Local Bounti Q2 sales $7.2M, net loss $10.7M; reaffirms FY2023 guidance $34-$40M

Local Bounti Corporation/DE

2023-Q2 EPS reported -$4.37 revenue$13,881,000

Sales $7.2M vs $6.3M YoY; gross profit $0.9M; adjusted gross margin ~28% excl. depreciation and non-recurring items.
Net loss $10.7M vs $31.7M YoY; adjusted EBITDA loss $8.3M vs $7.9M prior year.
Cash & restricted cash $40.4M; $66.6M available under Cargill credit facility; completed sale-leaseback netting ~$35M.
Georgia Phase 1-C ~90% enclosed; Texas facility to begin Stack installation in Q3; Washington steel complete, glass installation progressing.
Company expects to reach breakeven adjusted EBITDA by end of 2024 or early 2025.

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 0.95

Local Bounti Corporation/DE reported for the three months ended June 30, 2023 results: revenue $7.2 million, net income $10.7 million. Guidance reaffirmed.

Period: for the three months ended June 30, 2023
Revenue: $7.2 million
Net income: $10.7 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

of this process, we have taken immediate steps to optimize our resources and add key talent that will support our initiatives." Second Quarter 2023 Financial Summary • Sales of $7.2 million in the second quarter of 2023, as compared to $6.3 million in the prior year period. • Gross profit was $0.9 million in the second quarter of 2023. Adjusted gross margin

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 0001840780-23-000029

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.