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Local Bounti (NYSE: LOCL) announced its full year 2024 financial results, securing $27.5 million in new funding and completing a significant debt restructuring. Sales increased 38% to $38.1 million in 2024, with gross profit at $4.1 million.
The company announced leadership changes with Kathleen Valiasek succeeding Craig Hurlbert as CEO, while securing a transformative financing package including $25 million in equity proceeds and $2.5 million in capex financing. The debt restructuring resulted in a 40% reduction through extinguishment of approximately $197 million, lower interest rates, and extended repayment terms until April 2027.
Local Bounti expanded its distribution network with Walmart, now serving 191 stores with premium baby leaf varieties, and secured additional commitments for 13 Walmart distribution centers. The company expects to reach positive adjusted EBITDA in Q3 2025, with Q1 2025 sales projected at approximately $11.5 million.
Local Bounti (NYSE: LOCL), a U.S. indoor agriculture company, has scheduled the release of its full year 2024 financial results for Monday, March 31, 2025, after market close. The company will host a conference call with executive management at 4:30 p.m. ET on the same day.
Investors can participate through North American dial-in (877) 514-3623 or international dial-in +1 (201) 689-8768. The webcast will be available on the company's investor relations website and archived online. A playback option will be accessible until April 7, 2025, via North American number (877) 660-6853 or international number (201) 612-7415, using passcode 13752713.
Local Bounti (NYSE: LOCL) has secured a two-year award to supply living butter lettuce to 13 distribution centers of a large multinational retailer. The products will be supplied from Local Bounti's California and new Texas facilities. CEO Craig Hurlbert highlighted this award as evidence of growing demand for fresh, sustainable, locally grown produce and the company's strategy to address capacity needs across the southern U.S. The company's customer-centric approach focuses on aligning capacity with specific customer demand, optimizing facilities for specific products that meet customer distribution plans. Local Bounti anticipates reaching positive adjusted EBITDA during the second quarter of 2025.
Local Bounti (NYSE: LOCL) reported Q3 2024 financial results with sales increasing 50% to $10.2 million compared to $6.8 million in the prior year. The company reported a gross profit of $1.4 million with an adjusted gross margin of 32%. Operating loss improved by $1.0 million to $18.0 million, while net loss was $34.3 million. The company expanded its product assortment with high-velocity offerings and expects Q4 revenues of approximately $11 million. Local Bounti anticipates reaching positive adjusted EBITDA in Q2 2025, though this timeline has been shifted due to strategic production mix realignment.
Local Bounti (NYSE: LOCL) announced it will release its Q3 2024 financial results on Thursday, November 14, 2024, before market opens. The company will host a conference call at 8:00 a.m. ET the same day, where management will discuss financial results and business updates. North American participants can dial (877) 514-3623, while international callers can use +1 (201) 689-8768. The call will be webcast live on the company's website and archived online, with telephonic playback available through November 21, 2024.
Local Bounti (NYSE: LOCL) announced its Q2 2024 financial results, reiterating full-year 2024 sales guidance of $50-60 million, doubling revenue versus 2023. Key highlights include:
1. Sales increased 31% to $9.4 million in Q2 2024.
2. Gross profit was $1.4 million with an adjusted gross margin of 29%.
3. Operating loss improved by $5.5 million to $13.9 million.
4. Adjusted EBITDA loss improved to $7.5 million.
5. Commenced operations at Texas and Washington facilities.
6. Expanded distribution with Sam's Club and Brookshire's.
7. Negotiating additional $175 million financing, potentially increasing total capital commitments to $400 million.
The company aims to achieve positive adjusted EBITDA in early 2025 and continues to expand its product assortment and distribution network.
Local Bounti (NYSE: LOCL) has announced a significant distribution expansion, now shipping its full product line to over 180 Brookshire Grocery Company (BGC) locations across three states in the Southeast and Southwest United States. This partnership, facilitated by Local Bounti's new Mount Pleasant, Texas facility, includes their Grab-and-Go Salad Kits, living lettuce, and baby leaf varieties.
Kathleen Valiasek, President and CFO of Local Bounti, emphasized the importance of this partnership in advancing their mission to deliver fresh, locally grown produce to more communities. The expansion is supported by Local Bounti's increased capacity through facility expansions and operational optimization.
BGC, a family-owned company with a 95-year history, operates more than 210 store locations under various banners across four states. Brad Brookshire, Chairman and CEO of BGC, expressed enthusiasm about offering Local Bounti's fresh, innovative products to their customers, aligning with their commitment to quality and freshness.
Local Bounti (NYSE: LOCL), a leading U.S. indoor agriculture company, has announced the release of its fiscal second quarter 2024 financial results on Tuesday, August 13, 2024, before the market opens. The company will host a conference call at 8:00 a.m. ET on the same day to discuss the results and provide business updates. Investors can participate in the call by dialing (877) 514-3623 in North America or +1 (201) 689-8768 internationally. A live webcast will be available on the company's website, and a telephonic playback will be accessible until August 20, 2024. This announcement provides investors with an opportunity to gain insights into Local Bounti's financial performance and future outlook.
Local Bounti (NYSE: LOCL) has expanded distribution with Sam's Club, now supplying leafy greens from its newly opened CEA facility in Mount Pleasant, Texas. The company is fulfilling shipments to six Sam's regional distribution centers from two facilities, including Byron, Georgia.
Kathleen Valiasek, President and CFO of Local Bounti, highlighted the importance of the company's new facilities in Washington and Texas, which provide incremental capacity to meet retail customer demand for fresh, sustainable, locally grown produce. The expansion with Sam's Club utilizes capacity from the Texas facility, leveraging Local Bounti's patented Stack & Flow Technology® in these purpose-built facilities.
Local Bounti (NYSE: LOCL) has announced the promotion of Chief Financial Officer, Kathleen Valiasek, to President and CFO, effective June 24, 2024. Ms. Valiasek has been with the company for over three years and has played a important role in driving operational efficiencies and expanding the company's capacity. In her new role, she will oversee operations, innovation, commercial, and marketing activities while retaining her financial leadership duties. The company aims to achieve positive adjusted EBITDA by early 2025.
