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Local Bounti Corporation (NYSE: LOCL) generates frequent news as a U.S. indoor agriculture company focused on controlled environment farming, sustainable production and retail partnerships. This news page aggregates coverage of Local Bounti’s announcements so investors and observers can review how the company communicates its progress in indoor farming, technology, and capital structure.
Company press releases regularly highlight quarterly and annual financial results, including revenue growth, gross profit trends, adjusted EBITDA metrics and expense reduction initiatives. Earnings updates often discuss the performance of key facilities in Georgia, Texas and Washington, yield improvement programs, and cost optimization efforts across raw materials, packaging, labor and utilities.
Local Bounti also issues news on product development and commercial expansion. Recent announcements describe the launch and expansion of salad kit lines, including family-size Caesar and Romano Caesar kits, distribution wins with major retailers such as Walmart, and partnerships with home-delivery and foodservice channels. These updates provide insight into the company’s product mix, regional strategies in areas like the Pacific Northwest, and its ability to service approximately 13,000 retail doors.
Another recurring theme in Local Bounti’s news is technology and operational upgrades, such as the deployment of Stack & Flow Technology®, automated harvesting systems, tower upgrades to improve climate control, and the use of computer vision and AI to optimize growing conditions. Capital markets and financing developments, including equity raises, debt restructurings and convertible note transactions, are also disclosed through press releases and related SEC filings.
By following this news feed, readers can track Local Bounti’s reported financial performance, facility ramp-ups, product launches, retail relationships and financing activities, all of which shape the company’s role in the evolving controlled environment agriculture sector.
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Local Bounti Corporation (NYSE: LOCL) has announced securing up to $145 million in financing through an amended credit facility with Cargill and a sale-leaseback transaction. The financing includes an increase in the credit facility from $170 million to up to $280 million, which will fund construction in Georgia, Texas, and Washington. Additionally, a $35 million sale-leaseback of facilities in California is planned. CFO Kathleen Valiasek expressed optimism about meeting growing demand for sustainable produce with their Stack & Flow Technology™. The financing supports Local Bounti's growth strategy, aiming to improve agricultural yields.
Local Bounti Corporation (NYSE: LOCL, WS) announced it has secured up to $145 million in new financing to support its growth initiatives. This financing includes a $110 million credit facility expansion with Cargill and a $35 million sale-leaseback agreement for two California facilities. As part of its 2023 outlook, Local Bounti provides guidance of $34 to $40 million in sales, reflecting anticipated production from its Montana, California, and Georgia facilities. The company's net loss for 2022 was $111.1 million with $19.5 million in sales, showing significant growth compared to the previous year's $0.6 million.
Local Bounti Corporation (NYSE: LOCL) has appointed Jennifer Carr-Smith to its Board of Directors, effective May 15, 2023. This brings the total number of board members to seven. Carr-Smith is currently the President of JCS Advisory Services and co-founder of Athena Consumer Acquisition Corp. Her prior experience includes senior roles at Groupon, Peapod, J. Crew, giggle, and Gilt.com. CEO Craig Hurlbert expressed excitement about Carr-Smith’s operational leadership and expected contributions to enhance consumer penetration and leverage the company's national presence.
Local Bounti Corporation (NYSE: LOCL, LOCL WS) reported preliminary fiscal 2022 sales of $19.5 million, with an adjusted gross margin of 38%. However, the company suffered a net loss of $111.1 million and an adjusted EBITDA loss of $29.8 million. The company has amended its credit facility with Cargill Financial Services to enhance liquidity, reducing cash reserve requirements and allowing for interest payments in kind. This amendment aims to meet short-term capital needs as the company develops its facilities. An earnings conference call is scheduled for March 29, 2023.
Local Bounti Corporation (NYSE: LOCL, LOCL WS) announced it will release its financial results for the fiscal year ended December 31, 2022, on March 29, 2023, before market opening. The company will also host a conference call at 8:00 a.m. ET on the same day to discuss these results and other updates. Local Bounti is redefining indoor farming with its innovative Stack & Flow Technology™, enabling improved crop turns, increased output, and better unit economics. It services about 10,000 retail doors across the U.S. and employs sustainable methods that use 90% less land and water compared to traditional farming.
On March 3, 2023, Local Bounti Corporation (NYSE: LOCL, WS) announced receipt of a notice from the New York Stock Exchange regarding non-compliance with continued listing standards due to an average stock price below $1.00 over 30 trading days. The Company has six months to regain compliance and plans to inform the NYSE of its intention to address this issue, potentially through a reverse stock split, pending stockholder approval. Notably, Local Bounti's stock will continue trading during this cure period if it meets other NYSE standards.
Local Bounti Corporation (NYSE: LOCL) has launched its new Asian Style Chicken Lettuce Wrap Kit, available at 194 Sprouts Farmers Markets in California and Arizona, as of January 16, 2023. This convenient meal kit includes sustainably grown living butter lettuce and is designed for quick preparation, taking only about five minutes. At 120 calories per serving, it aims to meet growing consumer demand for premium, healthy meals at home. Local Bounti emphasizes sustainability and aims to reduce food waste while providing high-quality ingredients.