APPHW - APPHW STOCK NEWS

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.

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.