LOCAL BOUNTI CORP Stock Price, News & Analysis

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.

Local Bounti Corporation (NYSE: LOCL) announced plans to build a new indoor facility in Mount Pleasant, Texas, with a groundbreaking ceremony on January 4, 2023. This six-acre facility will utilize their proprietary Stack & Flow Technology™ to produce various leafy greens, expected to begin operations in Q4 2023. The project aims to create approximately 50 direct jobs initially and up to 200 jobs in total. The facility will enhance distribution across Texas and neighboring states, addressing rising demand for sustainable produce and minimizing food miles.

Local Bounti Corporation (LOCL) reported a significant surge in third quarter revenue, reaching $6.3 million, up from $0.2 million in the same quarter last year. The company reaffirmed its full-year 2022 guidance of at least $20 million in sales. A notable 5-year offtake agreement with Sam's Club was announced, bolstering their leafy greens production. Despite a net loss of $27.1 million, gross profit stood at $1.3 million with an adjusted gross margin of approximately 38%. The company is focused on expansion and enhancing productivity through its Stack & Flow Technology.

Local Bounti (NYSE: LOCL) has secured a 5-year offtake agreement with Sam's Club to supply leafy greens from its greenhouse facility in Byron, Georgia. This agreement underscores the company's commitment to producing high-quality, locally grown produce using its innovative Stack & Flow Technology™, which boosts yield and efficiency while reducing resource usage. Local Bounti aims to expand operations and enhance capital allocation, with the potential to service about 10,000 retail locations across the U.S. The technology used is claimed to be over 30 times more productive than traditional agriculture.

Local Bounti Corporation (NYSE: LOCL) will release its third-quarter financial results for the period ending September 30, 2022, on November 10, 2022, before market opens. The company will hold a conference call at 8:00 a.m. ET to discuss these results and other business updates. Local Bounti utilizes proprietary Stack & Flow Technology™ in its indoor agriculture operations, significantly improving crop turns and output while using 90% less water and land compared to conventional farming.

Local Bounti Corporation (NYSE: LOCL) has announced a $23.3 million private investment in public equity (PIPE) led by Fidelity Management & Research and BNP Paribas. This funding aims to facilitate the company's expansion of its Controlled Environment Agriculture (CEA) facilities, utilizing its proprietary Stack & Flow Technology™ to enhance crop yields and unit economics.

The company will issue approximately 9.3 million shares at $2.50 per share to existing investors, aiming to meet increasing demand from its retail customers.

Local Bounti Corporation (NYSE: LOCL) announced its participation in the IFPA Global Produce & Floral Show, taking place in Orlando, Florida, from October 27-29, 2022. The company will showcase its new grab-and-go salads made from sustainably grown lettuces, emphasizing their innovative Stack & Flow Technology™. This method allows for reduced water and land usage while providing fresher produce. The two salads highlighted are Poppy Power and Modern Greek. Local Bounti aims to expand its salad offerings into the Southeast and West regions early next year.