---
schema_version: "secwatch.filing_event.v1"
accession: "0001840780-24-000004"
form_type: "8-K"
ticker: "LOCL"
cik: "0001840780"
company_name: "Local Bounti Corporation/DE"
filed_at: "2024-03-27T23:59:59+00:00"
generated_at: "2026-06-04T07:21:49.925143+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001840780-24-000004
- form_type: 8-K
- ticker: LOCL
- cik: 0001840780
- company_name: Local Bounti Corporation/DE
- filed_at: 2024-03-27T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1840780/000184078024000004/0001840780-24-000004-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1840780/000184078024000004/locl-20240327.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001840780-24-000004
- JSON: https://secwatch.observer/filing/0001840780-24-000004.json
- Plain text: https://secwatch.observer/filing/0001840780-24-000004.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1840780/000184078024000004/0001840780-24-000004-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.