AppHarvest Stock Plunges After Preliminary FY21 Results

• AppHarvest Inc (NASDAQ:APPH) reported preliminary FY21 net sales and non-GAAP Adjusted EBITDA at the higher end of guidance.
• The company expects FY21 sales of $8.9 million - $9.1 million (consensus $8.53 million) versus the previously announced outlook of $7.0 million - $9.0 million.
• Meanwhile, AppHarvest expects FY21 net loss of $(170.0) million - $(172.5) million. The company expects to record a non-cash charge in Q4 of $59.9 million to impair the carrying value of goodwill and definite lived intangible assets related to the recent acquisition of Root AI, Inc.
• The company anticipates both robotics and software to become revenue-generating in 2023.
• It sees an adjusted EBITDA loss of $(69.3) million - $(72.5) million versus prior outlook of $(70.0) million - $(75.0) million.
• Price Action: APPH shares traded lower by 17.8% at $2.80 on the last check Monday.