AgriForce Growing Systems (NASDAQ:AGRI) stock is on the move Monday as investors react to a letter to shareholders from company CEO Richard Wong.
The letter from the leader of the agriculture technology company focuses on performance for 2023 and what to expect from AgriForce Growing Systems in 2024.
First off, Wong noted that 2023 has been hard on the company due to several factors. That includes inflation, high interest rates and geopolitical issues. The CEO notes that this has caused a “massive erosion of the macro business environment,” which has resulted in the low share price of AGRI stock.
Despite these setbacks, Wong is ensuring investors that AgriForce Growing Systems is making progress. That includes three new SKUs in the U.S. and Canada, as well as growing interest in its products from the produce industry.
What’s Next for AGRI Stock?
Here’s what Wong has to say about what investors can expect from AgriForce Growing Systems in 2024:
“We are in the market building phase and are positioned to generate revenue in 2024 and beyond. We are actively marketing the AgriFORCE story to new investors in the US and Europe, and we’re looking forward to participating in investor conferences during 2024. Overall, we are working on our 2024 strategic objectives, and while a few items are still progressing, we are determined to finish the year strong!”
AGRI stock was down during pre-market trading but is up slightly as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
