Local Bounti Corporation/DE

Local Bounti Corporation announced the resignations of Executive Chairman Craig Hurlbert and Lead Independent Director Matthew Nordby, effective June 18, 2026. Their departures were not due to any disagreements with the company or its management. Following these changes, the Board reduced its size from eight to six members. The company appointed Travis Joyner as Chairman of the Board and Mark Nelson as Lead Independent Director, along with new committee assignments.

Local Bounti Corporation announced the departure of Dane Almassy, its Chief Commercial Officer, effective May 14, 2026. The company presented Mr. Almassy with a separation agreement, which he has 21 days to accept. Under his employment agreement, he is entitled to accrued salary and benefits through the separation date, and subject to executing a general release of claims and adhering to restrictive covenants, he will receive six months of continuing salary payments and COBRA reimbursement.

Local Bounti Corporation reported a significant reduction in net loss for Q1 2026, narrowing to $(12.7) million from $(37.7) million in Q1 2025, with basic and diluted net loss per share improving to $(0.53) from $(4.32). Sales increased by 14.9% to $13.3 million. The company also secured a new $15.0 million convertible note and warrants in March 2026 to support its operations and growth strategy, while acknowledging ongoing liquidity challenges and a significant accumulated deficit of $530.3 million.

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.