![]() ![]() “While we more than doubled production from our first quarter, we have a ‘moment in time’ opportunity to create more long-term shareholder value by doubling down on investments that help us reduce risk going forward by developing and deploying our leading technology, and operational best practices for CEA, and enhancing our brand power by launching value-added products next year,” said AppHarvest President David Lee. The company wrapped up the initial winter harvest from its first high-tech indoor farm early to incorporate operational key learnings into future harvests, to set up space devoted to test proprietary CEA farm technology and to grow trial varieties for anticipated, value-added products made from the company’s fresh produce, including a direct-to-consumer platform. Second quarter results also reflect investments in building out the technology team to capture the full potential of the Root AI acquisition completed in April in support of the company’s strategic pursuit of the commercial and shareholder return opportunity associated with becoming a leading applied technology company serving the growing CEA industry. 1-grade production yields, including the impact of higher distribution and shipping fees. Labor and productivity challenges resulted in lower net sales due to lower overall No. Second quarter 2021 results were adversely impacted by operational headwinds with the ramp up to full production at the company’s first CEA facility, including labor and productivity challenges related to the training and development of the new workforce and historically low market prices for tomatoes during the second quarter of 2021 based on USDA reports. See reconciliation of the non-GAAP measure at the end of this press release. The company recorded a net loss of $32.0 million and non-GAAP Adjusted EBITDA loss of $22.6 million in the second quarter of 2021, as compared to a net loss and non-GAAP Adjusted EBITDA loss of $1.6 million in the second quarter of 2020, when the company was still pre-production. AppHarvest sold 8.6 million pounds of tomatoes in the second quarter, an increase of 4.8 million pounds from the first quarter. “Our teams, including key seasoned executive recruits, are focused on operational execution and on delivering reliable, high-tech, climate-resilient food system solutions that reduce risk in our production environment and that can be replicated around the world.”įor the second quarter of 2021, net sales were $3.1 million, an increase of $0.8 million from the first quarter of 2021, when AppHarvest began its inaugural harvest and launched as a public company. “We believe our innovative, sustainable approach, which captures free rainwater and sunlight through large glass roofs in Appalachia and leverages world-class technology at scale while maintaining the highest ESG principles, positions our company to be a global leader in this industry,” said Webb. “The industry has changed significantly from just three months ago as global extreme weather events, including drought in traditional agricultural regions, have underscored the necessity for CEA solutions,” said AppHarvest Founder and CEO Jonathan Webb. (NASDAQ: APPH, APPHW), a leading AgTech company, public benefit corporation and Certified B Corp focused on farming more sustainably using up to 90% less water than open-field agriculture and only recycled rainwater, announced today its operating and financial results for the quarter ending on June 30, 2021. 11, 2021 (GLOBE NEWSWIRE) - AppHarvest, Inc. ![]() With key seasoned executive recruits supporting AppHarvest 2.0 initiative Plans to launch value-added product line reduces 2021 outlook based on operational ramp-up challenges and dedicating more production space to strategic investmentsĪppHarvest President David Lee assumes operational responsibility Secured $91 million in new, non-dilutive financing from leading sustainability investor Equilibrium Capital and $75 million from Rabo AgriFinance with four farms under constructionĬompany reaffirms long-term 2025 outlook reflecting expected benefits of proprietary technology, Company delivered net sales of $3.1 million on 8.6 million pounds of tomatoes sold,Ĭoncluding the abbreviated 2020 planting season ![]()
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