Local Bounti reports Q2 EPS ($3.00) vs. ($1.35) last year

Reports Q2 revenue $9.4M vs. $7.2M last year. “We celebrated a significant milestone for Local Bounti in the second quarter, with our new Washington and Texas facilities commencing commercial operations,” commented CEO Craig Hurlbert. “These purpose-built, state-of-the-art facilities feature our patented Stack & Flow Technology and are already demonstrating significant advantages in efficiency and capacity…engthening partnerships with major retailers like Sam’s Club while attracting new customers such as Brookshire’s. We believe this tremendous commercial progress, combined with the sales generated from our new optimized facilities, keeps us on a clear path towards our goal to double our revenue this year and achieve positive adjusted EBITDA in early 2025…” CFO Kathleen Valiasek added, “We continue to work towards closing on our previously executed conditional commitment letters and are excited to announce negotiations for up to an additional $175M that would expand our total future capital commitments to approximately $400M to support our 2024 initiatives…This approach is designed to strengthen our market position and reinforce our commitment to deliver fresh, high-quality produce through sustainable, tech-enabled farming practices across the nation.”