LOCAL BOUNTI CORP Stock Price, News & Analysis

Local Bounti Corporation (NYSE: LOCL) has announced securing up to $145 million in financing through an amended credit facility with Cargill and a sale-leaseback transaction. The financing includes an increase in the credit facility from $170 million to up to $280 million, which will fund construction in Georgia, Texas, and Washington. Additionally, a $35 million sale-leaseback of facilities in California is planned. CFO Kathleen Valiasek expressed optimism about meeting growing demand for sustainable produce with their Stack & Flow Technology™. The financing supports Local Bounti's growth strategy, aiming to improve agricultural yields.

Local Bounti Corporation (NYSE: LOCL, WS) announced it has secured up to $145 million in new financing to support its growth initiatives. This financing includes a $110 million credit facility expansion with Cargill and a $35 million sale-leaseback agreement for two California facilities. As part of its 2023 outlook, Local Bounti provides guidance of $34 to $40 million in sales, reflecting anticipated production from its Montana, California, and Georgia facilities. The company's net loss for 2022 was $111.1 million with $19.5 million in sales, showing significant growth compared to the previous year's $0.6 million.

Local Bounti Corporation (NYSE: LOCL) has appointed Jennifer Carr-Smith to its Board of Directors, effective May 15, 2023. This brings the total number of board members to seven. Carr-Smith is currently the President of JCS Advisory Services and co-founder of Athena Consumer Acquisition Corp. Her prior experience includes senior roles at Groupon, Peapod, J. Crew, giggle, and Gilt.com. CEO Craig Hurlbert expressed excitement about Carr-Smith’s operational leadership and expected contributions to enhance consumer penetration and leverage the company's national presence.

Local Bounti Corporation (NYSE: LOCL, LOCL WS) reported preliminary fiscal 2022 sales of $19.5 million, with an adjusted gross margin of 38%. However, the company suffered a net loss of $111.1 million and an adjusted EBITDA loss of $29.8 million. The company has amended its credit facility with Cargill Financial Services to enhance liquidity, reducing cash reserve requirements and allowing for interest payments in kind. This amendment aims to meet short-term capital needs as the company develops its facilities. An earnings conference call is scheduled for March 29, 2023.