Third quarter revenue of $6.3 million, compared to $0.2 million in the prior year period
Previously announced 5-year offtake agreement
with Sam's Club for Local Bounti's leafy greens production
Reaffirms full year 2022 guidance
HAMILTON, Mont., Nov. 10,
2022 /PRNewswire/ -- Local Bounti Corporation (NYSE:
LOCL, LOCL WS) ("Local Bounti" or the "Company"), a breakthrough
U.S. indoor agriculture company combining the best aspects of
vertical and greenhouse growing technologies, today announced its
third quarter 2022 results for the three months ended September 30, 2022 and reaffirmed its full year
2022 guidance.
Craig Hurlbert, Co-CEO of Local
Bounti, stated, "We are thrilled with the engagement we are
experiencing with our retail partners for our fresh, great tasting,
locally grown produce. Our recent offtake agreement with
Sam's Club is an excellent example of the market's trust in our
team, as well as the brands and products that have been developed
over several decades."
Mr. Hurlbert continued, "Consumers, retailers, and foodservice
operators alike increasingly want a resilient supply chain of
locally grown, fresh, and high-quality produce items and Local
Bounti will continue to deliver on that demand. We are
focused first and foremost on our existing customer base to inform
our decisions on how we can most efficiently deploy our capital to
meet known demand through scaling up our facility network. We
remain vigilant in our approach to maximizing capital efficiency to
drive revenue generation, with a sharp eye on maintaining healthy
gross margins so we can reach breakeven cash flow as quickly as
possible."
Third Quarter 2022 Financial Summary
- Sales of $6.3 million in the
third quarter of 2022, as compared to approximately $0.2 million in the prior year period. Quarterly
revenue from the Company's California facilities was down slightly versus
second quarter of 2022 due to an isolated delivery interruption
with a logistics provider that has since been resolved. This was
partially offset by revenue from the Company's Montana facility which increased 13% quarter
over quarter, consistent with its pivot to an optimized mix of
commercial production. Although the Georgia facility opened in the third quarter
of 2022 and product is shipping out of the facility, third quarter
operations were still in the commissioning phase to prepare for
fulfilling Sam's Club demand. The Company expects to begin its
initial shipments to Sam's Club this month, November 2022.
- Gross profit was $1.3 million in
the third quarter of 2022. Adjusted gross margin
percentage1 was approximately 38%, excluding
depreciation and stock-based compensation. Gross profit recovered
in third quarter following temporary supply challenges that were
rectified during the second quarter.
- Net loss was $27.1 million in the
third quarter of 2022. Adjusted EBITDA1 loss was
$7.3 million, which excludes
$10.9 million in stock-based
compensation, $5.2 million in
interest expense, $1.7 million of
depreciation, $1.3 million of
amortization and $0.9 million of
business acquisition and strategic transaction due diligence and
integration related costs. Net loss and adjusted EBITDA loss in the
prior period were $10.8 million and
$5.5 million, respectively.
1See reconciliation of the non-GAAP measures at
the end of this press release.
Sam's Club Offtake Agreement
As previously announced on November 7,
2022, Local Bounti signed a five-year offtake agreement with
Sam's Club for its leafy greens production starting at its
greenhouse facility in Byron,
Georgia. The Company continues to advance its expansion of
the Georgia facility, which will
double the existing footprint and further enhance capacity with the
addition of its Stack & Flow TechnologyTM to meet
pent up demand for its Local Bounti packaged salads to current
customers and open the opportunity to earn new business in that
region.
Commercial Facility Expansion Update
Georgia facility began shipping
product in third quarter; first "Stack" section installed and
undergoing commissioning
Following the completion of Phase 1-A construction in July 2022, the Company shipped its first product
to customers in the third quarter of 2022, while continuing its
progress toward achieving larger scale commercial production.
Construction of Phase 1-B began in June
2022 and continues to progress with an expected completion
in the first quarter of 2023. As a component of Phase 1-B's
construction, the Company also began construction on the
integration of its Stack & Flow Technology™, of which the first
section, initially dedicated largely to R&D efforts, will be
completed in the fourth quarter of 2022 with an anticipated service
date commencing in the first quarter of 2023. The integration
of the remaining Stack will be completed during the second quarter
of 2023. Stack & Flow Technology™ will be integrated
across both Phase 1-A and 1-B, which is expected to add
approximately 40% of incremental revenue generating capacity to the
finished Georgia facility which
will be comprised of six acres of greenhouses and multiple climate,
water and spectral controlled Stack zones.
Texas facility site selected;
expected closing on land acquisition during fourth quarter of
2022
Local Bounti selected Mount Pleasant,
Texas as the site for its next facility. This location was
selected based on customer demand and proximity to existing
customers' distribution networks. The Company is working
through the closing process for the parcel, which is expected to be
completed toward the end of November
2022, with construction activities beginning shortly
thereafter. The Texas
facility will be comprised of a six-acre greenhouse facility and
multiple Stack zones. The Company anticipates the facility
will be operational in the fourth quarter of 2023.
Pasco, Washington facility
progress
The Pasco, Washington facility
continues to progress, with anticipated completion in third quarter
2023. This facility will be comprised of multiple Stack zones
and three acres of greenhouse.
Brand Performance, SKU Development and Sustainability
Advancement
The Local Bounti brand is resonating with consumers and was the
#3 CEA lettuce brand in the U.S. in tracked channels year-to-date
2022 based on Nielsen data. Local Bounti's Spring Mix 4.5oz was the #1 new item
launched in the Salad and Greens category and in the top 30% of all
new items launched within the overall Produce category with one of
the Company's national customers. This performance follows up on
launches in the prior year where Local Bounti's products
represented the top three new items in the Salad and Greens
category at the same retail account. Today, the Company's
product assortment consists of 23 SKUs.
In October 2022, Local Bounti
successfully launched into the value-added segment with two Grab
& Go Salad SKUs – Modern Greek and Poppy Power. Based on the launch's success
to date and customer feedback, Local Bounti will advance the next
phase of expansion adding additional SKUs and expects to reach
approximately 100 stores in the first quarter of 2023.
At this year's IFPA (International Fresh Produce Association)
show in Orlando, Florida in
October 2022, Company leadership met
with numerous customers, showcased its core items and sampled new
products. Over a two-day period, the Company provided more
than 1,000 samples of its new Grab & Go
Salads, which were met with a tremendous amount of interest and
positive response. The Packer, which is a leading periodical
covering the fresh produce industry for more than a century, also
recognized Local Bounti and its new items as a 'top trend' at this
year's show.
Sustainability Advancement
The Company advanced its packaging sustainability efforts by
joining the Sustainable Packaging Coalition®. The
Sustainable Packaging Coalition brings together businesses,
educational institutions, and government agencies to collectively
strengthen and advance the business case for more sustainable
packaging. High performance packaging is critical to Local
Bounti's ability to maximize product life, which dramatically
reduces food waste and improves our consumers'
experience.
Continued Support from Marquee Existing Investors to Support
Growth
The Company ended the quarter with cash, cash equivalents and
restricted cash of $24.0 million and
approximately $34.4 million of
undrawn capacity on its credit facility with Cargill Financial
Services International, Inc. Subsequent to the end of the third
quarter, in October 2022, Local
Bounti arranged a $23.3 million
private investment in public equity (PIPE) investment in the
Company with significant investment coming from existing investors,
including Fidelity Management & Research Company and BNP
Paribas. The PIPE proceeds, when added to the Company's
September 30, 2022 cash, cash
equivalents and restricted cash balances, along with the
$34.4 million of undrawn capacity on
the Company's credit facility with Cargill provide for more than
$80 million of total liquidity.
Local Bounti had approximately 94.3 million basic and diluted
shares outstanding as of September 30, 2022, and had an
additional 11.5 million warrants outstanding and approximately 10.2
million restricted stock units outstanding. As of September 30, 2022, including these warrants and
restricted stock units, the Company had a fully diluted share count
of approximately 116.0 million shares outstanding.
Financial Outlook
Management is reaffirming its full year 2022 sales guidance of
at least $20 million, including
partial year contribution from its acquisition of Pete's which
closed in April 2022. The Company continues to expect to
achieve initial annual run-rate revenue of at least $30 million at full production from its
California and Georgia (Phase 1-A) facilities, excluding the
expected future positive impact from additional capacity due to
incorporating Stack & Flow Technology™ at all three
facilities.
Conference Call
The Company will host a conference call with members of the
Local Bounti executive management team. The conference call is
scheduled to begin at 8:00 a.m. ET on Thursday, November 10, 2022. To participate on
the live call, listeners in North
America may dial (888) 428-7458 and international listeners
may dial (862) 298-0702.
In addition, the call will be broadcast live via webcast, hosted
at the "Investors" section of the Company's website at
localbounti.com and will be archived online.
About Local Bounti
Local Bounti is redefining indoor farming with an innovative
method – its proprietary Stack & Flow Technology™ – that
significantly improves crop turns, increases output and improves
unit economics. Local Bounti operates advanced indoor growing
facilities across the United
States, servicing approximately 10,000 retail doors with its
two brands: Local Bounti® and Pete's®. We
grow healthy food utilizing a hybrid approach that integrates the
best attributes of controlled environment agriculture with natural
elements. Our sustainable growing methods are better for the
planet, using 90% less land and 90% less water than conventional
farming methods. With a mission to 'bring our farm to your kitchen
in the fewest food miles possible,' Local Bounti's food is fresher,
more nutritious, and lasts longer than traditional agriculture. To
find out more, visit localbounti.com or eatpetes.com, or follow
Local Bounti on LinkedIn for the latest news and developments.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. In some cases,
you can identify these forward-looking statements by words such as
"anticipate," "approximate," "believe," "commit," "continue,"
"could," "estimate," "expect," "hope," "intend," "may," "outlook,"
"plan," "project," "potential," "should," "would," "will" and other
similar words or expressions. Forward-looking statements reflect
the Company's current expectations or beliefs concerning future
events and actual events may differ materially from historical
results or current expectations. The reader is cautioned not to
place undue reliance on these forward-looking statements, which are
not a guarantee of future performance and are subject to a number
of uncertainties, risks, assumptions and other factors, many of
which are outside the control of the Company. The forward-looking
statements in this press release address a variety of subjects
including, for example, projected financial information, statements
regarding estimates and forecasts of other financial and
performance metrics, projected costs of building or acquiring
facilities, projections of market opportunity and market share, and
the business prospects of the Company following the Pete's
transaction. The following factors, among others, could cause
actual results to differ materially from those described in these
forward-looking statements: Local Bounti's ability to effectively
integrate the recently acquired operations of Pete's into its
existing operations; the uncertainty of projected financial
information; Local Bounti's increased leverage as a result of
additional indebtedness incurred in connection with the recent
acquisition of Pete's; restrictions contained in Local Bounti's
debt facility agreements with Cargill Financial Services, Inc.;
Local Bounti's ability to repay, refinance, restructure and/or
extend its indebtedness as it comes due; and unknown liabilities
that may be assumed in acquisitions; Local Bounti's ability to
generate revenue; the risk that Local Bounti may never achieve or
sustain profitability; the risk that Local Bounti could fail to
effectively manage its future growth; the risk that Local Bounti
will fail to obtain additional necessary capital when needed on
acceptable terms, or at all; Local Bounti's ability to build out
additional facilities; Local Bounti's ability to fulfill its
obligations under offtake or other customer agreements and the
impact of these types of agreements on operations; reliance on
third parties for construction, delays relating to material
delivery and supply chains, and fluctuating material prices; Local
Bounti's ability to maintain its gross margin and decrease its cost
of goods sold over time; potential for damage to or problems with
Local Bounti's facilities; Local Bounti's ability to attract and
retain qualified employees; Local Bounti's ability to develop and
maintain its brand or brands it may acquire; Local Bounti's ability
to maintain its company culture or focus on its vision as it grows;
Local Bounti's ability to execute on its growth strategy; the risks
of diseases and pests destroying crops; Local Bounti's ability to
compete successfully in the highly competitive natural food market;
Local Bounti's ability to defend itself against intellectual
property infringement claims; changes in consumer preferences,
perception and spending habits in the food industry; seasonality;
Local Bounti's ability to achieve its sustainability goals; and
other risks and uncertainties indicated from time to time,
including those under "Risk Factors" and "Forward-Looking
Statements" in Local Bounti's Annual Report on Form 10-K for the
year ended December 31, 2021, filed
with the SEC on March 30, 2022, as
supplemented by subsequent Quarterly Reports on Form 10-Q and
Annual Reports on Form 10-K, and other reports and documents Local
Bounti files from time to time with the SEC. Local Bounti cautions
that the foregoing list of factors is not exclusive and cautions
readers not to place undue reliance upon any forward-looking
statements, which speak only as of the date hereof. Local Bounti
does not undertake or accept any obligation or undertaking to
update or revise any forward-looking statements to reflect any
change in its expectations or any change in events, conditions or
circumstances on which any such statement is based.
Non-GAAP Financial Information
This press release contains references to adjusted EBITDA,
adjusted gross profit, adjusted gross margin percentage and
adjusted selling, general and administrative, which are adjusted
from results based on generally accepted accounting principles in
the United States ("GAAP") and
exclude certain expenses, gains and losses. The Company defines and
calculates adjusted EBITDA as net loss attributable to Local Bounti
before the impact of interest expense, depreciation, amortization,
and adjusted to exclude stock-based compensation expense, business
combination fair value basis adjustment to inventory, business
acquisition and strategic transaction due diligence and integration
related costs, restructuring and business realignment costs, and
certain other non-core items. The Company defines and calculates
adjusted gross profit as gross profit excluding depreciation,
stock-based compensation, business combination related integration
costs, and business combination fair value basis adjustment to
inventory. The Company defines and calculates adjusted gross margin
percentage as adjusted gross profit as a percent of sales. The
Company defines and calculates adjusted selling, general and
administrative as selling, general and administrative expense
excluding stock-based compensation, depreciation, amortization,
business acquisition and strategic transaction due diligence and
integration related costs, and restructuring and business
realignment costs.
These non-GAAP financial measures are provided to enhance the
user's understanding of the Company's prospects for the future and
the historical performance for the context of the investor. The
Company's management team uses these non-GAAP financial measures in
assessing performance, as well as in planning and forecasting
future periods. These non-GAAP financial measures are not computed
according to GAAP and the methods the Company uses to compute them
may differ from the methods used by other companies. Non-GAAP
financial measures are supplemental, should not be considered a
substitute for, or superior to, financial information presented in
accordance with GAAP and should be read only in conjunction with
the Company's consolidated financial statements prepared in
accordance with GAAP.
Refer to the attached financial supplement for a reconciliation
of these non-GAAP financial measures to their most directly
comparable GAAP measures for the three and nine months ended
September 30, 2022 and 2021.
LOCAL BOUNTI
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in thousands,
except share and per share data)
|
|
|
September
30,
|
|
December
31,
|
|
2022
|
|
2021
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
4,227
|
|
$
96,661
|
Restricted cash and
cash equivalents
|
19,754
|
|
4,416
|
Accounts receivable,
net
|
2,221
|
|
110
|
Inventory,
net
|
3,777
|
|
922
|
Prepaid expenses and
other current assets
|
3,303
|
|
3,399
|
Total current
assets
|
33,282
|
|
105,508
|
Property and
equipment, net
|
140,363
|
|
37,350
|
Operating lease
right-of-use assets
|
156
|
|
55
|
Goodwill
|
38,476
|
|
—
|
Intangible assets,
net
|
48,949
|
|
—
|
Other
assets
|
903
|
|
1,017
|
Total
assets
|
$
262,129
|
|
$
143,930
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
8,099
|
|
$
1,920
|
Accrued
liabilities
|
6,712
|
|
16,020
|
Operating lease
liabilities
|
63
|
|
28
|
Total current
liabilities
|
14,874
|
|
17,968
|
Long-term
debt
|
113,584
|
|
11,199
|
Financing
obligation
|
14,241
|
|
13,070
|
Operating lease
liabilities, noncurrent
|
84
|
|
10
|
Total
liabilities
|
142,783
|
|
42,247
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
Common stock, $0.0001
par value, 400,000,000 shares authorized, 94,330,198 and 86,344,881
issued and outstanding as of September 30, 2022 and
December 31, 2021, respectively
|
9
|
|
9
|
Additional paid-in capital
|
272,118
|
|
169,916
|
Accumulated
deficit
|
(152,781)
|
|
(68,242)
|
Total stockholders'
equity
|
119,346
|
|
101,683
|
Total liabilities and
stockholders' equity
|
$
262,129
|
|
$
143,930
|
LOCAL BOUNTI
CORPORATION
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands,
except per share data)
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Sales
|
$
6,285
|
|
$
159
|
|
$
12,836
|
|
$
324
|
Cost of goods
sold(1)(2)(3)
|
5,015
|
|
155
|
|
11,535
|
|
281
|
Gross profit
|
1,270
|
|
4
|
|
1,301
|
|
43
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development(2)(3)
|
3,019
|
|
1,418
|
|
8,933
|
|
2,573
|
Selling, general and
administrative(2)(3)
|
20,239
|
|
4,269
|
|
64,741
|
|
15,525
|
Total operating
expenses
|
23,258
|
|
5,687
|
|
73,674
|
|
18,098
|
Loss from
operations
|
(21,988)
|
|
(5,683)
|
|
(72,373)
|
|
(18,055)
|
Other income
(expense):
|
|
|
|
|
|
|
|
Management fee
income
|
38
|
|
18
|
|
96
|
|
62
|
Convertible Notes fair
value adjustment
|
—
|
|
(2,083)
|
|
—
|
|
(5,067)
|
Interest expense,
net
|
(5,154)
|
|
(3,079)
|
|
(12,262)
|
|
(4,752)
|
Other income and
expense
|
—
|
|
(7)
|
|
—
|
|
(10)
|
Net loss
|
$
(27,104)
|
|
$
(10,834)
|
|
$
(84,539)
|
|
$
(27,822)
|
|
|
|
|
|
|
|
|
Net loss applicable to
common stockholders per basic common share:
|
|
|
|
|
|
|
|
Basic and
diluted
|
$
(0.30)
|
|
$
(0.22)
|
|
$
(0.98)
|
|
$
(0.57)
|
Weighted average common
shares outstanding:
|
|
|
|
|
|
|
|
Basic and
diluted
|
89,245,019
|
|
49,131,555
|
|
86,318,432
|
|
49,131,555
|
|
(1) Amounts
include the impact for non-cash increase in cost of goods sold
attributable to the fair value basis adjustment to inventory in
connection with acquisition of Pete's as follows:
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Cost of goods
sold
|
$
—
|
|
$
—
|
|
$
1,042
|
|
$
—
|
Total business
combination fair value basis adjustment to inventory
|
$
—
|
|
$
—
|
|
$
1,042
|
|
$
—
|
|
(2) Amounts
include stock-based compensation as follows:
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Cost of goods
sold
|
$
29
|
|
$
—
|
|
$
81
|
|
$
—
|
Research and
development
|
419
|
|
—
|
|
1,389
|
|
—
|
Selling, general and
administrative
|
10,459
|
|
—
|
|
32,146
|
|
4,942
|
Total stock-based
compensation expense
|
$
10,907
|
|
$
—
|
|
$
33,616
|
|
$
4,942
|
|
(3) Amounts
include depreciation and amortization as follows:
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Cost of goods
sold
|
$
921
|
|
$
12
|
|
$
1,874
|
|
$
32
|
Research and
development
|
229
|
|
113
|
|
760
|
|
328
|
Selling, general and
administrative
|
1,757
|
|
17
|
|
4,195
|
|
32
|
Total depreciation
and amortization
|
$
2,907
|
|
$
142
|
|
$
6,829
|
|
$
392
|
LOCAL BOUNTI
CORPORATION
UNAUDITED
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION
(in
thousands)
|
|
RECONCILIATION OF
GROSS PROFIT TO ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN
PERCENTAGE
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Sales
|
$
6,285
|
|
$
159
|
|
$
12,836
|
|
$
324
|
Cost of goods
sold
|
5,015
|
|
155
|
|
11,535
|
|
281
|
Gross profit
|
1,270
|
|
4
|
|
1,301
|
|
43
|
Depreciation
|
921
|
|
12
|
|
1,874
|
|
32
|
Stock-based
compensation
|
29
|
|
—
|
|
81
|
|
—
|
Business combination
related integration costs
|
140
|
|
—
|
|
568
|
|
—
|
Business combination
fair value basis adjustment to inventory
|
—
|
|
—
|
|
1,042
|
|
—
|
Adjusted gross
profit
|
$
2,360
|
|
$
16
|
|
$
4,866
|
|
$
75
|
Adjusted gross margin
%
|
38 %
|
|
10 %
|
|
38 %
|
|
23 %
|
RECONCILIATION OF
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SELLING,
GENERAL AND ADMINISTRATIVE EXPENSE
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Selling, general and
administrative
|
$
20,239
|
|
$
4,269
|
|
$
64,741
|
|
$
15,525
|
Stock-based
compensation
|
(10,459)
|
|
—
|
|
(32,146)
|
|
(4,942)
|
Depreciation and
amortization
|
(1,757)
|
|
(17)
|
|
(4,195)
|
|
(32)
|
Business acquisition
and strategic transaction due diligence and integration related
costs
|
(924)
|
|
—
|
|
(6,643)
|
|
—
|
Restructuring and
business realignment costs
|
—
|
|
—
|
|
(621)
|
|
—
|
Adjusted selling,
general and administrative
|
$
7,099
|
|
$
4,252
|
|
$
21,136
|
|
$
10,551
|
RECONCILIATION OF
NET LOSS TO ADJUSTED EBITDA
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net loss
|
$
(27,104)
|
|
$
(10,834)
|
|
$
(84,539)
|
|
$
(27,822)
|
Stock-based
compensation expense
|
10,907
|
|
—
|
|
33,616
|
|
4,942
|
Interest expense,
net
|
5,154
|
|
3,079
|
|
12,262
|
|
4,752
|
Depreciation
|
1,651
|
|
142
|
|
3,477
|
|
392
|
Amortization
|
1,256
|
|
—
|
|
3,352
|
|
—
|
Business combination
fair value basis adjustment to inventory
|
—
|
|
—
|
|
1,042
|
|
—
|
Business acquisition
and strategic transaction due diligence and integration related
costs
|
924
|
|
—
|
|
7,071
|
|
—
|
Restructuring and
business realignment costs
|
—
|
|
—
|
|
621
|
|
—
|
Convertible notes fair
value adjustment
|
—
|
|
2,083
|
|
—
|
|
5,067
|
Gain/loss from
disposal of fixed assets
|
(28)
|
|
—
|
|
252
|
|
—
|
Management fee
income
|
(38)
|
|
(18)
|
|
(96)
|
|
(62)
|
Other income and
expense
|
—
|
|
7
|
|
—
|
|
10
|
Adjusted
EBITDA
|
$
(7,278)
|
|
$
(5,541)
|
|
$
(22,942)
|
|
$
(12,721)
|
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SOURCE Local Bounti