AppHarvest addresses $32 million net loss last quarter with state lawmakers

FRANKFORT, Ky. (WTVQ) – One of the state’s most-publicized start up companies got high praise Thursday for its work to put the state on the world agriculture stage while also helping communities address their own need for fresh vegetables.

Members of a legislative committee, the Interim Joint Committee on Health, Welfare, and Family Services, supported the work being done by AppHarvest. The committee looked at a variety of issues Thursday, ranging from food deserts to smoking and vaping to the roles of primary care and community health workers.

It praised AppHarvest from its headquarters in Rowan County to areas across the region where it now employs more than 500 people.

But, the company also had to talk about an $32 million loss in the last quarter and the challenges it has faced from its first harvest earlier this year.

“We did have a very challenging second quarter. Third quarter we will not have significant earnings because it is our tear out, we will tear out the crops. We don’t grow when the traditional tomato season is producing in the summer months, we’ve replanted and we expect a very healthy quarter four and beyond. So we’re working through the challenges and definitely feel like we are better prepared for next year for that reason” said Chief of Staff, Kristi Putnam.

In addition to Rowan County, AppHarvest has facilities under construction in Madison and Pulaski Counties and plans more than a dozen once its expansion is complete.