Financial Performance - Sales increased 38% to $11.6 million in Q1 2025, compared to $8.4 million in the prior year period, driven by production growth in Georgia and new facilities in Texas and Washington [4]. - Net loss for Q1 2025 was $37.7 million, compared to a net loss of $24.1 million in the prior year, primarily due to increased interest expense [10]. - Adjusted EBITDA loss was $8.8 million in Q1 2025, compared to a loss of $6.9 million in the prior year period [10]. - Total sales for the three months ended March 31, 2025, were $11,605,000, representing a 38.5% increase from $8,383,000 in the same period of 2024 [28]. - Net loss attributable to common stockholders for Q1 2025 was $38,078,000, compared to a net loss of $24,050,000 in Q1 2024, with a basic and diluted loss per share of $4.32 versus $2.89 [28]. - Adjusted EBITDA for Q1 2025 was $(8,782,000), compared to $(6,874,000) in Q1 2024, indicating a worsening operational performance [31]. Operational Highlights - Adjusted gross margin percentage improved to approximately 29% in Q1 2025, up from 24% in the prior year period, with expectations for further increases as the business scales [4]. - The Texas facility is transitioning to produce both head lettuce and cut products, with commercial production expected to begin in Q2 2025 [5]. - Local Bounti aims to achieve positive adjusted EBITDA in Q3 2025, driven by sales growth and cost reduction initiatives [17]. - The company continues to pursue capacity expansion projects and product development to meet growing demand from retailers and consumers [6][9]. Investment and Debt Management - The company secured a $25 million equity investment and restructured its debt, resulting in a new $312 million senior secured debt agreement [12]. - Long-term debt increased to $480,047,000 as of March 31, 2025, compared to $416,577,000 as of December 31, 2024 [27]. Cash Flow and Assets - Cash and cash equivalents rose significantly to $18,008,000 as of March 31, 2025, from $937,000 at the end of 2024 [27]. - Total current assets increased to $40,629,000 as of March 31, 2025, from $18,823,000 as of December 31, 2024 [27]. Expenses - Total operating expenses for Q1 2025 were $17,195,000, up from $11,085,000 in Q1 2024, driven by increased research and development costs [28]. - General and administrative expenses were adjusted to $5,815,000 for Q1 2025, compared to $4,305,000 in Q1 2024, reflecting increased operational costs [30]. Distribution and Partnerships - Local Bounti expanded its distribution with notable wins, including partnerships with Walmart and regional retailers in the Pacific Northwest [7][8]. - The company expects Q2 2025 sales to be approximately $12.0 to $12.5 million, with acceleration anticipated in the second half of 2025 [16].
Local Bounti (LOCL) - 2025 Q1 - Quarterly Results