Quarterly ResultMay 13, 2026, 07:47 AM
Local Bounti Q1 Revenue +15% to $13.3M; Net Loss Improves to $12.7M
AI Summary
Local Bounti Corporation announced its first quarter 2026 financial results, reporting a 15% increase in sales to $13.3 million and a significant improvement in net loss to $12.7 million. The company also saw a 35% improvement in adjusted EBITDA loss and a 30% reduction in adjusted G&A year-over-year. Strategic advancements include securing new retail partnerships, achieving higher yields from facility upgrades, and receiving a U.S. patent for its AI-driven growing optimization technology, alongside a $15 million investment.
Key Highlights
- Sales increased 15% to $13.3 million in Q1 2026, up from $11.6 million in the prior year period.
- Net loss improved to $12.7 million in Q1 2026, compared to a net loss of $37.7 million in the prior year.
- Adjusted EBITDA loss improved 35% to $5.7 million, from a loss of $8.8 million in the prior year period.
- Adjusted general and administrative expense decreased 30% to $4.1 million.
- Secured two new retail accounts, including a national rollout across more than 250 stores.
- Received U.S. Patent No. 12,557,741 for AI-driven growing optimization in February 2026.
- Received a $15 million investment from an existing strategic investor in March 2026.
- Ended Q1 2026 with $18.8 million in cash and cash equivalents and restricted cash.