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Local Bounti Corp (N:LOCL)

Business Focus: Organic Farming

Sector:  Consumer Non-Cyclicals Industry:  Fishing & Farming
See Regulatory Filings on SEC
Company Contact
Address: 220 W Main St.
Tel: 1-646-2771263
IR: See website
Key People
Craig M. Hurlbert
Chairman of the Board, Co-Chief Executive Officer
Brian C. Cook
Travis M. Joyner
Co-Chief Executive Officer, Director
Kathleen Valiasek
Chief Financial Officer
Margaret E. McCandless
General Counsel, Corporate Secretary
B. David Vosburg
Chief Innovation Officer
Business Overview
Local Bounti Corporation (Local Bounti) is a controlled environment agriculture (CEA) company. The Company operates an indoor growing facility in Hamilton, Montana, within a few hours' drive of its retail and food service partners. The Company produces sustainably grown living lettuce, herbs, and loose-leaf lettuce. Through its CEA process, it produces its products in an environmentally sustainable manner that harvests, limits water usage and reduces the carbon footprint of the production and distribution process. The environmental greenhouse conditions ensure the nutritional value and taste, and the products are non-genetically modified organisms (GMO) and pesticide and herbicide free. The Company's products use approximately 90% less water and 90% less land than conventional agriculture to produce. Its products include Poppy Powder, Modern Greek, Butter Lettuce, Crispy Green Leaf, Red & Green Blend, Romaine Lettuce, Butter Lettuce and more.
Financial Overview
For the three months ended 31 March 2023, Local Bounti Corp revenues increased from $282K to $6.7M. Net loss decreased 9% to $23.5M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Lower net loss reflects Selling, general and administrative - Ba decrease of 52% to $8.9M (expense), Other income increase of 67% to $50K (income).