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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