Agrify restates Q1-Q3 2022 results due to warrant reclassification; non-cash adjustments impact net income

RYTHM, Inc.

Restatements for Q1-Q3 2022 primarily reclassify warrants as liabilities, requiring fair value remeasurement each period.
Q1 2022 net income changed from ($8.9M) loss to $1.8M gain due to $10.8M warrant liability gain.
Q2 2022 net loss narrowed from ($93.4M) to ($74.6M) with $20.2M warrant liability gain.
Q3 2022 net loss widened from ($46.3M) to ($57.4M) including $38.9M loss on extinguishment.
Restatements are non-cash and do not affect cash position, business operations, or sales.

item 2.02 item 9.01 item 8.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.8

RYTHM, Inc. reported preliminary financial results for first three quarters of its 2022 fiscal year.

Period: first three quarters of its 2022 fiscal year
Result: preliminary results

Exact text from the filing

On October 2, 2023, Agrify Corporation (the “Company”) issued a press release announcing the Company’s filing of its restated Quarterly Reports on Form 10-Q for March 31, 2022, June 30, 2022, and September 30, 2022, which included a summary of financial results for each of the applicable quarters.

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RYTHM, Inc. filing history →

Source: SEC EDGAR

accession 0001013762-23-000130

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