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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) has announced the launch of chef-inspired, grab-and-go salads made with sustainably grown greens. These salads aim to address consumer concerns about quality and freshness in prepared meals. The initial rollout includes two vegetarian-friendly options, Poppy Power and Modern Greek, with plans for expansion in early 2023. Local Bounti's proprietary Stack & Flow Technology™ enhances crop yields while using significantly less water and land compared to traditional farming methods.
Local Bounti Corporation (NYSE: LOCL) reported second quarter revenues of $6.3 million for the period ending June 30, 2022, a significant increase from $0.1 million in the prior year. The company reaffirmed its full year 2022 sales guidance of at least $20 million. A new commercial facility in Georgia began operations July 2022, with plans for another facility in Texas. Despite these advancements, the company faced a net loss of $31.7 million and a gross profit loss of $12,000 due to supply chain challenges, although adjustments suggest eventual recovery.
Local Bounti (NYSE: LOCL) plans to release its second quarter 2022 financial results before the market opens on August 15, 2022. The company, which focuses on indoor agriculture using innovative Stack & Flow Technology™, aims to enhance crop yield while minimizing resource usage. A conference call with management is scheduled for 8:00 a.m. ET on the same day to discuss the results and business updates. The call will also be accessible via the company’s website and archived for future reference.
Local Bounti Corporation (NYSE: LOCL) announced the opening of a new controlled environment agriculture (CEA) facility in Byron, Georgia, enhancing its East Coast presence. This facility supports demand from major retailers like Albertsons, Kroger, and Walmart, and utilizes Stack & Flow Technology™ to improve yield and efficiency. The facility will initially cover 3 acres, with plans to expand to 6 acres and potentially up to 24 acres. Local Bounti's method uses 90% less water and land compared to traditional farming, aiming to reduce food waste and provide fresher produce.
Local Bounti Corporation (NYSE: LOCL) has officially joined the Russell 2000® Index as of June 27, 2022. This update follows the annual reconstitution of the Russell indexes, which ranks the largest U.S. stocks by market capitalization. Inclusion in the Russell 2000 is significant as it provides visibility and credibility to the company among institutional investors, with Russell indexes serving as benchmarks for approximately $12 trillion in assets. Local Bounti specializes in innovative indoor agriculture, using Stack & Flow Technology™ to enhance crop yields while conserving resources.
Local Bounti Corporation (NYSE: LOCL) announced its participation in the BMO Global Farm to Market Conference on May 18-19, 2022. Co-CEOs Craig Hurlbert and Travis Joyner, along with CFO Kathleen Valiasek, will present on May 18 at 1:15 PM ET. The presentation will be available via a live audio webcast on the Company’s Investor Relations website. Local Bounti uses proprietary Stack & Flow Technology to improve crop yields and sustainability, utilizing 90% less land and water than traditional farming.
Local Bounti Corporation (NYSE: LOCL) reported first-quarter 2022 results, achieving sales of $282,000 compared to $57,000 a year prior. Acquiring Pete's for $122.5 million enhances its scaled operations across 10,000 retail doors. Gross profit was $48,000 with a gross margin of 17%, while net loss reached $25.8 million. The Georgia facility is set to commence operations in July, with capacity expansions planned, and the company reaffirms a full-year 2022 sales guidance of at least $20 million.
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