Local Bounti Corporation ( (LOCL) ) has released its Q4 earnings. Here is a breakdown of the information Local Bounti Corporation presented to its investors.
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Local Bounti Corporation is a U.S.-based indoor agriculture company that utilizes its patented Stack & Flow Technology to produce sustainable and locally grown produce, significantly reducing land and water usage compared to traditional farming methods.
In its latest financial report for the year 2024, Local Bounti announced a series of strategic moves, including securing $27.5 million in new funding and restructuring its debt, which resulted in a nearly 40% reduction in debt and a significantly lower interest rate. The company also announced a leadership change, with Kathleen Valiasek stepping in as the new CEO.
The financial highlights for 2024 included a 38% increase in sales to $38.1 million, driven by increased production and new facilities in Texas and Washington. The company also reported a decrease in selling, general, and administrative expenses by $23.8 million, reflecting cost-saving measures. Despite an operating loss of $59 million, this was an improvement from the previous year’s loss. Local Bounti’s adjusted EBITDA loss also showed improvement.
Local Bounti is expanding its distribution network, notably with Walmart, and continues to innovate its product offerings, including new salad kits and specialty greens. The company is also advancing its facility expansion plans to meet growing demand.
Looking forward, Local Bounti’s management is optimistic about achieving positive adjusted EBITDA by the third quarter of 2025, supported by its improved capital structure and strategic growth initiatives.