Artificial Intelligence
AppHarvest announces 2022 Q4 and full-year results, achieving net sales guidance of $14.6 million
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Company successfully quadrupled to a four-farm network in 2022,
setting the stage for expected year-over-year sales increases throughout 2023
Company increased net sales by 60% year-over-year
MOREHEAD, Ky., March 09, 2023 (GLOBE NEWSWIRE) — AppHarvest, Inc. (NASDAQ: APPH, APPHW), a sustainable food company, public benefit corporation and Certified B Corp building some of the world’s largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in Appalachia, today announced its fourth quarter and full-year 2022 operating and financial results, achieving its previous revised guidance, quadrupling the AppHarvest farm network in 2022 and diversifying its crop portfolio. With significant infrastructure now in place to deliver fresh fruits and vegetables to top grocery chains and restaurants, the company expects to nearly triple its net sales year-over-year in 2023.
“Even with headwinds from the pandemic and supply chain disruption, AppHarvest met its commitment in 2022 to open three new farms and is now shipping commercially from each of the four farms,” said AppHarvest Founder & CEO Jonathan Webb. “We are now at an inflection point in our business transitioning from construction to an intense focus on operations with our new Chief Operating Officer (COO) Tony Martin, leveraging his deep experience in the sector to help accelerate our path to profitability through the consistent delivery of high-quality produce.”
CEA demand
According to USDA reports, the value of U.S. fruit and vegetable imports rose to a record level in 2021 and has been projected to keep increasing. Changing weather patterns—ranging from mega-drought in the Southwest of the U.S. to more frequent flooding to catastrophic wind events—are making it harder than ever for open-field farmers to predict the duration of their growing seasons and to have conditions that result in a quality harvest. AppHarvest benefits from turning first to sunshine for its growing and from being water-independent, leveraging rainwater for its farms that use up to 90% less water and a fraction of the required nutrients compared to open-field agriculture. Major food retailers have demonstrated increasing interest in high-tech indoor farms for their ability to de-risk fruit and vegetable production with a more climate-resilient, more sustainable year-round growing solution that uses far fewer resources. Europe, a pioneer in the industry, is estimated to have nearly 520,000 acres of Controlled Environment Agriculture (CEA) production compared to an estimated 6,000 acres in the United States.
Fourth quarter 2022 results
Fourth quarter net sales were $4.5 million compared to net sales of $3.1 million in the fourth quarter 2021. For net sales reporting purposes, the company plans to move from a metric of pounds sold to overall net sales by produce type. This anticipated change in reporting is driven by the new diversified crop portfolio that is expected to include tomatoes, salad greens, strawberries and cucumbers.
The company recorded a net loss of $93.3 million and non-GAAP Adjusted EBITDA loss of $24.1 million in the fourth quarter as the company was working to rapidly expand its farm network, compared to a prior year net loss of $88.4 million and non-GAAP Adjusted EBITDA loss of $18.3 million. See reconciliation of the non-GAAP measure at the end of this news release. Following a third-party recoverability assessment, the company recorded a non-cash impairment charge of $50.1 million which reduced the carrying value of certain long-lived assets.
Full-year 2022 results
AppHarvest achieved our revised guidance range for full-year 2022 as previously announced in the third quarter of 2022. The company delivered net sales of $14.6 million compared to $9.1 million for the prior year, an increase of 60% year-over-year. This increase in net sales was driven by a combination of higher market prices for tomatoes and the addition of new sales of higher-priced tomato varietals, strawberries and salad greens in the fourth quarter. Supply-chain related construction delays at both AppHarvest Berea and AppHarvest Somerset affected the timing of commercial shipments from these farms and affected net sales which were at the lower end of the previously forecasted range of $14.0 to $17.0 million.
The company reported a net loss of $176.6 million compared to a net loss of $166.2 million for the prior year. This increase in net loss was driven by production ramp up at the three new farms.
AppHarvest achieved non-GAAP Adjusted EBITDA loss within its revised guidance range for full year 2022 as previously announced in the third quarter of 2022 with non-GAAP Adjusted EBITDA loss of $72.0 million versus a prior outlook of non-GAAP Adjusted EBITDA loss in the range of $67.0 million to $72.0 million. See reconciliation of the non-GAAP measure at the end of this news release.
AppHarvest Farm Network
AppHarvest delivered on its commitment to quadruple its farm network in 2022 by bringing three new high-tech indoor farms online by year-end and diversifying its crop portfolio to include strawberries, cucumbers, salad greens and more tomatoes.
- AppHarvest Berea supplies the “Queen of Greens®” washed-and-ready-to-eat salad mixes. At 15-acres, Berea is believed to be the world’s largest high-tech indoor farm for autonomously harvested salad greens featuring a “touchless growing system.”
- AppHarvest Somerset is a 30-acre high-tech indoor farm growing strawberries under multiple brands including the “WOW® Berries” brand for Mastronardi Produce.
- AppHarvest Richmond planted its first 30-acres in late 2022 and began its first harvest in the first quarter of 2023. The second 30-acres of tomatoes in Richmond are expected to be planted later in 2023. With AppHarvest Morehead, the company expects to grow nearly 1.5 million tomato plants across the combined 120 acres.
- AppHarvest Morehead, the 60-acre flagship farm, kicked off its third season of harvesting and has seen vast improvements in quality and execution. Morehead farm has further diversified its crop set adding new varietals of premium snacking tomatoes sold under the Sunset brand as “Flavor Bombs®” and “Sugar Bombs®.”
At 165 acres under glass, the company believes this is the largest simultaneous build out of controlled environment agriculture (CEA) infrastructure in U.S. history putting AppHarvest in the top three CEA operators in the U.S. With this milestone, the company is moving to the next phase of the business focused on operations.
Operations
In January of 2023, CEA industry veteran and AppHarvest board member Tony Martin was named chief operating officer. Martin is working to optimize production, revenue and costs across the AppHarvest four-farm network under Project New Leaf, the company’s strategic program focused on profitability. Martin is implementing a five-point strategy that will focus efforts across all operations: 1) further leveraging synergies with its marketing and distribution partner, Mastronardi Produce 2) enabling labor efficiency 3) improving enterprise-wide feedback through clear key performance indicators and cross-organization information sharing 4) initiating comprehensive spending reviews and 5) aligning the company to milestones for a 5-year strategic vision.
Operations in the first quarter of 2023 continue to ramp up as expected. As previously announced, AppHarvest Berea is opening on a phased approach and the company anticipates the third five-acre salad greens growing area to be planted late first quarter of 2023. AppHarvest Somerset, which will grow both strawberries and cucumbers, has already planted about 45,000 long English cucumber plants to calibrate packaging equipment and assess harvesting capabilities in advance of the full seasonal summer refresh for the facility. Harvesting of the cucumbers is anticipated in the second quarter of 2023.
Balance sheet and liquidity
The company ended the year with cash and cash equivalents of $54.3 million. In the fourth quarter 2022, the company sold 475,600 shares for net proceeds of approximately $932,000 via the ATM facility with Cowen, which has a remaining availability of $97.6 million.
In terms of capital expenditure, AppHarvest expects to spend approximately $60 million to $65 million in the full-year 2023, which accounts for completing final project details at the Richmond, Berea and Somerset facilities and on-going maintenance for the four-farm network.
In February 2023, AppHarvest executed an underwritten offering that raised $46 million before deducting underwriting discounts and commissions and estimated offering expenses.
In 2022, the company secured non-dilutive financing to support its expansion, including $50 million in USDA guaranteed loans with Greater Nevada Credit Union for AppHarvest Somerset announced in the third quarter of 2022.
Consistent with its strategy to secure attractive long-term financing for its assets, AppHarvest completed a $127 million sale-leaseback of its Berea, Ky., indoor salad greens facility as a source of non-dilutive capital in December. The agreement with Mastronardi Berea LLC, a joint venture between Mastronardi Produce and COFRA Holding, has an initial annual lease rate of 7.5% over 10 years with four renewal terms of five years each. Some of the proceeds from the sale-leaseback repaid the $30 million bridge loan from Mastronardi announced in the second quarter of 2022 and the first two years of prepaid rent at the Berea facility.
Throughout full-year 2022 the company focused on cost containment efforts, including realigning teams and reporting structures and creating operational efficiencies through corporate workforce reductions and more tightly controlled spend. AppHarvest estimates that the restructuring will account for approximately $26 million in annualized savings in 2023.
Financial Outlook
AppHarvest remains confident in its ability to be self-sufficient and to generate positive operating cash flow over the longer term with its four-farm network. The company still plans to expand capacity only after securing the required capital.
With the first quarter of 2023 marking the first time that all four facilities in the AppHarvest farm network will be shipping commercially to top national grocery store chains, restaurants and food service outlets under a variety of brands for Mastronardi Produce, the company expects to see significant year-over-year sales increases throughout 2023 and even more so in 2024. AppHarvest anticipates full-year 2023 guidance of net sales to be in the range of $40 million to $50 million, and non-GAAP Adjusted EBITDA loss to be in the range of $67 million to $76 million.
With the benefit of experience from three harvesting seasons now at its flagship farm in Morehead, Ky., the company is applying lessons learned in an effort to accelerate its journey to operational excellence at each of the three farms added to its network in 2022 with the potential to see the enterprise achieve positive Adjusted gross profit in 2024. In 2025, the company expects to achieve positive Adjusted EBITDA status for farm operations. With this trajectory, AppHarvest believes it may be able to achieve positive Adjusted EBITDA status on a consolidated basis in 2026.
Conference call and webcast
AppHarvest will host a webcast and conference call today at 4:30 p.m. ET to discuss its fourth quarter and full-year 2022 financial results and operations.
The conference call will be streamed over the internet and accessible through the “Investor Relations” section of the AppHarvest website at https://investors.appharvest.com. To join the live call, register here for the dial-in number and a personal PIN code. An audio-only replay of the webcast will be available on the company’s website approximately 90 minutes after the end of the conference call for 30 days.
Upcoming events
AppHarvest management plans to participate in the 35th Annual Roth Conference on March 13, the Oppenheimer 8th Annual Emerging Growth Conference on May 11 and the Cowen Sustainability Conference on June 8.
About AppHarvest
AppHarvest is a sustainable food company in Appalachia developing and operating some of the world’s largest high-tech indoor farms with robotics and artificial intelligence to build a reliable, climate-resilient food system. AppHarvest’s farms are designed to grow produce using sunshine, rainwater and up to 90% less water than open-field growing, all while producing yields up to 30 times that of traditional agriculture and preventing pollution from agricultural runoff. AppHarvest currently operates its 60-acre flagship farm in Morehead, Ky., producing tomatoes, a 15-acre indoor farm for salad greens in Berea, Ky., a 30-acre farm for strawberries and cucumbers in Somerset, Ky., and a 60-acre farm in Richmond, Ky., for tomatoes. The four-farm network consists of 165 acres under glass. 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 Adjusted EBITDA and Adjusted gross loss, to understand and evaluate the company’s core operating performance. The company defines and calculates Adjusted EBITDA as net loss before the impact of interest income or expense, income tax expense or benefit, depreciation and amortization, adjusted to exclude: stock-based compensation expense, Business Combination transaction-related costs, restructuring and impairment costs, remeasurement of warrant liabilities, start-up costs for new CEA facilities, Root AI acquisition related costs and certain other non-core items. The company defines and calculates Adjusted gross profit/(loss) as gross profit/(loss) adjusted to exclude the impact of depreciation and amortization and stock-based compensation expense related to costs of goods sold. 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 are that they exclude significant expenses that are required to be presented in the company’s GAAP financial statements. Because of this limitation, you should consider Adjusted EBITDA and Adjusted gross loss alongside other financial performance measures, including net loss, gross loss and the company’s other financial results presented in accordance with GAAP.
Adjusted EBITDA and Adjusted gross profit as used in connection with the company’s financial outlook, including its 2023 guidance, are non-GAAP financial measures that exclude or have otherwise been adjusted for items impacting comparability. The company is unable to reconcile these forward-looking non-GAAP financial measures to net income, their 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 future periods. In addition, AppHarvest may incur additional expenses which may impact Adjusted EBITDA and Adjusted gross profit.
Forward-Looking Statements
Certain statements included in this news 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 or phrases such as “believe,” “intend,” “project,” “anticipate,” “design,” “may,” “should,” “will,” “estimate,” “work to,” “continue,” “expect,” “plan,” “guidance,” 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 news release, regarding AppHarvest’s expected full year 2023 net sales, net loss, Adjusted EBITDA and capital expenditures, AppHarvest’s ability to secure attractive long-term financing for its assets, the expectation that AppHarvest will ship commercially to top national grocery store chains in the first quarter of 2023, the anticipated benefits and use of proceeds from the sale-leaseback of the Berea farm, the anticipated benefits from having experience from three harvesting seasons, AppHarvest’s intention to build high-tech CEA farms and to expand capacity only after securing requisite capital, AppHarvest’s expectation of the landscape of the fruit and vegetables market, the impact of changing weather patterns on production for open-field farmers, the anticipated benefits and production of the four AppHarvest facilities, the anticipated benefits of Project New Leaf, the estimated annualized savings from the restructuring, the ability of AppHarvest to become self-sufficient and generate positive cash flow, Adjusted gross profit and Adjusted EBITDA over the long term with its four-farm network, the completion of the phased openings of certain facilities, the timing and availability of produce, the expected timing of planting and harvesting produce, AppHarvest’s change in sales reporting of net sales, AppHarvest’s future plans to expand capacity, AppHarvest’s expectations regarding production of its crops, AppHarvest’s future financial performance, AppHarvest’s growth and evolving business plans and strategy, ability to capitalize on commercial opportunities, future operations, estimated financial position and cash flow, 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 news 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 AppHarvest’s Quarterly Report on Form 10-Q filed with the SEC by AppHarvest on Nov. 7, 2022, 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 news release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
APPHARVEST, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands except per share amounts)
| December 31, 2022 |
December 31, 2021 |
||||||
| Assets | |||||||
| Current Assets: | |||||||
| Cash and cash equivalents | $ | 54,334 | $ | 150,755 | |||
| Restricted cash | 24,198 | 25,556 | |||||
| Accounts receivable, net | 2,786 | 1,575 | |||||
| Inventories, net | 18,078 | 4,998 | |||||
| Prepaid expenses and other current assets | 14,716 | 5,613 | |||||
| Total current assets | 114,112 | 188,497 | |||||
| Operating lease right-of-use assets, net | 2,626 | 5,010 | |||||
| Property and equipment, net | 456,178 | 343,913 | |||||
| Other assets, net | 22,412 | 16,644 | |||||
| Total non-current assets | 481,216 | 365,567 | |||||
| Total assets | $ | 595,328 | $ | 554,064 | |||
| Liabilities and stockholders’ equity | |||||||
| Current Liabilities: | |||||||
| Accounts payable | $ | 16,571 | $ | 8,553 | |||
| Accrued expenses | 21,996 | 15,794 | |||||
| Current portion of lease liabilities | 514 | 751 | |||||
| Current portion of long-term debt | 3,685 | 28,020 | |||||
| Other current liabilities | 202 | 119 | |||||
| Total current liabilities | 42,968 | 53,237 | |||||
| Long-term debt, net of current portion | 180,537 | 102,637 | |||||
| Lease liabilities, net of current portion | 2,628 | 4,938 | |||||
| Financing obligation | 103,787 | — | |||||
| Deferred income tax liabilities | 4,925 | 2,418 | |||||
| Private Warrant liabilities | 119 | 1,385 | |||||
| Other liabilities | 73 | 1,809 | |||||
| Total non-current liabilities | 292,069 | 113,187 | |||||
| Total liabilities | 335,037 | 166,424 | |||||
| Commitments and contingencies (Note 11) | |||||||
| Stockholders’ equity | |||||||
| Preferred stock, par value $0.0001, 10,000 shares authorized, 0 issued and outstanding, as of December 31, 2022 and December 31, 2020, respectively | — | — | |||||
| Common stock, par value $0.0001, 750,000 shares authorized, 108,511 and 101,136 shares issued and outstanding as of December 31, 2022 and December 31, 2020, respectively | 11 | 10 | |||||
| Additional paid-in capital | 615,452 | 576,895 | |||||
| Accumulated deficit | (363,960 | ) | (187,314 | ) | |||
| Accumulated other comprehensive loss | 8,788 | (1,951 | ) | ||||
| Total stockholders’ equity | 260,291 | 387,640 | |||||
| Total liabilities and stockholders’ equity | $ | 595,328 | $ | 554,064 | |||
APPHARVEST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS (Unaudited)
(In thousands except per share data)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net sales | $ | 4,546 | $ | 3,070 | $ | 14,592 | $ | 9,050 | |||||||
| Cost of goods sold | 23,446 | 11,937 | 56,995 | 41,938 | |||||||||||
| Gross loss | (18,900 | ) | (8,867 | ) | (42,403 | ) | (32,888 | ) | |||||||
| Operating expenses: | |||||||||||||||
| Selling, general and administrative expenses | 22,488 | 22,888 | 81,266 | 107,245 | |||||||||||
| Goodwill and other intangible asset impairment | — | 59,901 | — | 59,901 | |||||||||||
| Fixed asset impairment charge | 50,101 | — | 50,101 | — | |||||||||||
| Total operating expenses | 72,589 | 82,789 | 131,367 | 167,146 | |||||||||||
| Loss from operations | (91,489 | ) | (91,656 | ) | (173,770 | ) | (200,034 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Development fee income from a related party | — | — | — | — | |||||||||||
| Interest expense from related parties | — | — | — | (658 | ) | ||||||||||
| Change in fair value of Private Warrants | 344 | 2,952 | 111 | 35,047 | |||||||||||
| Other | (846 | ) | (126 | ) | (480 | ) | 448 | ||||||||
| Loss before income taxes | (91,991 | ) | (87,937 | ) | (174,139 | ) | (165,197 | ) | |||||||
| Income tax benefit (expense) | (1,331 | ) | (450 | ) | (2,507 | ) | (989 | ) | |||||||
| Net loss | (93,322 | ) | (88,387 | ) | (176,646 | ) | (166,186 | ) | |||||||
| Other comprehensive loss: | |||||||||||||||
| Net unrealized losses on derivatives contracts, net of tax | 68 | 627 | 10,739 | (1,951 | ) | ||||||||||
| Comprehensive loss | $ | (93,254 | ) | $ | (87,760 | ) | $ | (165,907 | ) | $ | (168,137 | ) | |||
| Net loss per common share: | |||||||||||||||
| Basic and diluted | $ | (0.86 | ) | $ | (1.99 | ) | $ | (1.69 | ) | $ | (1.74 | ) | |||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic and diluted | 108,087 | 44,454 | 104,763 | 95,571 | |||||||||||
APPHARVEST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
| Year ended December 31, | |||||||
| 2022 | 2021 | ||||||
| Operating Activities | |||||||
| Net loss | $ | (176,646 | ) | $ | (166,186 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Change in fair value of Private Warrants | (111 | ) | (35,047 | ) | |||
| Deferred income tax provision | 2,507 | 989 | |||||
| Depreciation and amortization | 16,354 | 10,794 | |||||
| Fixed asset impairment | 51,171 | — | |||||
| Stock-based compensation expense | 26,918 | 40,910 | |||||
| Issuance of common stock for commitment shares | — | 1,006 | |||||
| Rent payments in excess of average rent expense, net | (378 | ) | (10 | ) | |||
| Goodwill and other intangible asset impairment | — | 59,901 | |||||
| Changes in operating assets and liabilities, net of acquisitions: | |||||||
| Accounts receivable | (1,211 | ) | (1,316 | ) | |||
| Inventories, net | (13,079 | ) | (1,611 | ) | |||
| Prepaid expenses and other current assets | (176 | ) | (4,872 | ) | |||
| Other assets, net | 1,277 | (10,528 | ) | ||||
| Accounts payable | 1,810 | 402 | |||||
| Accrued expenses | 5,369 | 2,366 | |||||
| Other current liabilities | 146 | (874 | ) | ||||
| Other non-current liabilities | (80 | ) | 153 | ||||
| Net cash used in operating activities | (86,129 | ) | (103,924 | ) | |||
| Investing Activities | |||||||
| Purchases of property and equipment | (170,913 | ) | (177,742 | ) | |||
| Purchases of property and equipment from a related party | — | (122,911 | ) | ||||
| Proceeds from sale of land | 1,059 | — | |||||
| Cost of acquisition, net of cash acquired | — | (9,756 | ) | ||||
| Investment in unconsolidated entity | — | (5,000 | ) | ||||
| Advances on construction | (9,828 | ) | — | ||||
| Net cash used in investing activities | (179,682 | ) | (315,409 | ) | |||
| Financing Activities | |||||||
| Proceeds from Business Combination and PIPE Shares, net | — | 448,500 | |||||
| Proceeds from debt | 136,006 | 131,278 | |||||
| Repayments of debt | (79,782 | ) | — | ||||
| Debt issuance costs | (4,340 | ) | (1,038 | ) | |||
| Proceeds from financing obligation, net | 123,941 | — | |||||
| Payments on financing obligation | (18,865 | ) | — | ||||
| Payments on financing obligation to a related party | — | (2,089 | ) | ||||
| Proceeds from stock options exercised | 154 | 39 | |||||
| Proceeds from employee stock purchase plan | 287 | 165 | |||||
| Proceeds from exercise of warrants | — | 95 | |||||
| Payments of withholding taxes on restricted stock conversions | (1,572 | ) | (3,216 | ) | |||
| Proceeds from issuance of common stock | 12,203 | — | |||||
| Net cash provided by financing activities | 168,032 | 573,734 | |||||
| Change in cash, cash equivalents and restricted cash | (97,779 | ) | 154,402 | ||||
| Beginning of period | 176,311 | 21,909 | |||||
| Cash, cash equivalents and restricted cash at the end of period | 78,532 | 176,311 | |||||
| Less restricted cash at the end of the period | 24,198 | 25,556 | |||||
| Cash and cash equivalents at the end of period | $ | 54,334 | $ | 150,755 | |||
APPHARVEST, INC. AND SUBSIDIARIES
Reconciliation of Selected GAAP Measures to Non-GAAP Measures
(In millions)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| (Dollars in millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||
| Net loss | $ | (93.3 | ) | $ | (88.4 | ) | $ | (176.6 | ) | $ | (166.2 | ) | |||
| Interest expense from related parties | — | — | — | 0.7 | |||||||||||
| Interest income | (0.3 | ) | (0.1 | ) | (0.8 | ) | (0.3 | ) | |||||||
| Income tax expense (benefit) | 1.3 | 0.5 | 2.5 | 1.0 | |||||||||||
| Depreciation and amortization expense | 6.4 | 3.0 | 16.4 | 10.8 | |||||||||||
| Other | — | (0.9 | ) | — | — | ||||||||||
| EBITDA | (85.9 | ) | (85.9 | ) | (158.6 | ) | (154.0 | ) | |||||||
| Fixed asset impairment | 50.1 | — | 50.1 | — | |||||||||||
| Goodwill and other intangible asset impairment | — | 59.9 | — | 59.9 | |||||||||||
| Change in fair value of Private Warrants | (0.3 | ) | (3.0 | ) | (0.1 | ) | (35.0 | ) | |||||||
| Stock-based compensation expense | 9.4 | 9.7 | 26.9 | 40.9 | |||||||||||
| Issuance of common stock for commitment shares | — | 1.0 | — | 1.0 | |||||||||||
| Transaction success bonus on completion of Business Combination | — | — | — | 1.5 | |||||||||||
| Start-up costs for new CEA facilities | 0.3 | — | 2.9 | — | |||||||||||
| Reorganization costs | 1.1 | — | 5.5 | 0.9 | |||||||||||
| Business Combination transaction costs | — | — | — | 13.9 | |||||||||||
| Berea sale leaseback transaction costs | 1.2 | — | 1.2 | — | |||||||||||
| Root AI acquisition costs | — | — | — | 1.0 | |||||||||||
| Adjusted EBITDA | $ | (24.1 | ) | $ | (18.3 | ) | $ | (72.0 | ) | $ | (69.9 | ) | |||
The following table presents a reconciliation of gross loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted gross loss:
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| (Dollars in thousands) | |||||||||||||||
| Net sales | $ | 4.5 | $ | 3.1 | $ | 14.6 | $ | 9.1 | |||||||
| Cost of goods sold | 23.4 | 11.9 | 57.0 | 41.9 | |||||||||||
| Gross loss | (18.9 | ) | (8.9 | ) | (42.4 | ) | (32.9 | ) | |||||||
| Depreciation and amortization | 5.5 | 2.1 | 12.1 | 8.3 | |||||||||||
| Stock-based compensation expense | 0.2 | 0.2 | 0.7 | 1.9 | |||||||||||
| Adjusted gross loss | (13.2 | ) | (6.5 | ) | (29.7 | ) | (22.7 | ) | |||||||
*Due to rounding, totals in the table above may not foot
Photos accompanying this announcement are available at:
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Artificial Intelligence
Free Your Hands, QIDI Vida Smart AR Glasses Lead the Way in New Sports Experience.
NEW YORK, April 19, 2024 /PRNewswire/ — Outdoor smart AR glasses, QIDI Vida, will officially launch on 23rd April on the Kickstarter platform. QIDI Vida integrates the many functions of smart watches, sports headphones, cycling computers, heart rate monitors, and walkie-talkies using AR+AI technology, allowing users to bid farewell to cumbersome device management and enjoy outdoor sports anytime, anywhere with just one pair of glasses.
Function:
QIDI Vida uses high-tech HUD (Head-Up Display) which is similar to the technology used for aircrafts and premium cars and introduces it to the sports industry. Users can activate the HUD function at any time using voice control, enabling them to focus on the route ahead whilst simultaneously having access to information such as navigation, speed, heart rate, power and cadence, among other metrics. Another great function of the QIDI Vida is that users can also enjoy audiovisual entertainment through the optically perceived 100-inch AR HUD screen, when having some down time.
As cyclists and hikers often travel in groups, QIDI Vida supports eSIM and team functionality, allowing real-time voice communication without releasing handlebars, and users can monitor their groups’ real-time locations. The glasses also have comprehensive sensing and monitoring capabilities including temperature, humidity, UV, air pressure, geomagnetism and acceleration. In addition to obtaining environmental and health information, it also features health warnings such as altitude sickness symptoms and high heart rate, as well as fall and collision detection functions. And, in the event of danger, it can send distress signals to teammates.
Perks:
QIDI Vida has a global voice recognition and interaction feature that allows you to control all functions within the device by voice. To better provide users with an immersive sports experience, QIDI Vida’s intelligent system will have the capability to instantly gather personalised sports data, enabling it to deliver timely voice alerts and broadcasts, including the duration of exercise, distance, the environment and the weather – all tailored to the user’s preferences.
QIDI Vida enables voice-controlled photos and video recordings, allowing users to capture moments whilst cycling or hiking without the need to stop. QIDI Vida supports connections with common cycling smart hardware such as Garmin, Wahoo, Apple, and Samsung, supports GPX route files, and is compatible with professional sports apps such as Strava, Keep, Zwift, Apple Health, and All Trails.
QIDI Vida stands out for its lightweight and comfortable design with a dual lens for a full-colour data display, unlike competing AR glasses that typically have a single lens and limited colour. This innovation significantly enhances and augments the user’s sports and reality experience.
QIDI Vida will launch on the Kickstarter platform: https://www.kickstarter.com/projects/109560964/qidi-vida-smart-ar-glasses-for-sports
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Artificial Intelligence
Risk Analytics Market worth $180.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The growing use of real-time monitoring and advanced analytics, integration with cutting-edge technologies like blockchain and IoT, and an emphasis on cybersecurity, cross-industry applications, and regulatory compliance are the key factors that will shape the risk analytics market in the future. The market’s development will also be influenced by collaborative risk management, improved user experience, and an increasing focus on ESG factors and risk culture.
The Risk Analytics Market is estimated to grow from USD 59.7 billion in 2024 to USD 180.9 billion in 2029, at a CAGR of 24.8% during the forecast period, according to a new report by MarketsandMarkets™. Several trends fuel the global spread of Risk Analytics. Increasingly Increasing Data Complexity, Rising Cybersecurity Threats and Rising Adoption of Cloud-Based Solutions A growing talent pool of data scientists and engineers is building the necessary tools and infrastructure. Governments are recognizing the potential of risk analytics for economic growth and are investing in research and development. These trends make DI more accessible and valuable, leading to its global adoption.
Browse in-depth TOC on “Risk Analytics Market”260 – Tables 60 – Figures350 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2023
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD Billion
Segments Covered
Offering,Risk Type, Risk stages, Vertical, and Region.
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US)
By offering the services segment to account for higher CAGR during the forecast period
In the Risk Analytics Market, the highest CAGR of services is fueled by Increasing Complexity of Risks, AI and machine learning advancements, big data analytics integration, business process optimization, cloud-based solutions adoption, data-driven culture, and diverse industry adoption. These trends reflect a global shift towards leveraging data for competitive advantage, driving a continuous need for sophisticated risk analytics services across sectors. As businesses prioritize agility, the growth of services in the Risk Analytics Market is driven by the need for effective risk management strategies in an increasingly complex and uncertain business environment.
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By Type, GRC software is expected to hold the largest market size for the year 2024
GRC software typically offers comprehensive solutions that cover a wide range of risk management needs, including compliance management, policy management, audit management, and risk assessment. They also provide organizations with enhanced visibility into their risk landscape. Through features such as risk assessment, risk monitoring, and reporting, organizations can identify and prioritize risks more effectively, enabling proactive risk management strategies. GRC software streamlines risk management processes through automation, reducing manual effort and increasing efficiency. Tasks such as risk assessments, control testing, and incident management can be automated, freeing up resources to focus on strategic risk mitigation efforts. the combination of comprehensive functionality, regulatory compliance support, efficiency gains, scalability, integration capabilities, and culture enhancement makes GRC software a preferred choice for many organizations seeking to manage risk effectively.
By Vertical, Healthcare & Life Sciences is projected to grow at the highest CAGR during the forecast period
The Healthcare and Lifesciences is experiencing a surge in the adoption of risk analytics due to a confluence of factors. Healthcare providers and life sciences companies wants to ensure the safety and well-being of patients. Risk analytics helps in identifying potential risks to patient safety, such as medication errors, adverse events, and medical device failures. The healthcare and life sciences industries are heavily regulated, with strict guidelines for patient care, data privacy, drug development, and clinical trials. Risk analytics helps organizations ensure compliance with these regulations by identifying and mitigating risks of non-compliance. Healthcare organizations and life sciences companies also face financial risks associated with fraud, billing errors, revenue cycle management, and reimbursement challenges. Risk analytics helps in detecting anomalies and optimizing financial processes to mitigate these risks.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The Asia-Pacific (APAC) region is experiencing rapid growth in the Risk Analytics Market, boasting the highest Compound Annual Growth Rate (CAGR). This surge is primarily attributed to rising demand for data-driven decision-making solutions, expanding digital transformation initiatives across industries.. Moreover, the region’s favorable regulatory environment, growing investments in big data analytics, and the integration of advanced technologies like the Internet of Things (IoT) further propel APAC’s dominance in Risk Analytics Market growth.
Top Key Companies in Risk Analytics Market:
The major risk analytics software and service providers include IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Risk Analytics Market.
Recent Developments:
In March 2024, Orcale announced Oracle Risk Management Cloud in Release 24B. It offers comprehensive solution designed to help organizations identify, assess, and mitigate risks across their business operations. It offers advanced analytics, automation, and collaboration tools to streamline risk management.In March 2024, FIS Global announces card fraud detection capabilities leveraging artificial intelligence (AI) with aim to bolster FIS’s ability to identify and prevent fraudulent transactions, providing greater security for cardholders and financial institutions alike.In March 2024, Aon acquired an AI-powered platform to assist fleet and mobility clients in making data-driven decisions, enhancing operational efficiency and risk management. The platform utilizes artificial intelligence to analyze data and provide insights, enabling clients to optimize their fleet operations and improve decision-making processes.In March 2024, Crisp joined Resolver, with the aim to enhance Resolver’s risk intelligence capabilities by integrating Crisp’s expertise and technology into its platform, offering clients improved risk assessment and mitigation tools.In February 2024, SAS partnered with Carahsoft to bring analytics, AI, and data management solutions to the public sector. The aim is to leverage SAS’s expertise in advanced analytics and Carahsoft’s extensive government market reach to offer tailored solutions that enable public sector organizations to harness the power of data for informed decision-making and improved outcomes.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=210662258
Risk Analytics Market Advantages:
By offering insights into potential risks, opportunities, and trends, risk analytics helps organisations make data-driven decisions that improve strategic planning and resource allocation.In order to improve risk management procedures and lessen exposure to possible threats, risk analytics solutions assist businesses in identifying, evaluating, and mitigating risks across a range of business activities, including finance, operations, and compliance.Through real-time monitoring and anomaly detection made possible by risk analytics, organisations may proactively address shifting market situations, legal requirements, and cybersecurity threats.Risk analytics solutions assist organisations lower operating costs, increase productivity, and streamline compliance activities, which results in cost savings and resource optimisation. They do this by streamlining risk management procedures and automating routine work.Accurate risk assessments, audit trails, and reporting capabilities are just a few of the ways that risk analytics solutions help organisations comply with regulations and stay out of trouble.Organisations can enhance their resilience and competitiveness by anticipating and mitigating potential hazards before they materialise through the use of predictive modelling and advanced analytics approaches in risk analytics.Report Objectives
To define, describe, and predict the Risk Analytics Market by offering, risk type, risk stages, vertical, and regionTo provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growthTo analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leadersTo forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo profile the key players and comprehensively analyze their market rankings and core competenciesTo analyze the competitive developments, such as partnerships, product launches, and mergers & acquisitions, in the Risk Analytics MarketBrowse Adjacent Markets: Analytics Market Research Reports & Consulting
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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Artificial Intelligence
Robotic Palletizer Market worth $1.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The robotic palletizer market is projected to grow from USD 1.4 billion in 2024 and is expected to reach USD 1.9 billion by 2029, growing at a CAGR of 5.9% from 2024 to 2029 according to a new report by MarketsandMarkets™. Rising awareness towards workplace safety and reducing the risk of work-related injuries to drive the market. Robotic palletizers significantly enhance workplace safety and reduce the risk of work-related injuries and associated costs. By automating repetitive tasks like palletizing, businesses can redeploy their human workforce to higher-value activities that require human skills like problem-solving, critical thinking, and customer interaction. This allows them to optimize their workforce and leverage human capabilities more effectively.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=251064253
Browse in-depth TOC on “Robotic Palletizer Market” 100 – Tables60 – Figures200 – Pages
Robotic Palletizer Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 1.4 billion
Estimated Value by 2029
$ 1.9 billion
Growth Rate
Poised to grow at a CAGR of 5.9%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Component, Robot Type, Application, End-use Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
High initial investment cost
Key Market Opportunities
Increasing application in small and medium-sized enterprises
Key Market Drivers
Growing labor shortage and need for workforce optimization
Collaborative robots in the robot type segment are expected to witness higher growth rate during the forecast period.
Collaborative robots are expected to witness a higher CAGR during the forecast period. Unlike traditional industrial robots that often require physical barriers or cages to protect human workers, cobots are equipped with advanced safety features, such as force and torque sensors, collision detection, and speed monitoring. These features enable cobots to operate safely in proximity to humans without posing significant risks of injury.
The Pharmaceutical segment in the robotic palletizer market is expected to witness highest growth rate during the forecast period.
Pharmaceutical products are subject to strict regulations regarding storage, handling, and quality control. Robotic palletizers play a crucial role in providing greater precision and consistency in palletizing tasks and minimizing the risk of contamination within pharmaceutical manufacturing facilities. It also reduces human intervention in the handling and stacking of products and helps mitigate the potential for cross-contamination and ensures adherence to strict hygiene standards.
End-of-Arm- Tooling (EOAT) component is expected to witness the highest CAGR in the robotic palletizer market during the forecast period.
End-of-arm tooling (EOAT) is a crucial element of a robotic arm system, especially in applications like robotic palletizing, where the robot needs to interact with various objects or products. EOAT essentially acts as the hand of the robotic arm, designed to securely grasp, lift, and place boxes or cases onto pallets. Overall, EOAT plays a vital role in the effectiveness of robotic palletizers as it ensures secure handling of products, efficient palletizing patterns, and smooth operation of the entire system.
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North America is expected to hold the largest share of the robotic palletizer industry during the forecast period.
North America is home to major automobile and retail companies, which has accelerated the demand for robotic palletizers in this region. Additionally, the rise in manufacturing activity, fueled by plans for reshoring and technological improvements, has further driven the need for robotic palletizers. In North America, certain government funds are available to increase workplace safety. In 2023, the Occupational Safety and Health Administration announced a grant of approximately USD 12.7 million to 100 non-profit organizations across the nation to provide education and training for workers and employers about recognizing workplace hazards, injury prevention, and understanding workers’ rights and employers’ responsibilities under federal law. Businesses that use robotic palletizers may be eligible for funding as they lower the risk of worker injuries from manual lifting.
Key Players
Leading players in the robotic palletizer companies include FANUC CORPORATION (Japan), KION GROUP AG (Germany), KUKA AG (Germany), ABB (Switzerland), and Krones AG (Germany). Schneider Packaging Equipment Company, Inc. (US), Honeywell International Inc. (US), Kaufman Engineered Systems (US), Concetti S.p.A. (Italy), Sidel (France), Brenton, LLC. (US), A-B-C Packaging Machine Corporation (US), Antenna Group (Italy), BEUMER GROUP (Germany), Brillopak (UK), BW Integrated Systems (US), Columbia Machine, Inc. (US), Euroimpianti S.p.A. (Italy), Fuji Yusoki Kogyo Co., Ltd. (Japan), HAVER & BOECKER OHG (Germany), KHS Group (Germany), MMCI (US), Okura Yusoki Co., Ltd. (Japan), Rothe Packtech Pvt. Ltd. (India), and S&R Robot Systems, LLC. (US) are few other key companies operating in the robotic palletizer market.
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports & Consulting
Related Reports:
Palletizer Market Size, Share, Statistics and Industry Growth Analysis Report by Technology (Conventional, Robotic), Product Type (Bags, Boxes and Cases, Pails and Drums), Industry (Food & Beverages, Chemicals, Pharmaceuticals, Cosmetics & Personal Care, E-commerce and Retail) & Region – Global Growth Driver and Industry Forecast to 2029
Autonomous Mobile Robots Market by Offering (Hardware, Software and Services), Payload Capacity (500 kg), Navigation Technology (Laser/LiDAR, Vision Guidance), Industry (Manufacturing, Retail, E-commerce) – Global Forecast to 2028
Automated Guided Vehicle Market Size, Share, Industry, Statistics & Growth by Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pallet Trucks), Navigation Technology (Laser Guidance, Magnetic Guidance, Vision Guidance), Industry, Region – Global Forecast to 2028
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Automated Material Handling Equipment Market Size, Share, Statistics and Industry Growth Analysis Report by Product (Robots, ASRS, Conveyors And Sortation Systems, Cranes, WMS, AGV), System Type (Unit Load, Bulk Load), Industry (Automotive, E-Commerce, Food & Beverage) and Region – Global Forecast to 2028
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact: Mr. Aashish MehraMarketsandMarkets™ INC. 630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Our Web Site: https://www.marketsandmarkets.com/Research Insight: https://www.marketsandmarkets.com/ResearchInsight/robotic-palletizer-companies.aspContent Source: https://www.marketsandmarkets.com/PressReleases/robotic-palletizer.asp
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