![]() Production at the Berea location stopped on April 17, according to the quarterly filing. A sale-leaseback deal for the Berea salad greens facility with Mastronardi Produce, AppHarvest’s exclusive distribution partner, followed. In November 2022, the company first told investors it was running out of cash and would only be able to operate into the first quarter of 2023. At one point, the company aimed to have 12 farms up and running by 2025. It noted in the May 10 filing that it has “incurred losses from operations and generated negative cash flows from operating activities since inception.”ĪppHarvest operates a network of greenhouse facilities in Kentucky that grow tomatoes, leafy greens and strawberries. ![]() ![]() According to the filing, the company will “continue to incur losses from operations and generate negative cash flows from operating activities.”ĪppHarvest’s struggles are well documented and have burdened the indoor farming company since shortly after it went public via SPAC in 2021 ( at a $1 billion+ valuation ). AppHarvest temporarily halted production at Berea in April due to the presence of Listeria monocytogenes, which can lead to serious health issues in humans. Among the factors impacting AppHarvest’s cash are higher expenses in Q1 2023, lower revenue from strawberries, increased capex, and lost revenues from replanting at its facility in Berea, Kentucky. US-based AppHarvest could run out of money as soon as October of this year “absent additional sources of financing,” according to the indoor farming company’s quarterly regulatory report filed on May 10. Green Stock News is not responsible for any gains or losses that result from the opinions expressed in this video or materials that it publishes electronically.AppHarvest plans to reopen listeria-impacted indoor farm soon but could run out of cash in a matter of months As such, the information should not be construed as advice designed to meet the particular investment needs of any investor. Video content and other materials including web content are based on data obtained from sources we believe to be reliable but are not guaranteed as to accuracy and are not purported to be complete. Green Stock News is not responsible for any losses related to the financial decisions made by you. This content is not financial advice and is for information, education and entertainment purposes only. Shares of AppHarvest trade on the NASDAQ under the ticker symbol APPH. The Somerset farm will consist of a 30-acre greenhouse, cooling and packing room and office that will process strawberries and small cucumbers.ĪppHarvest President David Lee stated: “This funding agreement with the USDA allows us to continue to scale operations as we plan to bring the Somerset farm and two additional CEA facilities online before the end of the year, which would quadruple our farm network and diversify our product portfolio to include berries and salad greens."ĪppHarvest is a sustainable food company in Appalachia developing and operating some of the world's largest high-tech indoor farms with robotics and artificial intelligence to build a reliable, climate-resilient food system. The project is expected to create about 142 jobs for the community. It will produce yields up to 30 times that of traditional agriculture and prevent pollution from agricultural runoff. The farm, which is designed to grow produce using sunshine, rainwater and up to 90% less water than open field growing, is expected to be operational by the end of the year. AppHarvest – TheNewswire - ( APPH ), a sustainable food company in Appalachia building indoor farms to grow affordable fruits and vegetables, has closed a $50 million financing for its high-tech berry farm located in Somerset, Kentucky.
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