Local Bounti FY 2023 sales +42% to $27.6M; net loss $124M; prelim Q1 2024 rev ~$8.4M

Local Bounti Corporation/DE

Sales grew 42% YoY to $27.6M; adjusted gross margin ~27%; net loss of $124.0M includes $38.5M goodwill impairment.
Preliminary Q1 2024 revenue ~$8.4M, up 22% sequentially from Q4 2023, driven by Georgia facility throughput gains.
Expects to close ~$228M financing in Q2 2024 to fund expansions, repay construction debt, and greenfield Midwest facility.
Georgia facility packed volume 3x vs. a year ago; Texas and Washington facilities commenced operations, shipping expected Q2 2024.
Company targeting positive adjusted EBITDA in early 2025, lowered annualized overhead by ~$5M from restructuring.

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 and twelve months ended December 31, 2023 results: revenue $27.6 million, net income $124.0 million.

Period: the three and twelve months ended December 31, 2023
Revenue: $27.6 million
Net income: $124.0 million
Result: reported results

Exact text from the filing

scale from our capacity expansions in 2024 has us on track to drive positive adjusted EBITDA 1 in early 2025." Full Year 2023 Financial Summary • Sales increased 42% to $27.6 million in 2023, as compared to $19.5 million in the prior year period. The increase was primarily due to inclusion of the April 2022 Pete's acquisition in our results for the full

View on SEC.gov

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

Local Bounti Corporation/DE filing history →

Source: SEC EDGAR

accession 0001840780-24-000004

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.