Local Bounti CorporationDE

For the period ended Dec 31, 2023. Filed Mar 28, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 28, 2024

LOCL$0.78-2.8%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Operations for the years ended and

(in thousands, except per share data)

	Year Ended December 31,
	2023	2022
Sales	$27,557	$19,474
Cost of goods sold(2)(3)(4)	25,341	17,259
Gross profit	2,216	2,215
Operating expenses:
Research and development(3)(4)	16,086	14,059
Selling, general and administrative(3)(4)	64,559	82,682
Goodwill impairment	38,481	—
Total operating expenses	119,126	96,741
Loss from operations	(116,910)	(94,526)
Other income (expense):
Change in fair value of warrant liability	18,483	—
Interest expense, net	(25,745)	(16,734)
Other income	157	189
Net loss	$(124,015)	$(111,071)
Net loss applicable to common stockholders per basic common share:
Basic and diluted(1)	$(15.61)	$(16.57)
Weighted average common shares outstanding:
Basic and diluted(1)	7,943,874	6,701,126

(1) Prior comparative period share and per share amounts have been retroactively adjusted to reflect the June 15, 2023 Reverse Stock Split (as defined below). See Note 12, Stockholders' Equity, for additional detail.

(2)Amounts include the impact for non-cash increase in cost of goods sold attributable to the fair value basis adjustment to inventory in connection with the Pete's Acquisition (as defined below) as follows:

	Year Ended December 31,
	2023	2022
Cost of goods sold	$—	$1,042
Total business combination fair value basis adjustment to inventory	$—	$1,042

(3)Amounts include stock-based compensation as follows:

	Year Ended December 31,
	2023	2022
Cost of goods sold	$123	$104
Research and development	1,464	2,057
Selling, general and administrative	14,687	37,005
Total stock-based compensation expense, net of amounts capitalized	$16,274	$39,166

(4)Amounts include depreciation and amortization as follows:

	Year Ended December 31,
	2023	2022
Cost of goods sold	$3,513	$2,957
Research and development	2,505	1,304
Selling, general and administrative	7,114	6,166
Total depreciation and amortization	$13,132	$10,427

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.