For whatever reason, ZeroHedge chooses to go with "Martha Stewart-Backed" in their headline. I mean, it's true, she's an investor but unless the Tyler Durdens (for they are multiple) hate Martha Stewart I'm not sure why they put her up front.
Lifted in toto from ZH:
On Monday, high-tech greenhouse startup AppHarvest plunged as much as 23% to $2.66, a 52-week low after reporting worsening preliminary 2021 financial results and farm delays.
The company expects a full-year net loss between $170-$172.5M, including fourth-quarter non-cash goodwill and an intangible impairment charge of around $60M. FY21 revenues are estimated at $8.9-$9.1M, higher than the company's guidance of $7-$9M. Adjusted EBITDA loss is forecasted to be between $69.3-$72.5M, compared with $70-$75M.
One of the main drivers for share decline today was delays at two indoor verticle farms. The first was at an indoor facility that grows salad greens and another for tomatoes, and both won't be fully operational until the end of the year. The company said last August that both facilities would be operational by the midpoint of the year.
The Kentucky-based vertical farm company grows vegetables in futuristic greenhouses that yield up to 30x more crops per acre than traditional outdoor farming. Operational delays and money-losing operations have resulted in the share price cratering at least 88% from the IPO price.
Short sellers have piled into the stock on deteriorating fundamentals, with 15.3 million shares short over the last year. The short-interest ratio is about 11.532.
AppHarvest has routinely boasted about food entrepreneur and icon Martha Stewart and Impossible Foods Chief Financial Officer David Lee joining the company's board. However, touting celebrities has yet to boost the share price.Previous mentions of AppHarvest:
Not So SPACtacular Indoor Farming: "AeroFarms & Spring Valley terminate $1.2bn SPAC deal"
ICYMI: Indoor Farming Company AppHarvest Came Public Via SPAC (APPH)
Jamie Powell, Winston Churchill, and Anthony Downs On A Variant Of Semantic Satiation
Indoor Farming: "AppHarvest’s Spac forecasts go splat"
"For Today's SPACs, 2024 Will Be The BEST YEAR EVER"
And on Martha Stewart
June 28, 2013
"Martha Stewart Would Kill Donald Trump, Marry Michael Bloomberg"
From New York Mag's Daily Intel:
Ageless Queen of Everything Martha Stewart was recently asked to play a game of "Shag, Marry, Kill" (better known as FMK) with billionaires Donald Trump, Michael Bloomberg, and Bill Gates, and her answer is almost as good as the part of the interview where she talks about rollings joints. Seriously: Someone lock this woman down.
..Me, I'm going to go think about a leaping and bounding Martha Stewart:
We last dropped in on Martha when she offered as a sweepstakes prize a weekend with her to visit the Svalbard seed vault.
...In other Svalbard news, I'm not clear on all the details but apparently Martha Stewart is doing some fundraising for Crop Trust with a sweepstakes prize for donating:
I'm teaming up with @Prizeo to raise support for @croptrust! Enter to win a trip to Norway and we'll tour Svalbard Global Seed Vault with the scientists behind it! We'll also enjoy a polar tour, and a northern lights viewing reception! Donate to enter at https://t.co/0VaTWl6Vxm pic.twitter.com/kWQVlT3FJh— Martha Stewart (@MarthaStewart) December 21, 2017
Seriously, how can the Tyler Durdens hate someone who offered a trip to Svalbard to see the Seed Vault?
