CubicFarm Systems reported its fourth quarter and fiscal year end financial and operating results for the three months ended December 31, 2021.
"CubicFarms has a strong cash position at the end of this fiscal year as a result of a capital raise of $21.4 million. In addition, we have a strong pipeline of sales commitments and pending installations," said Tim Fernback, Chief Financial Officer, CubicFarms. "In Q4, the Company announced the HydroGreen Certified Dealer Network to meet growing demand across North America, with dealer commitments for 2022 valued at $23 million for over 100 Automated Vertical Pastures. Despite installation delays due to the impact of the global pandemic and related supply chain delays realized in 2021 and an equipment upgrade in early 2022, CubicFarm System installations in Abbotsford, New South Wales, and Indiana are expected to be substantially completed by the end of the second quarter of calendar 2022."
"Over the past year, our product and technology team has grown to 60 people, spanning technology disciplines in software development, hardware development, engineering, plant science, and data science," said Edoardo De Martin, President and Chief Technology Officer, CubicFarms. "With the addition of the Alberta Grow Centre, our larger R&D and Farmer Partner training facility, the Company is making excellent progress with our next generation of growing systems, software platform, and data strategy. We're developing a full stack Controlled Environment Agriculture enterprise-ready platform that will service both our indoor growing environments. This platform will provide Software as a Service opportunities for the Company and set the stage for further automation."