CubicFarm Systems announces first quarter results

"We had a great first quarter"

CubicFarm Systems reported its first-quarter financial and operating results for the three months ended March 31, 2021.

“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.”

“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.”

Read the complete results here.

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