Local Bounti (NYSE:LOCL) Announces Earnings Results, Meets Estimates

Local Bounti (NYSE:LOCL) issued its quarterly earnings results on Wednesday. The company reported ($0.53) EPS for the quarter, meeting analysts’ consensus estimates of ($0.53), Zacks reports. The business had revenue of $13.34 million during the quarter, compared to analysts’ expectations of $19.00 million.

Here are the key takeaways from Local Bounti’s conference call:

• Local Bounti reported Q1 revenue of $13.3 million, up 15% year over year and about 7% sequentially, driven by more consistent production across its facility network.
• Adjusted EBITDA loss improved 35% to $5.7 million, while adjusted G&A fell meaningfully, showing operating leverage as the company scales.
• Management said all three facilities are running at full harvestable capacity with committed customer demand, and yields reached the highest levels in company history after technology and tower upgrades.
• The company highlighted commercial momentum, including launches of two new retail accounts, extensions of existing supply agreements, and additional distribution wins for its Caesar Romano Salad Kit and other key products.
• Local Bounti closed a $15 million investment from an existing strategic investor, which management says adds flexibility to pursue growth and partnership opportunities while continuing toward positive adjusted EBITDA.

Local Bounti Stock Up 27.4%

NYSE:LOCL traded up $0.40 during trading hours on Thursday, reaching $1.87. 409,255 shares of the stock were exchanged, compared to its average volume of 4,353,597. The firm has a 50 day simple moving average of $1.54 and a 200-day simple moving average of $2.00. Local Bounti has a 52 week low of $0.98 and a 52 week high of $4.00. The stock has a market capitalization of $41.96 million, a P/E ratio of -0.50 and a beta of 2.78.

Analyst Ratings Changes

Separately, Weiss Ratings raised Local Bounti from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 4th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Local Bounti stock. Walleye Trading LLC bought a new position in Local Bounti Corporation (NYSE:LOCL) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 23,364 shares of the company’s stock, valued at approximately $50,000. Walleye Trading LLC owned 0.10% of Local Bounti at the end of the most recent reporting period. 28.01% of the stock is owned by institutional investors and hedge funds.

About Local Bounti

Local Bounti Inc is a technology-driven indoor farming company that cultivates non-GMO leafy greens, microgreens and culinary herbs in controlled environment agriculture (CEA) facilities. By leveraging its proprietary Hybrid Growing System, the company maintains precise control over lighting, temperature and nutrient delivery, enabling year-round production of high-quality produce free from pesticides and seasonality constraints.

Headquartered in Montana, Local Bounti operates multiple cultivation centers across the United States, each designed to maximize water efficiency and minimize land use.