AppHarvest Inc (NASDAQ: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.