AGRI

MKT CAP:$2M

AgriFORCE Growing Systems Ltd.

Market Cap

$2M

Consumer Defensive·Agricultural Farm Products·🇨🇦 Canada·NASDAQ

Consumer Def.·Agricultural·🇨🇦·NASDAQ

Stock Price

$1.83+$0.22 (+13.66%)

Jan 12, 2026

Company Details

AgriFORCE Growing Systems Ltd., an agriculture-focused technology company, focuses on the development and commercialization of plant-based ingredients and products for businesses and consumers that deliver healthier and nutritious solutions...

CEO

Jolie G. Kahn CPA,

IPO Date

Jul 8, 2021

Website

agriforcegs.com

Key Metrics TTM

Revenue

$1M

+2241.9% YoY

Net Income

-$19M

EPS (Diluted)

-$255.89

Free Cash Flow

-$9M

Revenue / Share

$0.90

Gross Margin

38.8%

Operating Margin

-1057.7%

Net Margin

-1440.1%

FCF Margin

-681.8%

P/S

1.4x

P/E

—

Earnings Reports

Q4 2025

May 13, 2026

PENDING

Q3 2025

Nov 14, 2025

$525.9KEPS -$5.55

Q2 2025

Aug 14, 2025

$452.0K+993.9%EPS -$248.40

Q1 2025

May 15, 2025

$344.4KEPS -$0.09

FY 2024

Apr 7, 2025

$67.9K+317.0%EPS -$39.96

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$0	$0	-$3M
Q1 22	$0	-$3.5K	-$3M
Q2 22	$0	-$5.5K	-$4M
Q3 22	$0	-$6.7K	-$3M
Q4 22	$0	-$6.7K	-$3M
Q1 23	$0	$0	-$3M
Q2 23	$0	-$171.8K	-$3M
Q3 23	$0	-$172.1K	-$2M
Q4 23	$16.3K	$16.3K	-$4M
Q1 24	$0	-$167.0K	-$1M
Q2 24	$41.3K	$7.6K	-$1M
Q3 24	$0	-$169.2K	-$1M
Q4 24	$26.6K	-$28.4K	-$2M
Q1 25	$344.4K	$79.0K	-$2M
Q2 25	$452.0K	$212.7K	-$1M
Q3 25	$525.9K	$260.0K	-$8M

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	117.6x	—
Q1 24	117.6x	—
Q2 24	33.2x	—
Q3 24	33.2x	—
Q4 24	28.2x	—
Q1 25	4.6x	—
Q2 25	2.3x	—
Q3 25	1.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$2M	-$2M
Q1 22	-$3M	-$3M
Q2 22	-$2M	-$2M
Q3 22	-$4M	-$4M
Q4 22	-$3M	-$3M
Q1 23	-$3M	-$3M
Q2 23	-$2M	-$2M
Q3 23	-$1M	-$1M
Q4 23	-$1M	-$1M
Q1 24	-$1M	-$1M
Q2 24	-$919.2K	-$919.2K
Q3 24	-$1M	-$1M
Q4 24	-$2M	-$3M
Q1 25	-$2M	-$2M
Q2 25	-$884.1K	-$2M
Q3 25	-$2M	-$2M

Capital Expenditures

Quarter	CapEx
Q4 21	$7.6K
Q1 22	$500.0K
Q2 22	$142.5K
Q3 22	$780
Q4 22	$16.8K
Q1 23	$4
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$839.9K
Q1 25	$0
Q2 25	$1M
Q3 25	$56.1K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	—	+287.0%
Q1 22	—	+209.8%
Q2 22	—	+479.6%
Q3 22	—	+39.9%
Q4 22	—	+11.0%
Q1 23	—	+2.2%
Q2 23	—	-29.7%
Q3 23	—	-51.0%
Q4 23	—	+16.4%
Q1 24	—	-52.3%
Q2 24	—	-58.5%
Q3 24	—	-10.0%
Q4 24	+63.2%	-38.3%
Q1 25	—	+79.0%
Q2 25	+993.9%	+60.1%
Q3 25	—	+507.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	—
Q1 22	$255.1K	—
Q2 22	$290.8K	—
Q3 22	$169.0K	—
Q4 22	$226.1K	—
Q1 23	$281.5K	—
Q2 23	$107.3K	—
Q3 23	$177.8K	—
Q4 23	$196.6K	1207.4%
Q1 24	$50.3K	—
Q2 24	$90.6K	219.3%
Q3 24	-$51.8K	—
Q4 24	$259.4K	976.3%
Q1 25	$127.2K	36.9%
Q2 25	$81.3K	18.0%
Q3 25	$1M	216.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	$296.2K	$1M	$1M	—
Q1 22	$396.5K	—	—	$2M
Q2 22	$30.3K	—	—	$4M
Q3 22	$110.9K	—	—	$3M
Q4 22	$77.9K	—	—	$3M
Q1 23	$36.1K	$2M	$100.6K	—
Q2 23	$13.2K	—	—	$3M
Q3 23	—	—	—	$1M
Q4 23	—	$2M	$48.3K	—
Q1 24	$3.6K	$1M	$25.2K	—
Q2 24	$509	$911.5K	$50.6K	—
Q3 24	$54.0K	—	—	$1M
Q4 24	$153.2K	$1M	$45.5K	—
Q1 25	$233.2K	$138.5K	$46.5K	—
Q2 25	—	$1M	$29.3K	—
Q3 25	$48.1K	$198.1K	$45.1K	—

Revenue Segments

Quarter	Bitcoin Mining
Q3 25	$525.9K

Revenue by Geography

Quarter	Canada	United States
Q2 25	$105.0K	$347.0K
Q3 25	$52.7K	$473.2K

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$8M	$0	$8M
Q1 22	$4M	$0	$4M
Q2 22	$2M	$0	$2M
Q3 22	$8M	$0	$8M
Q4 22	$2M	$0	$2M
Q1 23	$3M	$0	$3M
Q2 23	$1M	$0	$1M
Q3 23	$586.6K	$0	$586.6K
Q4 23	$4M	$0	$4M
Q1 24	$3M	$0	$3M
Q2 24	$3M	$0	$3M
Q3 24	$1M	$0	$1M
Q4 24	$489.9K	$0	$489.9K
Q1 25	$1M	$0	$1M
Q2 25	$185.3K	$0	$185.3K
Q3 25	$894.7K	$0	$894.7K

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	3K	+0.8%	+842.5%
Q1 22	3K	+0.3%	+4.8%
Q2 22	3K	+8.5%	+13.7%
Q3 22	4K	+23.7%	+35.7%
Q4 22	3K	-22.7%	+4.1%
Q1 23	5K	+50.2%	+55.9%
Q2 23	5K	+5.2%	+51.2%
Q3 23	9K	+73.6%	+112.2%
Q4 23	58K	+573.6%	+1749.0%
Q1 24	127K	+116.6%	+2566.0%
Q2 24	459K	+262.6%	+9086.2%
Q3 24	920K	+100.6%	+10511.9%
Q4 24	2M	+68.5%	+2554.2%
Q1 25	2M	+7.2%	+1213.7%
Q2 25	2M	-9.4%	+228.1%
Q3 25	2M	0.0%	+63.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$0	13
Q1 22	$0	13
Q2 22	$0	13
Q3 22	$0	13
Q4 22	$0	15
Q1 23	$0	15
Q2 23	$0	15
Q3 23	$0	15
Q4 23	$2.3K	7
Q1 24	$0	7
Q2 24	$5.9K	7
Q3 24	$0	7
Q4 24	$8.9K	3
Q1 25	$114.8K	3
Q2 25	$150.7K	3
Q3 25	$175.3K	3

Revenue / Employee