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KALRQ OTCM· Kalera Public Limited Company
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KALRQ OTCM· Kalera Public Limited Company
Earnings report Q3 2022

Kalera Reports Strong Revenue Growth in Latest Quarter

Segments of revenue

In the latest quarter, Kalera reported net sales of $1.67 million, a significant increase from $801 thousand in the same quarter last year. For the nine months ended September 30, 2022, the company's net sales reached $4.44 million, compared to $1.63 million in the same period last year.

Strengths

Kalera's strong revenue growth in the latest quarter can be attributed to its successful roll-out and commercialization strategy. The company has been expanding its commercial production capabilities and incurring construction costs associated with building its facilities. Additionally, Kalera has completed the buildout of its facilities in Honolulu, Columbus, Seattle, St Paul, and Singapore. These investments have allowed the company to meet the growing demand for its various varieties of lettuce and micro-greens, which are sold to food retail and distribution customers.

Challenges

Despite the strong revenue growth, Kalera continues to incur losses. The company reported an operating loss of $20.73 million in the latest quarter, compared to an operating loss of $11.08 million in the same quarter last year. Kalera expects the rate at which it will incur losses to be significantly higher in future periods as it expands its production capabilities, completes the buildout of its facilities, and invests in future growth opportunities. The company also faces challenges from the operating environment and the competitive landscape.

Noteworthy

Kalera's largest customers in terms of their respective percentage of sales in the nine months ended September 30, 2022, included Publix (25%), H-E-B Grocery (15%), Kroger (10%), Amerifresh (9%), US Foods (7%), Harvill's Produce Co. (6%), and Gordon Food Service (5%). These partnerships with major distributors and retailers have contributed to the company's revenue growth.

Summary

Kalera reported strong revenue growth in the latest quarter, driven by its successful roll-out and commercialization strategy. The company's net sales increased significantly compared to the same quarter last year. However, Kalera continues to incur losses as it invests in expanding its production capabilities and completing the buildout of its facilities. The company faces challenges from the operating environment and competition. Overall, Kalera's revenue performance reflects its ability to meet the growing demand for its products and establish partnerships with major distributors and retailers.

Source documents

Form 10-Q  filed on Nov 14, 2022
3 pages scanned

Reference data

Company financials Q3 revenue 1.7M
Analyst estimates Q3 EPS missed by -31.16%
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