Appharvest Inc (NASDAQ:APPH) shares are trading lower by 22% at $2.66 after the company reported preliminary FY2021 sales guidance.
AppHarvest now expects to report 2021 net sales in the range of $8.9 to $9.1 million, versus a previously announced outlook of $7.0 to $9.0 million. AppHarvest also expects to report a net loss in the range of $170.0 to $172.5 million and now expects an Adjusted EBITDA loss in the range of $69.3 to 72.5 million, versus a prior outlook of an Adjusted EBITDA loss of $70.0 to $75.0 million.
"The AppHarvest team has been squarely focused on the core business, and solid execution in the fourth quarter during the ramp up of our second growing season positions us to come in at the high end of our full-year net sales guidance range. We remain on track to quadruple our number of operating farms this year—adding three new farms that together will expand tomato capacity and diversify our growing capabilities into salad greens and berries," said AppHarvest President David Lee.
"Our first anniversary coincides with the full vesting of early investor shares that can enter trading, and we remain confident in our plan to deliver long-term value to all shareholders based on the operational improvements in our business and significant scale that we're adding," Lee stated.
AppHarvest operates in the agriculture sector. It is an agriculture technology company. The company is engaged in developing and operating controlled environment indoor farms.
AppHarvest has a 52-week high of $42.90 and a 52-week low of $2.62.
