“This is our strongest quarter to date, with more than $3.9 million in revenue in the first quarter of the year, along with signing new customer orders for 42 modules of our indoor growing technologies,” said Tim Fernback, CFO, CubicFarms.
“Our total sales and deposits have increased to 199 modules as a result of accelerating demand for our CubicFarm and HydroGreen divisions. This backlog represents a value of over $26 million under contract that are pending manufacturing and installation.”
CubicFarms has developed fully automated technology that empowers farmers to provide independent local food access, maximize crop yields, and reduce environmental costs.
This quarter’s positive results come on the heels of last week’s announcement that CubicFarms raised $22 million in a bought deal and last month’s news that CubicFarms was honored by Fast Company magazine with a 2021 Fast Company World Changing Idea Award.
Fast Company recognized CubicFarm’s two main technologies, the CubicFarm System for growing fresh produce and the HydroGreen Grow System for growing fresh livestock feed consistently and profitably in any climate, 365 days a year.
“We’re proud of the company’s results to date with our trailing 12 months revenue up 662% year over year,” said Dave Dinesen, Chief Executive Officer, CubicFarms. “On May 28, we announced a bought deal financing for $22 million. Our focus on our market-leading technology roadmap will continue the accelerated global growth of the Company.”
Among the financial highlights in today’s announcement, CubicFarms revealed that they nearly doubled its workforce from 49 to 94 full-time employees and contractors in the last year.