Local Bounti announced that sales increased by 50% year-over-year in the third quarter of 2024. The company completed the transition of its Montana facility from research and development to commercial production during this quarter.
The company expanded its product assortment in Q3 2024 by introducing several high-velocity offerings, including Arugula, Spinach, Spring Mix & Spinach Blend, Power Crisp, and Basil. Local Bounti began shipping its entire assortment to customers and continued the rollout of its Grab-and-Go Salad Kits to the Pacific Northwest and Southern United States.
Local Bounti now anticipates achieving positive adjusted EBITDA in the second quarter of 2025, a shift from its previous target of Q1 2025. This adjustment is attributed to a strategic decision to reconfigure growing plans to align with heightened customer demand for specialty products.
For the fourth quarter of 2024, Local Bounti projects revenues of approximately $11 million, which implies an estimated 67% year-over-year growth. The company ended Q3 2024 with $6.8 million in cash and cash equivalents and restricted cash, and received an additional $6 million from its lender for working capital in Q4-to-date.
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