• Kalera’s Q2 2022 revenue grew 160% YoY to USD 1.3 million, compared to USD 0.5 million in the same period last year. Revenue for 1H 2022 reached USD 2.8 million, growing by 250% YoY. The quarterly growth in the top line was due to the increases in retail revenue (+46% YoY) and foodservice revenue (+489% YoY) and the opening of new facilities over the past year.

• Despite the strong topline performance, Kalera’s operating losses increased by 11.4x YoY amounting to USD 96.8 million for Q2 2022. This was primarily due to the one-time transaction expenses (USD 7.5 million) relating to the SPAC merger with Agrico and Nasdaq listing, which led to increased selling, general and administrative expenses (+311.7% YoY), one-time non-cash stock option expense (USD 8 million), and one-time non-cash expense for goodwill impairment (USD 64.3 million) during the period.

• Adjusted EBITDA loss for the quarter worsened 120.3% YoY to USD 14.1 million, compared to the adjusted EBITDA loss of USD 6.4 million in the same period last year.

• The company did not provide any revenue or profit guidance for the next quarter or for the full-year 2022. However, the company has outlined its growth strategy for 2022 and 2023 as follows: 

  • Planned expansion into select markets and communities that previously did not have access to local and fresh produce

  • Optimizing production capacity within the US as well as internationally across all products in its portfolio

  • Improving farm profitability and becoming cash-flow positive at all existing farms with plans to delay operations at the Hawaii, Columbus, and Central Florida facilities.

  • Expanding product portfolio and customer base (including both retail and food service)

Key milestones for Q2 2022 include:

<ul><li>Completed merger with Agrico Acquisition Corp and subsequent Nasdaq listing in June 2022 upon approval after a special shareholder meeting, trading under the new ticker symbol “KAL”.</ul>

<ul><li>Partnered with US Foods in May 2022 , resulting in 50% allocation of its production capacity to the restaurant and foodservice sector.</ul>

<ul><li>Manufacturing capacity: Opened a new 90,000 sq ft facility in Denver in April 2022 , the fifth farm in its US VF network. Completed Phase One of the Singapore facility in March 2022, with the first harvest expected to be in Q3 2022.</ul>