APPH - AppHarvest stock lower on mixed Q3 results and cut in revenue outlook

• AppHarvest press release ( NASDAQ: APPH ): Q3 GAAP EPS of -$0.23 beats by $0.08 .
• Revenue of $0.52M (-3.7% Y/Y) misses by $0.88M .
• The company is revising its full-year 2022 net sales outlook downward by approximately $6.6M to an expected range of $14M to $17M vs. consensus of $14.2M and prior outlook of $20M to $25M, primarily driven by construction delays related to supply chain issues at both AppHarvest Berea and AppHarvest Somerset that affected the timing of commercial shipments from the farms.
• The company also is updating its full-year 2022 outlook range for Adjusted EBITDA loss guidance upward by $13.5M to an anticipated loss in the range of $67M to $72M, driven by lower costs of goods sold and operating costs related to the delayed operational readiness of the new facilities as well as cost-saving measures implemented in the second half of this year.

• The company expects to incur approximately $85M to $95M more in capital expenditures for the completion of the three construction projects underway, $50M to $55M of which is expected to be spent in 4Q22, with the remaining $35M to $40M expected to be paid by first quarter of 2023.

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