AgriFORCE Reports Revenue Surge to $451,955 but Faces $8.06 Million Net Loss

AgriFORCE Growing Systems Ltd. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated revenue of $451,955 for the three months ended June 30, 2025, a substantial increase from $41,315 in the same period last year. For the six months ending June 30, 2025, total revenue reached $725,209, compared to $41,315 for the same period in 2024. Despite this revenue growth, AgriFORCE recorded a net loss of $8.06 million for the quarter, up from a loss of $4.23 million in the prior year, reflecting ongoing operational challenges.

The company experienced notable changes in its financial position compared to the previous fiscal period. Total assets increased to $15.24 million as of June 30, 2025, up from $10.76 million at the end of 2024. This growth was primarily driven by the acquisition of new Bitcoin mining facilities and the expansion of digital asset holdings, which included $724,971 in digital assets as of June 30, 2025, compared to $26,282 at the end of 2024. However, total liabilities also surged to $11.18 million from $4.65 million, largely due to increased debentures and accrued liabilities.

Strategically, AgriFORCE has focused on expanding its Bitcoin mining operations, having completed multiple acquisitions, including the Bald Eagle Mining facility in Ohio and the Redwater facility in Alberta. These acquisitions have allowed the company to scale its operations significantly, with a total of 1,522 BITMAIN Antminer units now in operation. The company has also integrated sustainable energy solutions into its mining operations, aligning with its commitment to environmental stewardship. However, the company faced a setback with the Radical Clean Solutions acquisition, which it mutually agreed to return, resulting in a loss on disposal of $904,112.

Operationally, AgriFORCE's Bitcoin mining segment has shown promising growth, contributing $724,678 in revenue for the six months ended June 30, 2025. The company reported a total of 1,191 mining units operational at the Bald Eagle site, with plans for further expansion. The company’s employee headcount has also increased, reflecting its growth strategy, although specific numbers were not disclosed in the filing. The company continues to face challenges, including a working capital deficiency of $9.7 million and substantial operating losses, which raise concerns about its ability to sustain operations without additional financing.

Looking ahead, AgriFORCE anticipates the need for further capital to support its operations and growth initiatives. The company plans to seek additional financing through debt or equity offerings, although it acknowledges the uncertainty surrounding its ability to raise necessary funds. Management has expressed concerns about the company's ability to continue as a going concern, emphasizing the importance of securing additional capital to fund ongoing operations and development efforts.