Q2 2024 Local Bounti Corp Earnings Call Transcript
Key Points
- Sales increased by 31% year over year to a record $9.4 million.
- Adjusted EBITDA loss improved by approximately $800,000 year over year to $7.5 million.
- Commencement of shipments from new state-of-the-art facilities in Washington and Texas.
- Successful expansion of customer base and distribution network, including Brookshire Grocery Company and Sam's Club.
- Significant strides in optimizing seed costs, reducing them by approximately 20%.
- Net loss increased to $25.3 million in Q2 2024 from $10.7 million in the prior year period.
- Revenue contribution from the Montana facility was impacted due to a temporary shutdown.
- SG&A expenses remain high at $10.7 million despite cost-saving actions.
- Ongoing optimization and scaling up of growth facilities continue to impact adjusted gross margin.
- Dependence on additional financing, including a $175 million conditional commitment letter and a $55 million sale-leaseback, to support strategic growth plans.
Good morning, and welcome to the Local Bounti second quarter 2024 earnings conference call. (Operator Instructions) Please also note, today's event is being recorded. At this time, I'd like to turn the call over to Jeff Sonnek with Investor Relations at ICR. Please go ahead, sir.
Thank you, and good morning. Today's presentation will be hosted by Local Bounti's, Chief Executive Officer, Craig Hurlbert; and President and Chief Financial Officer, Kathleen Valiasek.
The comments made during today's call contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are considered forward-looking statements. These statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to
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