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Local Bounti narrows EBITDA loss as revenue rises to $13.9 million
The company said its adjusted EBITDA loss improved 17% year over year to $5.8 million, helped by higher revenue and lower adjusted G&A, and it plans a near-term ~400-store salad-kit pilot this fall.
Local Bounti, Inc. reported quarterly revenue of $13.9 million, up 14% year over year and 4% quarter over quarter, as the company continued its shift from facility build-out toward higher retail output. The producer also said progress toward positive adjusted EBITDA is being supported by higher revenue, lower adjusted G&A, and ongoing yield and cost-efficiency initiatives.
Adjusted EBITDA loss narrowed 17% year over year to $5.8 million, reflecting early operating leverage even as the company noted temporary gross-margin pressure during the quarter. With three Stack & Flow-enabled facilities already at full harvestable capacity, it said incremental growth increasingly depends on better asset productivity, while further gross-margin improvement is needed to accelerate the path to positive adjusted EBITDA.
Commercial momentum broadened across new accounts and new SKUs, including a planned ~400-store single-serve salad-kit pilot this fall. The company also pointed to higher California production of about 10% alongside a recent $12.5 million investment meant to strengthen near-term liquidity.
Local Bounti said food safety and traceability have become a more prominent strategic theme, with retailers placing more weight on water sourcing, environmental control, traceability, and food-safety monitoring. It added that FMI research found 31% of responding retailers plan to add food-traceability technology capabilities this year, and it referenced fresh-lettuce unit sales falling 9% week over week during July’s Cyclospora outbreak, citing impacts from supply-chain exposure.