AppHarvest, Inc. (APPH) is an applied tech-based company engaged in the development and operation of the largest global indoor farms, utilized to grow non-GMO, chemical, and pesticide-free crops. The latest technology of the company uses up to 90% less water than normal agriculture while producing 30 times more yield than conventional agriculture.
The price of APPH stock in the early trading session of March 8, 2022, was last checked to be $4.99 with a substantial decline of 12.06%.
APPH: Events and Happenings
On March 8 and 7, 2022, APPH updated on multiple filings with SEC including Form SC13D/A and 8-K. On March 07, 2022, APPH reported appointing Patrick T. Halfmann as its director and a member of an audit and the sustainability committee with immediate effect.
APPH: Key Financials
On February 24, 2022, APPH released its unaudited financials for the fourth quarter ended December 31, 2021. Some of the main aspects are mentioned below.
Net Sales
Net sales in the fourth quarter of 2021 were $3.07 million in comparison to nil sales in the comparable period of 2020. The company recorded a considerable improvement in its sales over the yearly period. It beat the analyst’s expectations by $770 thousand.
EPS
Basic and diluted net loss in Q4 2021 was $87.7 million or $0.88 per share corresponding to $9.31 million or $0.21 in the comparable quarter of 2020. The company observed a considerable decline in its earnings over the yearly period. Also, it missed the analysts’ estimations by -$0.62.
On December 15, 2021, APPH announced its entry into a common stock acquisition contract worth $100 million with B. Riley Principal Capital. Under the terms of the contract, the company has the right to sell and issue approximately $100 million of its common stock shares to B. Riley, after fulfilling certain conditions.
On December 13, 2021, APPH informed the press about the selling out of its The Food Fight salsa within weeks of the launch of this campaign. It also reported the launch of its new e-commerce website.
Conclusion
APPH stock gained 21% year-to-date due to the strong financial policies of the company and the lessening of the pandemic restrictions. Currently, the company announced multiple SEC filings which resulted in the dropping of stock in early trading. For the upcoming quarter, the company’s revenue guidance is $5.85 million with an EPS of -$0.33.
