<ul><li>Kalera reported revenue of USD 2.9 million for FY 2021, up by 221% YoY, generating revenue of USD 1.2 million in Q4 alone (up 440% YoY; 53% QoQ). Revenue was driven by the growing demand for Kalera’s products across the US from its retail customers (1200+ retail stores), alongside the consolidated sales from &ever GmbH , a vertical farm in Kuwait it acquired (up 94% YoY in Q4 2021).</ul>

• Despite the strong topline performance, Kalera’s operating losses increased by 289% YoY amounting to USD 35.2 million for the year. This was primarily due to expenses relating to the opening of its Atlanta and Houston facilities, which led to increased depreciation and amortization expenses (+562% YoY), wages and benefits spending (+217% YoY), and other expenses (+389% YoY) during the period.

• The company did not provide any revenue or profit guidance for the next quarter or for the full-year 2022. However, the company reports that it expects revenue growth to increase further in 2022, given the following:

  • Expanded market reach in the foodservice sectors (secured deals with 20 US food distributors, 5,500 hospitals in the US, and a leading healthcare group with 100,000 properties in the US during Q1 2022).

  • Planned brand relaunch in Q2 2022.

  • Expected launch of five more facilities in Denver, Honolulu, Seattle, St.Paul, and Minnesota in 2022. 

Key milestones for FY2021 include:

<ul><li>Two acquisitions: 1) &ever GmbH to expand production capabilities and gain access to international markets; and 2) seed producer Vindara for seeding technology aimed at reducing cost and increasing yield.</ul>

<ul><li>Secured partnerships with retail customers: Kroger (400 stores), H-E-B (340 stores),  and Publix (440).</ul>

<ul><li>Manufacturing capacity: Built new facilities in Houston and Atlanta and reported full capacity utilization in Orlando due to strong demand post-Covid and securing Disney as a foodservice customer.</ul>

<ul><li> Analyst QuickTake: Kalera continues to report losses despite strong revenue growth. The company’s aggressive expansion plans and inorganic growth strategy seem to be pressuring its bottom line. That said, Kalera announced in January 2021 that it signed an agreement with Agrico Acquisition Corp to go public via a SPAC deal. The deal is expected to provide more than USD 100 million in capital, which will support Kalera in achieving a national presence in the US and expanding to international markets.</ul>