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AppHarvest, a leading AgTech company focused on sustainable farming, will release its financial results for Q1 2021 on May 17, 2021. The results will be discussed in a live conference call at 8:30 a.m. ET, accessible via the AppHarvest website. The company utilizes advanced technology to grow produce while significantly conserving water, using only recycled rainwater. Its facility in Morehead, Ky. is among the world's largest indoor farms, producing yields up to 30 times that of traditional agriculture.
AppHarvest, a leading AgTech company, will participate in investor conferences throughout May 2021. President David Lee will represent the company in notable panels, including the 'Climate Action Innovation' at the BofA Transforming World Congress and the 'Controlled Environmental Agriculture' panel at the BMO Farm to Market Conference. Additionally, Lee will engage in a fireside chat at the Stephens Food & Ag Disrupted Conference.
AppHarvest focuses on sustainable farming using significantly less water and advanced technology, enhancing food access and investing in the Appalachian region.
AppHarvest announced the addition of Ciara Burnham and Geof Rochester to its board of directors, enhancing its focus on corporate social responsibility and sustainable practices. Burnham, an experienced investor, will serve on the audit and nominating-governance committees, while Rochester, a CSR expert, will contribute to brand-building initiatives. Their appointments follow the departure of early investors Dave Chen and J.D. Vance. The company aims to strengthen its commitment to building a resilient food system using innovative technology and sustainable methods.
AppHarvest has acquired Root AI, known for its robot Virgo, with a transaction value of approximately $60 million, consisting of cash and stock. This acquisition aims to enhance AppHarvest's capabilities in sustainable food production, utilizing data collected by Virgo to optimize operations and yield predictions in controlled environment agriculture. Root AI's CEO, Josh Lessing, is appointed as AppHarvest's Chief Technology Officer, bringing expertise in AI farming technologies. The move is expected to bolster AppHarvest's mission of providing reliable, sustainable food sources.
AppHarvest, Inc. (NASDAQ: APPH, APPHW) announced its first harvest of Tomatoes on the Vine, set to reach Kroger grocery stores this week. This follows the successful launch of Beefsteak tomatoes in January. The Morehead, Kentucky facility, one of the largest high-tech indoor farms in the U.S., is fully utilizing its acreage for tomato production, expecting around 45 million pounds annually. All tomatoes are grown sustainably, chemical pesticide-free, and using 100% recycled rainwater. AppHarvest aims to expand its distribution to other national retailers shortly.
AppHarvest, Inc. (NASDAQ: APPH, APPHW) has acquired a controlled environment agriculture facility in Morehead, Kentucky, from Equilibrium for $125 million. This strategic purchase aims to reduce operating costs by eliminating lease expenses and leveraging low-interest debt for investor returns. The Morehead facility recently achieved a record harvest of over 120,000 pounds of tomatoes in one day. AppHarvest also raised its revenue outlook for 2021 due to strong crop yields and favorable market pricing.
AppHarvest, Inc. (NASDAQ: APPH) has released its financial results for fiscal year 2020, reporting a net loss of $17.4 million, significantly higher than $2.7 million the previous year. The company, which focuses on sustainable agriculture using high-tech indoor farms, also provided its first quarter 2021 outlook with expected net revenue between $2.1 million and $2.6 million. For the fiscal year 2021, net revenue is projected at $20 million to $25 million. The company attributes its positive outlook to favorable crop yields and market conditions.
AppHarvest, a leading AgTech company, has completed its business combination with Novus Capital, officially commencing trading under the ticker symbol APPH on February 1, 2021. The company operates a 60-acre indoor farm in Morehead, Kentucky, focusing on sustainable agriculture using 90% less water than traditional methods. AppHarvest reaffirms its 2021 revenue guidance of $21 million despite an anticipated Adjusted EBITDA loss of ($41 million). With $475 million in gross proceeds, the company aims to expand its operations significantly.