![]() ![]() In its third season, Morehead is achieving significant production records in terms of key performance indicators. I believe Tony’s strong CEA experience will help accelerate our path to profitability.” “Tony is focusing on a data-driven approach for optimizing production and driving more efficiency across the four-farm network. “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. Under “Project New Leaf,” the company’s strategic program focused on profitability, Martin is working to implement a five-point strategy to focus efforts across all operations: 1) further leveraging synergies with its marketing and distribution partner, Mastronardi Produce 2) enabling labor efficiency 3) improving enterprise-wide feedback through clear key performance indicators (KPIs) and cross-organization information sharing 4) initiating comprehensive spending reviews and 5) aligning team members to milestones outlined in the five-year strategic vision. ![]() See reconciliation of non-GAAP financial measures at the end of this press release.ĪppHarvest Board Member and controlled environment agriculture (CEA) industry veteran Tony Martin was appointed chief operating officer in January of 2023 to optimize production, sales and costs across the AppHarvest four-farm network. In line with expectations, the company recorded a net loss of $33.6 million and non-GAAP Adjusted EBITDA loss of $23.2 million in the first quarter of 2023, compared to a prior year net loss of $30.6 million and non-GAAP Adjusted EBITDA loss of $18.0 million. ![]() Net sales by crop type were almost $11.0 million in tomatoes, more than $1.0 million in strawberries, over $800,000 in salad greens and nearly $200,000 in cucumbers. 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. 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. (NASDAQ: APPH, APPHW), a sustainable food company, public benefit corporation and Certified B Corp building some of the world’s largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in Appalachia, today announced its operating and financial results for the quarter ending March 31, 2023, reiterating its full year 2023 guidance and showing strong progress toward operational efficiencies resulting in higher sales, cost savings and product quality as the company works to increase production across its three new farms.įor the first quarter 2023, net sales were $13.0 million versus net sales of $5.2 million in the first quarter of 2022 – a more than 250% increase and nearly 90% of the company’s net sales for full year 2022. MOREHEAD, Ky., (GLOBE NEWSWIRE) - AppHarvest, Inc. AppHarvest sold almost $11 million in tomatoes in Q1 2023.ĪppHarvest achieves quarterly net sales nearly 90 percent of sales for full year 2022 including sales of almost $11 million in tomatoes and more than $1 million in strawberriesĪppHarvest ships commercially for first time from full four-farm network to top national grocery store chains, restaurants and food service outletsįirst quarter 2023 earnings call set for May 10 at 4:30 p.m. AppHarvest Morehead and AppHarvest Richmond farms are shipping sustainably grown tomatoes sold under the Sunset brand to top national grocery store chains, restaurants and food service outlets. ![]()
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