AppHarvest, Inc. (NASDAQ: APPH, APPHW) announced that it will release its financial results for the second quarter 2022 on Wednesday, August 3, 2022. The company will host a post-market conference call and webcast to review its results the same day at 4:30 p.m. ET.
The conference call will be streamed over the internet and accessible through the “Investor Relations” section of the AppHarvest website at https://investors.appharvest.com. To join the live call, please register here for the dial-in number and a personal PIN code. An audio-only replay of the webcast will be available on the company’s website approximately 90 minutes after the end of the conference call for 30 days.
AppHarvest’s First Quarter 2022 Results
For the first quarter of 2022, net sales were $5.2 million on 6.9 million pounds of tomatoes sold with a net sales price of 75 cents per pound versus net sales of $2.3 million on 3.8 million pounds of tomatoes sold with a net sales price of 61 cents in the first quarter of 2021. This approximately 125% improvement in year-over-year Q1 net sales was driven by higher overall production and expanded product variety at the Morehead farm, which was not fully harvesting in the first quarter of last year based on the phased opening of the facility, and continued operational ramp-up, including enhanced training and productivity improvements resulting in a more favorable ratio mix of USDA No. 1 grade (“premium”) and non-premium tomatoes.
In line with expectations, while investing in quadrupling the farm network, the company recorded a net loss of $30.6 million and non-GAAP Adjusted EBITDA loss of $18.0 million in the first quarter of 2022, compared to a prior year net loss of $28.5 million and non-GAAP Adjusted EBITDA loss of $12.4 million. See reconciliation of the non-GAAP measure at the end of this news release.
What are analysts expecting?
As per Baron’s estimates, AppHarvest is predicted to report negative earnings estimates but, despite the worst-than-expected losses incurred in Q4 2021, AppHarvest has since increased its production output in its flagship Morehead facility and started the construction of two new high-tech indoor farms in Central Appalachia. The company’s new farms, located in Somerset and Morehead, Ky., will grow berries and leafy greens, respectively. The high-tech Somerset farm marks the company’s expansion into growing berry crops. The Somerset indoor farm will be 30 acres. This will definitely improve the performance in AppHarvest’s upcoming quarters.