Local Bounti Q2 revenue $6.3M, net loss $31.7M; reaffirms FY2022 guidance of at least $20M

Local Bounti Corporation/DE

2022-Q2 EPS reported -$0.68 revenue$6,551,000

Revenue of $6.3M vs $0.1M prior year; gross profit negative $12K; adjusted gross margin ~38%.
Net loss $31.7M; adjusted EBITDA loss $7.9M (excl. $11.7M stock-based comp, $5.5M interest).
Georgia Phase 1-A commenced commercial ops July 2022; Phase 1-B construction started, completion expected Q2 2023.
Texas selected as next facility site; Pasco, WA construction to recommence September 2022.
FY2022 sales guidance reaffirmed at at least $20M (includes partial Pete's acquisition contribution).

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