AgriFORCE Growing Systems Ltd. reported a revenue of $344,416 for the three months ended March 31, 2025, a significant increase from zero revenue in the same period last year. The company attributed this growth to its entry into the sustainable Bitcoin mining industry and the sale of hydroxyl generating devices. The gross profit for the quarter was $79,023, while the net loss narrowed to $145,455 compared to a loss of $3,327,700 in the prior year. This improvement reflects a decrease in operating expenses, which rose to $2,145,590 from $1,346,831, primarily due to increased wages and research and development costs.
The company’s total assets increased to $16.8 million as of March 31, 2025, up from $10.8 million at the end of 2024. This growth was driven by the acquisition of assets from Radical Clean Solutions and two Bitcoin mining facilities in Alberta and Ohio, which were completed in late 2024 and early 2025. The company’s cash position also improved, with cash holdings rising to $1.35 million from $489,868 at the end of the previous fiscal year.
Operationally, AgriFORCE has expanded its Bitcoin mining capabilities, now operating three facilities with a total of 1,120 BITMAIN Antminer S19j units. The company reported that it produced approximately one Bitcoin per month from its Bald Eagle facility. Additionally, the company has begun to commercialize its hydroxyl generating devices, with sales initiated in Mexico and plans to expand into other markets. The company’s workforce has also grown, with an increase in employee headcount to support its expanding operations.
The filing indicates that AgriFORCE is focused on leveraging its proprietary technologies across multiple industries, including agriculture and clean energy. The company plans to continue seeking additional capital to fund its operations and growth initiatives, including potential further acquisitions. However, management expressed concerns regarding its ability to continue as a going concern, highlighting the need for additional financing to support ongoing operations and development.
Looking ahead, AgriFORCE aims to enhance its product offerings and expand its market presence, particularly in the sustainable agriculture and Bitcoin mining sectors. The company is also exploring opportunities to integrate blockchain technology into its operations, which it believes will enhance efficiency and profitability. The management remains optimistic about the future, contingent on securing necessary funding and successfully executing its strategic initiatives.
About AGRIFORCE GROWING SYSTEMS LTD.
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