Vancouver, British Columbia--(Newsfile Corp. - November 14, 2023) - CubicFarm® Systems Corp. (TSX: CUB) ("CubicFarms" or the "Company"), a local chain agricultural technology company, today reported its third quarter financial and operating results for the tree and nine months ended September 30, 2023. All amounts are in Canadian dollars, unless otherwise stated.
Third Quarter Financial Results
Third Quarter Operational Highlights
"Our third quarter is defining for the Company as it clearly delineates the newly adopted corporate strategy of focusing on equipment sales to global subsidized markets combined with the newly developed recurring revenue model of direct feed sales to dairy operators in the central valley of California through FaaS. The newly developed realignment of market strategies better aligns the Company with greater market potential of equipment sales opportunities and the demand for the physical fodder sales in the US market," said Michael Kyne, CFO of CubicFarms.
The Company's third quarter financial statements and management's discussion and analysis will be issued and filed on SEDAR+ at www.sedarplus.ca on November 14, 2023 and will be available on the same day on CubicFarm's website at https://cubicfarms.com/investors/.
About HydroGreen
HydroGreen produces Automated Vertical Pastures™, a type of smart farming equipment that uses a unique process to sprout grains such as wheat and barley, in a controlled growing environment to efficiently produce a high-performance feed ingredient for livestock 365 days a year. HydroGreen's equipment is simple and easy to operate and performs all growing functions automatically, including seeding, watering, lighting, harvesting, and re-seeding, which allows livestock businesses to feed consistent nutrition every day with minimal labour. When balanced correctly in the ration, HydroGreen sprouted grain modifies animal digestion which enhances productivity and reduces the amount of enteric methane emitted in ruminant livestock. The result also enables environmental benefits to the farm while helping to meet increasing demand for valuable farm-based inset and offset carbon credits.
About CubicFarms
CubicFarms is a leading local chain agricultural technology company developing and deploying technology to feed a changing world. Its proprietary ag-tech solutions enable growers to produce high quality, predictable produce and fresh livestock feed with HydroGreen Nutrition Technology, a division of CubicFarm Systems Corp. The CubicFarms™ system contains patented technology for growing leafy greens and other crops onsite, indoors, all year round. CubicFarms provides an efficient, localized food supply solution that benefits our people, planet, and economy.
For more information, please visit https://cubicfarms.com.
Contact [email protected] for media or [email protected] for investor inquiries.
Forward looking and other cautionary statements
This release may contain certain "forward-looking statements" or "forward-looking information" under applicable securities laws including, without limitation. Such statements involve known and unknown risks, uncertainties, and other factors and assumptions which may cause the actual results, performance, or achievements of CubicFarm Systems Corp., or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such statements can be identified by the use of words such as "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict", and other similar terminology, or state that certain actions, events, or results "may", "can", "could", "would", "might", or "will" be taken, occur, or be achieved.
These statements reflect the Company's current expectations regarding future events, performance, and results and speak only as of the date of this news release. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except as required by securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if the Company's expectations regarding future events, performance, or results change.
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