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LOCL NYSE· Local Bounti Corporation
Earnings report Q3 2023

Local Bounti Corporation Reports Increase in Sales Revenue for Q3 2023

Segments of revenue

Local Bounti Corporation reported sales revenue of $6.81 million for the third quarter of 2023, compared to $6.29 million in the same period last year. This represents a $0.52 million increase in sales. The majority of the company's revenue is derived from the sale of produce grown at their facilities. The increase in sales can be attributed to the operationalization of their Georgia facility in July 2022 and an increase in sales from their Montana facility.

Strengths

Local Bounti Corporation demonstrated strength in their financial performance with an increase in sales revenue for the third quarter of 2023. The company implemented contractually allowable price increases in response to cost inflation, which is expected to benefit them throughout 2023 and beyond. This proactive approach to managing costs and implementing price increases has contributed to their revenue growth.

Challenges

Despite the increase in sales revenue, Local Bounti Corporation reported a net loss of $24.26 million for the third quarter of 2023. This loss from operations can be attributed to operating expenses, including research and development costs and selling, general, and administrative expenses. The company should focus on optimizing their operational efficiency and cost management to improve their profitability.

Noteworthy

It is worth noting that Local Bounti Corporation's sales revenue for the nine months ended September 30, 2023, increased by $7.86 million compared to the same period last year. This significant growth in sales revenue reflects the company's ability to capitalize on market opportunities and expand their customer base.

Summary

Local Bounti Corporation reported a positive performance in terms of sales revenue for the third quarter of 2023. The company's revenue increased by $0.52 million, primarily driven by the operationalization of their Georgia facility and increased sales from their Montana facility. However, the company reported a net loss due to operating expenses. Local Bounti Corporation should focus on optimizing their operational efficiency and cost management to improve profitability and sustain their revenue growth.

Source documents

Form 10-Q  filed on Nov 14, 2023
13 pages scanned

Reference data

Company financials Q3 revenue 6.8M
Analyst estimates Q3 EPS beat by 11.13%
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