secwatch.observer — SEC 8-K summary
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Issuer:     Local Bounti Corporation/DE (LOCL)
CIK:        0001840780
Form:       8-K
Filed at:   2022-05-09T23:59:59+00:00
Accession:  0001193125-22-145098
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1840780/000119312522145098/0001193125-22-145098-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1840780/000119312522145098/d355506d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-145098

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