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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 Corporation (NYSE: LOCL, LOCL WS) reported preliminary fiscal 2022 sales of
Local Bounti Corporation (NYSE: LOCL, LOCL WS) announced it will release its financial results for the fiscal year ended December 31, 2022, on March 29, 2023, before market opening. The company will also host a conference call at 8:00 a.m. ET on the same day to discuss these results and other updates. Local Bounti is redefining indoor farming with its innovative Stack & Flow Technology™, enabling improved crop turns, increased output, and better unit economics. It services about 10,000 retail doors across the U.S. and employs sustainable methods that use 90% less land and water compared to traditional farming.
On March 3, 2023, Local Bounti Corporation (NYSE: LOCL, WS) announced receipt of a notice from the New York Stock Exchange regarding non-compliance with continued listing standards due to an average stock price below $1.00 over 30 trading days. The Company has six months to regain compliance and plans to inform the NYSE of its intention to address this issue, potentially through a reverse stock split, pending stockholder approval. Notably, Local Bounti's stock will continue trading during this cure period if it meets other NYSE standards.
Local Bounti Corporation (NYSE: LOCL) has launched its new Asian Style Chicken Lettuce Wrap Kit, available at 194 Sprouts Farmers Markets in California and Arizona, as of January 16, 2023. This convenient meal kit includes sustainably grown living butter lettuce and is designed for quick preparation, taking only about five minutes. At 120 calories per serving, it aims to meet growing consumer demand for premium, healthy meals at home. Local Bounti emphasizes sustainability and aims to reduce food waste while providing high-quality ingredients.
Local Bounti Corporation (NYSE: LOCL) announced plans to build a new indoor facility in Mount Pleasant, Texas, with a groundbreaking ceremony on January 4, 2023. This six-acre facility will utilize their proprietary Stack & Flow Technology™ to produce various leafy greens, expected to begin operations in Q4 2023. The project aims to create approximately 50 direct jobs initially and up to 200 jobs in total. The facility will enhance distribution across Texas and neighboring states, addressing rising demand for sustainable produce and minimizing food miles.
Local Bounti Corporation (LOCL) reported a significant surge in third quarter revenue, reaching $6.3 million, up from $0.2 million in the same quarter last year. The company reaffirmed its full-year 2022 guidance of at least $20 million in sales. A notable 5-year offtake agreement with Sam's Club was announced, bolstering their leafy greens production. Despite a net loss of $27.1 million, gross profit stood at $1.3 million with an adjusted gross margin of approximately 38%. The company is focused on expansion and enhancing productivity through its Stack & Flow Technology.
Local Bounti (NYSE: LOCL) has secured a 5-year offtake agreement with Sam's Club to supply leafy greens from its greenhouse facility in Byron, Georgia. This agreement underscores the company's commitment to producing high-quality, locally grown produce using its innovative Stack & Flow Technology™, which boosts yield and efficiency while reducing resource usage. Local Bounti aims to expand operations and enhance capital allocation, with the potential to service about 10,000 retail locations across the U.S. The technology used is claimed to be over 30 times more productive than traditional agriculture.
Local Bounti Corporation (NYSE: LOCL) will release its third-quarter financial results for the period ending September 30, 2022, on November 10, 2022, before market opens. The company will hold a conference call at 8:00 a.m. ET to discuss these results and other business updates. Local Bounti utilizes proprietary Stack & Flow Technology™ in its indoor agriculture operations, significantly improving crop turns and output while using 90% less water and land compared to conventional farming.
Local Bounti Corporation (NYSE: LOCL) has announced a $23.3 million private investment in public equity (PIPE) led by Fidelity Management & Research and BNP Paribas. This funding aims to facilitate the company's expansion of its Controlled Environment Agriculture (CEA) facilities, utilizing its proprietary Stack & Flow Technology™ to enhance crop yields and unit economics.
The company will issue approximately 9.3 million shares at $2.50 per share to existing investors, aiming to meet increasing demand from its retail customers.
Local Bounti Corporation (NYSE: LOCL) announced its participation in the IFPA Global Produce & Floral Show, taking place in Orlando, Florida, from October 27-29, 2022. The company will showcase its new grab-and-go salads made from sustainably grown lettuces, emphasizing their innovative Stack & Flow Technology™. This method allows for reduced water and land usage while providing fresher produce. The two salads highlighted are Poppy Power and Modern Greek. Local Bounti aims to expand its salad offerings into the Southeast and West regions early next year.
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