secwatch.observer — SEC 8-K summary
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Issuer:     Local Bounti Corporation/DE (LOCL)
CIK:        0001840780
Form:       8-K
Filed at:   2023-05-10T23:59:59+00:00
Accession:  0001840780-23-000019
Event type: earnings
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1840780/000184078023000019/0001840780-23-000019-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1840780/000184078023000019/locl-20230510.htm
  HTML page:      https://secwatch.observer/filing/0001840780-23-000019

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