Sales Performance - Sales increased by 31% to 9.4millioninQ22024,comparedto7.2 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 50to60 million, representing a doubling of revenue compared to 2023[1][14]. - Sales for the three months ended June 30, 2024, were 9,443,000,anincreaseof31.67,183,000 for the same period in 2023[23]. Financial Performance - Operating loss improved by 5.5millionto13.9 million in Q2 2024, compared to a loss of 19.4millioninQ22023[4].−Netlosswas25.3 million in Q2 2024, compared to a net loss of 10.7millionintheprioryearperiod[4].−ThenetlossforthethreemonthsendedJune30,2024,was25,267,000, compared to a net loss of 10,676,000forthesameperiodin2023[23].−Thecompanyreportedabasicanddilutednetlosspershareof3.00 for the three months ended June 30, 2024, compared to a loss of 1.35forthesameperiodin2023[23].−AdjustedEBITDAforJune2024was(7,535) thousand, compared to (8,274)thousandinJune2023,showingaslightimprovement[28].CostManagement−TotaloperatingexpensesforthethreemonthsendedJune30,2024,were15,215,000, a decrease of 24.9% from 20,230,000inthesameperiodof2023[23].−Adjustedselling,generalandadministrativeexpensesforthethreemonthsendedJune2024were7,211 thousand, down from 7,810thousandinthesameperiodlastyear[27].−BusinessacquisitionandstrategictransactioncostsforthethreemonthsendedJune2024were783 thousand, down from 2,630thousandinthesameperiodlastyear[28].−Stock−basedcompensationexpenseforJune2024was1,648 thousand, compared to 4,434thousandinJune2023,reflectingareductioninequitycompensationcosts[28].−RestructuringandbusinessrealignmentcostsforJune2024were9 thousand, significantly lower than 724thousandinJune2023,suggestingimprovedoperationalefficiency[28].CashandLiquidity−ThecompanyendedQ22024withcashandcashequivalentsof16.2 million, positioning it to fund ongoing projects and operations[12]. - Cash and cash equivalents as of June 30, 2024, were 9,685,000,adecreasefrom10,326,000 as of December 31, 2023[22]. Asset and Liability Management - Total assets increased to 438,099,000asofJune30,2024,from381,752,000 as of December 31, 2023[22]. - Total liabilities increased to 470,938,000asofJune30,2024,comparedto366,479,000 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,upfrom3,526,000 in the same period of 2023[23]. Interest and External Costs - Interest expense, net for June 2024 was 12,500thousand,upfrom6,472 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].
