Local Bounti reports Q1 EPS ($2.89) vs ($3.04) last year

Reports Q1 revenue $8.373M vs $6.698M last year. “Our first quarter results were consistent with our expectations and demonstrated strong operational progress from a combination of recent improvements we’ve made to our business, keeping us on track to achieve positive adjusted EBITDA1 generation in early 2025,” stated Craig Hurlbert, CEO of Local Bounti. “Since December, we’ve significantly increased packed volumes at our Georgia facility and continue to sustain production levels that are three-times that of a year ago. We also recently initiated a scaled trial for a differentiated use of our Stack towers that in a smaller trial demonstrated a further yield increase of at least 10% beyond what we are currently achieving in Georgia. We expect to receive those results later in the second quarter. This is an example of our relentless pursuit of efficiencies and builds upon our learnings to date that are reflected in our new purpose-built facilities in Washington and Texas. These facilities will allow us to maximize the advantages inherent in our patented Stack & Flow Technology with an operational design that creates efficiencies and drives productivity.”