Kalera Public Limited Company (“Kalera” or the “Company”)
(Nasdaq: KAL), a vertical farming company headquartered
in Orlando, Florida, today announced selected preliminary
financial results for its third quarter ended September 30, 2022.
Conference Call The Company will host a
conference call on Tuesday, November 15 at 8:00 a.m. Eastern Time
to discuss its results for the quarter ended September 30, 2022 and
to answer questions. To participate on the live call, listeners may
dial (844) 889-4333 (domestic), or (412) 317-5477
(international).
The call will also be broadcast live via webcast, which can be
accessed at
https://event.choruscall.com/mediaframe/webcast.html?webcastid=bZEIMs74.
Listeners may also visit the investor relations section of Kalera’s
website at www.investors.kalera.com to access the webcast, either
live or archived.
The company presented the following preliminary results:
- The company expects net sales of approximately $1.6 million,
more than double that of the third quarter 2021, driven primarily
by increased volumes and improved product mix.
- Capacity utilization is expected to be approximately 24% vs.
11% in the prior year third quarter, progressing toward Kalera’s
intermediate capacity utilization goal to facilitate profitability
of 70% by the end of 2023, as presented at the company’s investor
event in September.
- The company anticipates volume sold to increase to 480,000
pounds vs. 240,000 pounds in the same quarter last year.
“We continued to see momentum in our business in the third
quarter along with meaningful revenue growth and customer
partnerships. The demand for our products is not only strong but
accelerating,” said Jim Leighton, President and Chief Executive
Officer of Kalera. “Strong and growing sales velocities demonstrate
that we are improving our mix across product lines to higher margin
products and a more balanced and profitable sales channel mix. In
addition, we have increased points of distribution and added to the
number of stores selling Kalera brand leafy greens.
“We’ve made significant progress on our profitability targets in
the quarter, improving both yields and capacity utilization. As
presented at our investor event in September, Kalera’s top
strategic priority is to bring our U.S. farms to cash flow positive
as soon as possible. To accelerate this goal, we successfully
completed a public stock offering and announced the planned sales
of our international and Vindara businesses. These are important
steps providing necessary growth capital and significantly reducing
corporate overhead to align resources with our strategy. We remain
optimistic about Kalera’s future and the impact we can have on the
food industry and the environment.”
Kalera’s indoor vertical farming operations uses approximately
95 percent less water and 99 percent less land than traditional
farming to grow its leafy greens, which are cleaner, more
nutritious and more flavorful than greens grown to be shipped
thousands of miles. Kalera’s farms serve customers within a
300-mile radius, so their products are always fresh, always local
and always available.
The selected financial information for the third quarter of 2022
Kalera has provided in this release is preliminary. This
preliminary, unaudited financial information is based on Kalera’s
initial review of the information presented and its current
expectations and are subject to adjustment. As such, any financial
information contained in this press release may differ materially
from the information reflected in Kalera’s financial statements for
the quarter ended September 30, 2022. Additionally, this release
does not present all necessary information for an understanding of
Kalera’s financial condition or its results of operations for the
third quarter of 2022. Accordingly, undue reliance should not be
placed on this preliminary information. The company expects to
release its full financial results for the third quarter on
November 14, 2022.
About Kalera As a leader in controlled
environment agriculture, Kalera is driven by our belief
that vertical farming can play an important role in securing access
to fresh produce for a growing world population facing climate
change and concerns about the future of traditional farming.
Through our proprietary technology, we sustainably grow local,
delicious, nutrient-rich, pesticide-free, non-GMO leafy greens
year-round. Our automated, data-driven, hydroponic vertical farms
produce higher yields and, use approximately 95% less water, and
99% less land than traditional farming. Sold under the Kalera
brand, our leafy greens are “better than organic” and priced
competitively, always with the end consumer in
mind. Kalera is headquartered in Orlando,
Florida with farms in Orlando; Atlanta,
Georgia; Houston, Texas; Denver, Colorado;
and Kuwait, with additional farms under development. More
information is available at www.kalera.com.
Forward-Looking Statements This communication
includes certain statements that are not historical facts but are
forward-looking statements for purposes of the safe harbor
provisions under the applicable securities laws. Forward-looking
statements generally are accompanied by words such as "believe,"
"may," "will," "estimate," "continue," "anticipate," "intend,"
"expect," "should," "would," "plan," "predict," "potential,"
"seem," "seek," "future," "outlook," and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters.
These forward-looking statements include, but are not limited
to, statements regarding selected financial results for the third
quarter 2022 and the planned sale of certain businesses. These
statements are based on various assumptions and/or on the current
expectations of Kalera's management. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as and must not be relied on by
any investor or other person as, a guarantee, an assurance, a
prediction or a definitive statement of fact or probability. Actual
events and circumstances are difficult or impossible to predict and
will differ from assumptions. Many actual events and circumstances
are beyond the control of Kalera. These forward-looking
statements are subject to a number of risks and uncertainties,
including but not limited to general economic, financial, legal,
political and business conditions and changes in domestic and
foreign markets; changes in the assumptions
underlying Kalera's expectations regarding its future
business; the effects of competition on Kalera's future
business; and the outcome of judicial proceedings to
which Kalera is, or may become a party.
If the risks materialize or assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks
that Kalera presently do not know or currently believe
are immaterial that could also cause actual results to differ
materially from those contained in the forward-looking statements.
In addition, forward-looking statements reflect expectations,
assumptions, plans or forecasts of future events and views as of
the date of this communication. Kalera anticipate that
subsequent events and developments will cause these assessments to
change. However, while Kalera may elect to update these
forward-looking statements at some point in the
future, Kalera specifically disclaims any obligation to
do so, except as required by applicable law. These forward-looking
statements should not be relied upon as
representing Kalera's assessments as of any date
subsequent to the date of this written communication. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
Contacts
Financial Profiles,
Inc. |
Julie Kegley |
jkegley@finprofiles.com |
310.622.8246 |
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