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]

Financial Performance - Sales for Q2 2024 reached $9.443 million, a 31% increase from $7.183 million in Q2 2023, while sales for the first half of 2024 totaled $17.826 million, up 28% from $13.881 million in the same period last year[60]. - Gross profit for Q2 2024 was $1.351 million, representing a 59% increase compared to $0.852 million in Q2 2023, and for the first half of 2024, gross profit was $2.137 million, an 89% increase from $1.131 million in the prior year[60]. - The company reported a net loss of $25.267 million for Q2 2024, a 137% increase from a net loss of $10.676 million in Q2 2023, and a net loss of $49.317 million for the first half of 2024, up 44% from $34.203 million in the same period last year[60]. Operational Expansion - The company has expanded its distribution network to approximately 13,000 retail locations across 35 U.S. states, with a leading 80% market share in living butter lettuce within the Western U.S.[54]. - Local Bounti has completed construction on two new facilities in Washington and Texas in 2024, bringing the total facility count to six, enhancing production capacity and distribution capabilities[53][56]. - The transition of the Montana Facility to commercial production is nearly complete, expected to support goals of achieving positive adjusted EBITDA by early 2025[56]. Product Development and Innovation - The company plans to introduce new product offerings, including high-velocity items like spinach, arugula, and basil in Q3 2024, and aims to expand its Grab & Go Salad Kits to approximately 700 doors by the end of 2024[58]. - Research and development expenses for Q2 2024 were $4.519 million, a 28% increase from $3.526 million in Q2 2023, reflecting ongoing investment in product innovation[60]. - Research and development costs rose by $1.0 million for the three months ended June 30, 2024, focusing on production methods and new product development[66]. Financial Obligations and Cash Flow - The company reported an accumulated deficit of $352.6 million and cash and cash equivalents of $16.2 million as of June 30, 2024[77]. - Total financing obligation payments amount to $144.9 million, with significant payments due starting in 2025[87]. - The company expects to close on financing of approximately $228 million from commercial finance lenders in Q3 2024, with potential additional financing of up to $175 million[80]. Cost Management - Selling, general, and administrative expenses decreased by $6.0 million for the three months ended June 30, 2024, attributed to reductions in stock-based compensation and other operational costs[70]. - The company anticipates significant salary cost savings of approximately $5.0 million on an annualized basis due to organizational restructuring[70]. Cash Flow Analysis - Cash used in operating activities was $11.1 million for the six months ended June 30, 2024, an improvement from $16.1 million in the same period of 2023[88]. - Net cash used in operating activities was $11.1 million for the six months ended June 30, 2024, compared to $16.1 million for the same period in 2023, reflecting a net loss of $49.3 million in 2024 versus $34.2 million in 2023[89][90]. - Net cash used in investing activities decreased to $59.8 million for the six months ended June 30, 2024, from $76.2 million in the same period of 2023, primarily due to purchases for facilities[91]. - Net cash provided by financing activities was $70.2 million for the six months ended June 30, 2024, compared to $107.8 million in 2023, with the 2024 amount consisting entirely of net proceeds from debt issuance[91]. Non-Cash Activities - The company incurred a non-cash loss of $3.1 million related to the change in fair value of warrant liability for the six months ended June 30, 2024[89]. - Non-cash activities included $21.7 million in paid-in-kind interest and $5.3 million in depreciation expense for the six months ended June 30, 2024[89]. - The net loss for the six months ended June 30, 2023, included a non-cash gain in fair value of warrant liability of $15.2 million[90]. Accounting and Reporting - The company has not made any changes to its critical accounting policies and estimates as of the latest reporting period[92]. - The company is classified as a smaller reporting company and is not required to provide certain disclosures under the Exchange Act[94].

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].

Core Viewpoint - Local Bounti Corporation is set to open a new controlled environment agriculture (CEA) facility in Mount Pleasant, Texas, which will create approximately 50 jobs and enhance its capacity to meet customer demand in the Southern United States [1][2][3]. Group 1: Facility Details - The new facility spans six acres and utilizes Local Bounti's patented Stack & Flow Technology, which combines vertical and greenhouse cultivation methods to improve efficiency and sustainability [3][4]. - The facility will focus on growing and selling living green butter lettuce and a variety of packaged leafy greens, including spring mix, romaine crisp, and green leaf [2][3]. Group 2: Economic Impact - The opening of the facility is expected to positively impact the local economy by generating new jobs and supporting sustainable agricultural practices [2][3]. - Local Bounti's commitment to community engagement and sustainable agriculture is highlighted as a significant investment in the future prosperity of Mount Pleasant [3]. Group 3: Sustainability and Innovation - Local Bounti's operations are designed to use 90% less land and water compared to traditional farming methods, aligning with its mission to reduce environmental impact [5]. - The Stack & Flow Technology is noted for significantly higher yields while minimizing the use of pesticides, marking a shift towards more sustainable agricultural practices [4][5].

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 ...