Reports Q2 revenue $5.1M vs. $19.3M last year. “As described in our prior earnings release, the four key priorities for the Company are restructuring our balance sheet, reducing our costs and headcount, improving our product offerings, and getting our key products CE-certified for international markets,” said Raymond Chang, CEO at Agrify. “In the second quarter, we continued to reduce our operating costs and headcount. Our total operating expenses were reduced by 31%, from $8.6 million in Q1 2023 to $5.9 million in Q2 2023. The total headcount has also been reduced by 55%, from 190 to 85 on June 30, 2023. As a result, our operating loss was reduced from $7.6 million in Q1 2023 to $5.3 million this quarter, a 30% sequential improvement, and net loss was reduced from $10.3 million in Q1, 2023 to $6.8 million this quarter, a 34% sequential improvement. We will continue to make focused reductions in costs and increase organizational efficiency in an effort to turn the business profitable in the shortest time possible.”
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