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AppHarvest, Inc. (APPH)

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Previous Close33.34
Open31.65
Bid30.50 x 1100
Ask30.60 x 1000
Day's Range30.24 - 33.47
52 Week Range9.61 - 42.90
Volume1,016,273
Avg. Volume571,329
Market Cap2.982B
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    • AppHarvest, Inc. Announces Full-Year 2020 Financial Results
      GlobeNewswire

      AppHarvest, Inc. Announces Full-Year 2020 Financial Results

      Company Introduces First Quarter 2021 Outlook and Updates Full-Year 2021 ForecastMOREHEAD, Ky., Feb. 25, 2021 (GLOBE NEWSWIRE) -- AppHarvest, Inc. (NASDAQ: APPH, APPHW) (“AppHarvest” or “the Company”), a leading AgTech company and Certified B Corp building and operating some of the country’s largest high-tech indoor farms to sustainably grow affordable, nutritious, chemical pesticide-free non-GMO fruits and vegetables at scale using up to 90 percent less water than traditional open-field agriculture and 100 percent recycled rainwater, announced today its financial results for the full year ended December 31, 2020. Fiscal Year 2020 Highlights Net loss of $17.4 million, compared to $2.7 million in the prior year period in 2019Adjusted EBITDA loss of $15.7 million, compared to $2.6 million in the prior year period in 2019 AppHarvest was in a pre-revenue state in 2020 as the company scaled to prepare to become a publicly traded company and as it ramped up to plant its first crop at its flagship facility, which began harvesting in January of 2021. In 2020, AppHarvest implemented its pioneering AgTech platform, which the company developed through international and advanced technology partnerships with the Dutch government, GE, Signify, Priva, Moleaer, Ecoation and others. Powered by these technologies, AppHarvest is able to drive higher crop yields. The Dutch government is a proven partner with the Netherlands being the No. 2 food exporter in the world because of its controlled environment farming expertise. AppHarvest is leveraging this model at a scale to effectively serve the U.S. market and introduce innovations such as a hybrid lighting array with traditional high-pressure sodium grow lights with LEDs that result in 40 percent reduced energy use. AppHarvest utilizes technology that continuously analyzes data from sophisticated digital monitoring systems composed of more than 300 sensors to analyze micro-climates to optimize growth with tomato plants reaching upwards of 40-feet tall and the first farm alone is expected to produce over 40 million pounds of tomatoes annually. Business Combination On January 29, 2021, AppHarvest and Novus Capital Corp., a special purpose acquisition company, completed their business combination to form AppHarvest, Inc. The common stock and warrants of AppHarvest, Inc. began trading on Nasdaq under the new ticker symbols “APPH” and “APPHW,” respectively, on Monday, February 1, 2021. Please see the press release dated February 1, 2021 on AppHarvest’s Investor Relations website for more details related to the business combination at https://investors.appharvest.com/news-and-events/news-releases. Subsequent to the business combination, AppHarvest had 97,925,153 shares of common stock outstanding. The business combination provided the Company approximately $475.0 million of unrestricted cash, including $375.0 million in gross proceeds from the fully committed common stock PIPE. The transaction proceeds will be used to fund operations, including building additional high-tech controlled environment indoor farms, support growth and for other general corporate purposes, including to fund potential future investments and acquisitions. First Quarter 2021 Outlook and Fiscal Year 2021 Forecast The Company currently expects the following results for its first quarter ended March 31, 2021: Net revenue to be in the range of $2.1 million to $2.6 millionAdjusted EBITDA loss to be in the range of $14 million to $16 million The Company currently expects the following results for its fiscal year ending December 31, 2021: Net revenue to be in the range of $20 million to $25 millionAdjusted EBITDA loss to be in the range of $43 million to $45 million The Company noted that its expectations are based on information available at the time of this release, and are subject to changing conditions, many of which are outside the Company's control. “Our favorable crop yields and market pricing currently support a 2021 sales outlook that is better than we expected in December 2020,” said AppHarvest Founder & Chief Executive Officer Jonathan Webb. “In January 2021, we delivered our first harvest of tomatoes from our flagship 63-acre indoor farm and began shipping to select national grocery retailers. We remain focused on our mission to build a resilient domestic food system for the U.S. to support this outlook in our first year as a public company.” In addition to better than anticipated crop yields and pricing, the Company has benefited from a temporary decline in market supply related to recent extreme winter weather conditions that prevented transport of produce through Texas from Mexico and that resulted in significant amounts of food waste. Part of AppHarvest’s mission is to create a climate-resilient domestic food system for the U.S. to prevent such supply chain disruptions. About AppHarvest AppHarvest, a public benefit corporation and Certified B Corp, 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 63-acre Morehead, Kentucky facility is among the largest indoor farms in the U.S. For more information, visit https://www.appharvest.com/. Non-GAAP Financial Measures To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with United States generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP measures, such as EBITDA or Adjusted EBITDA, to understand and evaluate its core operating performance. The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company’s management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends. Other similar companies may present different non-GAAP measures or calculate similar non-GAAP measures differently. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by to be presented in the Company’s GAAP financial statements. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release. Adjusted EBITDA as used in connection with the Company's 2021 outlook is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability. The Company is unable to reconcile this forward-looking non-GAAP financial measure to net income, its most directly comparable forward-looking GAAP financial measure, without unreasonable efforts, because the Company is currently unable to predict with a reasonable degree of certainty its stock-based compensation expense for 2021. In addition, the company may incur additional expenses which may impact adjusted EBITDA. Such items may include costs and expenses related to the business combination activities, income taxes and other items. The unavailable information could have a significant impact on the Company’s full year 2021 GAAP financial results. 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. Investor Contacts Chris Mandeville and John MillsAppHarvestIR@icrinc.com Media Contacts Travis ParmanTravis.Parman@appharvest.com AppHarvest, Inc. and SubsidiariesConsolidated Balance Sheets December 31, December 31, 2020 2019 Assets Current Assets: Cash and cash equivalents$21,908,907 $6,031,270 Inventories, net 3,387,113 - Prepaid expenses and other current assets 481,003 26,300 Total current assets 25,777,023 6,057,570 Operating lease right-of-use assets, net 1,307,173 144,127 Property and equipment, net 152,645,335 3,701,074 Lease deposits with a related party - 4,000,000 Other assets 1,187,967 40,334 Total non-current assets 155,140,475 7,885,535 Total assets$180,917,498 $13,943,105 Liabilities, redeemable convertible preferred stock, and stockholders' deficit Current Liabilities: Accounts payable$1,341,822 $166,956 Accrued expenses 5,183,880 49,235 Current portion of lease liabilities with a related party 59,216,485 - Current portion of lease liabilities 166,354 44,654 Current portion of financing obligation with a related party 58,795,309 - Deferred development fee income from a related party - 406,004 Note payable with a related party 30,000,000 - Other current liabilities 76,948 - Total current liabilities 154,780,798 666,849 Lease liabilities, net of current portion 1,370,462 103,524 Financing obligation with a related party - 4,096,754 Total non-current liabilities 1,370,462 4,200,278 Total liabilities 156,151,260 4,867,127 Redeemable convertible preferred stock, $0.0001 par value: 45,207,530 12,258,132 Stockholders' deficit (20,441,292) (3,182,154)Total liabilities, redeemable convertible preferred stock and stockholders' deficit$180,917,498 $13,943,105 AppHarvest, Inc. and SubsidiariesConsolidated Statements of Operations and Comprehensive Loss Year ended December 31, 2020 2019 Revenue $- $- Operating expenses Selling, general and administrative expenses 16,295,530 2,716,796 Depreciation 175,843 16,129 Total operating expenses 16,471,373 2,732,925 Loss from operations (16,471,373) (2,732,925) Other income (expense): Development fee income from a related party 406,004 349,788 Loss on SAFE Note revaluation - (345,003)Interest expense from related parties (1,423,208) (27,515)Other 50,058 9,634 Loss before income taxes (17,438,519) (2,746,021)Income tax expense 9,186 - Net and comprehensive loss $(17,447,705) $(2,746,021) AppHarvest, Inc. and SubsidiariesConsolidated Statements of Cash Flows Year Ended December 31, 2020 2019 Operating Activities Net loss$(17,447,705) $(2,746,021)Adjustments to reconcile net loss to net cash used in operating activities: Deferred income tax 9,186 - Depreciation 175,843 16,129 Stock-based compensation expense 153,897 139,798 Loss on SAFE Note revaluation - 345,003 Rent payments (in excess of) less than average rent expense, net 25,778 (462)Interest accrual on financing with related parties 1,413,944 22,127 Amortization of development fee with a related party (406,004) - Change in working capital 2,928,328 (3,267,255)Net cash used in operating activities (13,146,733) (5,490,681) Investing Activities Purchases of property and equipment (35,682,287) (3,615,167)Net cash used in investing activities (35,682,287) (3,615,167) Financing Activities Payments on finance lease liability with a related party (258,607) - Payments on financing obligation to a related party (18,804) - Proceeds from loan agreements with related parties 32,000,000 - Borrowings on land mortgage loan and related financing with a related party - 3,774,627 Proceeds from stock option exercises 34,670 - Issuance of Preferred Stock 33,036,331 11,093,328 Preferred stock issuance costs (86,933) (85,193)Other financing activities - (951)Net cash provided by financing activities 64,706,657 14,781,811 Change in cash and cash equivalents$15,877,637 $5,675,963 Cash and cash equivalents Beginning of period 6,031,270 355,307 End of period$21,908,907 $6,031,270 AppHarvest, Inc. and SubsidiariesReconciliation of Selected GAAP Measures to Non-GAAP Measures Year Ended December 31, 2020 2019 EBITDA: Net loss $(17,447,705) $(2,746,021)Interest expense from related parties 1,423,208 27,515 Interest income (38,305) (11,888)Income tax expense (benefit) 9,186 - Depreciation expense 175,843 16,129 EBITDA (15,877,773) (2,714,265)Stock based compensation expense 153,897 139,798 Adjusted EBITDA $(15,723,876) $(2,574,467)

    • Martha Stewart Joins BurgerFi’s Board of Directors
      GlobeNewswire

      Martha Stewart Joins BurgerFi’s Board of Directors

      Stewart to Chair Product & Innovation Committee Martha Stewart Joins BurgerFi’s Board of Directors Martha Stewart brings a lifetime of experience in successfully launching countless brands, culinary products and recipes. PALM BEACH, Fla., Feb. 25, 2021 (GLOBE NEWSWIRE) -- BurgerFi International Inc. (Nasdaq: BFI, BFIIW), one of the nation’s fastest-growing premium fast-casual concepts and QSR’s 2020 Breakout Brand of the Year, known for its hand-crafted better burgers, has named food entrepreneur and cultural icon, Martha Stewart to its Board of Directors as Chair of the Product & Innovation Committee. Stewart brings a lifetime of experience in successfully launching countless brands, culinary products and recipes. Stewart is the Founder of the first-ever multi-channel lifestyle company, Martha Stewart Living Omnimedia, an entrepreneur, bestselling author of 98 to-date lifestyle and recipe books, and an Emmy award-winning (18 Emmys to date) and James Beard award-winning television show host. “BurgerFi is honored to welcome Martha Stewart to our Board of Directors. Highly regarded as the ‘original influencer,’ her lifetime of successful achievements and knowledge of marketing, product innovation and food expertise are second to none. As a pioneer in the world of culinary consumerism, Martha stands out as a leader and has the unique ability to connect with an audience. We look forward to her contributions and creative ideas that will enhance the BurgerFi business and brand,” said Ophir Sternberg, Executive Chairman of BurgerFi. Today, Stewart reaches more than 100 million devoted fans on a monthly basis, holds a 96% brand awareness among women in the US and 70% of US millennials say they have tried a Martha Stewart recipe – her reach is endless and America’s appetite for her is still insatiable year after year. “BurgerFi’s chef-driven concept attracted me to the brand. From their hand-crafted menu items and their commitment to the NAE program – No Antibiotics Ever, BurgerFi’s mission to redefine the way the world eats burgers is powerful and showcases their efforts to excel with their products and innovation. I am looking forward to being a part of the BurgerFi family and watching the brand amass its true potential,” said Martha Stewart, newly appointed BurgerFi Board Chair of the Product & Innovation Committee. “The BurgerFi VegeFi burger is made with 15 of the freshest vegetables and ingredients and made right in their newly expanded commissary in Palm Beach. It’s as if the vegetables were picked right from my own garden!” BurgerFi uses 100% American angus beef with no steroids, antibiotics, growth hormones, chemicals or additives. BurgerFi’s menu also includes high-quality wagyu beef, antibiotic and cage-free chicken offerings, fresh, hand-cut sides and custard shakes and concretes.“BurgerFi is a powerful better burger concept and when you combine forces with a powerhouse like Martha Stewart, who can infuse her talent, experience and knowledge with a passion and excitement for the brand, it’s a recipe for even greater success,” said Julio Ramirez, CEO of BurgerFi. “It a great honor to welcome Martha Stewart to the BurgerFi Board of Directors. With chef-inspired products, Martha’s appointment to the board seemed natural given her cornucopia of achievements. Her contributions as Chair of the Product & Innovation Committee collaborating with our very own Chef Paul Griffin will undoubtedly boost the brand and create strong value for the company.” Since founding her company, Stewart has been named one of the “50 Most Powerful Women” by Fortune magazine five times. She was included among the 100 Greatest Living Business Minds in the 2018 Forbes Magazine Centennial issue and Adweek magazine named her their “Media Visionary” of the year in their annual Publishing Hot List in 2017. She was also included among the 100 most influential men and women of the year in the 2005 TIME magazine’s annual “TIME 100” list and was also named one of "America's 25 Most Influential People" by TIME magazine in 1996. She has won numerous James Beard Foundation Awards for the Best National Cooking Segments. Stewart joins BurgerFi’s Board of Directors whose robust leadership includes notables such as Steven Berrard, Co-Founder of AutoNation and Executive Chairman Ophir Sternberg, CEO of Lionheart Capital. Stewart also currently sits on the board of publicly traded companies, AppHarvest (Nasdaq: APPH) and Sequential Brands Group (Nasdaq: SQBG). About BurgerFi International (Nasdaq: BFI, BFIIW) Established in 2011, BurgerFi is among the nation's fastest-growing better burger concepts with approximately 125 BurgerFi restaurants domestically and internationally. The concept is chef-founded and is committed to serving fresh food of transparent quality. BurgerFi uses 100% American angus beef with no steroids, antibiotics, growth hormones, chemicals or additives. BurgerFi’s menu also includes high quality wagyu beef, antibiotic and cage-free chicken offerings, fresh, hand-cut sides and custard shakes and concretes. BurgerFi was named QSR Magazine’s Breakout Brand of 2020, placed in the top 10 on Fast Casual's Top 100 Movers & Shakers list in 2020, was named "Best Burger Joint" by Consumer Reports and fellow public interest organizations in the 2019 Chain Reaction Study, listed as a "Top Restaurant Brand to Watch" by Nation's Restaurant News in 2019, included in Inc. Magazine's Fastest Growing Private Companies List, and ranked on Entrepreneur's 2017 Franchise 500. To learn more about BurgerFi or to find a full list of locations, please visit www.burgerfi.com. Download the BurgerFi App on iOS or Android devices for rewards and 'Like' BurgerFi on Facebook or follow @BurgerFi on Instagram and Twitter. BurgerFi® is a Registered Trademark of BurgerFi IP, LLC, a wholly-owned subsidiary of BurgerFi. Forward-Looking Statements This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including BurgerFi’s estimates of its future business outlook, prospects or financial results. Statements regarding BurgerFi’s objectives, expectations, intentions, beliefs or strategies, or statements containing words such as “believe,” “estimate,” “project,” “expect,” “intend,” “may,” “anticipate,” “plans,” “seeks,” “implies,” or similar expressions are intended to identify such forward-looking statements. It is important to note that BurgerFi’s actual results could differ materially from those in such forward-looking statements, and undue reliance should not be placed on such statements. Statements about the effects of the COVID-19 pandemic on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic. Among the important factors that could cause such actual results to differ materially are (i) the impact of any economic recessions in the U.S. and other parts of the world, (ii) fluctuations in the global economy, (iii) BurgerFi’s ability of maintaining its margins, (iv) changes in applicable accounting principles or interpretations of such principles, (v) delays in BurgerFi’s ability to develop new products and services and market acceptance of new products and services, (vi) rapid technological change, (vii) BurgerFi’s ability to attract and retain key management personnel, (viii) the existence of substantial competition, and (ix) other risk factors listed from time to time in BurgerFi’s Exchange Act reports and other filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are made as of the date hereof, and BurgerFi undertakes no obligation to update any such forward-looking statements, whether as a result of new information, future events, or otherwise. Investor Relations Contact:Gateway Investor RelationsCody Slach (949) 574-3860BFI@GatewayIR.com Company Contacts:BurgerFi International Inc.Ashley Spitz, IR@burgerfi.com Media Relations Contact:Quinn PRLaura Neroulias, LNeroulias@quinn.pr A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/060c286d-2466-4d22-a956-a075cdea6670

    • Financial Innovation: Economic Benefits on the Road to Acceptance — Cowen Vice Chair Tom Strauss
      IPO-Edge.com

      Financial Innovation: Economic Benefits on the Road to Acceptance — Cowen Vice Chair Tom Strauss

      By Tom Strauss, Vice Chair, Cowen Inc. Every industry lives and dies by innovation, and the financial industry is no exception. By offering new products and solutions, the financial industry helps companies access the capital they need to develop breakthrough technologies that create jobs and grow the economy. The ongoing innovation evolution in financing generates […]