AgroFresh Solutions, Inc.

agrofresh.com

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2022 10-K, filed Mar 10, 2023. Its latest SEC filing is a 15-12G from Apr 10, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Provided produce-preservation treatments, digital tools and advisory services to growers, packers and retailers.

How Did They Make Money?

Customers paid for product applications when they were applied, and for related technical services as those services were provided during and after produce storage. Equipment leases were paid for when installed.

revenue

Segment	Share	How money arrives
1-MCP Based Mix	81% FY2019: 86%	Mix
Fungicides, disinfectants and coatings Mix	17% FY2019: 12%	Mix
Other Mix	2.6% FY2019: 2.1%	Mix

Who Were Their Customers?

Growers, packers and retailers bought through AgroFresh’s direct service model, with on-site applications and customer-specific advice.

Did Revenues Turn Into Profits?

Not on paper. It lost $33.4M in FY2022, but brought in more cash than it spent: $12.1M of free cash flow.

Operating income, FY2022

1% of revenue

▼ −42% vs FY2021 ($2.1M, 1%)

Net income, FY2022

−21% of revenue

▲ +515% (Loss) vs FY2021 (−$5.4M, −3%)

Free cash flow, FY2022

7% of revenue

▼ −75% vs FY2021 ($48M, 29%)

How Were They Changing?

Since the FY2022 annual report

Mar 31, 2023 AgroFresh’s merger closed

Shrank. Revenue fell 9% in 4 years, from $178.8M in FY2018 to $161.9M in FY2022, about 2% a year.

FreshCloud quality inspection The older report described FreshCloud Quality Insights as in development; the latest report described FreshCloud Quality Inspection as a launched mobile service digitizing quality checks.

Revenue over time

1-MCP Based Fungicides, disinfectants and coatings Other

$200M$100M$0

FY2018 FY2019 FY2020 FY2021 FY2022

Comments