Financial Performance - Sales increased by 38% to $38.1 million in 2024, compared to $27.6 million in the prior year, driven by production growth from facilities in Georgia, Texas, and Washington[5] - Gross profit for 2024 was $4.1 million, with an adjusted gross margin of approximately 27%, consistent with the prior year, reflecting production ramp-up at new facilities[5] - Operating loss improved by $57.9 million to $59.0 million in 2024, compared to a loss of $116.9 million in 2023, which included a non-cash goodwill impairment charge[9] - Net loss for 2024 was $119.9 million, slightly improved from a net loss of $124.0 million in the prior year[9] - Sales for Q4 2024 reached $10,070,000, a 46% increase from $6,866,000 in Q4 2023[34] - The net loss for Q4 2024 was $36,258,000, an improvement from a net loss of $65,554,000 in Q4 2023[34] - The company reported a basic and diluted net loss per share of $4.21 for Q4 2024, compared to $8.10 for Q4 2023[34] Expenses and Costs - Research and development expenses increased to $22.3 million in 2024, with expectations for future decreases as production thresholds for new product lines are reached[9] - Total operating expenses for Q4 2024 were $17,314,000, down from $59,932,000 in Q4 2023, primarily due to a reduction in goodwill impairment[34] - Research and development expenses for Q4 2024 were $7,185,000, significantly higher than $3,983,000 in Q4 2023[34] - Selling, general and administrative expenses for Q4 2024 were $10,129 thousand, down from $17,468 thousand in Q4 2023, representing a decrease of 42.4%[36] - Adjusted selling, general and administrative expenses for the twelve months ended December 31, 2024, were $28,185 thousand, down from $30,200 thousand in 2023, a decrease of 6.7%[36] - Stock-based compensation expense for Q4 2024 was $1,247 thousand, down from $2,616 thousand in Q4 2023, a reduction of 52.3%[37] - Interest expense, net for the twelve months ended December 31, 2024, increased to $58,923 thousand from $25,745 thousand in 2023, an increase of 128.5%[37] - Depreciation and amortization for the twelve months ended December 31, 2024, was $18,871 thousand, up from $13,132 thousand in 2023, an increase of 43.7%[37] - Business acquisition and strategic transaction costs for the twelve months ended December 31, 2024, were $2,479 thousand, down from $6,902 thousand in 2023, a decrease of 64.0%[37] - Loss on disposal of fixed assets for the twelve months ended December 31, 2024, was $1,651 thousand, compared to $4,709 thousand in 2023, a decrease of 64.9%[37] Funding and Capital Structure - The company secured $27.5 million in new funding, including $25 million in equity and $2.5 million in capex financing, while restructuring $197 million in debt with a nearly 40% reduction[2][4] - Total assets increased to $428,035,000 as of December 31, 2024, up from $381,752,000 in 2023[32] - Current liabilities rose to $55,436,000 in Q4 2024, compared to $31,941,000 in Q4 2023[32] - Long-term debt increased to $416,577,000 in Q4 2024, up from $277,985,000 in Q4 2023[32] Future Outlook - The company expects first quarter 2025 sales of approximately $11.5 million, reflecting ongoing product mix transitions at its Texas facility[21] - Local Bounti aims to achieve positive adjusted EBITDA by the third quarter of 2025, supported by improved capital structure and operational efficiencies[22] Leadership Changes - Leadership transition occurred with Kathleen Valiasek appointed as CEO, succeeding Craig Hurlbert, who became Executive Chairman[18] Gross Profit and Margins - Adjusted gross profit for Q4 2024 was $2,478,000, with an adjusted gross margin percentage of 25%[35] - Gross profit for Q4 2024 was $540,000, compared to $680,000 in Q4 2023, reflecting a decrease in gross margin percentage[34] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $(32,084) thousand, slightly improved from $(34,082) thousand in 2023[37] Goodwill Impairment - Goodwill impairment recorded in Q4 2023 was $38,481 thousand, with no impairment reported in Q4 2024[37]
Local Bounti (LOCL) - 2024 Q4 - Annual Results