Local Bounti Q3 sales rise 8% to $6.8M; net loss $24.3M; NYSE listing risk flagged

Local Bounti Corporation/DE

2023-Q3 EPS reported -$7.41 revenue$20,691,000

Net loss of $24.3M vs $27.1M a year ago; adjusted EBITDA loss widened to $9.0M from $7.3M.
Sales of $6.8M, up from $6.3M; revised FY2023 guidance to $30-34M from prior range.
Georgia facility Stack integration completed; Texas and Washington facilities on track for late Q4 2023 and early Q1 2024.
Ended Q3 with $18.3M cash; secured $10M additional working capital from Cargill (closing Nov); USDA lender commitment up to $228M.
NYSE warned of potential delisting if avg share price stays below $1 for 30 days or market cap below $15M; warrants already halted.

item 2.02 item 7.01 item 8.01 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 September 30, 2023 results: revenue $6.8 million, net income $24.3 million.

Period: the three months ended September 30, 2023
Revenue: $6.8 million
Net income: $24.3 million
Result: reported results

Exact text from the filing

levels it will provide for our customers, we expect to begin delivering an acceleration in growth in the coming quarters." Third Quarter 2023 Financial Summary • Sales of $6.8 million in the third quarter of 2023, as compared to $6.3 million in the prior year period. • Gross profit was $0.4 million in the third quarter of 2023. Adjusted gross margin percentage

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Source: SEC EDGAR

accession 0001840780-23-000043

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