AppHarvest ‘still on track’ following large losses

Kentucky

LEXINGTON, Ky. (FOX 56) – The Agricultural tech and sustainable farming company AppHarvest in Morehead said they are on track following recent low stock prices and loss of profits.

The company recorded a net loss of $17.3 million between July and Sept. 2021 or 17 cents per share.

AppHarvest stock was originally listed for $9.88 in June 2020, with a record high of $35.70 in Feb. 2021. The stock was selling for $6.88 after releasing their earnings reports Thursday.

“With a keen focus on the core business, our team delivered on top priorities this quarter—to replant and prepare our first high-tech indoor farm for a successful new growing season and to continue expanding our network with new farms under construction,” AppHarvest Founder & CEO Jonathan Webb said in a press release.

It said three new indoor farms will come to Berea, Richmond, and Somerset with the goal of 12 facilities in Appalachia by 2025.

The farms in Richmond, a 60-acre tomato facility, and Somerset, a 30-acre berry facility, are expected to be finished by the end of 2022.

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