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Local Bounti Corporation reports developments in U.S. indoor agriculture, including controlled environment growing, retail distribution and facility operations. The company grows leafy greens, living lettuce, herbs and related produce using its patented Stack & Flow Technology in advanced indoor growing facilities across the United States.
Recurring news for LOCL includes quarterly and annual financial results, product and channel updates, retail and distributor relationships, financing transactions, capacity planning and NYSE listing-compliance matters. Company updates also describe its hybrid growing approach, operating efficiency initiatives and the use of controlled environment agriculture to supply fresh produce to grocery, foodservice and home-delivery channels.
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.
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.