Local Bounti Q3 sales up 50% to $10.2M; net loss $34.3M; targets positive EBITDA by Q2 2025

Local Bounti Corporation/DE

2024-Q3 EPS reported -$9.91 revenue$28,068,000

Sales $10.2M (+50% YoY); adjusted gross margin ~32%, up 300bps sequentially.
Net loss $34.3M vs $24.3M prior year; adjusted EBITDA loss improved to $8.4M from $9.0M.
Q4 2024 revenue guidance ~$11M (67% YoY growth); positive adjusted EBITDA target pushed to Q2 2025.
Cash $6.8M at quarter end; received additional $6M from lender post-quarter for working capital.
Reconfigured growing mix due to demand for specialty products (Arugula, Spinach); shipped from only half of Texas facility.

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