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VANCOUVER - AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI), a company specializing in agriculture and technology with a current market capitalization of $3.35 million, has recently reported significant growth in its operations. According to InvestingPro analysis, the stock appears undervalued compared to its Fair Value, despite experiencing significant volatility with a 92.55% decline over the past year. The company, known for its sustainability focus, has made notable strides in the digital asset mining sector with the development of three sites—two in Ohio and one in Alberta—achieving a combined capacity of 5 megawatts (MW). InvestingPro data reveals that while the company’s expansion is ambitious, it maintains a relatively strong balance sheet with more cash than debt, though its overall financial health score stands at a concerning 1.24, labeled as "WEAK" by analysts.
The firm’s facilities have reached substantial mining metrics, with a collective hashrate of 18 petahashes per second (PH/s) and a bitcoin production rate of approximately 0.057 BTC per day. The company operates a total of 1,120 miners and boasts an energy cost of $0.04 per kilowatt-hour (kWh), with a recorded uptime that only includes one outage day since November 30, 2024.
This expansion represents more than a 600% increase in hashrate since the launch of the Sturgeon, Alberta, facility, positioning AgriFORCE as a growing force in the cryptocurrency mining industry.
In addition to its operational achievements, AgriFORCE has made strategic acquisitions to enhance its growth. The company purchased a 5 MW bitcoin mining facility in Columbiana County, Ohio, for $4.5 million. This facility, which operates over 900 bitcoin mining units with the potential for expansion, is powered by natural gas flare energy, a move that aligns with the company’s sustainable energy initiatives.
AgriFORCE has also secured a first tranche of up to $50 million in financing from institutional investors, with an initial $7 million used to fund its recent acquisitions. While CEO Jolie Kahn expressed confidence in the company’s growth trajectory and its innovative approach, highlighting the integration of sustainable energy and agricultural practices, analysts project remarkable revenue growth of over 14,700% for the current fiscal year, though profitability remains a concern. For deeper insights into AgriFORCE’s financial outlook and access to over 15 additional ProTips, consider subscribing to InvestingPro.
The company’s vision for transformative growth includes further acquisitions and operational expansion, supported by the secured financing. AgriFORCE aims to continue integrating bitcoin mining with sustainable agricultural practices, setting a new standard for profitability and environmental responsibility in the digital asset ecosystem.
The information in this article is based on a press release statement from AgriFORCE Growing Systems Ltd.
In other recent news, AgriFORCE Growing Systems Ltd. has been making significant strides in its business operations. The company recently acquired a 5 MW bitcoin mining facility in Columbiana County, Ohio for $4.5 million, which is currently operational with over 900 bitcoin mining units. The facility operates on energy derived from flare natural gas, aligning with AgriFORCE’s commitment to sustainability.
In addition to the Ohio facility, AgriFORCE has also signed a Letter of Intent to acquire a Bitcoin mining facility in Alberta, Canada. This facility utilizes sustainable energy sources and has a 1.2MW capacity. Both acquisitions are part of AgriFORCE’s strategy to integrate sustainable energy and advanced data operations into its business model.
In terms of corporate actions, the company has declared a reverse stock split, consolidating every one hundred outstanding shares into a single share. This move is aimed at ensuring compliance with the Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share.
Finally, during its recent annual stockholders meeting, shareholders voted on several undisclosed proposals, which the company stated were approved. These recent developments underscore AgriFORCE’s active engagement in strategic growth initiatives and its commitment to maintaining compliance with stock exchange regulations.
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