LOCL News & Events

Local Bounti received a notice from the NYSE that it is not in compliance with the NYSE continued listing standards due to the fact that the Company's average global market capitalization over a consecutive 30 trading-day period was less than $50M and, at the same time, its stockholders' equity was less than $50M. In accordance with NYSE procedures, the company intends to notify the NYSE that it plans to submit a plan within 45 days of receipt of the notice advising the NYSE of definitive action it has taken, or is taking, to bring it into compliance with the Minimum Market Capitalization Standard within nine months of receipt of the Notice . Any plan submitted by the company to regain compliance would be subject to NYSE approval. The notice has no immediate impact on the listing of the company's common stock, which will continue to trade on the NYSE during the Market Capitalization Cure Period. The company is considering all available options to regain compliance with the NYSE continued listing standards.

The Company expects modest sequential sales growth in Q3, followed by an acceleration in the Q4. This acceleration is expected to be supported by a convergence of activity, including the full-quarter contribution from the Texas facility transition, the additional capacity from the Georgia facility yield improvement, new product introductions and expansions with existing customers. The Company expects sequential improvements in its adjusted EBITDA loss rate in both the third and fourth quarters, driven by sales growth, cost reduction initiatives, and the ramp from its Washington and Texas facilities. Based on enhanced visibility into customer timelines and commercial ramp schedules, the Company now expects to achieve positive adjusted EBITDA in early 2026, as it scales alongside retail deployment schedules to ensure sustainable, profitable growth.

Reports Q2 revenue $12.1M vs. $9.4M last year. The Company ended the quarter with cash and cash equivalents and restricted cash of $13.2M as of June 30. Kathleen Valiasek, President, CEO and CFO of Local Bounti, stated, "Our team continues to execute with discipline on cost management, delivering approximately $7M in annualized expense reductions across operating expenses and cost of goods sold in the first half of 2025, plus an additional $2.5M-$3M of annualized savings measures to be actioned in the second half of 2025, with more to come in 2026. Local Bounti has made remarkable progress towards building a sustainable financial model, driven by our patented Stack & Flow Technology that delivers superior unit economics at scale. We've gained critical insights from our retail partners that are helping to optimize our commercial approach, and we continue to expect significant revenue growth in the second half of 2025 with sequential improvements accelerating in the fourth quarter as we realize a greater benefit from both the Texas and Washington facilities. While our team's execution remains strong, our path to profitability is inherently tied to our retail partners as we scale alongside their product rollout and store reset timelines. We are building the foundation for a high-growth, high-margin business by expanding door counts with new and existing customers and reliably serving them with safer, healthier, more sustainable products that consumers enjoy. We believe this strategic alignment could position us to achieve positive adjusted EBITDA in early 2026."

Local Bounti announced the appointment of Dane Almassy as its Chief Commercial Officer, effective August 25. Almassy is a highly regarded commercial leader with more than 20 years of experience driving strategic growth, operational efficiency, and brand development spanning the CPG and agriculture sectors. Throughout his career, he has built a track record of success scaling fresh food businesses and leading cross-functional teams across marketing, sales, and supply chain operations. Prior to joining Local Bounti, Almassy spent ten years at PepsiCo, where he held senior roles across national sales, strategy, and category management. He then went on to lead customer development and private-label partnerships at WhiteWave Foods and held senior commercial positions at Aurora Organic Dairy and F&S Produce. Most recently, he served as SVP of Sales & Marketing at AeroFarms, where he led go-to-market strategy, customer experience, and logistics. Almassy also currently serves on the leadership board of the CEA Food Safety Coalition, where he helps shape the industry standards for food safety and quality. Almassy holds a Bachelor of Arts in Journalism and Mass Communication from the University of North Carolina at Chapel Hill.