salad greens farm featuring a “touchless growing system” with autonomous harvesting. On October 26, the company announced the start of commercial shipments from its new 15-acre Berea, Ky. Staffing efforts have increased across the farms, and lessons learned from Morehead are being actively applied to maximize labor efficiency, quality and produce yield as we ramp up operations at the three new facilities. The Morehead farm continues to make progress in improving quality, reducing distribution fees and expanding product variety that may command higher prices. The crop currently is healthy, showing none of the plant health issues previously reported for the first quarter of 2022. Planting for the third growing season at Morehead is complete, and harvesting is expected to begin in early November. As the company announced last week, the team’s access to Martin enables David Lee to focus on his role as an AppHarvest board member and to step down from his role as president later this year. The general managers of each farm, with Martin’s counsel, will continue working to increase operational rigor and discipline. The company expects to leverage Martin’s deep CEA expertise to provide valuable guidance in the areas of facilities, staffing and operations, to allow for streamlining within the organization. Tony Martin, a CEA industry veteran with prior experience as chief financial officer of Windset Farms, was recently appointed to the AppHarvest board of directors. See reconciliation of the non-GAAP measure at the end of this news release. In line with expectations while the company continues to rapidly expand its network to four farms, the company recorded a net loss of $24.0 million and non-GAAP Adjusted EBITDA loss of $12.0 million in the third quarter of 2022, compared to a prior year net loss of $17.3 million and non-GAAP Adjusted EBITDA loss of $16.5 million. Despite the higher net price per pound in the third quarter of 2022, net sales were slightly lower than the third quarter 2021 due to lower yield related to the plant health issues disclosed earlier in the year. to support food security with a climate-resilient and more sustainable approach, I’m encouraged by the team’s progress to execute one of the largest CEA buildouts ever while ramping up production of our fruit and vegetable portfolio for more potential revenue-generating streams this upcoming year,” said AppHarvest Founder & CEO Jonathan Webb.įor the third quarter 2022, net sales were $524,000 on 0.75 million pounds of tomatoes sold with a net sales price of 70 cents per pound versus net sales of $543,000 on 1.5 million pounds of tomatoes sold with a net sales price of 37 cents per pound in the third quarter of 2021.The third quarter historically is the company’s lowest production period because of the annual summer refresh for the replanting of the Morehead farm to prepare for the next growing season. “As we near completion of the AppHarvest four-farm network with a diversified set of crops against a backdrop of extreme weather that continues to demonstrate the need for controlled environment agriculture in the U.S. The four-farm network expected to open this year consists of 165 acres making AppHarvest one of the largest CEA producers. (NASDAQ: APPH, APPHW), a sustainable food company, public benefit corporation and Certified B Corp building some of the world’s largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in Appalachia, today announced its operating and financial results for the quarter ending September 30, 2022, showing strong progress on its strategy to quadruple its number of farms by year-end with the opening of the AppHarvest Berea and AppHarvest Somerset controlled environment agriculture (CEA) facilities and beginning commercial shipments of both salad greens and berries. 07, 2022 (GLOBE NEWSWIRE) - AppHarvest, Inc. The 15-acre AppHarvest Berea farm is expected to be the world’s largest high-tech indoor farm for autonomously harvested salad greens with a cutting-edge touchless growing system and is a supplier of the “Queen of Greens®” washed-and-ready-to-eat salad packs.ĪppHarvest Berea and AppHarvest Somerset are the second and third farms to open as company expects to quadruple farms by year-end and diversify produce portfolio to include salad greens and berriesĬonstruction delays at Berea, Somerset and Richmond farms drive lower net sales and improved Adjusted EBITDA loss guidance for the yearĪppHarvest completes $30 million financing deal with Mastronardi Produce secured by AppHarvest Berea farmĬompany announces leadership transitions to leverage CEA management experience
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