“2023 was a defining year for Local Bounti, culminating in significantly expanded production capacity following the implementation of our now patented Stack & Flow Technology and optimization of our Georgia facility,” stated Craig Hurlbert, CEO of Local Bounti. “Our efforts to increase production at our Georgia facility continue to yield results year-to-date with packed volume that is three-times that of a year ago and approximately 50% higher than the update we provided in December. Our team is focused on applying these learnings to our recently opened facilities in Washington and Texas, which are in the midst of the commissioning process and slated to begin shipping to customers in the second quarter. As the additional capacity from our combined facilities comes online, we expect to deliver a significant acceleration of revenue growth in the second half of 2024.” Hurlbert added, “We continue to see an incredible opportunity to meet demand for high-quality and delicious leafy greens. Through close coordination with our retail partners to better understand their customers’ needs, we are gearing up for an expansion of our product assortment and new capacity at existing and greenfield facilities. We have been working diligently with our financial partners to ensure that we have ample flexibility to meet the capital needs of these projects and expect to close on these facilities in the second quarter. Capital efficiency remains our ethos at Local Bounti and our team continues to work tirelessly to drive down our operating costs – in fact, we’ve reduced annualized overhead by approximately $5 million following actions in December 2023 and January 2024, and are also working on projects to further optimize our cost of goods. These efficiencies combined with the additional scale from our capacity expansions in 2024 has us on track to drive positive adjusted EBITDA1 in early 2025.”
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