Kalera Announces Expanded Retail Distribution

Rhea-AI Summary

Kalera Public Limited Company (Nasdaq: KAL) reported significant growth, announcing a 25% increase in its retail store count, reaching 1,370 stores, and is projected to surpass 40% growth by year's end. The company’s Denver farm is now operational, ahead of schedule, expanding its product offerings in the region. Kalera aims to capitalize on growing consumer demand for fresh produce, leveraging a new consumer-centric platform to enhance profitability and market share in the U.S. lettuce and microgreens segments.

Positive

• 25% increase in retail store count to 1,370.
• Projected to surpass 40% growth by year end.
• Denver farm operational four months ahead of schedule.
• Expansion into markets with limited access to fresh produce.

Negative

• None.

Denver Farm Ahead of Schedule

ORLANDO, Fla., Aug. 29, 2022 (GLOBE NEWSWIRE) -- Kalera Public Limited Company (Nasdaq: KAL, “Kalera” or the “Company”), a vertical farming company, today announced its retail store count has grown by 25% this year, with 1,370 retail stores to date and additional retailers expected in the coming months. Kalera is on track to surpass 40 percent growth by year end.

“Kalera’s strategic priority is profitable pragmatic growth from an International, USA based national and regional footprint serving strategic partnerships with retailers and foodservice distributors,” said Jim Leighton, Chief Executive Officer of Kalera. “By leveraging our newly created consumer-centric, branded CPG platform, we are tapping into markets that have the potential to significantly increase current volumes, revenue and farm profitability in 2023.”

In addition, last week Kalera announced that a large national premium grocery retailer added Kalera’s ultra-clean, non-GMO, leafy greens to its Texas market which will be serviced through their Houston Facility”.

The Company plans to expand in select markets and communities that do not have accessibility to local and fresh produce to capture an increased share of the broader U.S. lettuce and microgreens categories. Growth will be supported by several key macro and micro drivers including the growing mainstream acceptance of Kalera’s products; heightened consumer awareness of the role fresh, clean food and nutrition play in long-term health and wellness; growing awareness of the beneficial impact that vertical farming has on the environment; and increasing concern about food safety and security on a global scale. Kalera is supporting growth with disciplined capital deployment to create long-term value for shareholders.

Kalera also announced that its Denver farm, the company’s fourth large-scale facility is fully operational, four months ahead of schedule.

“Our Denver farm expands our regional footprint and product portfolio by providing a full range of products, including whole head, loose-leaf and highly accretive microgreens to Denver consumers and foodservice operators,” Leighton said. “We have applied our experience from other farms to accelerate the process, and we are pleased that throughput yield continues to perform above expectations as the facility ramps up to full-scale production.”

About Kalera
As a leader in controlled environmental agriculture, Kalera is driven by our belief that vertical farming can play an important role in securing access to fresh produce for a growing world population facing climate change and concerns about the future of traditional farming. Through our proprietary technology, we sustainably grow local, delicious, nutrient-rich, pesticide-free, non-GMO leafy greens year-round. Our automated, data-driven, hydroponic vertical farms produce higher yields and, use 95% less water, and 99% less land than traditional farming. Sold under the Kalera brand, our leafy greens are “better than organic” and priced competitively, always with the end consumer in mind. Kalera is headquartered in Orlando, Florida with farms in Orlando; Atlanta, Georgia; Houston, Texas; Denver, Colorado; and Kuwait, with additional farms under development. More information is available at www.kalera.com.

Safe Harbor Statement
This press release contains statements that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. All statements contained in this press release other than statements of historical fact, including statements regarding retail distribution and farm commissioning timing, business strategy and plans, and objectives for future operations, are forward-looking statements. The words “believes,” “expects,” “intends,” “estimates,” “projects,” “anticipates,” “will,” “plan,” “design,” “may,” “should,” or similar language are intended to identify forward-looking statements.

It is routine for our internal projections and expectations to change throughout the year, and any forward-looking statements based upon these projections or expectations may change prior to the end of the next quarter or year. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Risks and uncertainties are identified under “Risk Factors” our filings with the Securities and Exchange Commission (the “SEC”). The impact of COVID-19 and its variants may also exacerbate these risks, any of which could have a material effect on us. All forward-looking statements included herein are made only as of the date hereof. Unless otherwise required by law, we do not undertake, and specifically disclaim, any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise after the date of such statement.

You should read the discussion and analysis of our financial condition and results of operations together with our unaudited condensed consolidated financial statements and related notes, and our audited consolidated financial statements and related notes for the year ended December 31, 2021, included in our registration statement on Form S-4 (File No. 333-264422). As used in this section, unless the context suggests otherwise, “we,” “us,” “our,” “Company,” “Kalera” refer to Kalera Public Limited Company, Inc. and its consolidated subsidiaries.

Investor Contact	Investor Contact
Aparna Mehra, Director	Julie Kegley, Senior Vice President
Kalera Public Limited Company	Financial Profiles, Inc.
aparna.mehra@kalera.com	kalera@finprofiles.com
617-851-0608	310-622-8246

FAQ

What is the current retail store count for Kalera as of August 2022?

Kalera's retail store count has reached 1,370, marking a 25% increase.

When did Kalera's Denver farm become operational?

Kalera's Denver farm became operational four months ahead of schedule.

What is Kalera's growth projection for 2022?

Kalera is projected to surpass 40% growth by the end of 2022.

What key markets is Kalera focusing on for expansion?

Kalera plans to expand in areas with limited access to fresh produce in the U.S.

What products does Kalera offer from its Denver farm?

The Denver farm provides whole head, loose-leaf, and microgreens to consumers and foodservice operators.