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AppHarvest, Inc. (NASDAQ: APPH, APPHW) is a sustainable food company based in Appalachia, dedicated to revolutionizing agriculture through advanced technology and sustainable practices. As a public benefit corporation and Certified B Corp, AppHarvest develops and operates some of the world's largest high-tech indoor farms, which are designed to grow affordable, nutritious fruits and vegetables at scale while providing good jobs to the local community.
AppHarvest's mission is to transform Appalachia into the next generation of agriculture, leveraging the region's hardworking and resilient workforce. The company’s flagship farm in Morehead, Kentucky, spans 60 acres and primarily produces tomatoes. Complementing this facility are a 15-acre indoor farm for salad greens in Berea, a 30-acre farm for strawberries and cucumbers in Somerset, and another 60-acre farm in Richmond for tomatoes. These four farms collectively cover 165 acres of indoor growing space.
By using high levels of automation, AppHarvest's farms harness sunlight and rainwater while utilizing up to 90% less water than traditional open-field agriculture. This innovative approach also prevents pollution from agricultural runoff and produces yields up to 30 times higher.
In recent developments, AppHarvest has been actively executing its Project New Leaf strategy under the leadership of newly appointed CEO Tony Martin. This initiative aims at enhancing operational efficiency, improving product quality, and achieving significant cost savings. Martin's background in controlled environment agriculture (CEA) and his proven track record with Windset Farms underscore his capability to drive AppHarvest's strategic goals forward.
Despite facing financial challenges, including filing for Chapter 11 protection, AppHarvest continues its operations, shipping sustainable produce to top national grocery stores, restaurants, and food service outlets. The company has secured approximately $30 million in debtor-in-possession financing from Equilibrium to support ongoing operations during this transition period.
AppHarvest remains committed to its vision of creating a reliable, climate-resilient food system while fostering economic development in Central Appalachia.
AppHarvest has successfully calibrated its “touchless growing system” at its 15-acre Berea, KY indoor farm, which will help improve food safety and efficiency. The company is also nearing completion of planting at its 30-acre Somerset, KY berry farm, with expectations to grow about 1 million strawberry plants. Its flagship 60-acre Morehead, KY farm will begin its third tomato harvest in mid-fourth quarter. AppHarvest is on track to produce at its four-farm network by year-end 2022, utilizing advanced agricultural techniques to save water and reduce fertilizer use.
AppHarvest reported net sales of $4.4 million in Q2 2022, a 39% YoY increase from $3.1 million, driven by a strong tomato market and improved operations.
The company secured a $50 million USDA-backed loan to support its expansion and confirmed no damage from recent flooding. However, net loss stood at $28.7 million, with an Adjusted EBITDA loss of $17.9 million. Full-year sales outlook has been adjusted to $20 to $25 million amid challenges including inflation and supply chain delays.
AppHarvest Secures $50 Million in Loan Guarantees
AppHarvest, Inc. (NASDAQ: APPH, APPHW) announced the successful acquisition of $50 million through loans guaranteed by the USDA to support its indoor berry farm in Somerset, Kentucky, which is nearing completion. This non-dilutive funding enables the company to repay an existing $46 million loan from J.P. Morgan, facilitating operational scaling and the establishment of two additional controlled environment agriculture facilities by year-end. The loans, managed by Greater Commercial Lending, feature a lengthy term and favorable interest rates.
AppHarvest, a leading AgTech company, will announce its financial results for Q2 2022 on August 3, 2022. The post-market conference call is scheduled for 4:30 p.m. ET the same day and will be accessible via the Investor Relations section of the AppHarvest website. The company is known for its high-tech indoor farms that utilize innovative technologies to grow sustainable fruits and vegetables, significantly reducing water usage compared to traditional methods. AppHarvest's flagship farm spans about 50 football fields and is located in Morehead, Kentucky.
AppHarvest achieved $5.2 million in net sales for Q1 2022, reflecting a 125% year-over-year increase. This growth was driven by higher production from its Morehead farm, which sold 6.9 million pounds of tomatoes. However, the company recorded a net loss of $30.6 million and anticipates an overall net sales outlook of $24 million to $32 million for the full year. AppHarvest plans to quadruple its farm network, with significant progress on new facilities. Additionally, the company expects to receive a B-Corp recertification score of 95.4.
On April 19, 2022, AppHarvest, a leader in AgTech, announced it will release its Q1 2022 financial results on May 3, 2022, at 4:30 p.m. ET. A conference call and webcast will take place on the same day for a detailed review of these results. The live webcast is accessible through the AppHarvest website, and a replay will be available post-event. The company's high-tech indoor farms aim to grow affordable, nutritious produce sustainably, using considerably less water than traditional agriculture.
AppHarvest, a leading AgTech company, has been named a finalist for the 24th annual SXSW Innovation Awards in the New Economy category for its 60-acre high-tech indoor farm in Morehead, KY. The company aims to quadruple its farm network and diversify its crop production to include salad greens and berries by year-end 2022. With a focus on sustainability, AppHarvest employs advanced technologies including artificial intelligence and robotics, intending to produce yields up to 30 times that of traditional farming while using 90% less water.
AppHarvest, a leading AgTech company, has appointed Patrick T. Halfmann, CFA, to its Board of Directors, effective immediately. Halfmann, a partner at Inclusive Capital, brings extensive experience in high-growth companies and ESG insights. His role includes participation in both the audit and sustainability committees. AppHarvest is on track to quadruple its farm network, with several facilities nearing completion. The company aims to generate positive operating cash flow and enhance shareholder value, especially as it diversifies crops and scales operations.
AppHarvest, a leading AgTech company, announced its financial results for 2021, surpassing net sales expectations with $9.1 million. The company achieved a net loss of $166.2 million and an Adjusted EBITDA loss of $69.9 million. AppHarvest aims to quadruple its farm network and diversify its crop offerings by year-end 2022. The promotion of Julie Nelson to COO aims to optimize operations and drive productivity. With an investment plan of $140 to $150 million for 2022, the company is focused on achieving positive cash flow amid expanding operations and controlling costs.
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