AppHarvest, Inc. (APPH)
Chart Events
Performance Outlook
| Previous Close | 16.19 |
| Open | 16.37 |
| Bid | 16.10 x 800 |
| Ask | 16.03 x 2200 |
| Day's Range | 15.80 - 16.53 |
| 52 Week Range | 9.61 - 42.90 |
| Volume | 1,539,383 |
| Avg. Volume | 1,791,309 |
| Market Cap | 1.567B |
| Beta (5Y Monthly) | N/A |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | N/A |
| Earnings Date | N/A |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | 42.00 |
Fair Value
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- GlobeNewswire
AppHarvest Appoints Ciara Burnham and Geof Rochester to Board of Directors
Burnham and Rochester Bring Expertise in Corporate Social Responsibility, ESG, Marketing, Emerging Growth and Technology Ciara Burnham AppHarvest Appoints Ciara Burnham to Board of Directors Geof Rochester AppHarvest Appoints Geof Rochester to Board of Directors MOREHEAD, Ky., April 13, 2021 (GLOBE NEWSWIRE) -- AppHarvest, Inc. (NASDAQ: APPH, APPHW), a leading AgTech company, Public Benefit Corporation and Certified B Corp focused on farming more sustainably using 90 percent less water than open-field agriculture, today announced Ciara Burnham, an executive and investor with a track record of building growth businesses in financial services and social impact organizations, and Geof Rochester, a thought leader in CSR marketing at organizations such as The Nature Conservancy, will join its board of directors. “Geof and Ciara both are dedicated to the AppHarvest mission to build a resilient food system,” said Jonathan Webb, AppHarvest Founder & CEO. “Ciara is a proven leader with tremendous experience working in organizations sitting at the intersection of ESG, impact and growth. Geof brings decades of experience in marketing and corporate social responsibility and has worked closely with AppHarvest including as chief marketing officer. I firmly believe that consumers increasingly will demand companies uphold the highest ESG standards as table stakes for doing business and these leaders will help take us to the next level.” “The AppHarvest mission to grow food in a sustainable, ethical, and environmentally sensitive way by leveraging the best of nature and supplementing that with innovative technology resonates deeply with me,” said Burnham. “The company is at an inflection point of a strong growth curve, and my background in financial technology paired with my commitment to supporting social impact organizations makes this a compelling challenge and custom fit.” Burnham will serve on the both the audit and nominating-governance committees. “Having spent much of my career focused on CSR strategy for NGOs, media companies and consumer goods brands, I am eager to leverage my network in support of AppHarvest’s growth as a broader sustainable foods company and to contribute to the mission of taking care of people, community and planet,” said Rochester. As part of the transition to the board role, Rochester will continue to serve in a short-term advisory capacity to complete some key brand-building initiatives. Burnham and Rochester fill the board seats vacated by Equilibrium CEO and Chairman Dave Chen and Narya Capital Partner J.D. Vance. “We thank Dave and J.D. for being early investors who threw their full support into establishing AppHarvest as a mission-focused company doing good for people and planet,” said Webb. Remaining AppHarvest board members include Jonathan Webb, AppHarvest founder and CEO; Anna Mason, Rise of the Rest Seed Funds partner; Martha Stewart, Martha Stewart Living Omnimedia founder; Bob Laiken, Novus Capital Corporation II chairman; David Lee, AppHarvest president; Greg Couch, Meridien Wealth Management founder and president; Jeffrey W. Ubben, Inclusive Capital Partners founder and managing partner; and Kiran Bhatraju, Arcadia Power founder and CEO. About Ciara BurnhamCiara Burnham is a seasoned investor, operator and strategist with more than 20 years of experience in building growth businesses in financial services. Ciara currently serves on the board of Fortitude Re, a multi-line reinsurance company, as the chair of the Risk & Capital committee and member of the audit committee. She also serves on the boards of the financial technology companies, OpenInvest and “blooom,” and as an adviser to Athena Technology Acquisition Corp., an all-women SPAC. Previously, she was a partner at QED Investors, a leading venture capital firm that actively supports high-growth businesses, focusing on emerging growth companies in the U.S. financial services ecosystem. Prior to that, she was a senior managing director with global investment bank Evercore, where she played a leadership role in the build out of the firm’s presence on a global basis; and served as CEO of Evercore Trust, a nationally chartered trust bank with over $50 billion in assets. Ciara is a founding limited partner of How Women Invest – a venture capital fund working to increase support for female founders. Ciara received an AB from Princeton University and an MBA from Columbia Business School. She serves as chair of the Board of Trustees of the non-profit Education Development Center and is a member of the Advisory Board of the Tamer Center for Social Enterprise at Columbia Business School and the Dean’s Advisory Council of Princeton University. About Geof RochesterA marketing and corporate social responsibility leader with decades of experience, Geof has worked closely with AppHarvest. Previously, Geof served as chief marketing officer for The Nature Conservancy, where he led collaborations with major companies including Macy’s, Subway, Harley-Davidson, and Univision. Before joining TNC, Geof held marketing leadership roles at World Wrestling Entertainment, Showtime, Comcast, Radisson Hotel Group, and Procter & Gamble. Geof holds a bachelor’s degree from Georgetown University and an MBA from the Wharton School of the University of Pennsylvania. He is a thought-leader across corporate sustainability and CSR, NGOs, philanthropy and social entrepreneurship, serving on boards of environmental organizations such as ecoAmerica and Sustainable Brands. He speaks regularly on the topics of brand purpose and sustainability. About AppHarvestAppHarvest is an applied technology company building some of the world’s largest high-tech indoor farms in Appalachia that grow non-GMO, chemical pesticide-free produce using 90 percent less water than open-field agriculture and only recycled rainwater while producing yields up to 30 times that of traditional agriculture on the same amount of land with zero agricultural runoff. The Company combines conventional agricultural techniques with cutting-edge technology including artificial intelligence and robotics to improve access for all to nutritious food, farming more sustainably, building a domestic food supply, and increasing investment in Appalachia. The Company’s 60-acre Morehead, Ky. facility is among the largest indoor farms in the U.S. For more information, visit https://www.appharvest.com/. Forward-Looking Statements Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, regarding AppHarvest’s future financial performance, as well as AppHarvest’s growth plans and strategy, ability to capitalize on commercial opportunities, future operations, estimated financial position, estimated adjusted EBITDA, revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of AppHarvest’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of AppHarvest. These forward-looking statements are subject to a number of risks and uncertainties, including those discussed in the Registration Statement on Form S-1 (No. 333-252964) filed with the SEC by AppHarvest on February 10, 2021 under the heading “Risk Factors,” and other documents AppHarvest has filed, or that AppHarvest will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward-looking statements reflect AppHarvest’s expectations, plans, or forecasts of future events and views as of the date of this press release. AppHarvest anticipates that subsequent events and developments will cause its assessments to change. However, while AppHarvest may elect to update these forward-looking statements at some point in the future, AppHarvest specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing AppHarvest’s assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. MEDIA CONTACT: Travis Parman, Travis.Parman@appharvest.com INVESTOR CONTACT: Matt Chesler, CFA, appharvestIR@appharvest.comIMAGE/VIDEO GALLERY: Available here Photos accompanying this announcement are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/3d6eddc6-b6e8-4905-92da-66e2022ae88f https://www.globenewswire.com/NewsRoom/AttachmentNg/9032661b-919a-473d-89bc-252ec36f8468
- GlobeNewswire
AppHarvest Acquires Agricultural Robotics and Artificial Intelligence Company Root AI to Increase Efficiency
AppHarvest intelligent robot harvester AppHarvest has acquired the agricultural robotics and artificial intelligence company, Root AI, to improve efficiency and sustainability. Acquisition of Root AI and its signature robot, Virgo, bolsters company’s intelligent tools to produce foods sustainablyRoot AI CEO Joins AppHarvest as Chief Technology Officer MOREHEAD, Ky., April 08, 2021 (GLOBE NEWSWIRE) -- AppHarvest, Inc. (NASDAQ: APPH, APPHW), a leading AgTech company and Certified B Corp focused on farming more sustainably using 90 percent less water than open-field agriculture and only recycled rainwater, announced today that it has acquired Root AI, an artificial intelligence farming startup that creates intelligent robots to help manage high-tech indoor farms. The acquisition of Root AI and its robotic universal harvester, Virgo, is expected to provide AppHarvest with a baseline of harvesting support working alongside crop care specialists focused on more complex tasks. AppHarvest expects the game-changing advantage of the technology to be in the data the robots can collect as they harvest, which can help evaluate crop health, precisely predict yield and optimize overall operations of the controlled environment agriculture (CEA) facility. “Farming as we’ve known it is broken because of the increasing number of variables such as extreme weather, droughts, fire and contamination by animals that make our food system unreliable. Indoor farming solves for many of those challenges, and the data gathered can exponentially deliver more insights that help us predict and control crop quality and yield,” said AppHarvest Founder & CEO Jonathan Webb. “One of the key challenges in agriculture is accurately predicting yield. Many downstream decisions from work scheduling to transportation to retail planning are based on that. Any deviation between projection and actual yield can result in fire drills for numerous functions to adjust for the change, and AI can help solve for that.” Root AI co-founder and CEO Josh Lessing will take on the role of Chief Technology Officer for AppHarvest where he will take the lead in continuing to develop the robots and their AI capabilities for the network of indoor farms that AppHarvest is building. Lessing, along with co-founder Ryan Knopf who will join AppHarvest as vice president of technology, helped establish Root AI as an early leader in employing artificial intelligence in CEA. Virgo is the world’s first universal harvester, which can be configured to identify and harvest multiple crops of varying sizes including tomatoes, peppers, cucumbers and more delicate fruits such as strawberries among others. Though Virgo can work indoors or out, the robot’s focus has been on controlled environment agriculture. Over the past three years, it has collected the world’s largest data set of tomato images to enable it to identify more than 50 varieties in multiple growing environments and at varying stages of maturity to learn how and when to harvest. Virgo uses a set of cameras combined with an infrared laser to generate a 3D color scan of an area to determine the work it can perform. Once it maps the tomatoes, it assesses their orientation and determines if they are ripe enough to pick. The robot can be programmed to make other quality assessments as well. The scan enables the robot to find the least obstructive and fastest route to pick the crop ahead of the arrival of the robotic arm and gripper. The robot can identify hundreds of tomatoes in a fraction of a second without having to connect to the cloud. Virgo keeps score on its success rate like a video game. A built-in feedback mechanism constantly evaluates its efficiency so it learns how to harvest any given configuration of fruit most effectively. “A piece of food—whether that’s a tomato or a berry or a cucumber—is an outcome from many variables that are part of the growing process. Enhanced data collection for each plant through the robot can lead to insights that teach us precisely how to design better, more resilient food systems that are reliable and that produce more food with fewer resources,“ said Lessing. “Joining forces with AppHarvest is a natural fit: we want to ensure a stable, safe supply of the nutritious and healthy food that people should be eating -- grown sustainably -- and doing that at the scale of AppHarvest gives us the opportunity to make the greatest difference.” Gathering more data through AI enables growers to use real-time information to improve a number of sustainability efforts such as detecting and eliminating pests naturally, helping indoor farms successfully grow chemical pesticide-free fruits and vegetables.AppHarvest is investing approximately $60 million, consisting of approximately $10 million in cash and the balance in AppHarvest common shares, to acquire Root AI. The Company will issue approximately 2,328,000 shares for the transaction.Founded in 2018, Root AI is based in Somerville, Mass., and has 19 full-time employees, all of whom are expected to join AppHarvest’s technology group to help advance the mission of building a resilient and sustainable food supply. About AppHarvestAppHarvest is an applied technology company building some of the world’s largest high-tech indoor farms in Appalachia that grow non-GMO, chemical pesticide-free produce using 90 percent less water than open-field agriculture and only recycled rainwater while producing yields up to 30 times that of traditional agriculture on the same amount of land with zero agricultural runoff. The Company combines conventional agricultural techniques with cutting-edge technology and is addressing key issues including improving access for all to nutritious food, farming more sustainably, building a domestic food supply, and increasing investment in Appalachia. The Company’s 60-acre Morehead, Ky. facility is among the largest indoor farms in the U.S. For more information, visit https://www.appharvest.com/. Forward-Looking Statements Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, regarding AppHarvest’s future financial performance, as well as AppHarvest’s growth plans and strategy, ability to capitalize on commercial opportunities, future operations, estimated financial position, estimated adjusted EBITDA, revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of AppHarvest’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of AppHarvest. These forward-looking statements are subject to a number of risks and uncertainties, including those discussed in the Registration Statement on Form S-1 (No. 333-252964) filed with the SEC by AppHarvest on February 10, 2021 under the heading “Risk Factors,” and other documents AppHarvest has filed, or that AppHarvest will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward-looking statements reflect AppHarvest’s expectations, plans, or forecasts of future events and views as of the date of this press release. AppHarvest anticipates that subsequent events and developments will cause its assessments to change. However, while AppHarvest may elect to update these forward-looking statements at some point in the future, AppHarvest specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing AppHarvest’s assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. MEDIA CONTACT: Travis Parman, Travis.Parman@appharvest.com INVESTOR CONTACT: Matt Chesler, CFA, appharvestIR@appharvest.comIMAGE/VIDEO GALLERY: Available here A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ddc83eaa-4466-407e-ab37-9bc31286e71d
- GlobeNewswire
AppHarvest Announces First Harvest of Tomatoes on the Vine from High-Tech Morehead Farm Shipping to Grocery Stores
The Tomatoes on the Vine harvest follows the first harvest of Beefsteak tomatoes in January and will arrive at Kroger grocery stores this week Image 1: AppHarvest’s sustainably grown Tomatoes on the Vine first will be available in Kroger stores, and the company expects the tomatoes will be on the shelves of other national retailers in the near future. Image 2: AppHarvest announces first harvest of Tomatoes on the Vine from high-tech Morehead farm is shipping to grocery stores. MOREHEAD, Ky., April 01, 2021 (GLOBE NEWSWIRE) -- AgTech leader AppHarvest, Inc. (NASDAQ: APPH, APPHW), today announced that its first harvest of Tomatoes on the Vine from its flagship high-tech indoor farm is shipping to Kroger grocery stores this week. This harvest marks the second tomato variety to be distributed to grocery stores since the controlled environment ag company first harvested Beefsteak tomatoes in January. The Morehead facility, one of the country’s largest high-tech indoor farms, has planted half of the facility’s acreage in the Beefsteak variety and the other half in the Tomatoes on the Vine variety, which are delivering on schedule. The sustainably grown Tomatoes on the Vine first will be available in Kroger stores this week, co-branded with Sunset, with pricing expected to be comparable to standard tomatoes. All of AppHarvest’s tomatoes are chemical pesticide-free, non-GMO and are grown with 100% recycled rainwater. The company plans to have the tomatoes available on the shelves of other national retailers in the near future. “Our Beefsteak tomatoes have been a hit with customers since launching in grocery stores this past January, and we expect our Tomatoes on the Vine to be just as in-demand,” said Jonathan Webb, CEO & Founder of AppHarvest. “This harvest also has proved the team can handle the production ramp-up at our Morehead facility as we are now using all grow space at the high-tech farm. We’re making good on our mission to build a resilient domestic supply of delicious, nutritious and affordable tomatoes grown sustainably while creating good jobs in an area that needs them.” Tomatoes on the Vine are sold with the vine still attached, which allows the fruit to absorb additional nutrients from the plant as it continues to ripen. Tomatoes on the Vine are known for their excellent shelf life and ability to remain fresh. The variety is most often used for slicing and salads and as a flavor boost for many recipes. They are a high-yielding variety with exceptionally big fruits and uniform clusters. AppHarvest continues to leverage the best of nature with sunlight and rainwater at the forefront, supplemented by technology, to deliver sustainably grown produce that’s flavorful and nutritious. AppHarvest Board Member and Food Icon, Martha Stewart, was among the first to test out the company’s Tomatoes on the Vine and was thrilled with implementing them into her famous dishes like Tomatoes Provencal and Baked Eggs in Whole Roasted Tomatoes. Tomatoes on the Vine are being grown out of 30 acres of dedicated space at AppHarvest’s 60-acre controlled environment agriculture (CEA) facility in Morehead, Ky., which the company purchased earlier in March along with the property on which it is located. The Morehead facility is expected to produce about 45 million pounds of tomatoes annually from about 720,000 tomato plants, a mix of Beefsteak and Tomatoes on the Vine. Additionally, the company is currently building two additional high-tech controlled environment agriculture facilities in Central Appalachia: a 15-acre facility in Berea, Ky., that will focus on growing leafy greens, and a 60-acre facility outside Richmond, Ky., expected to grow tomatoes. For more information about AppHarvest and to find additional recipes, visit www.AppHarvest.com. About AppHarvestAppHarvest is an applied technology company building some of the world’s largest indoor farms in Appalachia. The company combines conventional agricultural techniques with cutting-edge technology and is addressing key issues including improving access for all to nutritious food, farming more sustainably, building a home-grown food supply, and increasing investment in Appalachia. The company’s 60-acre Morehead, Ky. facility is among the largest indoor farms in the U.S. For more information, visit https://www.appharvest.com/. Forward-Looking Statements Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, regarding expected crop yields and AppHarvest’s plans for expansion are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of AppHarvest’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. These forward-looking statements are subject to a number of risks and uncertainties, including those discussed in the final Registration Statement on Form S-1 (as amended, File No. 333-252964) filed with the SEC by AppHarvest on February 10, 2021 under the heading “Risk Factors,” and other documents AppHarvest has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward-looking statements reflect AppHarvest’s expectations, plans, or forecasts of future events and views as of the date of this press release. While AppHarvest may elect to update these forward-looking statements at some point in the future, AppHarvest specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing AppHarvest’s assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. MEDIA CONTACT: Travis Parman, Travis.Parman@appharvest.com INVESTOR CONTACT: Matt Chesler, CFA, appharvestIR@appharvest.comIMAGE/VIDEO GALLERY: Available here Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ee7ced75-1f10-46c3-a286-97b877af1413https://www.globenewswire.com/NewsRoom/AttachmentNg/8c97d8e7-e524-405e-aec8-54d189c35029
