AppHarvest (APPHW) 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-39288
Entity Registrant Name	AppHarvest, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-5042965
Entity Address, Address Line One	500 Appalachian Way
Entity Address, City or Town	Morehead
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40351
City Area Code	606
Local Phone Number	653-6100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		101,735,238
Entity Central Index Key	0001807707
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Common stock, $0.0001 par value per share
Document Information [Line Items]
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	APPH
Security Exchange Name	NASDAQ
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
Trading Symbol	APPHW
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 97,645	$ 150,755
Restricted cash	37,130	25,556
Accounts receivable, net	1,882	1,575
Inventories, net	5,076	4,998
Prepaid expenses and other current assets	4,000	5,613
Total current assets	145,733	188,497
Operating lease right-of-use assets, net	4,425	5,010
Property and equipment, net	387,603	343,913
Other assets, net	25,819	16,644
Total non-current assets	417,847	365,567
Total assets	563,580	554,064
Current Liabilities:
Accounts payable	14,126	8,553
Accrued expenses	15,876	15,794
Current portion of lease liabilities	724	751
Current portion of long-term debt	39,032	28,020
Other current liabilities	56	119
Total current liabilities	69,814	53,237
Long-term debt, net of current portion	117,542	102,637
Lease liabilities, net of current portion	4,579	4,938
Deferred income tax liabilities	2,309	2,418
Private Warrant liabilities	1,610	1,385
Other liabilities	139	1,809
Total non-current liabilities	126,179	113,187
Total liabilities	195,993	166,424
Commitments and contingencies (Note 11)
Stockholders’ equity
Preferred stock, par value $0.0001, 10,000 shares authorized, 0 issued and outstanding, as of March 31, 2022 and December 31, 2021	0	0
Common stock, par value $0.0001, 750,000 shares authorized, 101,550 and 101,136 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	10	10
Additional paid-in capital	583,117	576,895
Accumulated deficit	(217,949)	(187,314)
Accumulated other comprehensive income (loss)	2,409	(1,951)
Total stockholders’ equity	367,587	387,640
Total liabilities and stockholders’ equity	$ 563,580	$ 554,064

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	101,550,000	101,136,000
Common stock, shares outstanding (in shares)	101,550,000	101,136,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 5,164	$ 2,299
Cost of goods sold	13,554	6,836
Gross profit (loss)	(8,390)	(4,537)
Operating expenses:
Selling, general and administrative expenses	21,039	31,489
Total operating expenses	21,039	31,489
Loss from operations	(29,429)	(36,026)
Other income (expense):
Interest expense from related parties	0	(658)
Change in fair value of Private Warrants	(1,329)	9,826
Other	14	356
Loss before income taxes	(30,744)	(26,502)
Income tax benefit (expense)	109	(2,013)
Net loss	(30,635)	(28,515)
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives contracts, net of tax	4,360	(669)
Comprehensive loss	$ (26,275)	$ (29,184)
Net loss per common share:
Net loss per common share, basic (in dollars per share)	$ (0.30)	$ (0.35)
Net loss per common share, diluted (in dollars per share)	$ (0.30)	$ (0.35)
Weighted average common shares outstanding:
Weighted-average common shares outstanding, basic (in shares)	101,321	80,729
Weighted-average common shares outstanding, diluted (in shares)	101,321	80,729

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Previously reported	Previously reportedCommon Stock	Previously reportedAdditional Paid-in Capital	Previously reportedAccumulated Deficit	Previously reportedAccumulated Other Comprehensive Income (Loss)	Retroactive application of recapitalization	Retroactive application of recapitalizationCommon Stock	Retroactive application of recapitalizationAdditional Paid-in Capital	Retroactive application of recapitalizationAccumulated Deficit	Retroactive application of recapitalizationAccumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2020		44,461					9,750					34,711
Beginning balance at Dec. 31, 2020	$ 24,766	$ 4	$ 45,890	$ (21,128)	$ 0	$ (20,441)	$ 1	$ 686	$ (21,128)	$ 0	$ 45,207	$ 3	$ 45,204	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Business Combination and PIPE Shares, net (in shares)		53,361
Business Combination and PIPE financing	433,527	$ 6	433,521
Conversion of Private Warrants	5,819		5,819
Stock option exercise (in shares)		103
Stock option exercise	35		35
Stock-based compensation	6,287		6,287
Net loss	(28,515)			(28,515)
Net unrealized gains (losses) on derivatives contracts, net of tax	(669)				(669)
Ending balance (in shares) at Mar. 31, 2021		97,925
Ending balance at Mar. 31, 2021	441,250	$ 10	491,552	(49,643)	(669)
Beginning balance (in shares) at Dec. 31, 2021		101,136
Beginning balance at Dec. 31, 2021	387,640	$ 10	576,895	(187,314)	(1,951)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Private Warrants	1,104		1,104
Stock option exercise	36		36
Vesting of restricted stock units (in shares)		414
Vesting of restricted stock units	(953)		(953)
Stock-based compensation	6,035		6,035
Net loss	(30,635)			(30,635)
Net unrealized gains (losses) on derivatives contracts, net of tax	4,360				4,360
Ending balance (in shares) at Mar. 31, 2022		101,550
Ending balance at Mar. 31, 2022	$ 367,587	$ 10	$ 583,117	$ (217,949)	$ 2,409

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net loss	$ (30,635)	$ (28,515)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of Private Warrants	1,329	(9,826)
Deferred income tax (benefit) expense	(109)	2,013
Depreciation and amortization	3,112	1,802
Stock-based compensation expense	6,035	6,287
Rent expense in excess of payments	26	19
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable	(307)	(1,182)
Inventories, net	(78)	(1,516)
Prepaid expenses and other current assets	1,613	(3,133)
Other assets, net	(9,230)	(5,993)
Accounts payable	301	8
Accrued expenses	(2,124)	3,694
Other current liabilities	0	(42)
Other non-current liabilities	2,564	227
Net cash used in operating activities	(27,503)	(36,157)
Investing Activities
Purchases of property and equipment	(39,018)	(11,183)
Purchases of property and equipment from a related party	0	(122,911)
Advances on equipment	0	(444)
Net cash used in investing activities	(39,018)	(134,538)
Financing Activities
Proceeds from Business Combination and PIPE shares, net	0	448,500
Proceeds from debt	25,902	0
Payments on financing obligation to a related party	0	(2,089)
Proceeds from stock options exercised	36	35
Payments of withholding taxes on restricted stock unit conversions	(953)	0
Net cash provided by financing activities	24,985	446,446
Change in cash and cash equivalents	(41,536)	275,751
Cash, cash equivalents and restricted cash at the beginning of period	176,311	21,909
Cash, cash equivalents and restricted cash at the end of period	134,775	297,660
Less restricted cash at the end of the period	37,130	0
Cash and cash equivalents at the end of the period	97,645	297,660
Non-cash Activities:
Fixed assets purchases in accounts payable	5,272	20,313
Fixed assets purchases in accrued liabilities	2,207	1,408
Operating lease right-of-use assets and liabilities	$ 237	$ 735

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business AppHarvest, Inc. (the “Company”, or “AppHarvest”) was founded on January 19, 2018. Together with its subsidiaries, AppHarvest is an applied agricultural technology company in Appalachia developing and operating some of the world’s largest high-tech indoor farms, which are designed to grow non-GMO produce, use primarily rainwater, and produce significantly higher yields than those achieved by traditional agriculture on the same amount of land. AppHarvest combines conventional agricultural techniques with cutting-edge technology, including artificial intelligence and robotics, to improve access to nutritious food, farming more sustainably, building a domestic food supply, and increasing investment in Appalachia. Prior to October 2020, AppHarvest’s operations were limited to the start-up concerns of organizing and staffing, business planning, raising capital, and acquiring and developing properties for Controlled Environment Agriculture (“CEA”). In October 2020, AppHarvest partially opened its first CEA facility in Morehead, Kentucky (the “Morehead CEA facility”). AppHarvest harvested its first crop of beefsteak tomatoes and tomatoes on the vine in January 2021 and March 2021, respectively. In May 2021, AppHarvest opened production of the full 60 acres at the Morehead CEA facility and, in August 2021, concluded the first harvest. The Company completed planting of its second crop at the Morehead CEA facility in September 2021, and began harvest of the crop in the fourth quarter of 2021. AppHarvest has started construction on four more CEA facilities. Two of the facilities under construction are located in Berea, Kentucky (the “Berea salad greens facility”) and Richmond, Kentucky (the “Richmond tomato facility”). Groundbreakings for two more CEA facilities occurred in June 2021 in Somerset, Kentucky (the “Somerset facility”) and Morehead, Kentucky (the “Morehead salad greens facility”). The Somerset facility is intended to grow berries and the Morehead salad greens facility, which is adjacent to the Morehead CEA facility, is intended to grow salad greens. During 2021, the Company temporarily paused the development of the 10-acre Morehead salad greens facility, with resumption of construction contingent upon financing. AppHarvest is organized as a single operating segment. Substantially all of the assets and operations of AppHarvest are located in the United States (“U.S.”). Nature of Operations The high-tech greenhouse agriculture business is extremely capital-intensive and the Company expects to expend significant resources to complete the build-out of facilities under construction, continue harvesting existing crops and plant and harvest new crops in the existing and future CEA facilities. These expenditures are expected to include working capital, costs of acquiring and building out new facilities, costs associated with planting and harvesting, such as the purchase of seeds and growing supplies, and the cost of attracting, developing and retaining a skilled labor force, including local labor. In addition, other unanticipated costs may arise due to the unique nature of these CEA facilities and increased production in the Company’s single operating facility at full capacity. The Company also expects to expend significant resources as it invests in CEA technologies and pursues other strategic investments in the CEA industry. The Company has incurred losses from operations and generated negative cash flows from operating activities since inception. The Company expects that its existing cash and cash equivalents and credit available under its loan agreements will be sufficient to fund its current payroll and working capital requirements for at least 12 months from the date of this Quarterly Report, as well as our debt service requirements and currently planned capital expenditure requirements as we continue to build out the Berea salad greens facility, Richmond tomato facility and Somerset facility this year. However, the Company’s operating plan may change because of factors currently unknown, and the Company may need to seek additional funds sooner than planned, through public or private equity or debt financings or other sources, such as strategic collaborations. There can be no assurance that financing will be available to the Company on favorable terms, or at all. The inability to obtain financing when needed may make it more difficult for the Company to operate the business or implement its growth plans. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial reporting and Securities and Exchange Commission (“SEC”) regulations. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. These unaudited condensed consolidated financial statement should be used in conjunction with the Company’s audited consolidated financial statements, as of and for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 1, 2022. The unaudited condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. All dollar and share amounts are in thousands, except per share amounts, unless otherwise noted.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates in Condensed Consolidated Financial Statements In preparing the condensed consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Although these estimates are based on the Company’s knowledge of current events and actions the Company may undertake in the future, actual results could differ from those estimates and assumptions. Significant items subject to such estimates and assumptions include the valuation of inventory, stock-based compensation, and private warrants. The Company’s results can also be affected by economic, political, legislative, regulatory, legal actions, and the global volatility and general market disruption resulting from the global COVID-19 pandemic and geopolitical tensions, such as Russia’s recent incursion into Ukraine. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, and government fiscal policies, can have a significant effect on operations. While the Company maintains reserves for anticipated liabilities and carries various levels of insurance, the Company could be affected by civil, criminal, environmental, regulatory or administrative actions, claims, or proceedings. Warrants At March 31, 2022, there were 13,242 warrants to purchase Common Stock outstanding, consisting of 11,920 public warrants (“Public Warrants”) and 1,322 private warrants (“Private Warrants” and together with Public Warrants, “Warrants”). The Private Warrants are held by the initial stockholders of the special purpose acquisition company. Each warrant entitles the registered holder to purchase one share of Common Stock at a price of $11.50 per share. The warrants expire on January 29, 2026, or earlier upon redemption or liquidation. The fair value of the Private Warrants is estimated at each measurement date using a Black-Scholes option pricing model. See Note 5 - Fair Value Measurements for inputs used in calculating the estimated fair value. Accounts Receivable The Company’s trade accounts receivable are non-interest bearing and are recorded at the net realizable value. The allowance for doubtful accounts represents the Company’s best estimate of the amount of expected credit losses in existing accounts receivable. As of March 31, 2022 and December 31, 2021, the Company had no allowance for doubtful accounts. Capitalization of Interest During the three months ended March 31, 2022, $1,648 of interest expense has been capitalized. No interest was capitalized during the three months ended March 31, 2021. New Accounting Pronouncements No new accounting pronouncement recently issued or newly effective had or is expected to have a material impact on the condensed consolidated financial statements .

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring	RestructuringDuring the first quarter of 2022, the Company initiated and completed a restructuring plan to reduce operating costs. The Company anticipates the cost savings from the restructuring plan will support growth-related initiatives and help meet the long-term goals and liquidity needs. During the three months ended March 31, 2022, the Company incurred total costs of $1,990 related to the restructuring initiative, of which $1,185 was for severance and other benefits, and $805 was for legal and other costs. These costs are included in sales, general and administrative (“SG&A”) in the consolidated statements of operations and comprehensive loss. The Company does not expect any further costs associated with the restructuring initiative.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue RecognitionSubstantially all of the Company’s revenues are generated from the sale of tomatoes under an agreement with one customer, Mastronardi Produce Limited (“Mastronardi”). The Company recognizes revenue at a point in time and at the amount it expects to be entitled to be paid when its performance obligation is complete, which is generally when control of the products is transferred to its customers upon pick-up by the customer or the customer’s agent from the Company’s facilities. Prices for the Company’s products are based on agreed upon rates with customers and do not include financing components or noncash consideration. Revenue is recorded net of variable consideration, such as commissions and other shipping, handling and marketing costs incurred as defined in the customer agreements. Revenue is also recorded net of rejections for products that do not meet quality specifications and net of sales and other taxes collected on behalf of governmental authorities. Payment terms are generally 30 days.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The company categorizes its assets and liabilities into one of three levels based on the assumptions (inputs) used in determining their values, as defined below: • Level 1 : Unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 : Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 : Unobservable inputs reflecting management’s assumptions about the inputs used in pricing the asset or liability. The table below presents the Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for each measurement: Fair Value as of: March 31, 2022 December 31, 2021 Balance Sheet Account Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Interest rate swap Other assets, net $ — $ 2,578 $ 2,578 $ — $ — $ — $ — Foreign currency contracts Other assets, net — 7 — 7 — 14 — 14 Total assets $ — $ 2,585 $ — $ 2,585 $ — $ 14 $ — $ 14 Liabilities: Foreign currency contracts Other current liabilities $ — $ — $ — $ — $ — $ 63 $ — $ 63 Interest rate swap Other liabilities — — — — — 1,657 — 1,657 Private Warrants Private Warrant liabilities — 1,610 — 1,610 — 1,385 — 1,385 Total liabilities $ — $ 1,610 $ — $ 1,610 $ — $ 3,105 $ — $ 3,105 The Company’s derivative contracts, including foreign currency forward and option contracts and an interest rate swap, are measured at fair value using valuations based upon quoted prices for similar assets and liabilities in active markets (Level 2) and are valued by reference to similar financial instruments, adjusted for terms specific to the contracts. As of March 31, 2022, the carrying value of the Company’s debt approximated fair value due to the short term nature of the debt or that such borrowings bear variable interest rates that correspond to current market rates. See Note 12 - Derivative Financial Instruments and Note 10 - Debt for more information on the Company’s use of financial instruments. The Private Warrant liabilities are determined using a Black-Scholes option pricing model, a Level 2 valuation. The significant inputs to the Private Warrant valuation are as follows: March 31, 2022 December 31, 2021 Exercise price $ 11.50 $ 11.50 Stock price $ 5.38 $ 3.89 Volatility 55.0 % 54.0 % Remaining term in years 3.83 4.08 Risk-free rate 2.44 % 1.12 % Dividend yield — — The following table summarizes the private warrant activity for the three months ended March 31, 2022: Fair value of Private Warrants on December 31, 2021 $ 1,385 Fair value of Private Warrants converted to Public Warrants (1,104) Change in fair value of Private Warrants 1,329 Fair value of Private Warrants outstanding as of March 31, 2022 $ 1,610 The Warrants are deemed equity instruments for income tax purposes, and accordingly, there is no tax accounting relating to changes in the fair value of the Private Warrants recognized. The changes in the fair value of the Private Warrants may be material to our future operating results.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are valued at the lower of cost (first-in, first-out) or net realizable value. Finished goods inventories represent costs associated with boxed produce not yet sold. Growing crop inventories primarily represent the costs associated with growing produce within the Company’s CEA facilities. Materials and supplies primarily represent growing and packaging supplies. Inventory costs are comprised of the purchase and transportation cost plus production labor and overhead. March 31, 2022 December 31, 2021 Raw materials $ 1,376 $ 1,314 Growing crops 3,548 3,684 Finished goods 152 — Total inventories, net $ 5,076 $ 4,998

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment March 31, 2022 December 31, 2021 Land $ 32,206 $ 32,395 Buildings 80,866 79,450 Machinery and equipment 51,179 49,418 Construction in progress 230,570 186,848 Leasehold improvements 4,758 4,740 Less: accumulated depreciation (11,976) (8,938) Total property and equipment, net $ 387,603 $ 343,913 Depreciation expense was $3,039 for the three months ended March 31, 2022, compared to $1,772 for the three months ended March 31, 2021.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets March 31, 2022 December 31, 2021 Utility deposits $ 7,976 $ 7,479 Investment in unconsolidated entity 5,000 5,000 Prepayments for fixed assets 8,950 2,888 Interest rate swap 2,578 — Other assets 1,315 1,277 Total other assets $ 25,819 $ 16,644

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses March 31, 2022 December 31, 2021 Construction costs $ 10,674 $ 8,467 Payroll and related 1,859 2,768 Professional service fees 1,364 1,944 Other accrued liabilities 1,310 1,154 Utilities 669 1,461 Total accrued expenses $ 15,876 $ 15,794

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt March 31, 2022 December 31, 2021 Rabo Loan $ 74,063 $ 75,000 Construction Loan 47,771 31,944 JPM Loan 35,347 24,335 Unamortized debt issuance costs (607) (622) Debt, net of issuance costs 156,574 130,657 Less current portion (39,032) (28,020) Long term, net $ 117,542 $ 102,637

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (a) Leases For the three months ended March 31, 2022 and March 31, 2021, the Company recognized $239 and $97, respectively, of operating lease expense in SG&A within the unaudited condensed consolidated statement of operations and comprehensive loss. The future minimum rental payments required under the leases for each year of the next five years and in the aggregate thereafter are as follows: Operating leases Remainder of 2022 $ 795 2023 1,085 2024 1,027 2025 1,030 2026 1,048 2026 and thereafter 1,612 Total minimum payments required 6,597 Less: imputed interest costs (1) (1,294) Present value of net minimum lease payments (2) $ 5,303 Weighted-average imputed interest rate 7.22 % Weighted-average remaining lease term 6.1 ____________________________ (1) Represents the amount necessary to reduce net minimum lease payments to present value using actual rate in the lease agreement or the Company’s incremental borrowing rate at lease inception. (2) Included in the unaudited condensed consolidated balance sheet as of March 31, 2022 as current and non-current lease liability of $724 and $4,579, respectively. Supplemental cash flow information related to leases is as follows: Period Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 231 $ 54 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities $ — $ 735 Operating lease right-of-use assets surrendered with the early termination of lease liabilities $ (237) $ — (b) Litigation The Company is involved in various lawsuits, claims and other legal matters from time to time that arise in the ordinary course of business. The Company records a liability when a particular contingency is probable and estimable. On September 24, 2021, a federal securities class action lawsuit (captioned Ragan v. AppHarvest, Inc. ) was filed by a purported stockholder of the Company in the United States District Court for the Southern District of New York on behalf of a proposed class consisting of those who acquired the Company’s securities between May 17, 2021 and August 10, 2021. On December 13, 2021, the court consolidated the cases, and appointed a lead plaintiff. An amended complaint was filed on March 2, 2022. The amended complaint was brought as a purported class action on behalf of purchasers of the Common Stock between February 1, 2021 to August 10, 2021. The amended complaint names the Company and certain of its current officers as defendants, and alleges that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, by making materially false and misleading statements regarding the Company’s operations at the Morehead CEA Facility in the first half of 2021. In particular, plaintiffs allege that defendants’ public statements during the class period were false and misleading because defendants failed to disclose issues related to the Company’s tomato harvest and employee train i ng and retention. The amended complaint seeks unspecified monetary damages on behalf of the putative class and an award of costs and expenses, including reasonable attorneys’ fees. Additionally, on March 11, 2022, a derivative complaint (captioned Michael Ross v. Kiran Bhatraju, et al. ) was filed in the U.S. District Court for the Southern District of New York against certain of AppHarvest’s officers and directors. The derivative complaint restyles the federal securities class action allegations as a purported derivative claim on behalf of the Company against its officers and Board members for their alleged breaches of fiduciary duties in allowing the purported disclosure violations to occur. The derivative complaint seeks unspecified monetary restitution and disgorgement of profits, benefits, or compensation obtained by the defendants, an award of costs and expenses, including reasonable attorneys’ fees, and that the Court direct the Company to reform its corporate governance procedures. The Company does not believe the claims have merit, intend to defend against them vigorously, and have not recorded a liability related to these lawsuits because, at this time, the Company is unable to estimate reasonably possible losses or determine whether unfavorable outcomes are probable. (c) Purchase commitments

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company has entered into foreign currency forward and option contracts to hedge certain cash flows related to anticipated expenditures related to the construction of its Berea, Kentucky and Richmond, Kentucky CEA facilities. These contracts, which have maturities ranging through December 2022, qualify as cash flow hedges and are used to hedge the Company’s foreign currency risk associated with the Euro denominated payments due upon the completion of established project milestones under the applicable CEA facility construction contracts. As of March 31, 2022, the total notional amount outstanding of foreign currency c ontracts designated as cash flow hedging instruments was €10,730. As of March 31, 2022 and December 31, 2021, the Company maintained collateral of $193 and $3,710, respectively, for the hedge program which is included in prepaid expenses and other current assets in the respective unaudited condensed consolidated balance sheet. The Company has elected to measure hedge effectiveness using the “spot method” under which the hedging relationship is considered perfectly effective and changes in the fair value of the forward and options contracts attributable to changes in the spot rate are recorded as a component of accumulated other comprehensive income (“AOCI”). As the hedged items are ultimately capitalized as part of the CEA facility fixed assets, the AOCI amounts will be reclassified into earnings over the same periods as the future depreciation expense related to those assets. Consistent with the allocation of CEA facility fixed asset depreciation, the AOCI reclassification will also be allocated between cost of goods sold (“COGS”) and SG&A within the unaudited condensed consolidated statement of operations and comprehensive loss. Under the “spot method”, changes in the fair value of forward contracts attributable to changes in the difference between the forward rate and the spot rate (forward points) and the fair value of option contracts attributable to time and volatility values (up-front premium) will be excluded from the measure of hedge effectiveness and amortized as COGS and SG&A on a straight-line basis over the terms of the underlying contracts. During the three months ended March 31, 2022 and March 31, 2021 the Company recognized amortization expense of $69 and $30, respectively, related to its foreign currency hedge contracts within its unaudited condensed consolidated statement of operations and comprehensive loss. As of March 31, 2022 and December 31, 2021, the Company had a net asset of $7 and a net liability of $49 in f oreign currency contracts designated as cash flow hedging instruments, respectively, which is included in other current assets and other current liabilities in the unaudited balance sheets. The following table summarizes the before and after tax amounts for the various components of other comprehensive loss for the periods presented: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Before Tax Tax (Expense) After Tax Before Tax Tax After Tax Foreign currency $ 125 $ — $ 125 $ (913) $ 244 $ (669) Interest rate swap 4,235 — 4,235 — — — Total Accumulated comprehensive income/(loss) $ 4,360 $ — $ 4,360 $ (913) $ 244 $ (669) During the three months ended March 31, 2022 and March 31, 2021, an income tax (expense) benefit of $(1,165) and $244 was recognized within other comprehensive income (loss), respectively. The income tax (expense) benefit of $(644) and $521 related to the $2,409 and $(1,951) balance in AOCI at March 31, 2022

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based CompensationTotal stock-based compensation expense was $6,035 for the three months ended March 31, 2022, compared to $6,287 for the three months ended March 31, 2021. Of these amounts, $5,894 and $6,027, respectively, were included in SG&A and $141 and $260 in COGS for the three months ended March 31, 2022 and March 31, 2021, respectively

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s effective income tax rate was 0.4% and (7.6)% for the three months ended March 31, 2022 and March 31, 2021, respectively. The variance from the U.S. federal statutory rate of 21% for the three months ended March 31, 2022 and March 31, 2021, was primarily attributable to increases in the Company’s valuation allowance largely driven by increases in the Company’s net operating loss carryforwards.The Company’s income tax provision is impacted by a valuation allowance on the Company’s net deferred tax assets, net of reversing taxable temporary differences and considering future annual limitations on net operating loss carryforward utilization enacted by U.S. tax reform legislation. The Company maintains a valuation allowance on its net deferred tax assets for all periods presented as the Company cannot be certain that future taxable income will be sufficient to realize its deferred tax assets. Valuation allowances are provided against deferred tax assets when, based on all available evidence, it is considered more likely than not that some portion or all the recorded deferred tax assets will not be realized in future periods.

Net Loss Per Common Share

Net Loss Per Common Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Common Share	Net Loss Per Common Share Diluted net loss per common share is the same as basic net loss per common share for all periods presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss. The following common share equivalent securities have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive: Anti-dilutive common share equivalents March 31, 2022 March 31, 2021 Stock options 2,727 2,866 Restricted stock units 5,683 2,561 Warrants 13,242 13,250 Total anti-dilutive common share equivalents 21,652 18,677 Three Months Ended March 31, 2022 2021 Numerator: Net loss $ (30,635) $ (28,515) Denominator: Weighted-average common shares outstanding, basic and diluted 101,321 80,729 Net loss per common share, basic and diluted $ (0.30) $ (0.35)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial reporting and Securities and Exchange Commission (“SEC”) regulations. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included.
Consolidation	The unaudited condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates in Condensed Consolidated Financial Statements	In preparing the condensed consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Although these estimates are based on the Company’s knowledge of current events and actions the Company may undertake in the future, actual results could differ from those estimates and assumptions. Significant items subject to such estimates and assumptions include the valuation of inventory, stock-based compensation, and private warrants. The Company’s results can also be affected by economic, political, legislative, regulatory, legal actions, and the global volatility and general market disruption resulting from the global COVID-19 pandemic and geopolitical tensions, such as Russia’s recent incursion into Ukraine. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, and government fiscal policies, can have a significant effect on operations. While the Company maintains reserves for anticipated liabilities and carries various levels of insurance, the Company could be affected by civil, criminal, environmental, regulatory or administrative actions, claims, or proceedings.
Warrants	The fair value of the Private Warrants is estimated at each measurement date using a Black-Scholes option pricing model.
New Accounting Pronouncements	No new accounting pronouncement recently issued or newly effective had or is expected to have a material impact on the condensed consolidated financial statements .
Fair Value Measurements	The company categorizes its assets and liabilities into one of three levels based on the assumptions (inputs) used in determining their values, as defined below: • Level 1 : Unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 : Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 : Unobservable inputs reflecting management’s assumptions about the inputs used in pricing the asset or liability.
Accounts Receivable	The Company’s trade accounts receivable are non-interest bearing and are recorded at the net realizable value. The allowance for doubtful accounts represents the Company’s best estimate of the amount of expected credit losses in existing accounts receivable.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements on a Recurring Basis	The table below presents the Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for each measurement: Fair Value as of: March 31, 2022 December 31, 2021 Balance Sheet Account Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Interest rate swap Other assets, net $ — $ 2,578 $ 2,578 $ — $ — $ — $ — Foreign currency contracts Other assets, net — 7 — 7 — 14 — 14 Total assets $ — $ 2,585 $ — $ 2,585 $ — $ 14 $ — $ 14 Liabilities: Foreign currency contracts Other current liabilities $ — $ — $ — $ — $ — $ 63 $ — $ 63 Interest rate swap Other liabilities — — — — — 1,657 — 1,657 Private Warrants Private Warrant liabilities — 1,610 — 1,610 — 1,385 — 1,385 Total liabilities $ — $ 1,610 $ — $ 1,610 $ — $ 3,105 $ — $ 3,105
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The Private Warrant liabilities are determined using a Black-Scholes option pricing model, a Level 2 valuation. The significant inputs to the Private Warrant valuation are as follows: March 31, 2022 December 31, 2021 Exercise price $ 11.50 $ 11.50 Stock price $ 5.38 $ 3.89 Volatility 55.0 % 54.0 % Remaining term in years 3.83 4.08 Risk-free rate 2.44 % 1.12 % Dividend yield — —
Schedule of Private Warrant Activity	The following table summarizes the private warrant activity for the three months ended March 31, 2022: Fair value of Private Warrants on December 31, 2021 $ 1,385 Fair value of Private Warrants converted to Public Warrants (1,104) Change in fair value of Private Warrants 1,329 Fair value of Private Warrants outstanding as of March 31, 2022 $ 1,610

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory, Net	March 31, 2022 December 31, 2021 Raw materials $ 1,376 $ 1,314 Growing crops 3,548 3,684 Finished goods 152 — Total inventories, net $ 5,076 $ 4,998

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	March 31, 2022 December 31, 2021 Land $ 32,206 $ 32,395 Buildings 80,866 79,450 Machinery and equipment 51,179 49,418 Construction in progress 230,570 186,848 Leasehold improvements 4,758 4,740 Less: accumulated depreciation (11,976) (8,938) Total property and equipment, net $ 387,603 $ 343,913

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	March 31, 2022 December 31, 2021 Utility deposits $ 7,976 $ 7,479 Investment in unconsolidated entity 5,000 5,000 Prepayments for fixed assets 8,950 2,888 Interest rate swap 2,578 — Other assets 1,315 1,277 Total other assets $ 25,819 $ 16,644

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	March 31, 2022 December 31, 2021 Construction costs $ 10,674 $ 8,467 Payroll and related 1,859 2,768 Professional service fees 1,364 1,944 Other accrued liabilities 1,310 1,154 Utilities 669 1,461 Total accrued expenses $ 15,876 $ 15,794

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	March 31, 2022 December 31, 2021 Rabo Loan $ 74,063 $ 75,000 Construction Loan 47,771 31,944 JPM Loan 35,347 24,335 Unamortized debt issuance costs (607) (622) Debt, net of issuance costs 156,574 130,657 Less current portion (39,032) (28,020) Long term, net $ 117,542 $ 102,637

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Liability by Maturity	The future minimum rental payments required under the leases for each year of the next five years and in the aggregate thereafter are as follows: Operating leases Remainder of 2022 $ 795 2023 1,085 2024 1,027 2025 1,030 2026 1,048 2026 and thereafter 1,612 Total minimum payments required 6,597 Less: imputed interest costs (1) (1,294) Present value of net minimum lease payments (2) $ 5,303 Weighted-average imputed interest rate 7.22 % Weighted-average remaining lease term 6.1 ____________________________ (1) Represents the amount necessary to reduce net minimum lease payments to present value using actual rate in the lease agreement or the Company’s incremental borrowing rate at lease inception. (2) Included in the unaudited condensed consolidated balance sheet as of March 31, 2022 as current and non-current lease liability of $724 and $4,579, respectively.
Schedule of Lease Cost	Supplemental cash flow information related to leases is as follows: Period Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 231 $ 54 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities $ — $ 735 Operating lease right-of-use assets surrendered with the early termination of lease liabilities $ (237) $ —

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Before and After Tax Amounts for the Various Components of Other Comprehensive Loss	The following table summarizes the before and after tax amounts for the various components of other comprehensive loss for the periods presented: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Before Tax Tax (Expense) After Tax Before Tax Tax After Tax Foreign currency $ 125 $ — $ 125 $ (913) $ 244 $ (669) Interest rate swap 4,235 — 4,235 — — — Total Accumulated comprehensive income/(loss) $ 4,360 $ — $ 4,360 $ (913) $ 244 $ (669)

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following common share equivalent securities have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive: Anti-dilutive common share equivalents March 31, 2022 March 31, 2021 Stock options 2,727 2,866 Restricted stock units 5,683 2,561 Warrants 13,242 13,250 Total anti-dilutive common share equivalents 21,652 18,677
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended March 31, 2022 2021 Numerator: Net loss $ (30,635) $ (28,515) Denominator: Weighted-average common shares outstanding, basic and diluted 101,321 80,729 Net loss per common share, basic and diluted $ (0.30) $ (0.35)

Description of Business - Narra

Description of Business - Narrative (Details)	1 Months Ended	3 Months Ended
	Jun. 30, 2021facility	Mar. 31, 2022facility	Dec. 31, 2021a	May 30, 2021a
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of facilities under construction		4
Morehead, Kentucky
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Area of land | a			10	60
Berea And Richmond, Kentucky
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of facilities under construction		2
Somerset, Kentucky
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of facilities under construction	2

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Class of Warrant or Right [Line Items]
Allowance for credit loss	$ 0		$ 0
Interest costs capitalized	$ 1,648,000	$ 0
Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	13,242,000
Exercise price of warrants (in dollars per share)	$ 11.50
Warrants | Common stock, $0.0001 par value per share
Class of Warrant or Right [Line Items]
Number of shares called by each warrant (in shares)	1
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	11,920,000
Private Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	1,322,000

Restructuring (Details)

Restructuring (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost	$ 1,990
Severance and other benefits
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost	1,185
Legal and other costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost	$ 805

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Subject to Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Liabilities:
Private Warrants	$ 1,610	$ 1,385
Fair Value, Recurring
Assets:
Total assets	2,585	14
Liabilities:
Private Warrants	1,610	1,385
Total liabilities	1,610	3,105
Fair Value, Recurring | Interest rate swap
Assets:
Derivative asset	2,578	0
Liabilities:
Derivative liability	0	1,657
Fair Value, Recurring | Foreign currency contracts
Assets:
Derivative asset	7	14
Liabilities:
Derivative liability	0	63
Level 1 | Fair Value, Recurring
Assets:
Total assets	0	0
Liabilities:
Private Warrants	0	0
Total liabilities	0	0
Level 1 | Fair Value, Recurring | Interest rate swap
Assets:
Derivative asset	0	0
Liabilities:
Derivative liability	0	0
Level 1 | Fair Value, Recurring | Foreign currency contracts
Assets:
Derivative asset	0	0
Liabilities:
Derivative liability	0	0
Level 2 | Fair Value, Recurring
Assets:
Total assets	2,585	14
Liabilities:
Private Warrants	1,610	1,385
Total liabilities	1,610	3,105
Level 2 | Fair Value, Recurring | Interest rate swap
Assets:
Derivative asset	2,578	0
Liabilities:
Derivative liability	0	1,657
Level 2 | Fair Value, Recurring | Foreign currency contracts
Assets:
Derivative asset	7	14
Liabilities:
Derivative liability	0	63
Level 3 | Fair Value, Recurring
Assets:
Total assets	0	0
Liabilities:
Private Warrants	0	0
Total liabilities	0	0
Level 3 | Fair Value, Recurring | Interest rate swap
Assets:
Derivative asset		0
Liabilities:
Derivative liability	0	0
Level 3 | Fair Value, Recurring | Foreign currency contracts
Assets:
Derivative asset	0	0
Liabilities:
Derivative liability	$ 0	$ 0

Fair Value Measurements - Signi

Fair Value Measurements - Significant Inputs to the Private Warrant Valuation (Details)	Mar. 31, 2022yr$ / shares	Dec. 31, 2021yr$ / shares
Exercise price
Class of Warrant or Right [Line Items]
Warrant liability, measurement input	11.50	11.50
Stock price
Class of Warrant or Right [Line Items]
Warrant liability, measurement input	5.38	3.89
Volatility
Class of Warrant or Right [Line Items]
Warrant liability, measurement input	0.550	0.540
Remaining term in years
Class of Warrant or Right [Line Items]
Warrant liability, measurement input | yr	3.83	4.08
Risk-free rate
Class of Warrant or Right [Line Items]
Warrant liability, measurement input	0.0244	0.0112
Dividend yield
Class of Warrant or Right [Line Items]
Warrant liability, measurement input	0	0

Fair Value Measurements - Priva

Fair Value Measurements - Private Warrant Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) In Fair Value Of Warrants [Roll Forward]
Fair value of Private Warrants, beginning	$ 1,385
Fair value of Private Warrants converted to Public Warrants	(1,104)
Change in fair value of Private Warrants	1,329	$ (9,826)
Fair value of Private Warrants, ending	$ 1,610

Inventories - Inventory, Net (D

Inventories - Inventory, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 1,376	$ 1,314
Growing crops	3,548	3,684
Finished goods	152	0
Total inventories, net	$ 5,076	$ 4,998

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (11,976)	$ (8,938)
Total property and equipment, net	387,603	343,913
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	32,206	32,395
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	80,866	79,450
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	51,179	49,418
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	230,570	186,848
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,758	$ 4,740

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 3,039	$ 1,772

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Utility deposits	$ 7,976	$ 7,479
Investment in unconsolidated entity	5,000	5,000
Prepayments for fixed assets	8,950	2,888
Interest rate swap	2,578	0
Other assets	1,315	1,277
Total other assets	$ 25,819	$ 16,644

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Construction costs	$ 10,674	$ 8,467
Payroll and related	1,859	2,768
Professional service fees	1,364	1,944
Other accrued liabilities	1,310	1,154
Utilities	669	1,461
Accrued expenses	$ 15,876	$ 15,794

Debt - Debt (Details)

Debt - Debt (Details) - USD ($)	Mar. 31, 2022	Jan. 10, 2022	Dec. 31, 2021	Sep. 27, 2021
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (607,000)		$ (622,000)
Debt, net of issuance costs	156,574,000		130,657,000
Less current portion	(39,032,000)		(28,020,000)
Long term, net	117,542,000		102,637,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	35,347,000		24,335,000
Maximum borrowing capacity		$ 50,000,000		$ 25,000,000
Collateral percentage		105.00%
Rabo Loan | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	74,063,000		75,000,000
Construction Loan | Construction Loans
Debt Instrument [Line Items]
Long-term debt, gross	$ 47,771,000		$ 31,944,000

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 239	$ 97

Commitment and Contingencies _2

Commitment and Contingencies - Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2022	$ 795
2023	1,085
2024	1,027
2025	1,030
2026	1,048
2026 and thereafter	1,612
Total minimum payments required	6,597
Less: imputed interest costs	(1,294)
Present value of net minimum lease payments	$ 5,303
Weighted-average imputed interest rate	7.22%
Weighted-average remaining lease term	6 years 1 month 6 days
Current portion of lease liabilities	$ 724		$ 751
Lease liabilities, net of current portion	4,579		$ 4,938
Cash paid for amounts included in the measurement of operating lease liabilities	231	$ 54
Operating lease right-of-use assets and liabilities	237	735
Operating lease right-of-use assets surrendered with the early termination of lease liabilities	$ 237	$ 0

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) € in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022EUR (€)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amortization expense related to foreign currency hedge contracts	$ 69	$ 30
Income tax (expense) benefit	(1,165)	244
Income tax (expense) benefit related to AOCI	(644)	521
Total stockholders’ equity	367,587	441,250		$ 387,640	$ 24,766
Accumulated Other Comprehensive Income (Loss)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Income tax (expense) benefit	0	244
Total stockholders’ equity	2,409	$ (669)		(1,951)	$ 0
Foreign currency contracts | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount | €			€ 10,730
Deferred offering costs	193			3,710
Net derivative asset	7			7
Net derivative liability	$ 49			$ 49

Derivative Financial Instrume_4

Derivative Financial Instruments - Before and After Tax Amounts for the Various Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Tax (Expense) Benefit	$ (1,165)	$ 244
After Tax	4,360	(669)
Accumulated Other Comprehensive Income (Loss)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Before Tax	4,360	(913)
Tax (Expense) Benefit	0	244
After Tax	4,360	(669)
Foreign currency contracts | Cash Flow Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Before Tax	125	(913)
Tax (Expense) Benefit	0	244
After Tax	125	(669)
Interest rate swap | Cash Flow Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Before Tax	4,235	0
Tax (Expense) Benefit	0	0
After Tax	$ 4,235	$ 0

Stock-based Compensation (Detai

Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 6,035	$ 6,287
SG&A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	5,894	6,027
COGS
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 141	$ 260

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	0.40%	(7.60%)

Net Loss Per Common Share - Ant

Net Loss Per Common Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common share equivalents (in shares)	21,652	18,677
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common share equivalents (in shares)	2,727	2,866
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common share equivalents (in shares)	5,683	2,561
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common share equivalents (in shares)	13,242	13,250

Net Loss Per Common Share - Ear

Net Loss Per Common Share - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (30,635)	$ (28,515)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	101,321	80,729
Weighted-average common shares outstanding, diluted (in shares)	101,321	80,729
Net loss per common share, basic (in dollars per share)	$ (0.30)	$ (0.35)
Net loss per common share, diluted (in dollars per share)	$ (0.30)	$ (0.35)