At the time of our last check, Kalera Public Limited Company (NASDAQ: KAL) shares were up 22.22% to $0.099 in pre-market trading as the vertical farming business prepared to release its quarterly results.
When will KAL make its financial information public?
On Monday, November 14, 2022, following the close of business, Kalera (KAL) will announce its financial results for the third quarter that ended September 30, 2022. On Tuesday, November 15 at 8:00 a.m. Eastern Time, Kalera will also have a conference call to go through the findings and take questions.
Equity move by KAL:
To support the ongoing aim to turn operating farms in the United States into cash flow positive, KAL recently finished a public offering. The new cash, which closes on Monday, October 31st, will help the company scale up its current U.S. facilities as demand grows as a result of the launch of KAL’s loose leaf category in Q3-2022.
The backing of some of its current owners as well as new shareholders who support its new business plan and strategy to focus on profitability helped Kalera successfully conclude the capital raise in the public markets. The money will help KAL carry out its plan, which calls for expanding its product lineup to meet customer demand, enabling American farmers to continue on their path to profitability by the end of 2023, and drastically cutting corporate costs.
In order to raise $8.84 million, Kalera organized a public offering (the “Offering”), in which both new and substantial amounts of current investors participated. In accordance with the terms of the Offering, Kalera issued 136 million warrants to subscribe for one ordinary share together with 68 million shares of its ordinary shares at a price of $0.13 per share. The warrants have a five-year expiration period and are immediately exercisable at a price of $0.13 per share.
KAL revealed preliminary results:
- Yesterday, Kalera shared its early financial findings, revealing that it anticipates net revenues of around $1.6 million, more than twice those of the third quarter of 2021, mostly due to higher volumes and a better product mix.
- According to projections made by KAL at the company’s investor event in September, capacity utilization will be around 24%, up from 11% in the third quarter of the previous year. This will move the company closer to Kalera’s intermediate capacity utilization goal of enabling profitability of 70% by the end of 2023.
- In comparison to the same quarter last year, Kalera (KAL) expects sales volume to climb to 480,000 pounds from 240,000 pounds.