Local Bounti FY2024 sales up 38% to $38.1M; secures $27.5M funding, restructures debt; names new CEO

Local Bounti Corporation/DE

2025-Q1 EPS reported -$4.32 vs consensus -$1.71 ▼ miss (-152.1%)

Full year 2024 sales $38.1M (+38% YoY); gross profit $4.1M; net loss $119.9M; adjusted EBITDA loss $32.1M.
Secured $27.5M new funding ($25M equity, $2.5M capex); restructured $312M debt with ~$197M extinguished.
New debt terms: SOFR+200bps, no cash interest/principal until April 2027, maturity extended to 2035.
Kathleen Valiasek promoted to CEO (was President/CFO); Craig Hurlbert becomes Executive Chairman; two new Board directors appointed.
Q1 2025 sales expected ~$11.5M; company targets positive adjusted EBITDA by Q3 2025; expanded Walmart distribution to 191 stores and 13 DCs.

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