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CubicFarm Systems Corp. Reports First Quarter FY 2022 Results

A leading local chain agricultural technology company, today reported its first quarter financial and operating results for the three months ended March 31, 2022.

"The Company continues to make steady progress with our Farmer Partner installations and have begun Farm School operational training for both BoomA Food Group from New South Wales in Australia and Vertical Acres from Indiana in the U.S.," said Daniel Burns, Chief Financial Officer, CubicFarms. "Our team is focused on executing critical projects in the coming quarters that will add value to the Company and our stakeholders. While experiencing some delays due to disruptions to the global supply chain and inclement weather impacting site readiness of our Farmer Partners, we can expect our revenue will be compressed into subsequent quarters of this year," said Burns.

"It's exciting to see the significant installation progress of our beta project at Burnett's," said Dan Schmidt, President of HydroGreen, a division of CubicFarms. "With a dozen of our Automated Vertical Pastures™, our HydroGreen Certified dealers will bring potential new customers to Burnett's for tours to see it in action and hear about the remarkable animal performance benefits."

"This quarter, we strategically strengthened the Company by evolving our platform and indoor growing technologies," said Dave Dinesen, Chief Executive Officer, CubicFarms. "As part of our sustainability measurements, our data scientists and R&D team are quantifying our plant and animal performance results as well as our input efficiencies. Our recently announced energy efficiency data demonstrates our leadership in the industry using 54 per cent to 62 per cent less energy than typical vertical farms."

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