LOCAL BOUNTI CORP - LOCL STOCK NEWS

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.

Local Bounti (NYSE: LOCL) will release its financial results for the first quarter of 2024 on May 9, 2024. The company, a U.S. indoor agriculture pioneer, will host a conference call to discuss the results and business updates. The call will be available via webcast and telephonic playback.

Local Bounti (NYSE: LOCL) is set to open a new high-tech Controlled Environment Agriculture facility in Pasco, Washington, combining vertical and greenhouse technologies to grow sustainable produce year-round with minimal water and land use. The facility will expand the company's national distribution footprint, creating over 40 jobs in the Tri-Cities region. The ribbon-cutting ceremony is scheduled for May 7, 2024.

Local Bounti (NYSE: LOCL) received a notice from the NYSE for non-compliance with listing standards due to low market capitalization and stockholders' equity. The company plans to submit a compliance plan within 45 days and aims to regain compliance within 18 months.

Local Bounti (NYSE: LOCL) reported a strong performance in 2023 with sales increasing by 42% to $27.6 million, driven by the April 2022 Pete's acquisition and growth in Georgia and Montana facilities. The company's gross profit was $2.2 million with an adjusted gross margin of approximately 27%. Despite a net loss of $124.0 million, Local Bounti aims for positive adjusted EBITDA in early 2025. The company is expanding its facilities in Georgia, Texas, and Washington, with plans for a new facility in the Midwest. Additionally, Local Bounti received a patent for its Stack & Flow Technology and closed on $228 million financing commitments to support future projects.

Local Bounti (NYSE: LOCL) to Release Fiscal Full Year 2023 Financial Results and Host Conference Call on March 27, 2024

Local Bounti Corporation (NYSE: LOCL) receives a patent for its Stack & Flow Technology, enhancing its intellectual property and competitive advantage in the indoor agriculture sector.

Local Bounti Corporation (LOCL) receives $15 million in cash from Cargill as part of an amended credit facility. The company is expanding its facilities in Washington and Texas, aiming to introduce new products and increase production capacity. The amended credit facility with Cargill provides working capital to support long-term revenue diversification and expansion. Local Bounti aims to become the most efficient CEA produce company in the industry and is focused on delivering compelling new products to drive category growth for retail partners.