AppHarvest Stock Plunges After Preliminary FY21 Results

AppHarvest Inc 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.