Local Bounti Announces Full Year 2024 Financial Results
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) ha annunciato i risultati finanziari per l'intero anno 2024, assicurandosi 27,5 milioni di dollari in nuovi finanziamenti e completando una significativa ristrutturazione del debito. Le vendite sono aumentate del 38% a 38,1 milioni di dollari nel 2024, con un utile lordo di 4,1 milioni di dollari.
L'azienda ha annunciato cambiamenti nella leadership con Kathleen Valiasek che succede a Craig Hurlbert come CEO, mentre ha ottenuto un pacchetto di finanziamento trasformativo che include 25 milioni di dollari in proventi azionari e 2,5 milioni di dollari in finanziamenti per investimenti. La ristrutturazione del debito ha comportato una riduzione del 40% attraverso l'estinzione di circa 197 milioni di dollari, tassi di interesse più bassi e termini di rimborso estesi fino ad aprile 2027.
Local Bounti ha ampliato la sua rete di distribuzione con Walmart, servendo ora 191 negozi con varietà di foglie baby premium, e ha ottenuto ulteriori impegni per 13 centri di distribuzione Walmart. L'azienda prevede di raggiungere un EBITDA rettificato positivo nel terzo trimestre del 2025, con vendite nel primo trimestre del 2025 stimate a circa 11,5 milioni di dollari.
Local Bounti (NYSE: LOCL) anunció sus resultados financieros para el año completo 2024, asegurando 27,5 millones de dólares en nueva financiación y completando una reestructuración significativa de la deuda. Las ventas aumentaron un 38% a 38,1 millones de dólares en 2024, con una ganancia bruta de 4,1 millones de dólares.
La compañía anunció cambios en el liderazgo, con Kathleen Valiasek sucediendo a Craig Hurlbert como CEO, mientras asegura un paquete de financiación transformador que incluye 25 millones de dólares en ingresos de capital y 2,5 millones de dólares en financiación de capex. La reestructuración de la deuda resultó en una reducción del 40% a través de la extinción de aproximadamente 197 millones de dólares, tasas de interés más bajas y plazos de reembolso extendidos hasta abril de 2027.
Local Bounti amplió su red de distribución con Walmart, ahora sirviendo a 191 tiendas con variedades premium de hojas baby, y aseguró compromisos adicionales para 13 centros de distribución de Walmart. La compañía espera alcanzar un EBITDA ajustado positivo en el tercer trimestre de 2025, con ventas proyectadas en el primer trimestre de 2025 de aproximadamente 11,5 millones de dólares.
로컬 바운티 (NYSE: LOCL)는 2024년 전체 연도 재무 결과를 발표하며 2750만 달러의 신규 자금을 확보하고 중요한 부채 구조 조정을 완료했습니다. 2024년 매출은 38% 증가하여 3,810만 달러에 달하며, 총 이익은 410만 달러입니다.
회사는 리더십 변화를 발표했으며, 캐슬린 발리아섹이 크레이그 헐버트를 CEO로 이어받았습니다. 또한 2,500만 달러의 자본 수익과 250만 달러의 자본 지출 자금을 포함하는 혁신적인 금융 패키지를 확보했습니다. 부채 구조 조정으로 인해 약 1억 9700만 달러의 상환을 통해 40%의 감소가 이루어졌으며, 이자율이 낮아지고 상환 조건이 2027년 4월까지 연장되었습니다.
로컬 바운티는 월마트와의 유통 네트워크를 확장하여 현재 191개의 매장에서 프리미엄 베이비 리프 품종을 제공하고 있으며, 13개의 월마트 유통 센터에 대한 추가 약속을 확보했습니다. 회사는 2025년 3분기까지 긍정적인 조정 EBITDA에 도달할 것으로 예상하며, 2025년 1분기 매출은 약 1,150만 달러로 예상하고 있습니다.
Local Bounti (NYSE: LOCL) a annoncé ses résultats financiers pour l'année complète 2024, sécurisant 27,5 millions de dollars de nouveaux financements et complétant une restructuration significative de la dette. Les ventes ont augmenté de 38 % pour atteindre 38,1 millions de dollars en 2024, avec un bénéfice brut de 4,1 millions de dollars.
La société a annoncé des changements de direction avec Kathleen Valiasek succédant à Craig Hurlbert en tant que PDG, tout en sécurisant un paquet de financement transformateur comprenant 25 millions de dollars de produits en actions et 2,5 millions de dollars de financement pour les investissements. La restructuration de la dette a entraîné une réduction de 40 % grâce à l'extinction d'environ 197 millions de dollars, des taux d'intérêt plus bas et des conditions de remboursement prolongées jusqu'en avril 2027.
Local Bounti a élargi son réseau de distribution avec Walmart, maintenant au service de 191 magasins avec des variétés de jeunes feuilles premium, et a obtenu des engagements supplémentaires pour 13 centres de distribution Walmart. L'entreprise s'attend à atteindre un EBITDA ajusté positif au troisième trimestre 2025, avec des ventes projetées au premier trimestre 2025 d'environ 11,5 millions de dollars.
Local Bounti (NYSE: LOCL) gab seine finanziellen Ergebnisse für das gesamte Jahr 2024 bekannt, sicherte sich 27,5 Millionen Dollar an neuer Finanzierung und schloss eine bedeutende Schuldenumstrukturierung ab. Die Verkäufe stiegen um 38% auf 38,1 Millionen Dollar im Jahr 2024, mit einem Bruttogewinn von 4,1 Millionen Dollar.
Das Unternehmen kündigte Führungswechsel an, wobei Kathleen Valiasek Craig Hurlbert als CEO nachfolgt, während es ein transformierendes Finanzierungspaket sicherte, das 25 Millionen Dollar an Eigenkapitalerträgen und 2,5 Millionen Dollar an Investitionsfinanzierung umfasst. Die Schuldenumstrukturierung führte zu einer Reduzierung um 40% durch die Tilgung von etwa 197 Millionen Dollar, niedrigeren Zinssätzen und verlängerten Rückzahlungsfristen bis April 2027.
Local Bounti erweiterte sein Vertriebsnetz mit Walmart und beliefert nun 191 Geschäfte mit hochwertigen Babyblatt-Sorten und sicherte sich zusätzliche Zusagen für 13 Walmart-Vertriebszentren. Das Unternehmen erwartet, im dritten Quartal 2025 ein positives bereinigtes EBITDA zu erreichen, wobei die Verkäufe im ersten Quartal 2025 auf etwa 11,5 Millionen Dollar geschätzt werden.
- 38% revenue growth to $38.1 million in 2024
- Secured $27.5 million in new funding
- 40% debt reduction through $197 million debt extinguishment
- Significant expansion with Walmart to 191 stores
- Reduced annual expenses by approximately $3 million in Q1 2025
- Improved operating loss by $57.9 million versus prior year
- Net loss of $119.9 million in 2024
- Adjusted EBITDA loss of $32.1 million
- Research and development expenses increased by $6.2 million to $22.3 million
- Texas facility reconfiguration temporarily impacting full utilization
- Low cash position of $7.5 million as of December 31, 2024
Insights
Local Bounti's 2024 results reveal a company in transition working to overcome substantial financial challenges. The 38% revenue growth to
The most significant development is the debt restructuring that extinguished
The expansion with Walmart to 191 stores offers revenue growth potential, but the temporary production disruption at the Texas facility (affecting Q1 2025 sales) illustrates execution risks inherent in the business model. Their strategy to pivot toward higher-value specialty greens appears logical but remains unproven at scale.
While management projects positive adjusted EBITDA by Q3 2025, investors should scrutinize this timeline given prior challenges. The
Secured
Announces leadership succession and new Board appointments – President Kathleen Valiasek succeeds Craig Hurlbert as CEO, Mr. Hurlbert named Executive Chairman
Further expansion of regional distribution with Walmart
Kathleen Valiasek, President, CEO and CFO of Local Bounti, stated, "I'm honored to step into the role of CEO at this transformative moment for Local Bounti following this past year as President leading our focus on operational improvement. Our successful financing transaction has resulted in new equity infusion and a significant restructuring of our debt with our existing lender—including
Craig Hurlbert, Executive Chairman of Local Bounti, added, "This marks an important inflection point for Local Bounti, as we secured a transformative financing transaction and successfully executed our CEO succession plan. As I transition to Executive Chairman, I'm incredibly confident in Kathy's leadership as CEO. Her strategic vision, operational expertise, and financial acumen make her the ideal person to lead Local Bounti through this next phase of growth. I look forward to continuing my support of the Company's strategic initiatives and commercial efforts. Under her guidance, we are positioning the Company for sustainable, profitable growth that will create long-term value for all our stakeholders."
Full Year 2024 Financial Summary
- Sales increased
38% to in 2024, as compared to$38.1 million in the prior year period. The increase was due to increased production and growth in sales from the facility in$27.6 million Georgia and sales from the Company's new facilities inTexas andWashington , which began shipping and selling products in the second quarter of 2024. - Gross profit was
in 2024. Adjusted gross margin percentage1 was consistent with the prior year at approximately$4.1 million 27% , excluding depreciation and stock-based compensation. Adjusted gross margin1 continued to reflect the production ramp-up at theTexas andWashington facilities. The Company expects that, over time, its adjusted gross margin will increase as a percentage of sales as a result of the continued scaling of the business and efforts to optimize production costs. - Selling, general, and administrative expenses decreased by
to$23.8 million in 2024, as compared to$40.8 million in the prior year period, primarily driven by lower stock-based compensation expense and cost-saving actions the Company took in the fourth quarter of 2023 and the first quarter of 2024 to streamline its organization structure. Adjusted selling, general and administrative expense1, which excludes stock-based compensation, depreciation and amortization, and other non-core items was$64.6 million , a decrease of$28.2 million compared to prior year period. During the first quarter 2025, the Company further reduced its annualized expenses by approximately$2.0 million .$3 million - Research and development expenses increased
to$6.2 million in 2024, as compared to$22.3 million in the prior year period. However, included in these amounts is non-cash depreciation and stock compensation expenses of$16.1 million in the current year period, and$7.9 million in the prior year period. The Company expects research and development expenses, excluding non-cash items, to decrease in future periods as it reaches production thresholds for its new product lines, further supporting the Company's efforts to achieve positive adjusted EBITDA in the near term.$4.0 million - Operating loss improved
versus the prior year period to$57.9 million , as compared to a loss of$59.0 million in 2023. The prior year period included a non-cash goodwill impairment charge of$116.9 million in the fourth quarter of 2023.$38.5 million - Net loss was
in 2024, as compared to net loss of$119.9 million for the prior year period, which includes the aforementioned non-cash goodwill impairment charge.$124.0 million - Adjusted EBITDA1 loss improved to
, as compared to a loss of$32.1 million in the prior year period. Adjusted EBITDA for 2024 excludes$34.1 million in stock-based compensation,$3.3 million in interest expense,$58.9 million of depreciation and amortization,$18.9 million gain on change in fair value of warrant liability,$0.8 million charge for a loss on the disposal of fixed assets, and$1.7 million of strategic transaction due diligence and integration related costs. Adjusted EBITDA for the prior year period excludes the$2.5 million non-cash goodwill impairment charge.$38.5 million
1See reconciliation of the non-GAAP measures at the end of this press release.
Commercial Facilities Update
Texas Facility Product Mix Transition Progress
The Company continues to make significant progress at its six-acre
Capacity Expansion Project Update
Plans remain in place to build additional capacity across the Company's network of facilities enabled with its patented Stack & Flow Technology®. The planned expansions are designed to provide additional capacity and allow for the Company's growing product assortment to meet existing demand from Local Bounti's direct relationships with blue-chip retailers and distributors. The timing and scope of these projects, including plans to expand into the Midwest, remain under review pending ongoing discussions with retailers to optimize those facilities for specific products in support of retail commitments and strategies to expand distribution.
Product Development & Distribution
The Company expanded its high-value specialty greens distribution in the fourth quarter of 2024, bringing products like Arugula and Power Crisp to several Pacific Northwest retailers. Local Bounti also expanded its
Local Bounti further strengthened its distribution network by establishing a new partnership with a prominent Midwest wholesaler and significantly expanding its relationship with Walmart, now serving 191 stores with premium baby leaf varieties. The Company also secured an additional commitment to serve 13 Walmart distribution centers with its Conventional Living Butter Lettuce, with shipments commencing in the second quarter from both its
Building on its Grab-and-Go Salad Kit rollout in 2024, the Company has evolved this offering to better serve retail partners and consumer trends. This evolution included the launch of new salad kits in the first quarter 2025, with additional flavors expected to be introduced in the third quarter, as well as the creation of a new product line that meets the needs of today's value-oriented consumer. These developments reflect Local Bounti's strategy of implementing an optimized product mix while aligning production capabilities with specific customer needs.
Capital Structure
The Company ended the quarter with cash and cash equivalents and restricted cash of
As previously disclosed in documents filed with the Securities and Exchange Commission, in March 2025, Local Bounti secured a
In conjunction with the new financing, Local Bounti completed an amendment which restructured its existing credit agreements with its lender. Under the terms of the new 10-year agreement,
The
The Company continues to pursue opportunities to lower its cost of capital and replace its construction financing, including sale leaseback transactions and its work with a licensed United States Department of Agriculture (USDA) lender.
As of December 31, 2024, Local Bounti had approximately 8.7 million shares outstanding, 6.2 million common shares under warrants outstanding, and approximately 1.2 million restricted stock units outstanding. As of December 31, 2024, including these warrants and restricted stock units, the Company had a fully diluted share count of approximately 16.1 million shares outstanding. On a proforma basis, including the Transaction, the Company has a fully diluted share count of 28.4 million shares outstanding as of March 31, 2025.
Leadership Succession and New Board Appointments
Concurrent with the financing, Local Bounti's Board of Directors named Kathleen Valiasek as its new Chief Executive Officer, adding to her existing role as President and Chief Financial Officer. Craig Hurlbert steps into a new role as Executive Chairman and will support the executive leadership team by providing expertise, experience, and leadership to guide the Company toward achieving its objectives. Ms. Valiasek will continue to lead the strategic financial direction of the business in partnership with Senior Vice President of Finance and Chief Accounting Officer Tony Hughes, who will continue his support of the accounting organization.
As CEO, Ms. Valiasek is responsible for the overall strategic direction and performance of the company, while driving sustainable growth and shareholder value. Prior to her appointment as CEO, Ms. Valiasek served as President and Chief Financial Officer of Local Bounti, positions she held since June 2024 and April 2021, respectively. Ms. Valiasek oversaw all operational, innovation, commercial, and marketing activities while leading the Company's financial organization. Under her leadership, the Company has achieved significant operational efficiencies across its growing facilities network and secured strategic financing relationships that have facilitated the Company's expansion efforts.
Also concurrent with the Transaction, the Board has named two new Directors, who will replace seats vacated by Edward Forst and Jennifer Carr-Smith.
First Quarter 2025 Update
The Company expects first quarter 2025 sales of approximately
The Company believes that it has access to capital to fund its operations, complete the construction of its ongoing projects, and reach positive adjusted EBITDA in the third quarter of 2025.
Conference Call
The Company will host a conference call with members of the Local Bounti executive management team. The conference call is scheduled to begin at 4:30 p.m. ET on Monday, March 31, 2025. To participate on the live call, listeners in
In addition, the call will be broadcast live via webcast, hosted at the "Investors" section of the Company's website at localbounti.com and will be archived online.
About Local Bounti
Local Bounti is redefining indoor farming with an innovative method – its patented Stack & Flow Technology® – that significantly improves crop turns, increases output and improves unit economics. Local Bounti operates advanced indoor growing facilities across
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify these forward-looking statements by the use of terms such as "expect," "will," "continue," "believe," "anticipate," "estimate," "project," "intend," "should," "is to be," or similar expressions, and variations or negatives of these words, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to statements regarding improving sales, costs, and margins; product expansions; facility operations and expansions; financial guidance for 2025; timing for reaching positive adjusted EBITDA; lowering cost of capital; evaluation of lower cost or replacement debt; and sufficiency of capital. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this press release. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the risk that Local Bounti will fail to obtain additional necessary capital when needed on acceptable terms, or at all; the risk that Local Bounti will not be able to lower its cost of capital with future financings, including sale lease-backs or other financing transactions; Local Bounti's ability to effectively integrate the acquired operations of any CEA or similar operations which it acquires into its existing operations; the ability of Local Bounti to retain and hire key personnel; the Company's ability to meet the continued listing requirements of the New York Stock Exchange or timely cure any noncompliance thereof; the uncertainty of projected financial information; Local Bounti's increased leverage as a result of additional indebtedness incurred in connection with the acquisition of Pete's or as the result of the incurrence of additional future indebtedness; restrictions contained in Local Bounti's debt facility agreements with Cargill; Local Bounti's ability to repay, refinance, restructure and/or extend its indebtedness as it comes due; Local Bounti's ability to generate revenue; the risk that Local Bounti may never achieve or sustain profitability; the risk that Local Bounti could fail to effectively manage its future growth; Local Bounti's ability to build out additional facilities; reliance on third parties for construction, delays relating to material delivery and supply chains, and fluctuating material prices; Local Bounti's ability to decrease its cost of goods sold over time; potential for damage to or problems with Local Bounti's facilities; Local Bounti's ability to attract and retain qualified employees, including management; Local Bounti's ability to develop and maintain its brand or brands it may acquire; Local Bounti's ability to maintain its company culture or focus on its vision as it grows; Local Bounti's ability to execute on its growth strategy; the risks of diseases and pests destroying crops; Local Bounti's ability to compete successfully in the highly competitive natural food market; Local Bounti's ability to defend itself against intellectual property infringement claims; changes in consumer preferences, perception and spending habits in the food industry; seasonality; Local Bounti's ability to achieve its sustainability goals; and other risks and uncertainties indicated from time to time, including those under "Risk Factors" and "Forward-Looking Statements" in Local Bounti's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 28, 2024, as supplemented by other reports and documents Local Bounti files from time to time with the SEC. Local Bounti cautions that the foregoing list of factors is not exclusive and cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date hereof. Local Bounti does not undertake or accept any obligation or undertaking to update or revise any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
Non-GAAP Financial Information
This press release contains references to adjusted EBITDA, adjusted gross profit, adjusted gross margin percentage and adjusted selling, general and administrative expense, which are adjusted from results based on generally accepted accounting principles in
These non-GAAP financial measures are provided to enhance the user's understanding of the Company's prospects for the future and the historical performance for the context of the investor. The Company's management team uses these non-GAAP financial measures to assess performance and planning and forecasting future periods. These non-GAAP financial measures are not computed according to GAAP, and the methods the Company uses to compute them may differ from those used by other companies. Non-GAAP financial measures are supplemental; they should not be considered a substitute for, or superior to, financial information presented in accordance with GAAP and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.
Refer to the attached financial supplement for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures for the quarter ended December 31, 2024.
LOCAL BOUNTI CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) | |||
December 31, | December 31, | ||
2024 | 2023 | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | $ 937 | $ 10,326 | |
Restricted cash | 6,529 | 6,569 | |
Accounts receivable, net | 2,282 | 3,078 | |
Inventory, net | 6,814 | 4,210 | |
Prepaid expenses and other current assets | 2,261 | 2,805 | |
Total current assets | 18,823 | 26,988 | |
Property and equipment, net | 370,978 | 313,166 | |
Finance lease right-of-use assets | 277 | — | |
Operating lease right-of-use assets | 73 | 172 | |
Goodwill | — | — | |
Intangible assets, net | 37,783 | 41,353 | |
Other assets | 101 | 73 | |
Total assets | $ 428,035 | $ 381,752 | |
Liabilities and stockholders' equity | |||
Current liabilities | |||
Accounts payable | $ 16,987 | $ 14,640 | |
Accrued liabilities | 18,082 | 17,204 | |
Short-term debt | 20,205 | — | |
Financing obligation | 51 | — | |
Operating lease liabilities | 30 | 97 | |
Finance lease liabilities | 81 | — | |
Total current liabilities | 55,436 | 31,941 | |
Long-term debt, net of debt issuance costs | 416,577 | 277,985 | |
Financing obligation, noncurrent | 49,856 | 49,225 | |
Operating lease liabilities, noncurrent | 57 | 114 | |
Finance lease liabilities, noncurrent | 206 | ||
Warrant liability | 6,403 | 7,214 | |
Total liabilities | 528,535 | 366,479 | |
Commitments and contingencies | |||
Stockholders' (deficit) equity | |||
Common stock, 0.0001 par value, 400,000,000 shares authorized, 8,656,122 and 8,311,237 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively | 1 | 1 | |
Additional paid-in capital | 322,729 | 318,600 | |
Accumulated deficit | (423,230) | (303,328) | |
Total stockholders' (deficit) equity | (100,500) | 15,273 | |
Total liabilities and stockholders' (deficit) equity | $ 428,035 | $ 381,752 |
LOCAL BOUNTI CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Sales | $ 10,070 | $ 6,866 | $ 38,138 | $ 27,557 | |||
Cost of goods sold(1)(2) | 9,530 | 6,186 | 34,048 | 25,341 | |||
Gross profit | 540 | 680 | 4,090 | 2,216 | |||
Operating expenses: | |||||||
Research and development(1)(2) | 7,185 | 3,983 | 22,287 | 16,086 | |||
Selling, general and administrative(1)(2) | 10,129 | 17,468 | 40,771 | 64,559 | |||
Goodwill impairment | — | 38,481 | — | 38,481 | |||
Total operating expenses | 17,314 | 59,932 | 63,058 | 119,126 | |||
Loss from operations | (16,774) | (59,252) | (58,968) | (116,910) | |||
Other income (expense): | |||||||
Change in fair value of warrant liability | 1,974 | 1,566 | 811 | 18,483 | |||
Interest expense, net | (18,503) | (7,869) | (58,923) | (25,745) | |||
Other (expense) income, net | (2,955) | 1 | (2,822) | 157 | |||
Net loss | $ (36,258) | $ (65,554) | $ (119,902) | $ (124,015) | |||
Net loss applicable to common stockholders per basic common share: | |||||||
Basic and diluted | (4.21) | (8.10) | (14.14) | (15.61) | |||
Weighted average common shares outstanding: | |||||||
Basic and diluted | 8,609,861 | 8,092,866 | 8,480,247 | 7,943,874 |
(1) Amounts include stock-based compensation as follows: | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Cost of goods sold | $ (2) | $ 23 | $ 73 | $ 123 | |||
Research and development | 24 | (212) | 274 | 1,464 | |||
Selling, general and administrative | 1,225 | 2,805 | 3,001 | 14,687 | |||
Total stock-based compensation | $ 1,247 | $ 2,616 | $ 3,348 | $ 16,274 |
(2) Amounts include depreciation and amortization as follows: | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Cost of goods sold | $ 1,940 | $ 851 | $ 6,137 | $ 3,513 | |||
Research and development | 2,600 | 751 | 7,631 | 2,505 | |||
Selling, general and administrative | 1,346 | 1,351 | 5,103 | 7,114 | |||
Total depreciation and amortization | $ 5,886 | $ 2,953 | $ 18,871 | $ 13,132 |
LOCAL BOUNTI CORPORATION UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (in thousands) | |||||||
RECONCILIATION OF GROSS PROFIT TO ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN PERCENTAGE | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Sales | $ 10,070 | $ 6,866 | $ 38,138 | $ 27,557 | |||
Cost of goods sold | 9,530 | 6,186 | 34,048 | 25,341 | |||
Gross profit | 540 | 680 | 4,090 | 2,216 | |||
Depreciation | 1,940 | 851 | 6,137 | 3,513 | |||
Stock-based compensation | (2) | 23 | 73 | 123 | |||
Utilities price spike and inclement weather related costs | — | — | — | 727 | |||
Acquisition related integration costs | — | — | 183 | 838 | |||
Adjusted gross profit | $ 2,478 | $ 1,554 | $ 10,483 | $ 7,417 | |||
Adjusted gross margin % | 25 % | 23 % | 27 % | 27 % |
RECONCILIATION OF SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SELLING, GENERAL | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Selling, general and administrative | $ 10,129 | $ 17,468 | $ 40,771 | $ 64,559 | |||
Stock-based compensation | (1,225) | (2,805) | (3,001) | (14,687) | |||
Depreciation and amortization | (1,346) | (1,351) | (5,103) | (7,114) | |||
Loss on disposal of fixed assets | (41) | (3,486) | (1,651) | (4,709) | |||
Business acquisition and strategic transaction due | (240) | (588) | (2,296) | (5,246) | |||
Intellectual property litigation | (33) | — | (230) | — | |||
Restructuring and business realignment costs | (7) | (1,728) | (305) | (2,603) | |||
Adjusted selling, general and administrative | $ 7,237 | $ 7,510 | $ 28,185 | $ 30,200 |
LOCAL BOUNTI CORPORATION UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (in thousands) | |||||||
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net loss | $ (36,258) | $ (65,554) | $ (119,902) | $ (124,015) | |||
Stock-based compensation expense | 1,247 | 2,616 | 3,348 | 16,274 | |||
Goodwill impairment | — | 38,481 | — | 38,481 | |||
Interest expense, net | 18,503 | 7,869 | 58,923 | 25,745 | |||
Depreciation and amortization | 5,886 | 2,953 | 18,871 | 13,132 | |||
Utilities price spike and inclement weather related costs | — | — | — | 727 | |||
Business acquisition and strategic transaction due | 240 | 588 | 2,479 | 6,902 | |||
Intellectual property litigation | 33 | — | 230 | — | |||
Restructuring and business realignment costs | 7 | 1,727 | 305 | 2,603 | |||
Loss on disposal of fixed assets | 41 | 3,486 | 1,651 | 4,709 | |||
Change in fair value of warrant liability | (1,974) | (1,566) | (811) | (18,483) | |||
Other (expense) income, net | 2,955 | (1) | 2,822 | (157) | |||
Adjusted EBITDA | $ (9,320) | $ (9,401) | $ (32,084) | $ (34,082) |
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SOURCE Local Bounti