Local Bounti (US:LOCL)2025-11-12 12:31Financial Performance - Revenue increased by 19% year-over-year to $12.2 million in Q3 2025, up from $10.2 million in the prior year period[4] - Net loss for Q3 2025 was $26.4 million, an improvement from a net loss of $34.3 million in the prior year period[4] - Adjusted EBITDA loss improved to $7.2 million in Q3 2025, compared to a loss of $8.4 million in the prior year period[5] - For the three months ended September 30, 2025, the net loss was $26,430 thousand, compared to a net loss of $34,327 thousand for the same period in 2024, indicating an improvement[33] - Adjusted EBITDA for the three months ended September 30, 2025, was $(7,230) thousand, slightly better than $(8,355) thousand for the same period in 2024[33] - For the nine months ended September 30, 2025, the total net loss was $85,682 thousand, slightly higher than $83,644 thousand for the same period in 2024[33] Cost Management - General and administrative expenses decreased by 26% to $4.1 million, excluding a $3.7 million intangible impairment[4] - The company anticipates additional cost reductions of $1.5 to $2.0 million in Q4 2025, with savings realized in the first half of 2026[8] - Interest expense, net, decreased to $4,560 thousand in Q3 2025 from $18,312 thousand in Q3 2024, reflecting a significant reduction[33] - Stock-based compensation expense was $1,251 thousand for the three months ended September 30, 2025, compared to $1,387 thousand in the same period of 2024[33] - Business acquisition and strategic transaction costs amounted to $84 thousand for Q3 2025, down from $614 thousand in Q3 2024[33] Operational Efficiency - The Texas facility achieved a 19% increase in labor productivity and a 17% reduction in direct labor cost per pound from July to October 2025[6] - Planned tower upgrades are expected to yield over a 10% increase in production efficiency by Q4 2025[7] Product Development - Local Bounti launched a new family-sized 10oz Romano Caesar Salad Kit in October 2025, expanding its product offerings[13] Cash and Assets - Cash and cash equivalents totaled $12.7 million as of September 30, 2025, following a $10 million financing through a convertible note agreement[14] - Cash and cash equivalents as of September 30, 2025, were $6,199,000, significantly up from $937,000 as of December 31, 2024[28] - Total current assets increased to $24,133,000 as of September 30, 2025, from $18,823,000 as of December 31, 2024, marking a growth of 28.2%[28] Debt and Equity - Long-term debt decreased to $484,854,000 as of September 30, 2025, from $416,577,000 as of December 31, 2024, indicating an increase of 16.4%[28] - The total stockholders' deficit increased to $158,139,000 as of September 30, 2025, from $100,500,000 as of December 31, 2024[28]