AppHarvest, in its first quarter financial results, reported net sales of $13 million. The company says that sales were largely driven by tomato sales as the company ramped up production in its four-farm network.
“This $7.8 million increase in net sales during the quarter was primarily driven by tomato sales from the third harvest season at AppHarvest Morehead and the start-up of operations at AppHarvest Berea, AppHarvest Richmond and AppHarvest Somerset,” their announcement states. “January 2023 marked the first time that all facilities in the AppHarvest four-farm network were commercially shipping products from an increasingly diversified crop portfolio including strawberries, salad greens, cucumbers and more tomatoes.”
Tomatoes totaled almost $11 million in net sales compared to more than $1 million in strawberries, over $800,000 in greens and around $200,000 in cucumbers. AppHarvest says it expects 2023 net sales to end in the range of $40 to $50 million. In 2022, the company reported $5.2 million in net sales.
AppHarvest reports $33.6 million in net losses, or $0.26 per share. In 2022, AppHarvest reported $30.6 million in net losses, or $0.30 per share.
This comes as the company is working on what it calls "Project New Leaf" to become a profitable company. The project, a five-year plan, is headed up board member Tony Martin, who was appointed COO in January.
“Under Tony’s leadership, we’re already seeing improved performance in the first quarter with net sales of $13 million,” said AppHarvest Founder and CEO Jonathan Webb. “Tony is focusing on a data-driven approach for optimizing production and driving more efficiency across the four-farm network. I believe Tony’s strong CEA experience will help accelerate our path to profitability.”
On the day the company released its report, its stock price peaked at $0.53 per share. However, shares have already given back all of their post-earning advance and dipped back below $0.50. The company’s stock currently is listed at $0.4975 per share.
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