$APPH APPHARVEST, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands except per share amounts) March 31, 2023 December 31, 2022 Assets Current Assets: Cash and cash equivalents $ 50,017 $ 54,334 Restricted cash 23,450 24,198 Accounts receivable, net 3,669 2,786 Inventories, net 16,105 18,078 Prepaid expenses and other current assets 17,341 14,716 Total current assets 110,582 114,112 Operating lease right-of-use assets, net 2,503 2,626 Property and equipment, net 476,334 456,178 Other assets, net 20,385 22,412 Total non-current assets 499,222 481,216 Total assets $ 609,804 $ 595,328 Liabilities and stockholders’ equity Current Liabilities: Accounts payable $ 30,445 $ 16,571 Accrued expenses 14,517 21,996 Current portion of lease liabilities 505 514 Current portion of long-term debt 3,685 3,685 Other current liabilities 45 202 Total current liabilities 49,197 42,968 Long-term debt, net of current portion 178,819 180,537 Lease liabilities, net of current portion 2,509 2,628 Financing obligation 105,680 103,787 Deferred income tax liabilities 4,682 4,925 Private Warrant liabilities 110 119 Other liabilities 63 73 Total non-current liabilities 291,863 292,069 Total liabilities 341,060 335,037 Stockholders’ equity Preferred stock, par value $0.0001, 10,000 shares authorized, 0 issued and outstanding, as of March 31, 2023 and December 31, 2022, respectively — — Common stock, par value $0.0001, 750,000 shares authorized, 155,084 and 108,511 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively 16 11 Additional paid-in capital 658,972 615,452 Accumulated deficit (397,590 ) (363,960 ) Accumulated other comprehensive income (loss) 7,346 8,788 Total stockholders’ equity 268,744 260,291 Total liabilities and stockholders’ equity $ 609,804 $ 595,328