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].
Local Bounti (LOCL) - 2024 Q2 - Quarterly Results