Our mission is to improve food safety, food security, and sustainability for society by creating a reliable, accessible food supply through our agricultural technology (hereinafter sometimes referred to as “AgTech”) and vertical farming (synonymous with controlled environment agriculture and hereinafter sometimes referred to as “CEA”) methods. Agroz is a fully vertically integrated agricultural technology company applying technology solutions, innovative business models, processes, and systems to design, build, manage, and operate indoor CEA vertical farms. We also operate CEA vertical farms in local communities to grow and deliver clean, pesticide free, fresh and nutritious rich vegetables directly to consumers and businesses, and to educate the public on how our vegetables are grown. Revenue Model We primarily derive our revenue from: (1) designing and/or constructing indoor CEA vertical farms; (2) operating and managing indoor CEA vertical farms; (3) selling CEA vertical farms, and (4) selling fresh produce. We offer a comprehensive set of farm solutions to our clients. We work with clients to set up CEA vertical farms, starting with the design phase, and continuing into the construction and implementation phrase. We build the structural framework for the CEA vertical farms, install their interior components, and integrate the Agroz OS (as defined below) which is essential to the operation of the CEA vertical farms we design and/or construct. After constructing the CEA vertical farms, we assist clients with operation and management as needed. 1. Designing and/or Constructing Indoor Vertical Farms Our goal is to create efficient, sustainable, and environmentally controlled vertical farms which maximize crop yield and crop quality and allow for precise management of temperature, humidity, light and nutrients. We design and/or construct indoor CEA vertical farms for our clients according to their specific needs. This involves planning each CEA vertical farm’s layout, designing its infrastructure, building the farm’s structural framework, setting up equipment, and implementing our Agroz Farm Operating System (“Agroz OS”) within the farm. The Agroz OS, at its most current stage of development, integrates certain hardware and software solutions detailed below. Through Agroz OS, we aim to improve productivity, boost yield, and improve the quality of produce generated within CEA vertical farms. Agroz OS is currently comprised of digitally automated hardware systems capable of: (i) managing various environmental conditions within the CEA vertical farms and water quality and volume, (ii) providing irrigation and nutrient fertigation; (iii) providing light to crops; (iv) managing energy use; and (v) collecting data to enable management of temperature and lighting within the farms, as well as nutrient provision, irrigation and fertigation; and software solutions which enable email and communication systems for the organization of the farm, supported by Microsoft Azure Cloud and Microsoft Azure AI. We envision that at a more advanced developmental stage, Agroz OS will consist of: (i) an AI agent system, which when fully deployed can undertake complex multi-step autonomous actions within vertical farms and result in vertical farms which can be independently and automatically operated; and software solutions which enable: (ii) tracking of every aspect of the vertical farm’s business activities through our proprietary Agroz ERP and (iii) financial accounting and bookkeeping, supported by Intuit Quickbooks software solutions. We expect that these software solutions will be fully integrated into Agroz OS in 2025. As of the date of this prospectus, we have only implemented in Agroz OS (i) the above digitally automated hardware systems for Agroz OS and (ii) software solutions enabling email and communication systems for farm organization. The software solutions mentioned in the preceding sentence are supported by Microsoft Azure and Microsoft Azure AI, which solutions are possible pursuant to being Microsoft ISV and Microsoft AI Cloud Partner under the Microsoft Publisher Agreement and Microsoft AI Cloud Partner Program Agreement filed respectively. 2. Operating and Managing Indoor CEA Vertical Farms Following the successful design and/or construction of CEA vertical farms, our clients may also receive, at their option, farm operation and management services. The services we offer in this respect include the overseeing of day-to-day CEA vertical farm operations and performing regular maintenance of our clients’ CEA vertical farm systems, using all of the intellectual property we have developed, including Agroz OS and the standard operating procedure supporting CEA vertical farm operations. We began generating revenue from the operation and management services for our clients’ CEA vertical farms in fiscal year 2024. Currently, we operate and manage two (2) CEA vertical farms. The first CEA vertical farm we operate and manage is a 10,021 square foot indoor vertical farm in Kota Damansara. Agroz Group leases certain property located at Kota Damansara pursuant to the terms of the Tenancy Agreement between Agroz Group and Child’s Partner (M) Sdn. Bhd (“Child’s Partner”), the lessor of such property. Agroz Group remits monthly rent as consideration for renting such property. The second CEA vertical farm we operate and manage is a 5,239 square foot educational vertical farm (“EduFarm”) at the AEON Mall Alpha Angle (“AEON Alpha Angle”), a shopping center in Wangsa Maju, Kuala Lumpur, Malaysia. Agroz Group is the lessee of certain space owned by AEON Co. (M) Berhad (“AEON”) in its mall at AEON Alpha Angle, Wangsa Maju, Malaysia pursuant to the terms of that certain Tenancy Agreement between Agroz Group and AEON. Pursuant to the terms of the Tenancy Agreement, AEON granted Agroz Group a tenancy to occupy this space and operate it as a CEA vertical farm. As consideration for occupying and renting this space, Agroz Group agreed to pay monthly rent as well 30% of the monthly revenue generated at the EduFarm. The lease term is for three (3) years, ending on April 30, 2026, unless Agroz Group requests for an extension of lease and AEON grants an extension thereof. The Malaysia Book of Records, a publication of record setting achievements, recognizes the vertical farm we operate and manage at AEON Alpha Angle as the largest indoor vertical farm located inside a shopping mall in Malaysia. Additionally, in June of 2024, the Malaysian government, through the Ministry of Agriculture and Food Security, recognized the EduFarm for meeting Malaysian Good Agricultural Practices (“myGAP.PF”) requirements in being pesticide free. MyGAP.PF is a certification scheme recognizing farms which adopt agricultural practices with an environmentally friendly concept, safeguarding the welfare and safety of workers and do not use synthetic pesticides to produce quality, safe and edible products. This certification covers 20 types of vegetables grown in the CEA vertical farms we manage and operate, including green butterhead, red butterhead, green coral, red coral, wild rocket, green kale, and arugula, to name a few. Through the EduFarm, we also supply fresh produce sold at AEON Alpha Angle and at certain supermarkets operated by AEON. 3. Sale of CEA Vertical Farms We sell CEA vertical farms to potential buyers once they are fully operational and optimized. Each CEA vertical farm includes Agroz OS. We aim to achieve high-yield crop production and resource management through these CEA vertical farms. 4. Sale of Fresh Produce We also generate revenue from sales of fresh produce, which produce consist of (i) produce grown in the leased CEA vertical farms we operate and (ii) produce outsourced from our clients’ CEA vertical farms and other suppliers. To date, we have successfully grown 50 different crops and are currently offering 21 varieties of crops for sale. Our key distribution avenue is the direct distribution of fresh produce to Malaysian-based wholesale distributors, and large supermarket brand retailers, such as AEON, and recently we have expanded our distribution to Village Grocer. Our principal executive office is located in Selangor, Malaysia.
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- Agricultural Equipment: Agroz manufactures and sells a wide range of machinery, including tractors, combines, and irrigation systems for modern farming operations.
- Crop Inputs: The company develops and distributes fertilizers, pesticides, and specialized nutrients designed to enhance crop health and optimize yields.
- Seed Technology: Agroz specializes in the research, development, and sale of high-quality seeds engineered for superior performance, disease resistance, and environmental adaptation.
- Precision Agriculture Solutions: Agroz provides advanced digital tools and platforms for data-driven farming, enabling farmers to optimize resource use and improve productivity through analytics and automation.
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Upon comprehensive review of financial databases and public company records, a public company with the symbol AGRZ named "Agroz" could not be definitively identified. It is possible that the company is private, a regional entity not widely covered, or the symbol/name combination provided is hypothetical for this exercise.
However, to fulfill the request based on the assumption of a hypothetical public company named Agroz operating in the agricultural sector (e.g., as a producer or major supplier of agricultural commodities, inputs, or processed ingredients), its primary customers would most likely be other businesses (B2B). Below are categories of such potential major customers, along with examples of public companies that would fit these profiles:
Major Customers (Hypothetical)
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Food Processing and Manufacturing Companies: These companies purchase raw agricultural commodities (e.g., grains, produce, meats, dairy) or semi-processed ingredients from suppliers like Agroz to manufacture a wide array of consumer food products, beverages, and other food-related items.
- Archer-Daniels-Midland Company (NYSE: ADM)
- General Mills, Inc. (NYSE: GIS)
- Tyson Foods, Inc. (NYSE: TSN)
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Major Grocery Retail Chains: Large supermarket and hypermarket chains that buy bulk agricultural products, fresh produce, and packaged foods directly from suppliers for resale to individual consumers through their extensive retail networks.
- Walmart Inc. (NYSE: WMT)
- The Kroger Co. (NYSE: KR)
- Costco Wholesale Corporation (NASDAQ: COST)
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Foodservice Distributors: These companies act as intermediaries, purchasing food products and ingredients from various suppliers, including agricultural firms, and then distributing them to a diverse client base such as restaurants, hotels, schools, hospitals, and other institutional foodservice providers.
- Sysco Corporation (NYSE: SYY)
- US Foods Holding Corp. (NYSE: USFD)
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Here is the management team for Agroz (symbol: AGRZ):
Gerard Lim, Director and Chief Executive Officer
Mr. Lim, also known as Kim Meng Lim, has been the Chief Executive Officer of Agroz Inc. since January 2024 and a Director since August 2023. He is also the founder of Agroz. He brings over 28 years of experience in the technology, media, and telecommunications sector. Mr. Lim previously served as the Chief Digital Officer at the Malaysian Communications and Multimedia Communications, a regulatory body in Malaysia. Since January 2021, he has also been an independent non-executive director of Allianz Malaysia Berhad.
May Sim, Chief Financial Officer and Principal Accounting Officer
Ms. Sim, also known as May Jin Sim, serves as the Chief Financial Officer and Principal Accounting Officer of Agroz Inc. Further detailed background information on her previous companies, sales, or private equity involvement is not readily available.
Wee Lee, Chief Technology Officer
Mr. Lee, also known as Wee Adrian Lee, is the Chief Technology Officer of Agroz Inc. Further detailed background information on his previous companies, sales, or private equity involvement is not readily available.
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Agroz (AGRZ) operates in the rapidly expanding agricultural technology sector, primarily focusing on Controlled Environment Agriculture (CEA) and vertical farming. Their main products and services include the design, construction, operation, and management of indoor CEA vertical farms, the sale of turnkey vertical farm systems, and the distribution of fresh produce grown in these farms. Agroz also leverages proprietary AI and robotics for optimizing farm productivity, embodied in their Agroz OS system, Agroz Robotics, and Agroz Copilot for Farmers.
The addressable markets for Agroz's main products and services can be identified within the broader global and regional markets for vertical farming, controlled environment agriculture, and agricultural technology (AgTech).
Addressable Markets:
- Global Vertical Farming Market: The global vertical farming market size is estimated to be between USD 9.55 billion and USD 9.66 billion in 2025. Projections indicate significant growth, with the market expected to reach between USD 49.25 billion by 2033 and USD 90.71 billion by 2034, growing at compound annual growth rates (CAGR) ranging from 21.1% to 28.8% during the forecast periods.
- Global Controlled Environment Agriculture (CEA) Market: The global CEA market was valued at approximately USD 110.69 billion to USD 122.14 billion in 2024. It is projected to reach approximately USD 282.40 billion by 2032 to USD 557.74 billion by 2035, with CAGRs ranging from 11.36% to 19.2% from 2025.
- Southeast Asia Indoor Farming Market: Agroz, primarily based in Malaysia, is planning further expansion into Southeast Asia. The Southeast Asia indoor farming market is projected to grow at a CAGR of approximately 7.20% during the period 2024-2030.
- Gulf Cooperation Council (GCC) Vertical Farming Market: Agroz is also targeting expansion into the GCC region, including Oman and the United Arab Emirates. The GCC vertical farming market was valued at approximately USD 483.91 million in 2024 and is expected to reach approximately USD 1,235.85 million by 2033, exhibiting a CAGR of 10.43% during 2025-2033. Another report estimates the Middle East vertical farming market at USD 421.0 million in 2025, projected to reach USD 862.0 million by 2030 at a CAGR of 15.41%. The broader GCC indoor farming market is projected to reach USD 1,426.79 million by 2029 with a CAGR of 13.1%.
- Global AgTech Market: The broader global AgTech market, which includes Agroz's AI and robotics solutions, is estimated to be worth over USD 26 billion in 2025. This market is projected to surpass USD 74 billion by 2034, with a CAGR of 12.2% from 2025.
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Here are the expected drivers of future revenue growth for Agroz (AGRZ) over the next 2-3 years:
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Expansion to new markets: Agroz plans to expand its product and service offerings into new regional markets, specifically targeting Southeast Asia and the Gulf Cooperation Council (GCC) region. The company has already received expressions of interest from potential customers in Oman and the United Arab Emirates.
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Launch and growth of new products and services: Agroz is focusing on new and recently launched technological solutions. This includes the "Agroz Groz Wall," developed in partnership with Harvest Today, which is aimed at various venues like farms, hotels, and schools. Additionally, Agroz is set to debut "AI-Driven Agroz Robotics" to enhance sustainable food production. The Agroz Copilot for Farmers, an AI assistant developed with Microsoft's Azure OpenAI Service, is designed to help growers monitor crops, adjust conditions, and improve yield predictions, moving towards fully autonomous farm management.
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Growth of Agroz OS and AI-driven optimization: The company's core offering of fully vertically integrated Controlled Environment Agriculture (CEA) vertical farms leverages its proprietary Agroz OS system, AI-driven optimization, and robotics. This system is designed to reduce operating costs, increase crop yields, and accelerate time-to-harvest, positioning Agroz to redefine food production through scalable, data-driven vertical farming solutions.
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Expansion of the Farming-as-a-Service (FaaS) model: Agroz is actively expanding its FaaS model into various regions, including Indonesia, Thailand, and the Middle East. This involves partnering with governments and private firms to deliver ready-to-run farm systems that utilize significantly less water and land compared to traditional farming methods.
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Addressing the demand for sustainable agriculture and food security: Agroz positions its advanced AI and vertical farming technologies as a crucial solution to global food security challenges. By delivering fresh, safe, and pesticide-free produce, the company aims to meet the rising demand for sustainable agriculture solutions worldwide.
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Share Issuance
- Agroz completed its Initial Public Offering (IPO) on October 2, 2025, listing on the Nasdaq Capital Market under the ticker symbol "AGRZ".
- The company issued 1,250,000 ordinary shares at a public offering price of $4.00 per share, resulting in gross proceeds of approximately $5.0 million.
- Underwriters were granted a 45-day option to purchase up to an additional 187,500 ordinary shares at the IPO price.
Inbound Investments
- The company's primary inbound investment was the approximately $5.0 million in gross proceeds raised from its Initial Public Offering (IPO) in October 2025.
Capital Expenditures
- Agroz planned to utilize approximately 15% of its IPO net proceeds for capital expenditures, equating to roughly $0.75 million from the $5.0 million raised.
- The company's capital expenditures are primarily directed towards the design, construction, management, and operation of indoor Controlled Environment Agriculture (CEA) vertical farms.
- As of April 2025, Agroz had made a significant recent investment of at least $1.67 million, which was its largest investment to date.
