Kalera Public Limited Company (Nasdaq: KAL), 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 states it 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.”
Kalera also announced the addition of Trader Joe’s to serve its 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 macros 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 which will fuel the local market.
“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.”
Its stock price gained 0.55% in trading on Monday hampered by the overall economic uncertainty linked to interest rates hike fear dominating the market since Jackson Hole’s central bank speech.