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AppHarvest Inc (NASDAQ:APPH) is a sustainable food company and a public benefit corporation, which is involved in operating some of the biggest high-tech indoor farms in the world. At the same time, the company also provides good jobs in the Appalachian area.
AppHarvest Announces 2022 Q4 and Full-Year Results, Achieving Net Sales Guidance Of $14.6 Million
The company grows fruits and vegetables which are affordable since it grows them at a scale. Last month on March 9 AppHarvest had come into the news cycle after it announced its financial results for the fourth fiscal quarter and also for the full fiscal year. In the fourth quarter, the company managed to generate net sales to the tune of $4.5 million which was a significant improvement from the $3.1 million in net sales in the prior year period. The infrastructure is now in place so that it would be possible for the company to place its vegetables and fruits at leading restaurants and grocery chains. AppHarvest expects that its sales in 2023 will go up threefold.
In the full fiscal year, the company managed to generate net sales to the tune of $14.6 million and which was a significant improvement on the $9.1 million in net sales in the 2021 fiscal year. It reflected an improvement of 60% year on year. The net losses for the fiscal year however widened to $176.6 million in 2022 from $166.2 million in 2021. The ramp-up in production at three of the company’s firms contributed to the rise in net losses for AppHarvest.