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, 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 Incorporat ...

Part I [Business](index=6&type=section&id=Item%201.%20Business) Local Bounti is a Controlled Environment Agriculture (CEA) company specializing in sustainably grown produce using its proprietary Stack & Flow Technology™, significantly expanding operations and distribution through the April 2022 Pete's acquisition - Local Bounti is a Controlled Environment Agriculture (CEA) company using its patent-pending Stack & Flow Technology™, a hybrid of vertical and greenhouse farming, to grow produce sustainably[22](index=22&type=chunk) - On April 4, 2022, the company acquired Pete's, significantly increasing its footprint to four operating facilities (two in CA, one in GA, one in MT) and expanding distribution to over 10,000 retail locations across 35 U.S. states and Canadian provinces[24](index=24&type=chunk) - The company's primary products include living butter lettuce, for which it holds an approximate **80% share** of the CEA market in the Western U.S., as well as packaged salad and cress[24](index=24&type=chunk) - Local Bounti's farming methods use **90% less water and land** compared to traditional agriculture and significantly reduce the need for pesticides and herbicides[22](index=22&type=chunk)[34](index=34&type=chunk) [Company Overview](index=6&type=section&id=Item%201.%20Business%23Company%20Overview) Local Bounti, founded in 2018, is a CEA company utilizing proprietary Stack & Flow Technology™ for sustainable produce, significantly expanding its operations and distribution network through the April 2022 acquisition of Pete's - Utilizes a patent-pending hybrid process called Stack & Flow Technology™, which combines vertical farming for early plant growth with greenhouse farming for the final grow-out phase[22](index=22&type=chunk) - Acquired California-based Pete's on April 4, 2022, adding three greenhouse facilities (two in CA, one in GA) and expanding distribution to over 10,000 retail locations[24](index=24&type=chunk) - Key retail partners include Albertsons, Sam's Club, Kroger, Target, Walmart, Whole Foods, and AmazonFresh[24](index=24&type=chunk) [Market Overview](index=8&type=section&id=Item%201.%20Business%23Market%20Overview) The company operates in a market driven by global food demand, shrinking resources, and consumer preference for sustainable produce, with the U.S. vegetable and herb market projected to reach **$75 billion by 2025** - The global population is projected to need **70% more food by 2050**, while the world has lost over **30% of its arable land** in the last 40 years[36](index=36&type=chunk) - The U.S. market for vegetables and fresh-cut herbs is projected to grow **15% annually**, reaching **$75 billion by 2025**[37](index=37&type=chunk) - CEA addresses market needs by using up to **90% less water and land**, reducing the need for pesticides, and enabling local production to shorten supply chains[41](index=41&type=chunk) [Our Solution and Facilities](index=14&type=section&id=Item%201.%20Business%23Our%20Solution%20and%20Facilities) Local Bounti's core solution is its Farm of the Future™ utilizing patent-pending Stack & Flow Technology™ to optimize unit economics, operating four facilities and constructing new ones in Texas and Washington - The company's proprietary Stack & Flow Technology™ combines vertical farming in a nursery with hydroponic greenhouses, aiming for lower capex, opex, and higher yields[58](index=58&type=chunk) Facility Status | Facility | Location | Status | Notes | | :--- | :--- | :--- | :--- | | Montana Facility | Hamilton, MT | Operational | Expanded in 2021 | | Carpinteria Facility | Carpinteria, CA | Operational | Acquired via Pete's | | Oxnard Facility | Oxnard, CA | Operational | Acquired via Pete's | | Georgia Facility | Byron, GA | Operational | Began operations mid-2022; undergoing expansion and Stack & Flow retrofit | | Texas Facility | Mount Pleasant, TX | Under Construction | Expected completion Q4 2023 | | Washington Facility | Pasco, WA | Under Construction | Expected completion Q1 2024 | [Growth Strategies](index=18&type=section&id=Item%201.%20Business%23Growth%20Strategies) The company's growth strategies focus on improving unit economics, scaling capacity, expanding product lines and sales channels, and investing in R&D, including plant genetics and automation - Improve unit economics through technology, computer vision, AI, and robotics[79](index=79&type=chunk) - Scale the platform by building or acquiring new facilities near population centers, using modular designs for rapid deployment[80](index=80&type=chunk) - Expand product line beyond the current **25 SKUs** to include items like spinach, kale, and arugula[82](index=82&type=chunk) - Develop new sales channels, including potential co-location with distributors and international licensing opportunities[83](index=83&type=chunk) [ESG and Sustainability](index=19&type=section&id=Item%201.%20Business%23ESG%20and%20Sustainability) Sustainability is central to Local Bounti's business, addressing 12 U.N. Sustainable Development Goals through commitments to water stewardship, carbon neutrality by 2050, sustainable packaging, and social and governance initiatives - The company's business model directly addresses **12 of the 17 U.N. Sustainable Development Goals**[34](index=34&type=chunk)[50](index=50&type=chunk) - Key ESG commitments approved by the Board include: - **Water Stewardship:** Monitor, reduce, and reuse water - **Climate Protection:** Adopt a science-based target (SBT) in 2023 and be carbon neutral by 2050 - **Sustainable Packaging:** Exceed **30% post-consumer or bio-based content by 2025**[92](index=92&type=chunk)[98](index=98&type=chunk) - Identified four primary climate-related issues: Weather (opportunity), Water (risk/opportunity), Energy (risk), and Supply Chain (risk)[99](index=99&type=chunk) [Competition](index=21&type=section&id=Item%201.%20Business%23Competition) Local Bounti competes with traditional and high-tech greenhouse operators, as well as vertical farming companies, believing its hybrid Stack & Flow Technology™ provides a competitive yield advantage - Competes with traditional greenhouse operators (e.g., Mastronardi Produce), high-tech greenhouse companies (e.g., AppHarvest, Bright Farms), and vertical farming operators (e.g., AeroFarms, Bowery Farming)[101](index=101&type=chunk)[102](index=102&type=chunk) - Believes its hybrid Stack & Flow Technology™ offers a competitive advantage, yielding **1.5 to 2.0 times more** than comparable greenhouse farms[103](index=103&type=chunk) [Intellectual Property](index=21&type=section&id=Item%201.%20Business%23Intellectual%20Property) The company holds significant intellectual property, including 18 patents submitted to the USPTO as of December 2022, covering its core Stack & Flow Technology™ and various trademarks - As of December 2022, Local Bounti has **18 total patents** submitted to the USPTO, including seven non-provisional and eleven provisional patents[110](index=110&type=chunk) - A patent application for its core "Stack & Flow Technology™" was submitted in August 2020[110](index=110&type=chunk) [Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including a history of losses, capital intensity, reliance on limited facilities, construction and integration challenges, competition, crop diseases, and debt covenants with Cargill Financial - The company is an early-stage company with a history of losses and expects to incur significant expenses and continuing losses for the foreseeable future[125](index=125&type=chunk)[129](index=129&type=chunk) - The business is capital-intensive and may require additional financing, which, if not obtained, could force the company to delay or reduce operations and growth[125](index=125&type=chunk)[132](index=132&type=chunk) - The company's credit facilities with Cargill Financial are secured by all company assets, including intellectual property, where an uncured event of default could lead to foreclosure on all assets[125](index=125&type=chunk)[195](index=195&type=chunk) - Significant risks are associated with integrating the acquired Pete's business, including assimilating different business strategies, technologies, and personnel, which may divert management attention[126](index=126&type=chunk)[204](index=204&type=chunk) [Unresolved Staff Comments](index=53&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - None[273](index=273&type=chunk) [Properties](index=53&type=section&id=Item%202.%20Properties) As of December 31, 2022, Local Bounti owns and leases several production and R&D properties, including facilities in Montana, California, and Georgia, with new construction in Texas and Washington, and a planned **$35 million** sale-leaseback for California facilities Key Properties as of December 31, 2022 | Facility Type/Use | Location | Owned/Leased | Status | | :--- | :--- | :--- | :--- | | Hamilton Production Facility | Hamilton, MT | Leased | Operational | | Carpinteria Production Facility | Carpinteria, CA | Owned | Operational | | Oxnard Production Facility | Oxnard, CA | Owned | Operational | | Georgia Production Facility | Byron, GA | Owned | Operational | | Texas Production Facility | Mount Pleasant, TX | Owned | Under Construction (Est. Q4 2023) | | Pasco Production Facility | Pasco, WA | Owned | Under Construction (Est. Q1 2024) | - On March 28, 2023, the company entered into a Purchase and Sale Agreement for a **$35 million** sale and leaseback transaction for its Carpinteria and Oxnard, CA facilities, expected to close in Q2 2023[275](index=275&type=chunk) [Legal Proceedings](index=54&type=section&id=Item%203.%20Legal%20Proceedings) The company states that it is not currently a party to any legal proceedings that would have a material adverse effect on its business, financial condition, or results of operations - The company is not presently a party to any material legal proceedings[277](index=277&type=chunk) [Mine Safety Disclosures](index=54&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[278](index=278&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=55&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock and warrants trade on the NYSE, and it has never paid cash dividends nor intends to, with dividend payments restricted by credit agreements - Common stock trades on the NYSE under the symbol "LOCL"; warrants trade under "LOCL.WS"[281](index=281&type=chunk) - The company has never paid cash dividends and does not intend to in the foreseeable future, with its ability to do so also restricted by its debt agreements[283](index=283&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=56&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In FY2022, sales surged to **$19.5 million** due to the Pete's acquisition, though net loss widened to **$111.1 million** from increased operating expenses, while liquidity is managed through cash, operations, and an expanded Cargill credit facility Financial Highlights (2022 vs 2021) | Metric | 2022 (in thousands) | 2021 (in thousands) | Change (in thousands) | | :--- | :--- | :--- | :--- | | Sales | $19,474 | $638 | $18,836 | | Gross Profit | $2,215 | $206 | $2,009 | | Loss from Operations | $(94,526) | $(44,717) | $(49,809) | | Net Loss | $(111,071) | $(56,093) | $(54,978) | - The significant increase in sales was primarily due to the acquisition of Pete's in April 2022[311](index=311&type=chunk) - The company is expanding its Georgia facility and constructing new facilities in Texas (expected completion Q4 2023) and Washington (expected completion Q1 2024)[298](index=298&type=chunk)[300](index=300&type=chunk)[301](index=301&type=chunk) - In March 2023, the credit facility with Cargill Financial was expanded from **$170 million** to up to **$280 million**, and the company issued Cargill warrants to purchase up to **69.6 million shares** at **$1.00 per share**[302](index=302&type=chunk) [Results of Operations (FY 2022 vs. FY 2021)](index=59&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%23Results%20of%20Operations) For FY2022, sales increased to **$19.5 million** due to the Pete's acquisition, but operating expenses rose significantly, leading to an operating loss of **$94.5 million** and a net loss of **$111.1 million** - **Sales:** Increased by **$18.8 million** to **$19.5 million**, primarily due to the Pete's acquisition[311](index=311&type=chunk) - **Cost of Goods Sold:** Increased by **$16.8 million**, driven by higher sales volume and a **$1.0 million** negative impact from the fair value step-up of acquired inventory from Pete's[313](index=313&type=chunk) - **Research & Development:** Increased by **$10.6 million** due to greater investment in personnel, materials, and facility capacity for product and process development[316](index=316&type=chunk) - **Selling, General & Administrative:** Increased by **$41.2 million**, primarily due to a **$20.2 million** increase in stock-based compensation, a **$6.2 million** increase in employee-related costs, and a **$5.0 million** increase in amortization of intangibles[318](index=318&type=chunk) - **Interest Expense, net:** Increased by **$10.1 million**, mainly due to higher principal amounts outstanding on debt facilities with Cargill Financial[323](index=323&type=chunk) [Liquidity and Capital Resources](index=62&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%23Liquidity%20and%20Capital%20Resources) As of December 31, 2022, the company held **$24.9 million** in cash with **$140.9 million** in outstanding debt to Cargill Financial, and management believes current liquidity and expected proceeds are sufficient for the next 12 months Liquidity Position as of Dec 31, 2022 | Metric | Amount (in thousands) | | :--- | :--- | | Cash and cash equivalents | $13,666 | | Restricted cash and cash equivalents | $11,272 | | **Total Cash** | **$24,938** | | Accumulated Deficit | $(179,313) | - As of Dec 31, 2022, the principal amount due under credit facilities with Cargill Financial totaled **$140.9 million**[326](index=326&type=chunk) - Management believes current cash, expected proceeds from a sale-leaseback, and borrowing capacity are sufficient to fund operations for at least 12 months from the financial statement issuance date[328](index=328&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=65&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is a smaller reporting company and is therefore not required to provide the information for this item - As a smaller reporting company, Local Bounti is not required to provide this information[341](index=341&type=chunk) [Financial Statements and Supplementary Data](index=66&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) Audited consolidated financial statements for FY2022 and FY2021 show total assets increased to **$278.7 million** and a net loss of **$111.1 million** in 2022, with notes detailing key policies, the Pete's acquisition, debt, and related party transactions [Report of Independent Registered Public Accounting Firm](index=67&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data%23Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) The independent registered public accounting firm, WithumSmith+Brown, PC, issued an unqualified opinion on the company's consolidated financial statements for the years ended December 31, 2022 and 2021 - WithumSmith+Brown, PC issued an unqualified audit opinion on the company's consolidated financial statements for the years ended December 31, 2022 and 2021[345](index=345&type=chunk) [Consolidated Balance Sheets](index=68&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data%23Consolidated%20Balance%20Sheets) As of December 31, 2022, total assets increased to **$278.7 million** from **$143.9 million** in 2021, driven by the Pete's acquisition, while total liabilities rose to **$157.4 million** and stockholders' equity to **$121.3 million** Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total Current Assets | $34,104 | $105,508 | | Property and equipment, net | $157,844 | $37,350 | | Goodwill | $38,481 | $0 | | **Total Assets** | **$278,740** | **$143,930** | | Total Current Liabilities | $23,267 | $17,968 | | Long-term debt, net | $119,814 | $11,199 | | **Total Liabilities** | **$157,407** | **$42,247** | | **Total Stockholders' Equity** | **$121,333** | **$101,683** | [Consolidated Statements of Operations](index=69&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data%23Consolidated%20Statements%20of%20Operations) For FY2022, sales were **$19.5 million**, resulting in a gross profit of **$2.2 million**, an operating loss of **$94.5 million**, and a net loss of **$111.1 million**, or **($1.27)** per share Consolidated Statement of Operations (in thousands) | Account | Year Ended Dec 31, 2022 | Year Ended Dec 31, 2021 | | :--- | :--- | :--- | | Sales | $19,474 | $638 | | Gross Profit | $2,215 | $206 | | Loss from Operations | $(94,526) | $(44,717) | | Net Loss | $(111,071) | $(56,093) | | Net Loss per Share (Basic & Diluted) | $(1.27) | $(1.06) | - Stock-based compensation expense was **$39.2 million** in 2022, compared to **$17.9 million** in 2021[354](index=354&type=chunk) [Notes to Consolidated Financial Statements](index=75&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data%23Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, confirm going concern, outline the Pete's acquisition for **$92.5 million** cash and **5.65 million** shares, describe Cargill debt amendments, stock-based compensation, related party transactions, and subsequent events including a **$35.0 million** sale-leaseback - **Going Concern (Note 2):** Management concluded that its plans, including cash on hand, expected proceeds from a sale-leaseback, and the amended credit facility, are sufficient to fund operations for at least twelve months, alleviating substantial doubt about its ability to continue as a going concern[368](index=368&type=chunk) - **Pete's Acquisition (Note 3):** The acquisition on April 4, 2022, involved **$92.5 million** in cash and **5,654,600 shares** of common stock, with preliminary allocation resulting in **$38.5 million** of goodwill and **$52.3 million** of intangible assets (customer relationships, trade name, non-compete agreements)[418](index=418&type=chunk)[421](index=421&type=chunk) - **Debt (Note 7):** The company amended its credit agreements with Cargill Financial multiple times in 2022, resulting in a reduced total facility of **$170.0 million** and an increased interest rate, with **$140.9 million** outstanding as of Dec 31, 2022[438](index=438&type=chunk)[440](index=440&type=chunk) - **Subsequent Events (Note 17):** In March 2023, the company expanded its credit facility with Cargill to up to **$280 million** and entered into an agreement for a **~$35.0 million** sale-leaseback of its two California facilities[497](index=497&type=chunk)[498](index=498&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=102&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on any matter of accounting principles or practices, or financial statement disclosure - None[500](index=500&type=chunk) [Controls and Procedures](index=102&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2022, having remediated a previously identified material weakness related to accounting personnel - Management concluded that disclosure controls and procedures were effective as of December 31, 2022[502](index=502&type=chunk) - A material weakness identified in 2021, related to a lack of sufficient qualified accounting personnel and segregation of duties, was remediated as of December 31, 2022[507](index=507&type=chunk)[509](index=509&type=chunk) - Remediation actions included hiring additional accounting and finance personnel with public company experience and implementing a more robust review and monitoring process for financial reporting[509](index=509&type=chunk) [Other Information](index=104&type=section&id=Item%209B.%20Other%20Information) On March 28, 2023, the company amended its Cargill Financial credit agreements for up to an additional **$110 million** in financing and issued warrants to purchase up to **69.6 million** shares at **$1.00** per share - On March 28, 2023, the company amended its credit agreements with Cargill Financial, providing for up to an additional **$110 million** in financing[511](index=511&type=chunk) - As part of the amendment, the company issued warrants to Cargill to purchase up to **69.6 million shares** of common stock at an exercise price of **$1.00 per share**[512](index=512&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=105&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's definitive Proxy Statement for its 2023 annual meeting of stockholders - Required information is incorporated by reference from the forthcoming 2023 Proxy Statement[516](index=516&type=chunk) - The Board has adopted a Code of Business Conduct and Ethics applicable to all directors, officers, and employees[517](index=517&type=chunk) [Executive Compensation](index=105&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's definitive Proxy Statement for its 2023 annual meeting of stockholders - Required information is incorporated by reference from the forthcoming 2023 Proxy Statement[519](index=519&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=105&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership of certain beneficial owners, management, and related stockholder matters is incorporated by reference from the company's definitive Proxy Statement for its 2023 annual meeting of stockholders - Required information is incorporated by reference from the forthcoming 2023 Proxy Statement[520](index=520&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=105&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the company's definitive Proxy Statement for its 2023 annual meeting of stockholders - Required information is incorporated by reference from the forthcoming 2023 Proxy Statement[521](index=521&type=chunk) [Principal Accountant Fees and Services](index=105&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the company's definitive Proxy Statement for its 2023 annual meeting of stockholders - Required information is incorporated by reference from the forthcoming 2023 Proxy Statement[522](index=522&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=106&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the documents filed as part of the Annual Report on Form 10-K, including financial statements and an index of all exhibits such as merger and credit agreements - This section provides an index of all exhibits filed with the Form 10-K, including key agreements related to mergers, debt, and equity plans[526](index=526&type=chunk)[528](index=528&type=chunk) [Form 10-K Summary](index=110&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that there is no Form 10-K summary provided - None[533](index=533&type=chunk)

Summary of Local Bounti Corporation Full Year 2022 Earnings Conference Call Company Overview - **Company**: Local Bounti Corporation (NYSE: LOCL) - **Industry**: Controlled Environment Agriculture (CEA) Key Points and Arguments Business Performance and Strategy - 2022 marked the first full year as a public company, with significant advancements in Stack & Flow Technology, enhancing crop turns and maximizing ROI across various CEA approaches [6][8] - The acquisition of Pete's in April 2022 allowed for strategic expansion and integration of technologies to improve productivity [6] - Distribution reach exceeds 10,000 doors, with new commercial partnerships, including an offtake agreement with Sam's Club for leafy greens [7][8] Financial Highlights - Announced $145 million in new financing, including a $110 million expansion of the credit facility with Cargill and a $35 million sale-leaseback transaction [8][24][25] - Fourth quarter 2022 sales were $6.6 million, up from $0.3 million in the prior year, with full year sales at $19.5 million compared to $0.6 million [21][23] - Adjusted gross margin for Q4 2022 was approximately 39%, with a full year adjusted gross margin of 38% [22][23] Technology and Yield Improvements - Stack & Flow Technology has led to a 25% to 35% yield improvement at the Montana facility, translating to 17.5 to 25 pounds of production per square foot [10] - Early trials in Georgia show potential yields of 1.4 to 1.8 times higher than traditional greenhouse technology [11] - Commitment to diversify crop types, including trials for high-value crops like berries, indicating potential for improved unit economics [12][13] Facility Expansion and Construction Updates - Georgia facility's Phase 1-B is expected to be completed early in Q2 2023, doubling production capacity [15][16] - New six-acre facility in Texas is under construction, expected to commence operations in Q4 2023 [17] - Pasco, Washington facility is anticipated to be completed in Q1 2024, with ongoing evaluations for expansion in the Northeastern U.S. [18] Market Dynamics and Consumer Trends - Increased demand for locally sourced products aligns with consumer preferences, with packaged salad products being shipped to 18 new distribution centers [14][15] - The CEA sector is positioned to benefit from supply chain challenges faced by conventional agriculture, potentially narrowing the price gap for consumers [36] Future Outlook - Full year 2023 revenue guidance is set between $34 million and $40 million, representing at least 74% growth [26] - Expected sequential revenue improvement as new facilities come online, with a path to positive adjusted EBITDA anticipated [27][28] Risks and Considerations - Construction timelines may be affected by weather conditions, as seen with delays in the Georgia facility due to severe rains [16][34] - Potential acquisitions could impact growth expectations and timelines [28] Additional Important Information - The company is focused on institutionalizing learning cycles to optimize operations across facilities, leveraging insights from existing operations to enhance future performance [45][47] - The integration of Stack & Flow Technology is yielding consistent improvements in yield and efficiency across facilities [57] This summary encapsulates the key discussions and insights from the Local Bounti Corporation's earnings conference call, highlighting the company's strategic direction, financial performance, technological advancements, and market positioning within the CEA industry.

For the quarterly period ended September 30, 2022 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 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 LOCAL BOUNTI CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorp ...

Local Bounti Corporation (NYSE:LOCL) Q3 2022 Earnings Conference Call November 10, 2022 8:00 AM ET Company Participants Jeff Sonnek - Managing Director, ICR Craig Hurlbert - Co-Chief Executive Officer Travis Joyner - Co-Chief Executive Officer Brian Cook - President Kathleen Valiasek - Chief Financial Officer Conference Call Participants Ben Klieve - Lake Street Capital Markets Colin Rusch - Oppenheimer Brian Wright - ROTH Capital Partners Christopher Barnes - Deutsche Bank Pamela Kaufman - Morgan Stanley O ...

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, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to LOCAL BOUNTI CORPORATION (Exact name of registrant as specified in its charter) | Delaware | 001-40125 | | | 98-1584830 | | --- | --- | --- | --- | --- | | ...

Local Bounti Corporation (NYSE:LOCL) Q2 2022 Results Conference Call August 15, 2022 8:00 AM ET Company Participants Craig Hurlbert - Co-Chief Executive Officer and Chairman of the Board Jeff Sonnek - Managing Director, ICR Brian Cook - President Travis Joyner - Co-Chief Executive Officer and Director Kathleen Valiasek - Chief Financial Officer Conference Call Participants Ben Klieve - Lake Street Capital Markets Brian Wright - ROTH Capital Partners Kristen Owen - Oppenheimer Christopher Barnes - Deutsche B ...

BMO Farm to Market Conference May 18, 2022 Strictly Confidential ©2022 Local Bounti Corp Disclaimer FORWARD LOOKING STATEMENTS This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify these forward-looking statements by words such as "anticipate," "approximate," "believe," "commit," "continue," "could," "estimate," "expect," "hope," "intend," "may," "outloo ...

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, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to LOCAL BOUNTI CORPORATION (Exact name of registrant as specified in its charter) Delaware 001-40125 98-1584830 220 W. Main St. Hamilton MT 59840 (State or o ...

Local Bounti Corporation (NYSE:LOCL) Q1 2022 Earnings Conference Call May 9, 2022 5:00 PM ET Company Participants Craig M. Hurlbert – Co-Chief Executive Officer and Chairman of the Board Jeff Sonnek – Managing Director, ICR Brian Cook – President Travis Joyner – Co-Chief Executive Officer and Director Kathleen Valiasek – Chief Financial Officer Conference Call Participants Kristen Owen – Oppenheimer Holdings Chris Barnes – Deutsche Bank Securities Ben Klieve – Lake Street Capital Markets Brian Wright – ROTH ...