AgriFORCE Growing Systems Ltd. (AgriFORCE) reported its financial performance for the quarter ended March 31, 2024, with a net loss of $3.3 million, compared to a net loss of $1.7 million for the same period in 2023. The company's accumulated deficit reached $47.8 million. Operating expenses decreased by 52% year-on-year, primarily due to reduced professional fees, consulting, and wages, as well as a significant decrease in share-based compensation. Other expenses decreased due to a smaller change in the fair value of derivative liabilities and a reduction in accretion interest on debentures. AgriFORCE's business development efforts included the launch of UN(THINK) Awakened Flour™ and the commercialization of hydroxyl devices for controlled environment agriculture (CEA) and food manufacturing. The company also focused on...Show More

AgriFORCE Growing Systems Ltd. (AgriFORCE) reported its financial performance for the quarter ended March 31, 2024, with a net loss of $3.3 million, compared to a net loss of $1.7 million for the same period in 2023. The company's accumulated deficit reached $47.8 million. Operating expenses decreased by 52% year-on-year, primarily due to reduced professional fees, consulting, and wages, as well as a significant decrease in share-based compensation. Other expenses decreased due to a smaller change in the fair value of derivative liabilities and a reduction in accretion interest on debentures. AgriFORCE's business development efforts included the launch of UN(THINK) Awakened Flour™ and the commercialization of hydroxyl devices for controlled environment agriculture (CEA) and food manufacturing. The company also focused on integrating blockchain and artificial intelligence into FinTech systems for commercial farmers. Looking ahead, AgriFORCE plans to expand its distribution network for hydroxyl devices into Latin America and Asia, and continue the commercialization of its proprietary facility design and automation intellectual property through licensing and joint ventures. The company is also exploring opportunities to utilize its technology in various environmental conditions and is evaluating accretive merger and acquisition opportunities to complement its existing business.