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 ...

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 ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Local Bounti's Q1 2024 results met expectations, driven by production growth and new facility shipments, reiterating 2024 sales guidance and targeting positive adjusted EBITDA by early 2025 - Provides full year 2024 sales guidance of **$50 million to $60 million**, representing a doubling of revenue versus 2023[2](index=2&type=chunk) - First customer deliveries from new Washington and Texas facilities are shipping in the **second quarter**[1](index=1&type=chunk)[7](index=7&type=chunk) - Expanded retail presence with new customers, including Albertsons Seattle and Brookshire's, strengthening distribution in the Pacific Northwest and Texas[1](index=1&type=chunk)[3](index=3&type=chunk) - The company remains on track to achieve positive adjusted EBITDA generation in **early 2025**, supported by significant production increases at its Georgia facility (**3x year-over-year**)[3](index=3&type=chunk)[6](index=6&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) Q1 2024 sales grew 25% to $8.4 million, with improved gross profit, reduced SG&A, and a narrowed adjusted EBITDA loss of $6.9 million [Q1 2024 Financial Results](index=1&type=section&id=Q1%202024%20Financial%20Results) Q1 2024 Key Financial Metrics | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Sales | $8.4 million | $6.7 million | +25% | | Gross Profit | $0.8 million | $0.3 million | +167% | | Adjusted Gross Margin % | 24% | 33% | -9 p.p. | | SG&A Expenses | $7.6 million | $16.0 million | -52.5% | | Net Loss | ($24.1 million) | ($23.5 million) | Increased Loss | | Adjusted EBITDA Loss | ($6.9 million) | ($7.4 million) | Improved | - The **25% increase in sales** was primarily due to increased production and growth from the Georgia facility[4](index=4&type=chunk) - Adjusted gross margin performance was driven by costs associated with ongoing facility optimization and scaling[4](index=4&type=chunk)[5](index=5&type=chunk) - Selling, general, and administrative (SG&A) expenses decreased by **$8.4 million**, driven by Q4 2023 cost savings and lower stock-based compensation[10](index=10&type=chunk) [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) Consolidated Balance Sheet Highlights | Account | March 31, 2024 (Thousands USD) | | :--- | :--- | | **Total Assets** | **$413,407** | | Cash and cash equivalents | $8,242 | | Property and equipment, net | $344,112 | | **Total Liabilities** | **$422,854** | | Long-term debt, net | $329,775 | | **Total Stockholders' (Deficit)** | **($9,447)** | Consolidated Statements of Operations Highlights | Account | Three Months Ended Mar 31, 2024 (Thousands USD) | | :--- | :--- | | Sales | $8,383 | | Gross Profit | $786 | | Loss from Operations | ($10,299) | | Net Loss | ($24,050) | | Basic and Diluted EPS (USD) | ($2.89) | [Non-GAAP Reconciliations](index=9&type=section&id=Non-GAAP%20Reconciliations) - The company uses non-GAAP measures like adjusted EBITDA and adjusted gross profit to enhance performance understanding by excluding stock-based compensation, depreciation, and non-core costs[24](index=24&type=chunk)[25](index=25&type=chunk) Adjusted EBITDA Reconciliation | Item | Amount (Thousands USD) | | :--- | :--- | | Net loss | ($24,050) | | Stock-based compensation expense | ($934) | | Interest expense, net | $9,608 | | Depreciation and amortization | $3,228 | | Change in fair value of warrant liability | $4,180 | | Other adjustments | $1,094 | | **Adjusted EBITDA** | **($6,874)** | Adjusted Gross Profit Reconciliation | Item | Amount (Thousands USD) | | :--- | :--- | | Gross profit | $786 | | Depreciation | $1,203 | | Stock-based compensation | $21 | | **Adjusted gross profit** | **$2,010** | [Operational & Strategic Updates](index=2&type=section&id=Operational%20%26%20Strategic%20Updates) Local Bounti is expanding its facility footprint, increasing production, launching new sites, developing products, and securing a patent for its Stack & Flow Technology [Commercial Facility Expansion](index=2&type=section&id=Commercial%20Facility%20Expansion) - The Byron, Georgia facility increased production by an additional **50%** compared to December 2023, reaching approximately **three times** the production of a year ago[6](index=6&type=chunk) - New facilities in Mount Pleasant, TX, and Pasco, WA, commenced operations in late January and began shipping first products to customers in **Q2**[7](index=7&type=chunk) - The company plans to build its next high-tech Stack & Flow facility in the Midwestern U.S., with construction targeted to begin in **Q3 2024**[9](index=9&type=chunk) - Plans are underway to build additional capacity at existing facilities, with construction anticipated to begin late in **Q2 2024**[8](index=8&type=chunk) [Product Development and Distribution](index=3&type=section&id=Product%20Development%20and%20Distribution) - Starting in **Q2 2024**, the company will expand distribution of its Grab-and-Go Salad Kits to approximately **700 new stores**[12](index=12&type=chunk) - The company is set to expand its baby leaf assortment in **Q3 2024** with offerings like Arugula, Baby Spinach & Spring Mix Blend, and Power Greens[13](index=13&type=chunk) - The first shipment of Spinach from the Georgia facility was delivered to customers in **March**[6](index=6&type=chunk)[13](index=13&type=chunk) [Technology and Facility Optimization](index=2&type=section&id=Technology%20and%20Facility%20Optimization) - In **February 2024**, the U.S. Patent and Trademark Office issued a patent for the company's proprietary Stack & Flow Technology[14](index=14&type=chunk) - The Hamilton, Montana facility is on track to transition from R&D to commercial production by **mid-year 2024**[11](index=11&type=chunk) - A scaled trial is underway in Georgia to test a differentiated use of Stack towers, which in a smaller trial demonstrated a potential yield increase of at least **10%**[3](index=3&type=chunk)[6](index=6&type=chunk) [Capital Structure & Outlook](index=3&type=section&id=Capital%20Structure%20%26%20Outlook) Local Bounti ended Q1 with $14.7 million cash, expects $228 million Q2 financing for expansion, and reiterates $50-$60 million full-year sales guidance [Capital Structure](index=3&type=section&id=Capital%20Structure) - Ended **Q1 2024** with cash and cash equivalents and restricted cash of **$14.7 million**[15](index=15&type=chunk) - Expects to close on **$228 million** in financing commitments in **Q2 2024** to fund facility expansions, a new Midwest facility, and repay existing construction financing[1](index=1&type=chunk)[15](index=15&type=chunk) Fully Diluted Shares Outstanding | Security Type | Count (Millions) | | :--- | :--- | | Shares Outstanding | ~8.4 | | Warrants Outstanding | ~6.2 | | Restricted Stock Units | ~0.5 | | **Fully Diluted Shares** | **~15.1** | [2024 Financial Outlook](index=4&type=section&id=2024%20Financial%20Outlook) - Management provided full-year **2024 sales guidance of $50 million to $60 million**[2](index=2&type=chunk)[18](index=18&type=chunk) - This guidance reflects expected production from fully operational Georgia, California, and Montana facilities, plus partial year contribution from new Texas and Washington facilities[18](index=18&type=chunk)

HAMILTON, Mont., May 6, 2024 /PRNewswire/ -- Local Bounti Corporation (NYSE: LOCL) ("Local Bounti" or the "Company"), a breakthrough U.S. indoor agriculture company, today announced it will release its financial results for the fiscal first quarter ended March 31, 2024 before the market opens on Thursday, May 9, 2024.Conference CallThe Company will host a conference call with members of the Local Bounti executive management team to discuss financial results and other business updates. The conference call is ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 Incorporation o ...

Exhibit 99.1 Local Bounti Announces Full Year 2023 Financial Results Georgia facility demonstrating further improvement year-to-date — packed pounds increased 50% versus December 2023 and 3x versus a year ago Commenced operations at Washington and Texas facilities in January, expect to begin shipping product to customers in the second quarter 2024 Expected to close on $228 million of financing commitments in the second quarter to support 2024 projects — including additional capacity at existing facilities a ...

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 September 30, 2023 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 Incorp ...

Local Bounti Corporation (NYSE:LOCL) Q3 2024 Earnings Conference Call October 30, 2023 4:30 PM ET Company Participants Jeff Sonnek - SVP, ICR Anna Fabrega - CEO Kathleen Valiasek - CFO Conference Call Participants Kristen Owen - Oppenheimer Ben Klieve - Lake Street Capital Markets Brian Wright - ROTH MKM Chris Barnes - Deutsche Bank Operator Greetings, and welcome to Local Bounti's Third Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. After today's presentation, there ...

[Part I – FINANCIAL INFORMATION](index=7&type=section&id=Part%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for the period ended June 30, 2023, show a net loss of **$34.2 million**, an improvement from **$57.4 million** in 2022, with total assets increasing to **$364.0 million** and liabilities to **$265.7 million** [Unaudited Condensed Consolidated Balance Sheets](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Data (in thousands) | Balance Sheet Item | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $33,946 | $13,666 | | Total current assets | $50,519 | $34,104 | | Property and equipment, net | $230,849 | $157,844 | | **Total assets** | **$364,006** | **$278,740** | | **Liabilities & Equity** | | | | Total current liabilities | $26,479 | $23,267 | | Long-term debt, net | $179,403 | $119,814 | | Financing obligation | $49,146 | $14,139 | | **Total liabilities** | **$265,726** | **$157,407** | | **Total stockholders' equity** | **$98,280** | **$121,333** | [Unaudited Condensed Consolidated Statements of Operations](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Sales | $7,183 | $6,269 | $13,881 | $6,551 | | Gross profit (loss) | $852 | $(12) | $1,131 | $31 | | Loss from operations | $(19,378) | $(26,226) | $(38,656) | $(50,385) | | Net loss | $(10,676) | $(31,663) | $(34,203) | $(57,435) | | Net loss per share (basic and diluted) | $(1.35) | $(4.65) | $(4.37) | $(8.80) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Summary of Cash Flows (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(16,088) | $(26,657) | | Net cash used in investing activities | $(76,187) | $(142,673) | | Net cash provided by financing activities | $107,763 | $109,539 | | **Net increase (decrease) in cash** | **$15,488** | **$(59,791)** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) - The company is a controlled environment agriculture (CEA) producer of lettuce and herbs using its proprietary Stack & Flow Technology™[32](index=32&type=chunk) - The company has a history of losses and negative cash flows, with an accumulated deficit of **$213.5 million** as of June 30, 2023. Management believes current cash and financing will be adequate for the next 12 months[35](index=35&type=chunk) - On June 15, 2023, the company effected a **1-for-13 reverse stock split**. All share and per-share amounts in the report have been retroactively adjusted[19](index=19&type=chunk)[36](index=36&type=chunk) - The credit facilities with Cargill Financial were expanded from **$170.0 million** to up to **$280.0 million** to fund construction. In consideration, Local Bounti issued **5.4 million** warrants to Cargill[51](index=51&type=chunk) - In April 2023, the company completed a **$35.0 million** sale and leaseback transaction for its Hollandia Facilities, which was accounted for as a financing obligation[58](index=58&type=chunk)[63](index=63&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Sales for the six months ended June 30, 2023, increased by **$7.3 million** year-over-year, leading to a gross profit of **$1.1 million** and a narrowed operating loss of **$38.7 million**, while the company expands facilities and maintains liquidity through expanded debt facilities [Company Overview and Expansion](index=26&type=section&id=Company%20Overview%20and%20Expansion) - Local Bounti is a CEA company using its patent-pending Stack & Flow Technology™ to grow produce, with distribution to approximately **13,000 retail locations** across **35 U.S. states** and Canadian provinces[77](index=77&type=chunk)[79](index=79&type=chunk) - The company is expanding its facilities with construction underway in Georgia, Texas, and Washington, with expected completion dates in **Q4 2023** and **Q1 2024**[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) - Effective June 5, 2023, Anna Fabrega, formerly of Freshly and Amazon, was appointed as the new Chief Executive Officer[87](index=87&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Comparison of Operating Results (in thousands) | Metric | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | $ Change | | :--- | :--- | :--- | :--- | | Sales | $13,881 | $6,551 | $7,330 | | Gross profit | $1,131 | $31 | $1,100 | | Loss from operations | $(38,656) | $(50,385) | $11,729 | | Net loss | $(34,203) | $(57,435) | $23,232 | - Sales for the six months ended June 30, 2023, increased by **$7.3 million**, primarily due to the Pete's Acquisition in April 2022 and increased sales from the Georgia facility[94](index=94&type=chunk) - Cost of goods sold for the six months increased by **$6.2 million** due to higher production volume and increased utility and labor costs. The prior year's gross margin was negatively impacted by a **$1.0 million** inventory fair value step-up from the Pete's Acquisition[97](index=97&type=chunk) - Selling, general, and administrative expenses for the six months decreased by **$11.8 million**, mainly driven by a **$12.7 million** decrease in stock-based compensation expense[103](index=103&type=chunk) - Net interest expense for the six months increased by **$3.7 million** due to a higher principal amount outstanding and higher variable interest rates on the Senior Facility with Cargill[107](index=107&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2023, the company had an accumulated deficit of **$213.5 million** and cash and cash equivalents of **$33.9 million**[109](index=109&type=chunk) - Primary liquidity sources are cash on hand, sales, and the expanded credit facilities with Cargill Financial, which total up to **$280.0 million**. Management believes these resources are sufficient to fund operations for the next 12 months[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(16,088) | $(26,657) | | Net cash used in investing activities | $(76,187) | $(142,673) | | Net cash provided by financing activities | $107,763 | $109,539 | - Net cash used in investing activities was **$76.2 million** for the first six months of 2023, primarily for construction of the Washington, Georgia, and Texas facilities[120](index=120&type=chunk) - Net cash provided by financing activities was **$107.8 million**, consisting of **$73.0 million** in debt proceeds and **$35.0 million** from a sale and leaseback transaction[122](index=122&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is classified as a smaller reporting company and is therefore not required to provide the information requested under this item - As a smaller reporting company defined by Rule 12b-2 of the Exchange Act, the company is not required to provide quantitative and qualitative disclosures about market risk[127](index=127&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting during the period - Based on an evaluation as of June 30, 2023, the CEO and CFO concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level[129](index=129&type=chunk) - There were no changes in internal control over financial reporting during the six months ended June 30, 2023, that have materially affected, or are reasonably likely to materially affect, internal controls[130](index=130&type=chunk) [Part II – OTHER INFORMATION](index=37&type=section&id=Part%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently aware of any legal matters that are expected to have a material adverse effect on its financial position, results of operations, or cash flows - Management is not aware of any legal proceedings that it expects will have a material adverse effect on the Company's financial condition or operations[73](index=73&type=chunk)[133](index=133&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material updates to risk factors occurred, except for a new disclosure regarding the **1-for-13 reverse stock split** completed on June 15, 2023, with no assurance of increased stock price or liquidity - A new risk factor was added regarding the Reverse Stock Split, stating that there is no assurance it will increase the stock price, marketability, or liquidity, and noting that the market price could decrease due to various factors[134](index=134&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of its equity securities during the quarter that were not previously disclosed in a Current Report on Form 8-K - There were no unregistered sales of equity securities during the reporting period that were not previously reported on a Form 8-K[135](index=135&type=chunk) [Item 6. Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certificates of incorporation, bylaws, material contracts, employment agreements, and required SEC certifications - The report includes a list of exhibits filed, such as the Master Lease Agreement, the new CEO's employment agreement, and Sarbanes-Oxley certifications[137](index=137&type=chunk)

Local Bounti Corporation (NYSE:LOCL) Q2 2023 Earnings Conference Call August 9, 2023 8:00 AM ET Company Participants Jeff Sonnek - SVP, ICR Anna Fabrega - CEO Kathleen Valiasek - CFO Conference Call Participants Kristen Owen - Oppenheimer Ben Klieve - Lake Street Capital Markets Brian Wright - ROTH MKM Operator Good morning, and welcome to the Local Bounti's Second Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. After today's presentation there will be an opportunity t ...