AppHavest reports $13 million in net sales in 1st Q

Added on 15 May 2023

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AppHavest reports $13 million in net sales in 1st Q

AppHarvest, in its first quarter financial results, reported net sales of $13 million. That’s up for $5.2 million of net sales in 2022.

“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. It expects 2023 net sales to end in the range of $40 to $50 million with non-GAAP Adjusted EBITDA losses in the range of $67 to $76 million.

As of March 31, 2023, cash and cash equivalents for AppHarvest were $50 million. They spent $21.2 million on capital expenditures in the first quarter.