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Local Bounti Corporation (NYSE: LOCL) is a pioneering U.S. indoor agriculture company dedicated to transforming the way we grow and consume produce. Based in Hamilton, Montana, Local Bounti specializes in controlled environment agriculture, focusing on building local facilities operated by community teams to deliver fresh, high-quality leafy greens and herbs with minimal environmental impact.
The cornerstone of Local Bounti's operations is their proprietary Stack & Flow Technology®, which merges the best aspects of vertical and greenhouse farming. This innovative approach allows for the efficient use of space and resources, resulting in crops that require 90% less land and water compared to traditional farming methods. By reducing the need for herbicides and pesticides, Local Bounti ensures that their products are not only better for the environment but also healthier and longer-lasting for consumers.
Local Bounti operates advanced indoor growing facilities across the United States, servicing approximately 13,000 retail doors with their two brands: Local Bounti® and Pete’s®. Their operations span several states, including newly commissioned facilities in Texas and Washington, which bolster their distribution capabilities in the Pacific Northwest and central U.S. regions respectively.
In February 2024, the U.S. Patent and Trademark Office granted Local Bounti a patent for their Stack & Flow Technology. This technology involves a stacked nursery design for early plant development, which minimizes the footprint of the facility. Once plants reach maturity, they are moved to horizontal hydroponic greenhouses optimized for sunlight and other controlled environment factors, thereby enhancing productivity and efficiency.
Recent achievements highlight Local Bounti's significant growth and innovation. The company has doubled production at their Georgia facility and transitioned their Montana facility from a research and development focus to commercial production. Additionally, they plan to expand their capacity, including a new high-tech facility in the Midwest, aimed at meeting increasing retail demand and improving service to retail partners.
Financially, Local Bounti has secured conditional commitments for approximately $228 million in financing to support their 2024 facility expansions and new projects. Despite the challenges posed by market fluctuations, Local Bounti remains confident in their ability to achieve positive adjusted EBITDA by early 2025, reflecting their strong operational progress and efficient cost management strategies.
Local Bounti's commitment to sustainability is evident through their reduced environmental footprint and efforts to decrease their cost of goods sold. They engage closely with retail partners to expand their product assortment, including an array of Grab-and-Go Salad Kits and baby leaf offerings, ensuring they meet consumer preferences and market demand.
The company's forward-looking strategy includes continuous improvements in their growing techniques and operational efficiencies. Local Bounti's mission is to bring fresh, nutritious, and sustainable food from farm to kitchen with the fewest food miles possible, positively impacting both families and the environment.
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.
Local Bounti (NYSE: LOCL), an indoor agriculture firm, has received acceptance from the New York Stock Exchange (NYSE) for its plan to regain compliance with listing standards.
On April 3, 2024, Local Bounti was notified of its noncompliance due to its average global market capitalization and stockholders' equity both falling below $50 million. The NYSE has granted an 18-month period, starting from April 3, 2024, for the company to meet the listing standards. The company will undergo quarterly reviews by the NYSE during this period.
Failure to comply by the end of the 18-month period may result in the NYSE initiating delisting proceedings. Local Bounti's stock will continue to trade on the NYSE during this time, and the notification does not affect its business operations or SEC reporting requirements.
Local Bounti (NYSE: LOCL) announced the opening of its new controlled environment agriculture (CEA) facility in Mount Pleasant, Texas, with a ribbon-cutting ceremony scheduled for June 18, 2024. This state-of-the-art facility, which spans six acres, is expected to create approximately 50 jobs in the Titus County region. The facility utilizes Local Bounti's patented Stack & Flow Technology, combining vertical and greenhouse cultivation to produce sustainable living green butter lettuce and other leafy greens year-round while using less water and land. Local Bounti aims to enhance its distribution across the Southern United States and support local economic growth.
Local Bounti (NYSE: LOCL) announced its Q1 2024 financial results and full-year guidance, showcasing growth in sales, expansion plans, and positive operational progress. Sales increased 25% to $8.4 million in Q1 2024, with gross income at $0.8 million. The company expects to close on $228 million of financing in Q2 2024 for expansion projects. They provided full-year 2024 sales guidance of $50 to $60 million, representing a doubling of revenue versus 2023.
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