APPH - AppHarvest gains after Q3 beat reaffirms FY2021 outlook

AppHarvest (APPH +13.2%) higher after Q3 earnings beat; sold 1.5M pounds of tomatoes in the quarter. The company is currently building three more high-tech indoor farms and remains on-track with its long-term outlook guiding to a more conservative delivery of nine high-tech indoor farms in Appalachia by the end of 2025, while it continues to work toward a network of 12 farms by 2025. The company reiterated its FY2021 outlook of net sales of $7M-$9M vs. consensus of $8.05M and Adjusted EBITDA in the range of a loss of $70M-$75M. CEO comment: "The second growing season is off to a solid start as our quality has significantly improved based on the first couple weeks of harvesting, our enhanced training program recently quadrupled the number of crop care specialists earning a productivity bonus, and there are signs that tomato prices appear to be on the rise to start the fourth quarter. We

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AppHarvest gains after Q3 beat, reaffirms FY2021 outlook