Local Bounti Corporation/DE
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
LOCL$0.87-3.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001840780-25-000037
Item 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001628280-25-052331
Item 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 85 previous paragraphs and 90 current paragraphs.
56 unchanged; 21 reworded; 12 added; 7 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
Yield Improvement
Current report
We continue to advance our yield improvement and cost reduction initiatives across our facility network. Planned tower upgrades have been installed at each of our facilities following the completion of work at the Texas and Washington facilities in early September. These upgrades are designed to achieve better climate control through the stack phase to enhance production efficiency and increase yield capacity. Management expects to complete optimization in the fourth quarter of 2025 with resultant yield increases of more than 10% to follow.
Current report
Cost Reduction Initiatives
Current report
Looking ahead, we have targeted additional cost reduction initiatives in the range of $1.5 to $2.0 million, annualized, to be actioned in the fourth quarter of 2025 and realized in the first half of 2026 with additional measures to follow. These savings stem from ongoing projects to improve operational efficiency and reduce costs in key areas like raw materials, packaging, labor, utilities and other cost of goods sold. Within raw materials, these savings are expected to stem from further seed and substrate cost reductions, where management has already made great progress in 2025.
Current report
Intellectual Property
Current report
We continue to advance our intellectual property portfolio and recently received a positive update related to our previously filed patent application in 2022 titled "Optimizing Growing Process in a Hybrid Growing Environment Using Computer Vision and AI." We anticipate that this patent may be issued as early as December 2025. We have been utilizing computer vision and AI at all of our Stack & Flow Technology-enabled facilities to analyze plant growth data in conjunction with environmental data to identify patterns that drive improved consistency and yield.
Current report
During the third quarter of 2025, we expanded distribution of our salad kit line across additional regional retailers in the Pacific Northwest, demonstrating ongoing demand for convenient and fresh meal options. In the home-delivery channel, we successfully launched four new grab-and-go offerings with a leading partner, thus increasing the depth of our assortment and further positioning ourselves for growth in the direct-to-consumer segment. Additionally, we entered into an agreement to pack private label Butter Living for Markon Cooperative, which serves as the purchasing, logistics, information, and marketing partner for its five member distributors and their North American foodservice customers. This partnership highlights the trust and credibility we have established with our partners.
Current report
Regarding product commercialization, we finalized our new family-sized 10oz Romano Caesar Salad Kit, which launched in key Pacific Northwest retailers, including Walmart, in October. This move advances our strategy to offer multi-serve products at scale.
Current report
Three and Nine Months Ended September 30, 2025 compared to the Three and Nine Months Ended September 30, 2024
Current report
U.S. Bounti, LLC Convertible Note
Current report
On August 1, 2025, the Company entered into a Convertible Note and Warrant Purchase Agreement with U.S. Bounti, LLC, providing for the issuance of (i) the Note with an initial principal balance of $10.0 million and (ii) the U.S. Bounti Warrant pursuant to which U.S. Bounti, LLC has the right to purchase and acquire 550,000 shares of our common stock. The Note has a maturity date of August 1, 2030 and carries a 6.0% annual interest rate, with interest added to the Note balance twice a year through the end of 2028. From time to time after August 1, 2028, interest may be payable quarterly in arrears in cash, commencing December 31, 2028, if certain conditions are met. As no interest payments are due in the next twelve months, the accrued interest has been classified within "Accrued interest, noncurrent" on the Unaudited Condensed Consolidated Balance Sheets.
Current report
The Note can be converted into our common stock at the Conversion Price, which is $2.50 per share. Conversion of the full initial principal amount of the Note would result in the issuance of 4.0 million shares of our common stock, with additional shares possible from accrued interest. On August 1, 2029, 50% of the Note Obligations Amount will be automatically converted into shares of our common stock at the Conversion Price. The remaining 50% of the Note Obligations Amount will be automatically converted into shares of our common stock at the Conversion Price on the maturity date of the Note. The Note is subordinated to obligations under the Company’s Senior Facility.
Removed paragraphs (7)
Previous report
Yield Improvement & Cost Reduction Initiatives
Previous report
We are making significant progress on yield improvement and cost reduction initiatives across our facility network. Tower upgrades at the Georgia facility are expected to be completed in late August, with similar additional tower upgrades planned for Texas and Washington facilities in late August and early September, respectively. These upgrades are designed to enhance production efficiency and increase yield capacity across our Stack & Flow Technology platform. We are also advancing our seed cost reduction program at our Texas and Washington facilities, with anticipated implementation expected throughout the third and fourth quarters of 2025. This program is designed to optimize seed costs while maintaining the high-quality standards that our customers expect, building on previous successful implementations at our Georgia facility that have demonstrated meaningful cost reductions. Looking ahead, we are targeting additional cost reduction initiatives in the range of $2.5 to $3 million, annualized, to be actioned in the second half of 2025, with additional measures to follow in 2026.
Previous report
Building on the momentum achieved in the first quarter, we successfully launched our salad kit line in April 2025, expanding our grab-and-go product offerings to better serve retail partners and consumer trends. We continue to develop new pack sizes to deliver value to consumers and expect to launch a new, larger, family-sized Caesar salad kit with a large multi-national retailer in the Pacific Northwest early in the fourth quarter. We are also expanding our relationship with a leading home delivery service partner, launching four new private label salad kits in mid-September, bringing our total offerings with the customer to six.
Previous report
Our relationship with Walmart continues to grow, building on the 191 stores already being supplied with premium baby leaf varieties. We have also secured an expanded commitment to serve 13 Walmart distribution centers with Conventional Living Butter Lettuce, with shipments having commenced in late April from both our California and Texas facilities.
Previous report
Three and Six Months Ended June 30, 2025 compared to the Three and Six Months Ended June 30, 2024
Previous report
Interest expense, net increased by $1.3 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. This increase was driven by a decrease of $10.1 million in interest capitalized during six months ended June 30, 2025, compared to the six months ended June 30, 2024 due to interest capitalized during the construction of the Washington and Texas facilities in the prior year, which results in a greater amount of interest recognized as expense. This increase in interest expense was partially offset by a decrease in interest expense on the Senior Facility and Subordinated Facility of $7.0 million as a result of the Eleventh Amendment and an increase in amortization of debt premium of $1.7 million as a result of the Eleventh Amendment during the six months ended June 30, 2025 as compared to the same prior year period. During the six months ended June 30, 2025 and 2024, we capitalized $0.1 million and $10.1 million of interest, respectively.
Previous report
Net cash provided by financing activities was $70.2 million for the six months ended June 30, 2024,
Reworded paragraphs (21)
Previous wording
As previously reported, we reconfigured three acres of the Texas facility—originally designed for head lettuce production—to create a flexible growing environment capable of producing both head lettuce and cut products based on customer preferences. The retrofit was completed in late July, and the facility is now operating at full harvestable capacity in early August. The automated harvesting equipment installation is now complete and operational, replacing the temporary harvester used during the second quarter, and is expected to begin driving anticipated operational efficiencies and margin improvements in late third quarter.
Current wording
As previously reported, we reconfigured three acres of our Texas facility—originally designed for head lettuce production—to create a flexible growing environment capable of producing both head lettuce and cut products based on customer preferences. The retrofit was completed in late July, and the facility reached full harvestable capacity in early August. The automated harvesting equipment installation was completed and became fully operational during the third quarter, replacing the temporary harvester used during the second quarter. The Texas facility is now sold out on a run-rate basis.
Previous wording
Sales increased by $2.7 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024 and sales increased by $5.9 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase was due to increased production and growth in sales from our facility in Georgia and sales from our new facilities in Texas and Washington, which began shipping and selling products in the second quarter of 2024.
Current wording
We derive our revenue from the sale of produce grown at our six facilities. Sales increased by $2.0 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024 and sales increased by $7.8 million for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increase was due to increased production and growth in sales from our facility in Georgia and sales from our new facilities in Texas and Washington, which began shipping and selling products in the second quarter of 2024.
Previous wording
Cost of goods sold increased by $2.5 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024 and increased by $5.1 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, due primarily to production ramp-up at our new Texas and Washington facilities and increased production at our Georgia facilities.
Current wording
Cost of goods sold increased by $2.0 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024 and increased by $7.1 million for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, due primarily to production ramp-up at our new Texas and Washington facilities and increased production at our Georgia facilities.
Previous wording
Research and development costs increased by $2.0 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024 and increased by $5.5 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase is driven primarily by the additional development of our production, harvesting, and post-harvest packaging techniques and processes, including production surplus costs, related to the development and testing of our commercial-scale Stack & Flow Technology and production processes at the Washington and Texas facilities.
Current wording
Research and development costs increased by $0.4 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024 and increased by $5.0 million for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increase is driven primarily by the additional development of our production, harvesting, and post-harvest packaging techniques and processes, including production surplus costs, related to the development and testing of our commercial-scale Stack & Flow Technology and production processes at the Washington, Texas, and Georgia facilities.
Previous wording
Sales and marketing costs increased by $0.6 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase is driven primarily by an increase of $0.4 million in transportation and delivery costs as a result of increased shipments of produce driven by an increase in sales and an increase of $0.2 million in salaries, commissions, benefits, and payroll-related expenses.
Current wording
Sales and marketing costs increased by $0.5 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase is driven primarily by an increase of $0.2 million in transportation and delivery costs as a result of increased shipments of produce driven by an increase in sales. The remaining difference is due to individually immaterial differences.
Previous wording
Sales and marketing costs increased by $0.3 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase is driven primarily by an increase of $0.2 million in salaries, commissions, benefits, and payroll-related expenses and an increase of $0.1 million in transportation and delivery costs as a result of increased shipments of produce driven by an increase in sales.
Current wording
Sales and marketing costs increased by $1.1 million for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increase is driven primarily by an increase of $0.5 million in transportation and delivery costs as a result of increased shipments of produce driven by an increase in sales and an increase of $0.2 million in salaries, commissions, benefits, and payroll-related expenses. The remaining difference is due to individually immaterial differences.
Previous wording
General, and administrative expenses decreased by $0.6 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily driven by a decrease of $0.4 million in salaries, benefits, and payroll-related expenses, a decrease of $0.4 million in professional fees, and a decrease of $0.1 million in property tax. This decrease was partially offset by an increase of $0.3 million increase in stock-based compensation and a $0.4 million increase in depreciation and amortization. The remaining difference is due to individually immaterial differences.
Current wording
General, and administrative expenses increased by $0.2 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily driven by an impairment charge of $3.7 million related to Pete's trade name, which was partially offset by a decrease of $1.6 million in loss on disposal of assets, a decrease of $0.8 million in salaries, benefits, and payroll-related expenses, a decrease of $0.3 million in professional fees, a decrease of $0.2 million in insurance, and a decrease of $0.2 million in property tax. The remaining difference is due to individually immaterial differences.
Previous wording
General, and administrative expenses increased by $1.7 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by a $1.7 million increase in stock-based compensation, a $0.5 million increase in depreciation and amortization, and a $0.6 million increase in insurance. This increase was offset by a decrease of $0.1 million in salaries, benefits, and payroll-related expenses, a decrease of $0.7 million in professional fees, and a decrease of $0.2 million in property tax.
Current wording
General, and administrative expenses increased by $1.9 million for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily driven by an impairment charge of $3.7 million related to Pete's trade name and an increase in stock-based compensation $1.6 million. This increase was partially offset by a decrease of $1.6 million in loss on disposal of assets, a decrease of $0.9 million in salaries, benefits, and payroll-related expenses, and a decrease of $0.9 million in professional fees.
Previous wording
The change in fair value of warrant liability includes the mark-to-market adjustments to the warrant liability to reflect its fair value as of the end of the reporting period. The increase in fair value of the warrant liability is primarily due to the Eleventh Amendment, which amended the Original Warrants by decreasing the per share exercise price of the Original Warrants from $6.50 to $4.00 per share with an amended expiration date of March 31, 2033. This change in terms increased the value of the warrants and the related liability for the six months ended June 30, 2025. Additional increase in the value of the warrants for the three months ended June 30, 2025 is primarily due to a net increase in our closing stock price at June 30, 2025 compared to the closing stock price on the prior measurement date of March 31, 2025. The period-end close stock price is a key input to the Black-Scholes model we use to measure and estimate the fair value of the warrant at the end of each reporting period.
Current wording
The change in fair value of warrant liability includes the mark-to-market adjustments to the Cargill Amended Warrants liability and the U.S. Bounti Warrant liability to reflect their fair value as of the end of the reporting period. The increase in fair value of the warrant liability is primarily due to the Eleventh Amendment entered into on March 31, 2025, which amended the Cargill Original Warrants by decreasing the per share exercise price of the Cargill Original Warrants from $6.50 to $4.00 per share with an amended expiration date of March 31, 2033 and the issuance of the U.S. Bounti Warrant in connection with the issuance of a convertible note with an initial principal balance of $10.0 million on August 1, 2025. The issuance of the U.S. Bounti Warrant and the change in terms of the Cargill Amended Warrants increased the value of the warrants and the related liability for the nine months ended September 30, 2025. Additional increase in the value of the warrants for the three months ended September 30, 2025 is primarily due to a net increase in our closing stock price at September 30, 2025 compared to the closing stock price on the prior measurement date of June 30, 2025. The period-end close stock price is a key input to the Black-Scholes model we use to measure and estimate the fair value of the warrant at the end of each reporting period.
Previous wording
Interest expense, net decreased by $7.9 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The decrease is primarily due to a decrease in the principal amount outstanding on the Senior Facility as a result of the Eleventh Amendment, which decreased interest expense by $10.6 million over the prior year period. Also contributing to the net decrease was an increase in amortization of debt premium of $1.7 million as a result of the Eleventh Amendment during the three months ended June 30, 2025 as compared to the same prior year period. This decrease was offset by a decrease of $4.4 million in interest capitalized during the construction of the Washington and Texas facilities in the prior year period. No interest was capitalized during the three months ended June 30, 2025. We capitalized $4.4 million of interest during the three months ended June 30, 2024.
Current wording
Interest expense, net decreased by $13.8 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The decrease is primarily due to a decrease in the principal amount outstanding under the Senior Facility as a result of the Eleventh Amendment, which decreased interest expense by $13.8 million, net of interest capitalized, over the prior year period.
Previous wording
We have incurred losses and generated negative cash flows from operations since our inception. At June 30, 2025, we had an accumulated deficit of $482.5 million and cash and cash equivalents and restricted cash of $13.2 million.
Current wording
We have incurred losses and generated negative cash flows from operations since our inception. At September 30, 2025, we had an accumulated deficit of $508.9 million and cash and cash equivalents and restricted cash of $12.7 million.
Previous wording
As of June 30, 2025, the principal amount due under our credit facility with Cargill Financial totaled $312.0 million, none of which is classified as current. The debt agreements with Cargill Financial contain various financial and non-financial covenants and certain restrictions on our business, which include restrictions on additional indebtedness, minimum liquidity and other financial covenants, and material adverse effects that could cause us to be at risk of default. A failure to comply with the covenants and other provisions of these debt instruments, including any failure to make payments when required, would generally result in events of default under such instruments, which could result in the acceleration of a substantial portion of such indebtedness.
Current wording
As of September 30, 2025, the principal amount due under our credit facility with Cargill Financial totaled $302.0 million, none of which is classified as current. In addition, the Company has an outstanding convertible note for $10.0 million to U.S. Bounti, LLC, none of which is classified as current. The debt agreements with Cargill Financial contain various financial and non-financial covenants and certain restrictions on our business, which include restrictions on additional indebtedness, minimum liquidity and other financial covenants, and material adverse effects that could cause us to be at risk of default. A failure to comply with the covenants and other provisions of these debt instruments, including any failure to make payments when required, would generally result in events of default under such instruments, which could result in the acceleration of a substantial portion of such indebtedness.
Previous wording
The CEA business is capital-intensive. Currently, our primary sources of liquidity and capital resources are cash on hand, cash flows generated from the sale of our products, and the credit facilities with Cargill Financial. Cash expenditures over the next 12 months are expected to include general operating costs for employee wages and related benefits, outside services for legal, accounting, IT infrastructure, and costs associated with growing, harvesting, and selling our products, such as the purchase of seeds, soil, nutrients, and other growing supplies, shipping and fulfillment costs, and facility maintenance costs.
Current wording
The CEA business is capital-intensive. Currently, our primary sources of liquidity and capital resources are cash on hand, cash flows generated from the sale of our products, and the credit facilities with U.S. Bounti, LLC and Cargill Financial. Cash expenditures over the next 12 months are expected to include general operating costs for employee wages and related benefits, outside services for legal, accounting, IT infrastructure, and costs associated with growing, harvesting, and selling our products, such as the purchase of seeds, soil, nutrients, and other growing supplies, shipping and fulfillment costs, and facility maintenance costs.
Previous wording
As of June 30, 2025, a total of $312.0 million of principal was outstanding on the Senior Facility. The Senior Facility is included in "Long-term debt, net" on the Unaudited Condensed Consolidated Balance Sheets. The Eleventh Amendment, as described in Note 6, Debt, to the Unaudited Condensed Consolidated Financial Statements, resulted in a lower principal balance and a reduced interest rate. In addition, a debt premium recorded in connection with the amendment will be amortized as a reduction to interest expense over the 10-year term of the Amended Senior Credit Agreement using the effective interest method.
Current wording
As of September 30, 2025, a total of $302.0 million of principal was outstanding on the Senior Facility. The Senior Facility is included in "Long-term debt, net" on the Unaudited Condensed Consolidated Balance Sheets. The Eleventh Amendment, as described in Note 6, Debt, to the Unaudited Condensed Consolidated Financial Statements, resulted in a lower principal balance and a reduced interest rate. In addition, a debt premium recorded in connection with the amendment will be amortized as a reduction to interest expense over the 10-year term of the Amended Senior Credit Agreement using the effective interest method.
Previous wording
From January 1, 2027 to December 31, 2029, interest will accrue on $100 million of the Senior Facility and will be due and payable in cash starting the first business day after the close of each calendar quarter, beginning with the quarter commencing April 1, 2027, and continuing through December 31, 2029. Interest accruing on the outstanding principal balance of the Senior Facility in excess of $100 million will, at the Company’s option, either be paid in cash or paid in kind, beginning with the quarter commencing April 1, 2027, and continuing through December 31, 2029.
Current wording
From January 1, 2027 to December 31, 2029, interest will accrue on $100 million of the Senior Facility and will be due and payable in cash starting the first business day after the close of each calendar quarter, beginning with the quarter commencing April 1, 2027, and continuing through December 31, 2029. Interest accruing on the outstanding principal balance of the Senior Facility in excess of $100 million will, at the Company’s option, either be paid in cash or paid in kind, beginning with the quarter commencing April 1, 2027, and continuing through December 31, 2029. As no interest payments are due in the next twelve months, the accrued interest has been classified within "Accrued interest, noncurrent" on the Unaudited Condensed Consolidated Balance Sheets.
Previous wording
Net cash used in operating activities was $11.1 million for the six months ended June 30, 2024 due to a net loss of $49.3 million. This was partially offset by non-cash activities of $21.7 million in paid-in-kind interest, $5.3 million in depreciation expense, $4.2 million in amortization of debt issuance costs, a non-cash loss of $3.1 million related to change in fair value of warrant liability, $1.8 million in amortization expense, and $0.9 million net increase of cash from changes in assets and liabilities.
Current wording
Net cash used in operating activities was $27.2 million for the nine months ended September 30, 2025 due to a net loss of $85.7 million. This was partially offset by non-cash activities of $17.6 million in depreciation and amortization expense, $25.3 million in paid-in-kind interest, a non-cash loss of $8.4 million related to change in fair value of warrant liability, $4.1 million in stock-based compensation expense, net of amounts capitalized, and $2.1 million in amortization of debt issuance costs, and $1.1 million net increase of cash from changes in operating assets and liabilities.
Previous wording
Net cash used in operating activities was $18.3 million for the six months ended June 30, 2025 due to a net loss of $59.3 million. This was partially offset by non-cash activities of $15.3 million in paid-in-kind interest, a non-cash loss of $5.0 million related to change in fair value of warrant liability, $10.0 million in depreciation expense, $2.9 million in stock-based compensation expense, net of amounts capitalized, $1.8 million in amortization expense, and $2.1 million in amortization of debt issuance costs.
Current wording
Net cash used in operating activities was $28.3 million for the nine months ended September 30, 2024 primarily due to a net loss of $83.6 million. This was partially offset by non-cash activities of $23.3 million in paid-in-kind interest, $10.3 million in depreciation expense, $6.3 million in amortization of debt issuance costs, $2.7 million in amortization expense, $2.1 million in stock-based compensation expense, net of amounts capitalized, and $5.7 million net increase of cash from changes in operating assets and liabilities.
Previous wording
Net cash used in investing activities was $10.9 million for the six months ended June 30, 2025, due primarily to purchases of construction materials and services, equipment, and other items for the Washington and Texas facilities.
Current wording
Net cash used in investing activities was $12.1 million for the nine months ended September 30, 2025, due primarily to purchases of construction materials and services, equipment, and other items for the Washington and Texas facilities.
Previous wording
Net cash used in investing activities was $59.8 million for the six months ended June 30, 2024, due primarily to purchases of construction materials and services, equipment, and other items for the Washington, Texas, and Georgia facilities.
Current wording
Net cash used in investing activities was $72.6 million for the nine months ended September 30, 2024, due primarily to purchases of construction materials and services, equipment, and other items for the Washington, Texas, and Georgia facilities.
Previous wording
Net cash provided by financing activities was $34.9 million for the six months ended June 30, 2025, comprised of $21.4 million of proceeds from the issuance of Series A Preferred Stock, $10.5 million of proceeds from the issuance of debt, and $3.5 million from the issuance of common stock.
Current wording
Net cash provided by financing activities was $44.5 million for the nine months ended September 30, 2025, comprised of $21.4 million of proceeds from the issuance of Series A Preferred Stock, $10.5 million of proceeds from the issuance of debt, $10.0 million of proceeds from the issuance of the U.S. Bounti, LLC convertible note, and $3.5 million from the issuance of common stock.
Previous wording
comprised of $70.2 million of net proceeds from the issuance of debt.
Current wording
Net cash provided by financing activities was $90.8 million for the nine months ended September 30, 2024, comprised of $90.9 million of net proceeds from the issuance of debt.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Interest expense, net decreased by $12.4 million for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The decrease is primarily due to a decrease in the principal amount outstanding under the Senior Facility as a result of the Eleventh Amendment, which decreased interest expense by $12.4 million, net of interest capitalized, over the prior year period.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
We derive our revenue from the sale of produce grown at our six facilities.