Local Bounti Corporation/DE

Listed Company

LOCLWCIK 0001840780OTCEmerging GrowthAgricultural Production-CropsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$48.37M

Net Income

$-94.38M

Total Assets

$410.49M

Equity

$-166.24M

Shares Out

22.40M

Op. Cash Flow

$-30.34M

Business

Local Bounti Corporation/DE is a controlled environment agriculture company that produces sustainably grown produce using its patented Stack & Flow Technology® combining vertical nursery and greenhouse grow‑out processes. It primarily offers living and loose leaf lettuce, arugula, spinach, basil, cress, packaged leafy greens, Grab & Go salads and other value‑added SKUs. Its operations center on modular, hybrid CEA facilities and facility-level units, including acquired greenhouse operations updated with its technology. It distributes products to roughly 13,000 retail locations across 35 U.S. states through direct relationships with major grocery and mass retailers.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Sales	48	38	28	19	638,000
Cost of goods sold	43	34	25	17	432,000
Gross profit	6	4	2	2	206,000
Research and development	26	22	16	14	3
Sales and marketing	9	8	—	—	—
General and administrative	34	33	—	—	—
Total operating expenses	68	63	119	97	45
Loss from operations	−63	−59	−117	−95	−45
Change in fair value of warrant liabilities	−3	811,000	18	0	—
Interest expense, net	−32	−59	−26	—	—
Other income (expense), net	4	−3	157,000	189,000	309,000
Net loss	−94	−120	−124	−111	−56
Less: Deemed dividend to preferred stockholders	403,000	0	—	—	—
Net loss attributable to common stockholders	−95	−120	—	—	—
Basic (in dollars per share)	−5.61	−14.14	−15.61	−16.57	−1.06
Diluted (in dollars per share)	−5.61	−14.14	−15.61	−16.57	−1.06
Basic (in shares)	17	8	8	7	53
Diluted (in shares)	17	8	8	7	53

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	4	937,000	10	14	97
Restricted cash	6	7	7	11	4
Accounts receivable, net	2	2	3	3	110,000
Inventory, net	7	7	4	4	922,000
Prepaid expenses and other current assets	2	2	3	3	3
Total current assets	22	19	27	34	106
Property and equipment, net	357	371	313	—	—
Finance lease right-of-use assets, net	214,000	277,000	0	—	—
Operating lease right-of-use assets, net	47,000	73,000	172,000	137,000	55,000
Intangible assets, net	31	38	41	47	0
Other assets	0	101,000	73,000	901,000	1
Total assets	410	428	382	279	144
Accounts payable	12	17	15	14	2
Accrued liabilities	4	18	17	9	16
Short-term debt	0	20	0	—	—
Financing obligation	762,000	51,000	0	—	—
Operating lease liabilities	32,000	30,000	97,000	84,000	28,000
Finance lease liabilities	81,000	81,000	0	—	—
Total current liabilities	16	55	32	23	18
Principal amount	312	448	—	—	—
Plus: Debt premium, net of amortization	172	0	—	—	—
Less: Debt discount, net of amortization	−1	0	—	—	—
Unamortized deferred financing costs	0	−31	—	—	—
Long-term debt, net	483	417	278	120	11
Accrued interest, noncurrent	15	0	—	—	—
Financing obligation, noncurrent	51	50	49	—	—
Operating lease liabilities, noncurrent	25,000	57,000	114,000	187,000	10,000
Finance lease liabilities, noncurrent	155,000	206,000	0	—	—
Warrant liabilities	11	6	7	0	—
Total liabilities	577	529	366	157	42
Commitments and contingencies (Note 16)	—	—	—	—	—
Common stock, $0.0001 par value, 400,000,000 shares authorized; 22,223,800 and 8,656,122 issued and outstanding as of December 31, 2025 and 2024, respectively	2,000	1,000	1,000	1,000	9,000
Additional paid-in capital	351	323	319	301	170
Accumulated deficit	−518	−423	−303	−179	−68
Total stockholders' deficit	−166	−101	15	121	102
Total liabilities and stockholders' deficit	410	428	382	279	144

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	20	15	7	5	700,000
Amortization	3	4	6	5	0
Stock-based compensation expense, net of amounts capitalized	5	3	16	39	18
Allowance for expected credit losses	17,000	−103,000	5,000	114,000	19,000
Inventory allowance	−12,000	498,000	62,000	596,000	−26,000
Loss on disposal of property and equipment	264,000	2	5	3	0
Paid-in-kind interest	31	50	24	0	1
Amortization of debt premium	−6	0	—	—	—
Amortization of debt issuance costs	2	8	7	3	782,000
Write-off of financing fees	0	1	0	—	—
Interest expense on financing obligation	601,000	682,000	313,000	231,000	0
Intangibles impairment	4	0	—	—	—
Accounts receivable	62,000	899,000	−392,000	−643,000	193,000
Inventory	−593,000	−3	−678,000	−88,000	−652,000
Prepaid expenses and other current assets	412,000	544,000	776,000	1	−3
Other assets	101,000	−28,000	−48,000	2	−966,000
Accounts payable	2	7	−66,000	2	2
Operating lease liabilities	−3,000	−25,000	−96,000	151,000	10,000
Finance lease liabilities	63,000	37,000	0	—	—
Accrued liabilities	−1	4	6	177,000	14
Net cash used in operating activities	−30	−27	−33	−49	−20
Purchases of property and equipment	−12	−82	−162	−56	−30
Net cash used in investing activities	−12	−82	−162	−172	−30
Proceeds from financing obligation	2	0	35	0	4
Proceeds from issuance of Series A preferred stock, net of issuance costs	21	0	—	—	—
Proceeds from issuance of common stock, net of issuance costs	4	0	—	—	—
Proceeds from issuance of debt, net of issuance costs	10	100	153	125	27
Proceeds from issuance of convertible note, net of debt issuance costs	10	0	—	0	26
Payment of minimum employee taxes withheld upon net share settlement of restricted stock units	−1	0	—	—	—
Principal payment on finance lease liabilities	−51,000	−27,000	0	—	—
Net cash provided by financing activities	45	100	187	145	151
Net increase (decrease) in cash and cash equivalents and restricted cash	3	−9	−8	−76	101
Cash paid for interest	4	6	4	11	3
Conversion of Series A Preferred Stock to common stock	21	0	—	—	—
Accrued interest capitalized to debt	31	50	15	—	—
Purchases of property and equipment included in accounts payable and accrued liabilities	5	7	3	825,000	12
Non-cash transfer from property and equipment, net to other assets	0	1	0	—	—
Stock-based compensation capitalized to property and equipment, net	352,000	781,000	2	444,000	0
Non-cash equity settlement on employee receivable	163,000	0	176,000	17	—

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