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VANCOUVER, British Columbia - AgriForce Growing Systems Ltd. (NASDAQ: AGRI), a micro-cap company with a market value of $2.19 million specializing in ag-tech and digital infrastructure, has announced the completion of a significant expansion of its cryptocurrency mining operations. According to InvestingPro analysis, the company’s shares are currently trading below their Fair Value, despite facing significant challenges with cash burn and weak gross profit margins. Yesterday, the company finalized the purchase of 500 S19j Pro Antminers, which are slated to be fully installed at its second Ohio facility by May 9, 2025. This addition is expected to bring the site’s total hash rate to 130 PH/s, marking a 63% increase from its current capacity. The expansion comes as the company’s stock has experienced a dramatic 91.73% decline over the past year, though analysts project substantial revenue growth of over 5,000% for fiscal year 2025.
The Ohio sites will join the company’s Alberta facility, which is already operating at full capacity. The Alberta site boasts a lineup of ASIC miners, including 81 Bitmain S19k Pro 120T, 50 Bitmain S21 XP 270T, and 120 Bitmain S19j Pro 100T Antminers, contributing to a hash rate of 33.62 PH/s. With the Ohio installation, AgriForce’s combined hash rate across all three facilities will reach an estimated 166.62 PH/s.
AgriForce’s CEO, Jolie Kahn, expressed excitement about the expansion, emphasizing the company’s strategic approach to growth. "This has been a dynamic and wild ride, given that we energized our first mining opportunity during Thanksgiving Weekend 2024," said Kahn. She highlighted the company’s focus on small, economically advantageous opportunities, particularly those involving stranded natural gas for power, as key to their operational strategy.
Kahn also mentioned the company’s dedication to increasing shareholder value by rapidly and strategically capitalizing on niche opportunities that larger industry players may overlook. Looking ahead, AgriForce plans to introduce agricultural co-location projects and continue expanding its mining operations. However, with a current ratio of 0.3 and an overall weak financial health score, investors should carefully monitor the company’s execution capability. For deeper insights into AgriForce’s financial metrics and growth potential, InvestingPro subscribers have access to over 15 additional ProTips and comprehensive financial analysis tools.
AgriForce Growing Systems Ltd. positions itself as a forward-thinking company addressing challenges in agriculture, sustainability, and environmental stewardship through advanced technologies and innovative business models. This latest expansion reflects the company’s commitment to leveraging cutting-edge technology and energy-efficient operations for sustainable returns.
The information provided in this article is based on a press release statement from AgriForce Growing Systems Ltd.
In other recent news, AgriFORCE Growing Systems Ltd. has completed the optimization of its Bitcoin mining facility in Sturgeon, Alberta, achieving a total hash rate of 35.22 petahashes per second. This advancement is part of AgriFORCE’s strategy to enhance its digital asset infrastructure. Furthermore, the company has been granted a U.S. patent for a new crop protection system that generates hydroxyl radicals without chemicals, developed by its Radical Clean Solutions division. This technology aims to reduce mold and viruses in agriculture, potentially extending the shelf life of produce.
AgriFORCE has also expanded its operations with the development of three new Bitcoin mining sites, including two in Ohio and one in Alberta, collectively achieving a capacity of 5 megawatts. This expansion represents a significant increase in hashrate since the launch of the Sturgeon facility. Additionally, the company acquired a 5 MW Bitcoin mining facility in Columbiana County, Ohio, for $4.5 million. This facility operates over 900 mining units and aligns with AgriFORCE’s sustainable energy initiatives by utilizing natural gas flare energy.
The acquisition was funded by an initial $7 million from a secured financing facility of up to $50 million from institutional investors. CEO Jolie Kahn expressed confidence in the company’s growth trajectory, highlighting the integration of sustainable energy and agricultural practices. The company’s strategic moves aim to set a new standard for profitability and environmental responsibility in the digital asset ecosystem.
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