AeroFarms

AeroFarms – Medium
An AeroFarms Indoor Farm Source

Overview

AeroFarms is perhaps the original indoor vertical farming company of the modern age, having been founded over 17 years ago in 2004. AeroFarms claims to achieve up to 390 times greater efficiency of production per square foot annually versus traditional field farming.

Founders

AeroFarms was founded by David Rosenberg, Ed Harwood, and Marc Oshima in 2004. David Rosenberg currently serves as Chief Executive Officer of the company. Marc Oshima serves as Chief Marketing Officer. Final founder Ed Harwood passed away in July of 2021. He had invented the original concept of AeroFarms technology in 2004, and from 2004 to 2009 the company was referred to as Great Veggies. The company was subsequently rebranded as AeroFarms in 2009.

Stock

AeroFarms is one of the first private vertical farming companies to have gone public, which occurred in 2021. The $317 million dollar cash infusion valued the company at $1.2B. The stock currently trades under the ARFM ticker on the NASDAQ.

Revenue

AeroFarms lists Whole Foods Market, ShopRite, Baldor Foods, Amaon Fresh, and Fresh Direct as customers. As of the beginning of 2022, the company will have about 100,000 sqaure foot of production space, which increase by about 2.3x with the opening of their most recent facility to 236,000 square feet of production space. Public records show the revenue of AeroFarms to be approximately $4M. This is equivalent to about $40 of revenue /sq ft per square foot per year. This would project the companies revenue capability to be approximately $10M upon completion of their new facility in 2022, yield improvements and other factors assumed to be unchanged.

Locations

AeroFarms' first commercial location, 30,000 square feet, was previously used as a paintball and laser tag course and is located in Ithaca, New York. Their 2nd location opened in 2016: a 70,000 facility in Newark, New Jersey. Their most recent location is located in Danville, Virginia, and is expected to open in Quarter 2 of 2022. This most recent facility is 136,000 square feet, and is branded as the "Model 5" farm, representing the 5th iteration of AeroFarms' proprietary growing system.

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