secwatch.observer — SEC 8-K summary
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Issuer:     Local Bounti Corporation/DE (LOCL)
CIK:        0001840780
Form:       8-K
Filed at:   2023-08-09T23:59:59+00:00
Accession:  0001840780-23-000029
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1840780/000184078023000029/0001840780-23-000029-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1840780/000184078023000029/locl-20230809.htm
  HTML page:      https://secwatch.observer/filing/0001840780-23-000029

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