Local Bounti reports FY2022 net loss of $111M; secures $145M financing; guides FY2023 sales $34-40M

Local Bounti Corporation/DE

Full-year 2022 sales of $19.5M (up from $0.6M); net loss of $111.1M vs $56.1M prior year.
Adjusted EBITDA loss of $29.8M vs $17.8M prior year; adjusted gross margin ~38%.
Secured up to $145M in new financing: Cargill credit facility expanded to $280M ($110M increase) and $35M sale-leaseback of two California facilities.
Issued Cargill 5-year warrants for 69.6M shares at $1.00/share, a >100% premium to stock price at announcement.
FY 2023 sales guidance of $34-40M, excluding future capacity from Georgia Stack implementation.

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 three and twelve months ended December 31, 2022 results: revenue $19.5 million in 2022, net income $111.1 million in 2022. Guidance raised.

Period: the three and twelve months ended December 31, 2022
Revenue: $19.5 million in 2022
Net income: $111.1 million in 2022
Guidance: raised
Result: reported results

Exact text from the filing

On March 29, 2023, Local Bounti Corporation issued a press release announcing its financial results for the three and twelve months ended December 31, 2022.

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Local Bounti Corporation/DE filing history →

Source: SEC EDGAR

accession 0001840780-23-000008

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