The following is a summary of the Local Bounti Corporation (LOCL) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Local Bounti saw a 42% increase in sales to $27.6 million compared to the previous year.

• Adjusted gross margin was approximately 27% and SG&A decreased to $64.6 million.

• The company recorded a net loss in 2023 of $124 million due to a non-cash goodwill impairment charge of $38.5 million.

• They have cash, cash equivalents and restricted cash of $16.9 million, and expect to get financing of approximately $228 million from a commercial finance lender to fund their 2024 expansion plans.

Business Progress:

• Local Bounti completed the stack implementation in their Georgia facility, and added major new facilities in Texas and Washington, significantly expanding their capabilities.

• The company was granted a patent for their stack and flow technology and increased production by 50% with a recent update.

• They plan to expand their baby leaf product assortment and start facility expansions in the second quarter of 2024, with a new facility in the Midwest announced for a third quarter 2024 start date.

• The company aims to streamline their organization and begin to see positive adjusted EBITDA in early 2025, forecasting annual savings of about $5 million.

More details: Local Bounti IR

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