AppHarvest, Inc. - APPH STOCK NEWS

AppHarvest, Inc. (NASDAQ: APPH, APPHW) has secured a $91 million financing arrangement with Equilibrium Capital to support its construction of a 60-acre high-tech indoor farm in Richmond, Kentucky. This arrangement offers a 65.5% loan-to-value financing and is part of AppHarvest's plan to develop 12 farms by the end of 2025. The company aims to grow produce sustainably, using 90% less water than traditional agriculture. The Richmond facility will specifically focus on tomato production, complementing its existing operations in Morehead and other locations.

AppHarvest has appointed Mark Keller as SVP of Software Applications Platform, who brings over 25 years of experience from Amazon. The company aims to enhance its Project TalOS platform, focusing on robotics and AI to improve agricultural productivity with 90% less water use. Keller's leadership is expected to drive the digital transformation in farming. AppHarvest operates large high-tech indoor farms, producing sustainable crops without chemical pesticides. Their facility in Morehead, Kentucky, is among the largest in the U.S.

AppHarvest, a leading AgTech company, will announce its second-quarter financial results on August 11, 2021, at 8:30 a.m. ET. The company is known for sustainable farming that uses up to 90% less water than traditional methods, utilizing only recycled rainwater. A live webcast of the results will be available on their website, with a phone line accessible for those wishing to call in. AppHarvest builds high-tech indoor farms that yield up to 30 times more produce than conventional farming without chemical pesticides.

AppHarvest (NASDAQ: APPH, APPHW) announced its inclusion in the Russell 2000 index effective June 28, 2021. This milestone reflects the company's progress in sustainable agriculture, utilizing up to 90% less water than traditional methods. CEO Jonathan Webb highlighted that the inclusion enhances visibility to investors as the company aims to establish 12 high-tech indoor farms by 2025. Membership in the Russell 2000 also ensures a place in the broader Russell 3000 index, which is significant for institutional investments.

AppHarvest, a prominent AgTech company, has commenced construction on two new high-tech indoor farms in Somerset and Morehead, Kentucky. The Somerset farm will cover 30 acres to grow strawberries, while the Morehead facility will span 15 acres to produce leafy greens. This announcement is part of AppHarvest's plan to operate 12 indoor farms by the end of 2025, with both facilities expected to be completed by the end of 2022. The new farms aim to provide hundreds of jobs and deliver sustainable produce to U.S. grocers, using 90% less water than traditional agriculture.

AppHarvest secures a $75 million credit facility through a mortgage on its flagship Morehead farm, enhancing its capacity to expand high-tech controlled environment agriculture (CEA) facilities. The loan has a 60% loan-to-value at a fixed interest rate of 4-5% over 10 years, with a 20-year amortization. This funding supports plans for 12 indoor farms by 2025, which will produce sustainable crops like tomatoes, leafy greens, and strawberries. Currently, AppHarvest's Morehead facility can yield over 40 million pounds of tomatoes annually, serving major retailers.

AppHarvest, a leading AgTech company, has announced participation in several investor conferences in June 2021. On June 9, President David Lee will engage in a fireside chat at the Cowen Sustainability & Energy Transition Summit. Additionally, AppHarvest management will hold one-on-one meetings at the ROTH London Investor Conference on June 22 and the Jefferies Consumer Conference on June 23. The company operates large high-tech indoor farms in Appalachia, using up to 90% less water and producing significantly higher yields than traditional agriculture.

AppHarvest reported net sales of $2.3 million in Q1 2021, driven by harvesting from its Morehead, KY facility, meeting its guidance. The company sold 3.8 million pounds of tomatoes and reiterated a full-year sales outlook of $20 to $25 million. However, it posted a $28.5 million net loss compared to $0.8 million in the prior year. The acquisition of Root AI is expected to enhance operational efficiency, leading to an adjusted EBITDA loss outlook of $48 million to $52 million. The company aims to establish 12 farms by 2025, emphasizing sustainability with advanced technology.

AppHarvest has appointed Kaveh Bakhtiari as the new VP of Investor Relations, effective May 17, 2021. Bakhtiari aims to enhance relationships with the investment community, utilizing his extensive experience in building investor relations programs. This initiative aligns with AppHarvest's commitment to radical transparency and its mission to establish high-tech indoor farms, which utilize 90% less water than traditional agriculture. AppHarvest plans to expand its network of farms, targeting a total of 12 facilities by the end of 2025.