Local Bounti reports $6.7 million in net sales, $300,000 in gross profit for first quarter

Local Bounti, in announcing its financial results for the first quarter of 2023, reported $6.7 million in sales and $300,000 in gross profit. 

By comparison, in the first quarter of 2022, the company reported $300,000 in sales. 

"First quarter results were consistent with our expectations and reflect the commissioning phase of our Georgia facility," said co-CEO Craig Hulbert. "This facility is an important lever for our business to achieve the anticipated growth acceleration in the years to come as we complete the full integration of our vertical 'Stack' system.  Georgia reflects the latest advancements in our Stack & Flow Technology and is a testament to our unwavering focus on capital efficiency." 

"We are on track to complete our Georgia and Texas facilities in 2023 and our Washington facility early in the first quarter of 2024. Further, we continue to push forward our other projects with the resources provided by the recent announcements surrounding our new financings. With this additional capital, we believe that we have the funding required to drive the business and achieve breakeven adjusted EBITDA by the end of 2024 or early 2025."

Local Bounti is operating at a loss. It says it had net losses of $23.5 million, or $0.23 per share, in the first quarter of 2023 vs. $25.8 million, or $0.32 per share, in 2022. 

On the day of the investment report, the company's stock peaked at $0.52 per share. However, at the time of this writing, is dipped back below $0.50 per share and is currently trading at $0.49 per share.