Local Bounti Q1 sales $6.7M; reaffirms FY2023 guidance $34-40M

Local Bounti Corporation/DE

2023-Q1 EPS reported -$0.23 revenue$6,698,000

Sales grew to $6.7M from $0.3M; net loss $23.5M vs $25.8M prior year.
Adjusted EBITDA loss $7.4M; reaffirms FY2023 sales guidance $34-40M.
Cash $7.5M; $116.5M undrawn Cargill credit; completed $35M sale-leaseback in April 2023.
Georgia Stack integration on track for Q4 2023; Texas facility to commence Q4 2023; Washington Q1 2024.
Entered term sheets for up to $90M USDA debt; expects first $35M closing in Q2 2023.

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 three months ended March 31, 2023 results: revenue $6.7 million, net income $23.5 million. Guidance reaffirmed.

Period: the three months ended March 31, 2023
Revenue: $6.7 million
Net income: $23.5 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

that we have the funding required to drive the business and achieve breakeven adjusted EBITDA by the end of 2024 or early 2025." First Quarter 2023 Financial Summary • Sales of $6.7 million in the first quarter of 2023, as compared to $0.3 million in the prior year period. • Gross profit was $0.3 million in the first quarter of 2023. Adjusted gross margin percentage

View on SEC.gov

59 earnings releases filed in the last 30 days. Browse all earnings releases →

Local Bounti Corporation/DE filing history →

Source: SEC EDGAR

accession 0001840780-23-000019

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.