Local Bounti Q1 sales $282K, net loss $25.8M; reaffirms FY2022 guidance of at least $20M

Local Bounti Corporation/DE

2022-Q1 EPS reported -$0.32 revenue$282,000

Sales of $282K vs $57K prior year; gross margin 17% (39% adjusted gross margin excluding depreciation).
Net loss $25.8M, including $3.9M acquisition costs and $11.0M stock-based compensation; adjusted EBITDA loss $8.5M.
Closed Pete's acquisition on April 4 for $122.5M; Pete's Q1 stand-alone sales $5.9M, FY2021 sales $22.7M.
Georgia facility Phase 1-A to commence operations July 2022; Phase 1-B construction starts June 2022 with Stack & Flow integration.
Cash and equivalents $76.4M at quarter end; 86.5M shares outstanding; 11.5M warrants and ~10M RSUs.

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