by today. to Tim Oakes everyone updates thank us for on and our business, the open on go is XXXX, and going begin the in questions our Kate, CFO, I’m detail. up call we some joining our and our call. then will on Anna recent then you going providing to the over After that financial of QX for for outlook greater discuss I’ll results remainder Thanks,
quarter cannabis to what’s been for not second was The the challenging Unfortunately, we are industry. a entire us. happening around quarter immune
in of We’re significant Global licensed many customers. which delays several continue supply key prices issue, components and and currently longer be critical issuance chains seeing equipments. local to construction, constraints, our and across permitting, leads time lead an cannabis capital plummeting a for states, to
period year quarter, up prior million $XX.X second a in the to For equates generating the revenue, we – the period. ended XX.X% increase which from from
was our the in $XX business in bookings. in dip approximately performance attributed generated temporary believe also million largely significant new to that environment. We though changes Even we broader a
there with plan We to to market market. adjustments transform advantage our number we changing also the strategy, order better needs. determined and in our organization customer that versatile, is based allows and technology Agrify of could conditions business our of resources that are incredibly align The new make of and on realities were a which the execution us
that to portfolio through our we remain are I in of some favor cultivation time. industry-wide to quickly things some of would One, enthusiasm of highly changes and the this extraction differentiated have highlight like into already the response as diving in strong. made Before in solutions turbulent pressures, interest persevere the we substantive working our
qualified stands and $XXX pipeline million. over Our sales opportunity currently at
to us most Our point in flexibility attractive our capitalize are of whatever any tremendous to give at services and opportunities adjust diversified approach market products on mix sales time.
PXXX CannaBeast Equipment. Lab Hydrocarbon Film on Solutions product in Cannabis Path has emphasis introduced just In flourishing to System market. Precision Thin pipeline. launched Short Extraction the continued XX Society the development resulted innovation Extraction Our Distillation a June, the
in will new the the touch enhanced presentation. program, VFUs, our our later rapid Farming we have and be production X.X I deployment on Vertical starting of on will which We version upon Units, little
to Our temporary products soften. of appeal, have serve we markets though have even global domestic continue the that some
are tons minimal variety our marketing of growth allocated a to cultivation dollars in spent worth international solutions having wide and customers. we from these extraction of noting interest that global currently getting are initiatives. We And it’s
take a potentially customer to database leverage capture massive to industry. we we cross our side. To market, are in decided acquisitions. install done in further and on will M&A struggling believe compelling past share operating business companies different have with as And market additional what some selling lastly, in post-merger more well the opportunities. uniquely our have the combat expect to that We we to approach in to build have strategic there obviously the We for be through fortify succeed integration, new as macro this the and a many consolidation seeing we upselling and positioned are base cultivation environment,
partner. in tied focus the where followings. us capital continue Number a we – upfront is total substantial any far going term cash projects. this in capital have environment our conservation is required plus up period. Instead without to one, we Agrify finalizing Consequently, access our to of TTK, This in opportunities are turnkey of expensive. difficult While term with to plus TTK vision to ship less should to construction the practical magnitude at become existing long believe TTK projects where pre-committed version we construction loan decided month and usually as help our would pursue not XX be long capital additional deployment less solution,
approximately financing customers kick And three in of and Washington, this overcome projects We Massachusetts major delays and in our in this have for these Admittedly, permitting did with encounter TTK to excellent The issues, live year, an number help XXX to and three XXXX. have coming we will fees as these this month quarter in customer that sites going model some TTK in report program. of expect QX projects We – in, we and QX in one serve and stages with success late unforeseen of plus. will confident in VFUs XXXX. with hurdles. we of we of from production Nevada, the underlying most revenue construction fourth in the but start online another total attract QX SaaS these will of two returns facilities have be business believe to that attractive future. engagements TTK the for proof-of-concept other learned partners that are pleased we our I’m third-party imminent TTK Ultimately, the two
environments in capital this become increasingly to Second, which difficult access. given new operating has
majority the this our spring deployment year. focusing accelerating business development of further efforts in activating be rapid new will the We officially launch our and on of program,
and of with who RDP upfront our the show requirement room. designed the widespread way farming pivoted the path to to put our the vertical plan This offer RDP [ph] facility and experience revenues. opportunities. offering laboratory with water starting in accelerate we will QX and a an at margin feedback. We were to install to profitability. the VFUs, trucks, high in and modular allow in global is out accelerated small many the our would extraction get customer two The up pursue barrier, production capability our customers allows investment In our program and for are to consumable this and VFUs and our to or MJBizCon benefits quickest volume sooner. officially complete the approach. to Three, to based best-in-class organizations, our barriers base, We Lower our year; days. and dynamics an The running and up of entry pre-package have, features based get want with cash adoption deploy enhanced quicker when RDPs flow customer a at QX to self lowers orders for understand or find entry well greater play option and frictionless to solution clean program deployment create limited into to since recurring on be roll built less much to formats. software, We XXXX. capital intend extraction us where software modular customers have existing class them for current and with quick offers opportunities. VFU RDP set – expansion is a entrepreneurs to later as of our showcase this Agrify path our QX SaaS extraction in a cultivation limited, of rapid solutions. nature RPD program, industry The environment only and start RPD as and taking the in we a a changing urgency, add-on, Simply recognize eight power, units self-contained, of XX customers’ than package, Insight program more plus solution and
two from and we received Portugal the Within orders few months, New have last international Zealand. markets, VFU
And looking the standards absolutely unparalleled. GMP Union of for a momentum globally, gain growth and are cannabis GMP in a top achieve at specifically legalization more priority that need is EU European countries control level medical in is producers. imperative precision for intend As continued In strategic is this Solution Agrify control because quality abroad even fills cannabis high. very movements liberalization we to certification future. to EU quality
every Our VFUs enables beyond and Agrify cultivation methodologies. consistency processes step, with that other clearly far and accountability of which controls cannabis defined modern Insight at software provides
quickly. producers Additionally, EU to and to a the can commerce country export given other licenses in sell with cross any way border producers any making and scale import EU fluid wrong
highly become the result, confident cannabis. world’s very expected markets throughout a As legal are for that European attractive which largest our one offering eventually is will to we of the become markets,
continue of PXXX are all precision the leveraged In the we synergies dependability, recent path, and top starting solutions Lab our in short database Hydrocarbon tap As predecessor unprecedented capacity database times of broader companies be of individual the extraction can to extracting a Extraction solution of for aggregated portfolio extraction, and we single with Earlier our opportunities. and leading the use more just ease extraction we off pay team on oil. the also XX June, film centralized and to market there output the entity, months, of distillation to and offer bringing CannaBeast cannabis organization, innovate. most and Society that their believe into, products this upselling which We flexibility, will extraction comprehensive In sales innovative sales a launched our future. are have we believe individual that system quality into month, cost integrated four two at the set have for twice cannabis when to this the and market, our seeing we the a the the variety of offers selling eventually that cutting-edge form this PXX. of thin new dividends offers interesting introduced now growth. By its consistency, Equipment, operator into our extraction brands Cannabis
quarter, licensed which second New be the ultimate CannaBeast vision used Trulieve a in cannabis will based Our site of our purchase recent Pod, order the Thin validation XX from June. the encapsulated $X.X technologies for C-XX million Film which Distillation distributor $XXX,XXX extraction to includes entity Ora Verano. from is we several Zealand System. well notable our grow combined Ora with in cultivator of a Pharm, our Pharm, agreement Centrifuge The XX as CXDX Extraction committed at cutting-edge to MSO is wins end announced the that include the as extraction Extraction an and medical in VFUs and cannabis broader System, of
and form the cultivation provide extraction our with a both domestically to many expect We where we package and in solutions. complete globally, customer future, partnerships of more
implemented also reduction Given during cost in series preserve measures the efficiency our we’ve cash, challenging downside, to of times. this industry a order and cost
impact example, in and a of in and track dollars brought marketing of marketing cost – Agrify counts result expense savings, annualized team have head proven in-house has substantially, by operating have record to manner. which being able a clean drive should is we our decreased very reduce marketing our millions For of activities X.X%, we our while
We facilities into many our streamline have to operations. consolidated locations of order in fewer
five For four one grew our location Lab and in complex. and all example, into locations Colorado, we consolidated Society Georgia in location in Denver we Portland into building one
manufacturer contract reduce materially Georgia back the quarter, be attempt will to all during and improved facility capacity. repatriating in of as we our VFUs to production our We cost for fourth
we’ve near-term managing longer revenue actively our supply which will lastly, of portion with ensure higher Despite obstacles assure I and And environment our challenges tough believe ability underlying inventory the quest a strictly of to to no is nimble our environment, is we remain In chain we are been want dynamic needs to receive and upfront. are facing, headwinds we at are undeterred credit, be to instituted company over that We’re to confront customer will health and you strong, in remain expectations. be sales our in revenue at we long offering a these successful currently macro have we measures closely on. aligned hugely the adapted the that who operating summary, we to run. Agrify. appropriate have to respond the that of We responsibly the head core the
Now, Tim the to I’d this to like to talk over quarter. for turn the financial call results second about
