In This Story
Local Bounti Corporation (LOCL+8.97%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in sales to $38.1 million from $27.6 million in the previous year. This increase is attributed to expanded production and sales from facilities in Georgia, Texas, and Washington.
Cost of goods sold rose to $34.0 million, up from $25.3 million in the previous year, due to increased production activities. The company reported a gross profit of $4.1 million, compared to $2.2 million in the previous year.
Research and development expenses increased to $22.3 million from $16.1 million, reflecting investments in production and packaging technologies.
Selling, general, and administrative expenses decreased to $40.8 million from $64.6 million, primarily due to a reduction in stock-based compensation expenses.
The company reported a net loss of $119.9 million, slightly improved from a net loss of $124.0 million in the previous year.
Local Bounti's cash and cash equivalents at the end of the year were $7.5 million, down from $16.9 million at the end of 2023.
The company completed construction of new facilities in Texas and Washington in 2024, bringing its total facility count to six.
Local Bounti continues to focus on expanding its production capacity and product offerings, including new varieties of leafy greens and herbs.
The filing also details the company's debt agreements with Cargill Financial, which include various financial covenants and restrictions.
Local Bounti identified risks related to its business operations, including the need for additional financing, competition in the natural food market, and potential impacts from climate change.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Local Bounti Corporation annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.