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. HAMILTON MT 59840 |
| Tel: | 1-646-2771263 |
| Website: | https://localbounti.com |
| IR: | See website |
| Key People | ||
| Craig M. Hurlbert Chairman of the Board, Co-Chief Executive Officer | Brian C. Cook President | 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). |
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