash flow.

Agrify Corporation (AGFY) - Canvas Business Model: Revenue Streams

Direct sales of hemp-derived products, which generated $3.51 million in Q3 2025

You're looking at a company that has fundamentally changed how it makes money, and the numbers show it. Agrify Corporation's primary revenue stream now comes from the direct sale of consumer-facing products, specifically hemp-derived THC beverages like Señorita THC Margaritas. This is a high-volume, quick-turn consumer packaged goods (CPG) model, which is a massive shift from their old capital-equipment focus.

In the third quarter of 2025 (Q3 2025), this segment generated $3.51 million in revenue from continuing operations. Honestly, this revenue stream is the engine of the new model, driving the vast majority of the top line. It is a clear action: sell products directly to consumers where the regulatory environment allows for hemp-derived cannabinoids.

Brand licensing and royalty fees, totaling $532,000 in Q3 2025

This is where the high-margin opportunity lies. The company is actively monetizing its intellectual property (IP) through brand licensing and royalty agreements, a much less capital-intensive model than building out cultivation facilities. This stream is derived from licensing acquired brand IP, including names like RYTHM, Dogwalkers, and Beboe, for manufacture and distribution by third parties.

The licensing and royalty fees totaled $532,000 in Q3 2025, a crucial, high-margin contribution to the overall revenue mix. This stream typically carries minimal Cost of Goods Sold (COGS), so it's a direct path to improved profitability over time. The new model is defintely focused on recurring, high-margin licensing fees.

Sales and service of specialized cannabis and hemp extraction equipment

To be fair, Agrify Corporation's history is rooted in technology, including extraction equipment. However, the strategic pivot has effectively sidelined this revenue stream in the continuing operations for late 2025. The company sold its capital-intensive cultivation business (Vertical Farming Units, or VFUs) in late 2024, and while the extraction business is still being explored for alternatives, its contribution to the core, continuing revenue is now negligible.

Here's the quick math: the total revenue from continuing operations in Q3 2025 is almost entirely accounted for by the two branded product streams, leaving no material revenue from equipment sales or service in the continuing business. This is a key point for investors: the old hardware model is gone.

Total revenue from continuing operations was approximately $4.04 million in Q3 2025

The total revenue from continuing operations for the quarter ended September 30, 2025, was approximately $4.04 million. This figure represents a massive sequential jump from the prior quarter, but it also clearly maps the new revenue focus.

You can see the clear breakdown of where the money is coming from:

Revenue Stream (Q3 2025)	Amount (in Millions USD)	Percentage of Total Revenue
Direct Sales of Hemp-Derived Products	$3.51 million	86.9%
Brand Licensing and Royalty Fees	$0.532 million	13.1%
Extraction/Equipment Sales & Service (Continuing Ops)	Negligible / Immaterial	~0.0%
Total Revenue from Continuing Operations	$4.04 million	100.0%

The revenue base is now simpler and centered on consumer brands. That's a huge operational change.

The new model is defintely focused on recurring, high-margin licensing fees

The strategic shift is all about moving from a capital-intensive, hardware-based business to an asset-light, brand-centric one. The goal is to maximize the percentage of revenue derived from licensing, which is a recurring, high-margin stream.

• Maximize licensing revenue: The $532,000 in Q3 2025 is just the start of this focus.
• Reduce capital expenditure: Licensing requires far less upfront cash than manufacturing vertical farming units.
• Increase gross margin: Licensing fees have a minimal Cost of Goods Sold (COGS), boosting overall profitability.

The action for management is clear: acquire and license more consumer-facing brands to grow that recurring revenue component, moving the company closer to sustainable profitability.