Local Bounti Corp
NYSE:LOCL
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Local Bounti Corp
Local Bounti Corp. operates as an advanced indoor growing facility. The company is headquartered in Hamilton Montana, Montana and currently employs 111 full-time employees. The company went IPO on 2021-04-19. The firm operates an indoor growing facility in Hamilton, Montana, within a few hours' drive of its retail and food service partners. The company produces living lettuce, cilantro, romaine, basil and other greens and herbs. Local Bounti's United States Department of Agriculture (USDA) harmonized Good Agricultural Practices (GAP Plus+) and non-genetically modified organisms (GMO) produce is sustainably grown using its technology 365 days a year, free of pesticides and herbicides, and using less land and water than conventional outdoor farming methods. Local Bounti is also focused on making meaningful connections and giving back to each of the communities it serves.
Local Bounti Corp. operates as an advanced indoor growing facility. The company is headquartered in Hamilton Montana, Montana and currently employs 111 full-time employees. The company went IPO on 2021-04-19. The firm operates an indoor growing facility in Hamilton, Montana, within a few hours' drive of its retail and food service partners. The company produces living lettuce, cilantro, romaine, basil and other greens and herbs. Local Bounti's United States Department of Agriculture (USDA) harmonized Good Agricultural Practices (GAP Plus+) and non-genetically modified organisms (GMO) produce is sustainably grown using its technology 365 days a year, free of pesticides and herbicides, and using less land and water than conventional outdoor farming methods. Local Bounti is also focused on making meaningful connections and giving back to each of the communities it serves.
Revenue: Q3 revenue was $12.2 million, up 19% year‑over‑year.
Operations: Texas facility reached full harvestable capacity after automation, driving ~19% higher labor productivity and ~17% lower direct labor cost per pound (Jul–Oct improvements).
Margins & Profitability: Adjusted gross margin was ~29% (excludes depreciation and stock comp); adjusted EBITDA loss improved to $7.2 million from $8.4 million a year ago; net loss narrowed to $26.4 million from $34.3 million.
Cost Reductions: Nearly $8 million in annualized cost reductions actioned year‑to‑date; an extra $1.5–$2.0 million of annualized savings targeted in Q4 2025 (realized in H1 2026).
Commercial Momentum: Product innovation and retail expansion including a 10‑ounce Romano Caesar salad kit launched into 89 Walmart Pacific Northwest stores (Oct 13) and continued distribution through 13 Walmart DCs.
Balance Sheet: Cash and restricted cash of $12.7 million; closed a $10 million convertible note in August alongside $10 million of debt reduction; equipment lease expected to provide ~ $2 million in cash soon; prior March financing brought in $25 million in new equity and deferred cash debt payments until April 2027.
Outlook: Company expects ongoing sequential improvement and targets positive adjusted EBITDA in early 2026.
