Tag Archives: APPH

AppHarvest (APPH), mcap=$300m, price $2.97 vs $4.11

Structurally unprofitable greenhouse builder.
Went public through a SPAC with very aggressive projections.
These have already been cut in half but remain too aggressive.
No scale benefits as unit economics of facilities don’t work.
Cash burn over next two years equal to current market cap.
Expected significant dilution from new capital required to fund operations.
Eventual bankruptcy.