AppHarvest Inc APPH is trading significantly lower Wednesday after the company announced worse-than-expected second-quarter financial results and cut guidance.
AppHarvest reported a quarterly earnings loss of 32 cents per share, which came in below the estimate for a loss of 19 cents per share. The company reported quarterly revenue of $3.1 million, which came in below the estimate of $5.87 million.
AppHarvest lowered its full-year 2021 revenue guidance from a range of $20 million to $25 million to a range of $7 million to $9 million.
“We believe our innovative, sustainable approach, which captures free rainwater and sunlight through large glass roofs in Appalachia and leverages world-class technology at scale while maintaining the highest ESG principles, positions our company to be a global leader in this industry,” said Jonathan Webb, founder and CEO of AppHarvest.
AppHarvest is an agriculture technology company engaged in developing and operating controlled environment indoor farms.
Price Action: AppHarvest is making a new 52-week low in trading today.
At last check Wednesday, the stock was down 38.30% at $7.39.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
