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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, Inc. (NASDAQ: APPH, APPHW) announced the appointment of J. Kevin Willis as a director and chair of the audit committee, effective Feb. 19. Willis, CFO of Ashland, brings 35 years of financial leadership experience and aims to enhance the company's governance and long-term value for shareholders. Under his guidance, AppHarvest plans to expand its farm network and diversify crops. The company's ongoing projects include a 15-acre salad greens facility and a 60-acre tomato facility, both nearing completion, alongside a 30-acre berry facility.
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.
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