AppHarvest, Inc. Stock Price, News & Analysis

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AppHarvest has secured a $100 million common stock purchase agreement with B. Riley to enhance liquidity for its growing operations without obligation to issue shares. The company targets net sales of $7 million to $9 million with an expected Adjusted EBITDA loss of $70 million to $75 million for the full year 2021. AppHarvest is on schedule to complete three new farms by end of 2022, including a 60-acre facility in Morehead, KY, capable of producing 40 million pounds of tomatoes annually. The company combines advanced technology with sustainable practices in agriculture.

AppHarvest, Inc. (NASDAQ: APPH, APPHW) recently launched its new "Fight the Food Fight" campaign, successfully selling out its first value-added product, The Food Fight salsa, within weeks of launch. Customers can reorder via the e-commerce platform starting December 14, with holiday delivery expected for orders placed by December 16. The campaign promotes sustainable agriculture and aims to expand AppHarvest's farm network, expected to reach four facilities by the end of next year. The company focuses on producing affordable, nutritious produce while creating good jobs in Appalachia.

AppHarvest has launched its new e-commerce site, shop.appharvest.com, featuring its first value-added product, The Food Fight Salsa, available in three heat levels. The company is celebrating the first harvest of its second tomato season, utilizing sustainable farming methods at its flagship indoor farm in Morehead, Ky. AppHarvest’s tomatoes are co-branded with Sunset and sold in major grocery chains. A portion of salsa sales will support the AppHarvest Foundation for AgTech education in Appalachia. The company aims to promote sustainable practices and create living wage jobs.

AppHarvest reported Q3 2021 net sales of approximately $543,000 from 1.5 million pounds of tomatoes sold, indicating a solid start to the second growing season. The company is constructing multiple high-tech indoor farms, including a 60-acre tomato facility and a 15-acre leafy green facility, expected operational by late 2022. Despite a net loss of $17.3 million in Q3, AppHarvest's cash reserves increased to $221.6 million. The full-year outlook remains at $7 million to $9 million in net sales, with a projected Adjusted EBITDA loss of $70 million to $75 million.

AppHarvest, a prominent AgTech firm, will announce its Q3 2021 financial results on November 10, 2021. The company emphasizes sustainable farming leveraging sunlight and rainwater, producing non-GMO, chemical pesticide-free crops. The Q3 earnings call is scheduled for 4:30 p.m. ET, accessible via live webcast on their website and through dial-in options. AppHarvest operates one of the world's largest indoor farms in Morehead, Kentucky, employing advanced technologies to conserve water and enhance agricultural output.

AppHarvest has completed the 'Summer Refresh' of its flagship indoor farm in Morehead, KY, replanting over 700,000 tomato plants. The company anticipates modest net sales of $300,000 to $400,000 for tomatoes in Q3, with a ramp-up expected in Q4. AppHarvest also secured a $25 million credit facility with JP Morgan for its third indoor farm, planned to produce berries. The Morehead facility aims to produce 40 million pounds of tomatoes annually and the company is on track to introduce new crop types by the end of next year.

GE Current has launched the next-generation Arize Element L1000, designed for commercial greenhouses and indoor farms. Offering three models with high photon flux levels up to 2,350 μmol/s and efficacy up to 3.6 µmol/J, the L1000 line boasts improved light intensity and efficiency. Assembled in Hendersonville, North Carolina, it has been selected by AppHarvest for its upcoming farm in Morehead, Kentucky, emphasizing benefits like energy efficiency and enhanced crop production. The new lights feature proprietary technology for optimal light dispersion and simplified mounting options.

AppHarvest reported net sales of $3.1 million for Q2 2021, selling 8.6 million pounds of tomatoes. Despite an increase in sales, the company faced a net loss of $32 million, largely due to operational challenges and low market prices for tomatoes. The company secured $91 million in non-dilutive financing and $75 million from Rabo AgriFinance for construction of four farms. AppHarvest updated its 2021 outlook, projecting sales between $7 million and $9 million, down from $20 million to $25 million. A long-term goal remains set for 2025, anticipating revenues of $350 million to $400 million.