However, touting celebrities has yet to boost the share price. The short-interest ratio is about 11.532.ĪppHarvest has routinely boasted about food entrepreneur and icon Martha Stewart and Impossible Foods Chief Financial Officer David Lee joining the company’s board. Short sellers have piled into the stock on deteriorating fundamentals, with 15.3 million shares short over the last year. Operational delays and money-losing operations have resulted in the share price cratering at least 88% from the IPO price. The Kentucky-based vertical farm company grows vegetables in futuristic greenhouses that yield up to 30x more crops per acre than traditional outdoor farming. The company said last August that both facilities would be operational by the midpoint of the year. The first was at an indoor facility that grows salad greens and another for tomatoes, and both won’t be fully operational until the end of the year. One of the main drivers for share decline today was delays at two indoor verticle farms. Adjusted EBITDA loss is forecasted to be between $69.3-$72.5M, compared with $70-$75M. FY21 revenues are estimated at $8.9-$9.1M, higher than the company’s guidance of $7-$9M. The company expects a full-year net loss between $170-$172.5M, including fourth-quarter non-cash goodwill and an intangible impairment charge of around $60M. On Monday, high-tech greenhouse startup AppHarvest plunged as much as 23% to $2.66, a 52-week low after reporting worsening preliminary 2021 financial results and farm delays.
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