HAMILTON, Mont., May 9, 2024 /PRNewswire/ — Local Bounti Corporation BB #:368695, a breakthrough U.S. indoor agriculture company, today announced its financial results for the three months ended March 31, 2024 and provided initial full year 2024 guidance.
“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 EBITDA[1] 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.”
Mr. Hurlbert continued, “Looking to the second quarter, shipments from these facilities are commencing and we expect them to provide critical capacity to support the expansion of our product assortment this year. On that note, we are excited about our progress expanding the distribution of our Grab-and-Go Salad Kits in the second quarter. We’re also thrilled to have attracted new customers, including Albertsons Seattle and Brookshire’s, which strengthens our distribution in the Pacific Northwest and Texas. The efficiency of our capacity combined with new compelling product offerings has our business on track to deliver a step-up in revenue growth in the second half of this year to achieve our full year guidance, which calls for a doubling of revenue versus 2023.”
First Quarter 2024 Financial Summary
Sales increased 25% to $8.4 million in the first quarter of 2024, as compared to $6.7 million in the prior year period. The increase was primarily due to increased production and growth in sales from the Company’s facility in Georgia.
