| Over a week ago | ||||
Local Bounti Corporation… Local Bounti Corporation announced that Anna Fabrega, former Freshly CEO and Amazon executive, will become CEO of Local Bounti on June 5, 2023. The company's current Co-CEOs and Co-Founders - Craig Hurlbert and Travis Joyner - will shift to new leadership roles as Senior Vice President of Strategy and Chief Technology Officer, respectively, and maintain their seats on the Company's Board of Directors. "We started Local Bounti with a vision to help solve global food shortages through a thoughtful and capital efficient approach that maximizes our unit-level economics through efficiencies driven by our Stack & Flow Technology," Local Bounti Co-CEO Craig Hurlbert said. "With Anna as our new CEO, we are poised to expand our reach as we execute on our growth strategy." | ||||
Deutsche Bank lowered the… Deutsche Bank lowered the firm's price target on Local Bounti to $1 from $2 and keeps a Buy rating on the shares post the Q1 results. | ||||
Revenue outlook… Revenue outlook approximates its expected production from its Montana, California and Georgia facilities, but excludes the expected future positive impact from additional capacity following its Stack implementation at the Georgia facility. | ||||
Reports Q1 revenue $6.7M,… Reports Q1 revenue $6.7M, consensus $6.61M. The Company ended the quarter with cash and cash equivalents of $7.5M and approximately $116.5M of undrawn capacity on its credit facility with Cargill Financial Services International. Craig Hurlbert, Co-CEO of Local Bounti, stated, "Q1 results were consistent with our expectations and reflect the commissioning phase of our Georgia facility. This facility is an important lever for our business to achieve the anticipated growth acceleration in the years to come as we complete the full integration of our vertical 'Stack' system. Georgia reflects the latest advancements in our Stack & Flow TechnologyTM and is a testament to our unwavering focus on capital efficiency. We are on track to complete our Georgia and Texas facilities in 2023 and our Washington facility early in the first quarter of 2024. Further, we continue to push forward our other projects with the resources provided by the recent announcements surrounding our new financings. With this additional capital, we believe that we have the funding required to drive the business and achieve breakeven adjusted EBITDA by the end of 2024 or early 2025." | ||||
| Over a month ago | ||||
Issuable upon exercise of… Issuable upon exercise of warrants. | ||||
Roth MKM analyst Brian… Roth MKM analyst Brian Wright lowered the firm's price target on Local Bounti to $3 from $6 and keeps a Buy rating on the shares. The firm is updating its estimates to reflect the weather-related delay in GA facility construction along with the staggering of the commissioning schedules for the TX and WA facilities. The analyst adds however that the company's Q4 results last week are "background noise" after the announcement that it has secured additional debt capital from strategic partner Cargill and through a sale-leaseback transaction that should provide sufficient additional capital to construct announced facilities and reach adjusted EBITDA positive. | ||||
Lake Street lowered the… Lake Street lowered the firm's price target on Local Bounti to $3.50 from $10 and keeps a Buy rating on the shares. Q4 results were in line with the firm's expectations, but shares rallied 47% based on a significant increase in capital availability via a $110M expansion of its credit facility with Cargill, a $35M sale/leaseback deal and potentially up to $80M of USDA-backed financing. The firm view this as "transformational capital for the company" and "a testament to the value being built by Local Bounti," which it views as materially overlooked even after yesterday's rally. The firm lower its price target given market conditions and dilution, but calls the capital structure news "perhaps the most significant development in Local Bounti's public company history." | ||||
Reports Q4 revenue… Reports Q4 revenue $6.64M, consensus $7.27M. Craig Hurlbert, Co-CEO, stated, "2022 marked our first full year as a public company, complete with several important milestones. We made significant advancements in the refinement and productivity of our Stack & Flow Technology, which continues to underpin our business model with a capital efficient tool to enhance crop turns and maximize return on investment across a variety of CEA approaches. With our distribution reach, which surpasses 10,000 doors, and our growing capacity that is improving by the day, we have also attracted new partnerships and expanded others - most notably with the offtake agreement with Sam's Club for our leafy greens production...Looking ahead to 2023, we are poised to complete our Georgia and Texas facilities and our Washington facility in 2024. Further, we continue to push forward our other projects with the resources provided by today's announcement of the new financings. With this additional capital, we believe that we have the funding required to drive the business to positive adjusted EBITDA." | ||||
Deutsche Bank lowered the… Deutsche Bank lowered the firm's price target on Local Bounti to $2 from $9 and keeps a Buy rating on the shares. The analyst sees increasing risk of economic headwinds building for the consumer staples sector. This makes the firm more concerned about forward company fundamental risk for much of its coverage. | ||||
