Late yesterday, AppHarvest released its first quarter 2023 financial report. For the first time, AppHarvest began shipping commercially from each of the four high-tech farms with a significantly diversified crop portfolio including salad greens, strawberries, cucumbers and more varieties of tomatoes. Two of those locations are located here in Madison County. The other two production facilities are in Somerset and Morehead.
The company reported net sales of $13 million in Q1. That represented a more than 250 percent increase over Q1 2022 and nearly 90 percent of the entire net sales for the full year in 2022.
The company say they continue to expect total net sales in 2023 to be in the $40-50 million range.
In line with expectations, AppHarvest still reported a loss in the first quarter of 33.6 million dollars, compared to a first quarter loss in 2022 of 30.6 million dollars.
In its financial outlook, the company says with all four facilities now producing, they expect year to year sales to continue to increase into 2024. The company says the believe the financial trajectory demonstrates they have the potential to show adjusted gross profits in 2024 and 2025.
The company’s stock price has fallen from an all-time high of nearly $36 dollars a share in February of 2021, to trading between .50-.60 cents a share recently.
