Local Bounti Q3 revenue $6.3M (vs $0.2M prior), net loss $27.1M; reaffirms FY22 guidance at least $20M

Local Bounti Corporation/DE

2022-Q3 EPS reported -$0.98 revenue$12,836,000

Q3 2022 revenue $6.3M, up from $0.2M a year ago; net loss $27.1M vs $10.8M prior.
Adjusted EBITDA loss $7.3M vs $5.5M prior; adjusted gross margin ~38%.
Five-year offtake agreement with Sam's Club; initial shipments expected November 2022.
Closed $23.3M PIPE in Oct 2022 from Fidelity and BNP Paribas; total liquidity >$80M.
Georgia facility shipping product; Texas site selected; Pasco, WA facility on track.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Local Bounti Corporation/DE reported the quarter ended September 30, 2022 results: revenue $6.3 million, net income Net loss was $27.1 million. Guidance reaffirmed.

Period: the quarter ended September 30, 2022
Revenue: $6.3 million
Net income: Net loss was $27.1 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

as expressly set forth by specific reference in such a filing. --- EX-99.1 (EX-99.1) --- Local Bounti Announces Third Quarter 2022 Financial Results Third quarter revenue of $6.3 million, compared to $0.2 million in the prior year period Previously announced 5-year offtake agreement with Sam's Club for Local Bounti's leafy greens production Reaffirms full year

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Source: SEC EDGAR

accession 0001840780-22-000016

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