Financial Performance - Local Bounti Corporation reported a quarterly loss of $4.01 per share, which was worse than the Zacks Consensus Estimate of a loss of $2.78, and compared to a loss of $3.02 per share a year ago, indicating a significant decline in performance [1] - The company posted revenues of $10.24 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 21.22%, and this represents an increase from year-ago revenues of $6.81 million [2] - Over the last four quarters, Local Bounti has surpassed consensus EPS estimates only once, indicating challenges in meeting market expectations [2] Stock Performance and Outlook - Local Bounti shares have increased by approximately 12.9% since the beginning of the year, underperforming compared to the S&P 500's gain of 25.5% [3] - The current consensus EPS estimate for the upcoming quarter is -$2.57 on revenues of $21.2 million, and for the current fiscal year, it is -$11.24 on revenues of $52 million [7] Industry Context - The Agriculture - Operations industry, to which Local Bounti belongs, is currently ranked in the top 34% of over 250 Zacks industries, suggesting a relatively strong position within the sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Local Bounti's stock performance [5]

Exhibit 99.1 Local Bounti Announces Third Quarter 2024 Financial Results Commercial momentum accelerating with expanded product assortment and increased growing capacity Increased scale driving strategic discussions with customers to align respective footprints for next chapter of growth HAMILTON, MT – November 14, 2024 – Local Bounti Corporation (NYSE: LOCL) ("Local Bounti" or the "Company"), a breakthrough U.S. indoor agriculture company, today announced its financial results for the quarter ended Septemb ...

Local Bounti Corporation (NYSE:LOCL) Q2 2024 Earnings Conference Call August 13, 2024 8:00 AM ET Company Participants Jeff Sonnek - Investor Relations, ICR Craig Hurlbert - Co-Founder & Chief Executive Officer Kathleen Valiasek - President & Chief Financial Officer Conference Call Participants Kristen Owen - Oppenheimer & Company Ben Klieve - Lake Street Capital Markets Scott Fortune - ROTH Capital Markets Operator Good morning, and welcome to the Local Bounti Second Quarter 2024 Earnings Conference Call. A ...

Group 1 - Local Bounti Corporation reported a quarterly loss of $3 per share, which was better than the Zacks Consensus Estimate of a loss of $3.19, but worse than the loss of $1.35 per share a year ago, indicating an earnings surprise of 5.96% [1] - The company posted revenues of $9.44 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 16.43%, compared to revenues of $7.18 million a year ago [2] - Local Bounti shares have increased approximately 30.4% since the beginning of the year, outperforming the S&P 500's gain of 12.1% [3] Group 2 - The current consensus EPS estimate for the upcoming quarter is -$3.11 on revenues of $16.1 million, and for the current fiscal year, it is -$12.08 on revenues of $55.4 million [7] - The Agriculture - Operations industry, to which Local Bounti belongs, is currently ranked in the top 26% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-40125 LOCAL BOUNTI CORPORATION (Exact name of registrant as specified in its charter) Delaware 83-3686055 (State or Other Jurisdi ...

Sales Performance - Sales increased by 31% to $9.4 million in Q2 2024, compared to $7.2 million in the prior year period, driven by increased production and growth from the Georgia facility[3]. - Full year 2024 sales guidance is reiterated at $50 to $60 million, representing a doubling of revenue compared to 2023[1][14]. - Sales for the three months ended June 30, 2024, were $9,443,000, an increase of 31.6% compared to $7,183,000 for the same period in 2023[23]. Financial Performance - Operating loss improved by $5.5 million to $13.9 million in Q2 2024, compared to a loss of $19.4 million in Q2 2023[4]. - Net loss was $25.3 million in Q2 2024, compared to a net loss of $10.7 million in the prior year period[4]. - The net loss for the three months ended June 30, 2024, was $25,267,000, compared to a net loss of $10,676,000 for the same period in 2023[23]. - The company reported a basic and diluted net loss per share of $3.00 for the three months ended June 30, 2024, compared to a loss of $1.35 for the same period in 2023[23]. - Adjusted EBITDA for June 2024 was $(7,535) thousand, compared to $(8,274) thousand in June 2023, showing a slight improvement[28]. Cost Management - Total operating expenses for the three months ended June 30, 2024, were $15,215,000, a decrease of 24.9% from $20,230,000 in the same period of 2023[23]. - Adjusted selling, general and administrative expenses for the three months ended June 2024 were $7,211 thousand, down from $7,810 thousand in the same period last year[27]. - Business acquisition and strategic transaction costs for the three months ended June 2024 were $783 thousand, down from $2,630 thousand in the same period last year[28]. - Stock-based compensation expense for June 2024 was $1,648 thousand, compared to $4,434 thousand in June 2023, reflecting a reduction in equity compensation costs[28]. - Restructuring and business realignment costs for June 2024 were $9 thousand, significantly lower than $724 thousand in June 2023, suggesting improved operational efficiency[28]. Cash and Liquidity - The company ended Q2 2024 with cash and cash equivalents of $16.2 million, positioning it to fund ongoing projects and operations[12]. - Cash and cash equivalents as of June 30, 2024, were $9,685,000, a decrease from $10,326,000 as of December 31, 2023[22]. Asset and Liability Management - Total assets increased to $438,099,000 as of June 30, 2024, from $381,752,000 as of December 31, 2023[22]. - Total liabilities increased to $470,938,000 as of June 30, 2024, compared to $366,479,000 as of December 31, 2023[22]. Production and Expansion - The company began shipping products from its new Texas and Washington facilities, enhancing distribution capabilities[6][9]. - Local Bounti is expanding its product assortment, including new Grab-and-Go Salad Kits, with expectations to reach approximately 700 doors by the end of 2024[10][11]. - The transition of the Montana facility to commercial production is nearly complete, supporting the goal of achieving positive adjusted EBITDA in early 2025[8]. Research and Development - Research and development expenses for the three months ended June 30, 2024, were $4,519,000, up from $3,526,000 in the same period of 2023[23]. Interest and External Costs - Interest expense, net for June 2024 was $12,500 thousand, up from $6,472 thousand in June 2023, indicating increased borrowing costs[28]. - Utilities price spike and inclement weather related costs were recorded as $727 thousand for the six months ended June 2024, indicating external cost pressures[28].

Core Viewpoint - Local Bounti Corporation has promoted Kathleen Valiasek to President and Chief Financial Officer, reflecting her significant contributions to the company's operational efficiency and growth strategy [1][2]. Company Overview - Local Bounti is an innovative indoor agriculture company utilizing patented Stack & Flow Technology® to enhance crop yields and improve unit economics, operating advanced facilities across the U.S. and servicing approximately 13,000 retail doors [5]. - The company aims to revolutionize agriculture by ensuring access to fresh, sustainable, locally grown produce while using 90% less land and water compared to conventional farming methods [5]. Leadership Changes - Kathleen Valiasek has been with Local Bounti as CFO since April 2021 and has previously held significant roles in other companies, including Amyris and Lenox Group, showcasing her extensive experience in finance and strategic consulting [3]. - In her new role, Valiasek will oversee operations, innovation, commercial, and marketing activities while continuing to lead the financial organization [2]. Strategic Goals - The company aims to achieve positive adjusted EBITDA by early 2025, indicating a focus on financial performance and operational efficiency [2][4].

Expected to create approximately 50 jobs in the Mount Pleasant area Innovative CEA facility combines vertical and greenhouse technologies to grow sustainable produce year-round using less water and land HAMILTON, Mont., May 16, 2024 /PRNewswire/ -- Local Bounti Corporation (NYSE: LOCL) ("Local Bounti" or the "Company"), a breakthrough U.S. indoor agriculture company, announced today it will hold a ribbon cutting ceremony on Tuesday, June 18, 2024 from 1:00 to 4:00 pm local time to mark the official opening ...

Local Bounti Corporation (NYSE:LOCL) Q1 2024 Earnings Conference Call May 9, 2024 8:00 AM ET Company Participants Jeff Sonnek - Investor Relations, ICR Craig Hurlbert - Co-Founder & Chief Executive Officer Kathleen Valiasek - Chief Financial Officer Conference Call Participants Kristen Owen - Oppenheimer Ben Klieve - Lake Street Capital Markets Operator Good morning and welcome to Local Bounti's First Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. After today’s prese ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-40125 LOCAL BOUNTI CORPORATION (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporat ...