AppHarvest, Inc. Stock Price, News & Analysis

AppHarvest, a sustainable food company, has completed a sale-leaseback of its Berea, KY indoor farm for over $127 million. This deal includes a 10-year lease at a 7.5% rate and will help repay a $30 million bridge loan. The company also announced the opening of its new 60-acre farm in Richmond, KY, expected to start commercial shipments in early January. AppHarvest has expanded its farm network significantly in 2022, with multiple operational farms now growing a variety of produce.

AppHarvest has commenced its third harvest season ahead of schedule, with commercial shipments of tomatoes from its Morehead, Ky., farm. The company has planted 360,000 tomato plants at a new 60-acre facility in Richmond, Ky., as part of its strategy to quadruple its number of farms in 2022. AppHarvest is diversifying crops and enhancing training for crop care specialists to improve yield and quality. The company is also expanding its market reach with snacking tomatoes under the brand names 'Flavor Bombs®' and 'Sugar Bombs®'.

AppHarvest announced the opening of its Berea and Somerset farms, aiming to quadruple its farming operations by year-end while diversifying its produce portfolio. The company faced construction delays impacting net sales, resulting in a downward revision of its 2022 sales forecast to $14-17 million. They also expect Adjusted EBITDA losses to increase to $67-72 million. AppHarvest secured $30 million financing from Mastronardi Produce. Leadership transitions are underway to optimize operations, complemented by improved plant health at their Morehead farm.

AppHarvest has commenced shipments of its WOW® Berries from its newly opened 30-acre indoor farm in Somerset, Kentucky. This facility is part of a four-farm network expected to operationalize by the end of 2022, enhancing AppHarvest’s position in controlled environment agriculture (CEA). The Somerset farm can grow almost one million strawberry plants annually and utilizes advanced technology to optimize resource use, aiming for up to 90% water savings compared to traditional farming. The company also announced a leadership transition to strengthen its management in CEA.

AppHarvest, Inc. (NASDAQ: APPH, APPHW) has appointed Hollie Harris Phillips, CEO of Appalachian Regional Healthcare, as an independent director and member of the audit committee, effective immediately. Phillips brings over two decades of strategic leadership experience in healthcare and will aid AppHarvest in enhancing core operations and expanding its produce offerings, with three new farms expected to be operational soon. The company continues expanding its indoor farming capacity, aiming to improve food production efficiency while addressing regional agricultural challenges.

AppHarvest announces a $30 million financing deal with Mastronardi Produce, secured by its Berea, Kentucky farm, aimed at expanding its controlled environment agriculture operations. The financing will occur in two tranches, with an interest rate of 7.5%. The Berea farm, covering 15 acres, is anticipated to be the world's largest indoor farm for autonomously harvested salad greens, expected to yield around 35 million lettuce plants. The company plans to complete a four-farm network totaling 165 acres by the end of the year, enhancing its capabilities in a growing $5.9 billion packaged salad market.

AppHarvest, a sustainable food company, will announce its third-quarter 2022 financial results on November 7, 2022. The announcement will be followed by a conference call and webcast at 4:30 p.m. ET to discuss the results. Investors can access the call through the company's website, with a replay available afterward. AppHarvest operates large high-tech indoor farms in Appalachia, focusing on producing affordable, nutritious produce while using significantly less water than traditional farming methods. The company is expanding its operations with additional farms set to be operational soon.

AppHarvest, Inc. (NASDAQ: APPH, APPHW) has appointed Tony Martin as an independent director and member of the audit committee. Martin brings nearly 12 years of experience as CFO at Windset Farms, enhancing the company's focus on improving operations and diversifying produce offerings with new farms. AppHarvest is expanding its infrastructure, including new farms in Berea and Somerset, which will contribute to significant growth in production capacity, particularly in tomatoes and berries.

AppHarvest, through Greater Commercial Lending, has secured $50 million in USDA-guaranteed financing for a new 30-acre hydroponics farm in Somerset, Kentucky. This farm will utilize sunshine, rainwater, and up to 90% less water than traditional agriculture, aiming for yields up to 30 times more. Expected to create 142 jobs, it will include a greenhouse and facilities for processing strawberries and cucumbers. The project emphasizes sustainable practices and effective financial strategies in a high-cost lending environment.