Local Bounti Corporationde (LOCL) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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LOCL Annual Reports

  • 10-K Annual Report March 2022

Local Bounti Corporationde

CIK: 1840780 Ticker: LOCL

Exhibit 99.1


Local Bounti Announces Full Year 2021 Results

Transformative acquisition of Pete’s will immediately open distribution to approximately 10,000 retail doors

Full year 2021 gross margin of 32%

Provides full year 2022 sales guidance of at least $20 million, including partial year contribution from anticipated Pete’s acquisition

HAMILTON, MT – March 15, 2022 – Local Bounti Corporation (NYSE: LOCL, LOCL WS) (“Local Bounti” or the “Company”), a breakthrough U.S. indoor agriculture company combining the best aspects of vertical and greenhouse growing technologies, today announced its full year 2021 results and provided sales guidance for full year 2022.

Craig Hurlbert, Co-CEO of Local Bounti stated, “Today, we announced entering into definitive agreements for the transformative acquisition of Pete’s in conjunction with our full year 2021 financial results. While we are pleased with the operational milestones that we’ve reached in our short time since the closing of our Business Combination – including gross margin of 32% for 2021 – there’s no question that this anticipated acquisition represents a step change in what Local Bounti can achieve in the near-term. Our two companies are extremely synergistic – we bring our innovative Stack and Flow TechnologyTM and Pete’s brings a large customer base and a long track record of sound operational execution. Together, we believe we will be able to create a powerful business that will drive scaled profitable growth. We continue to be guided by our determination to bring financial leadership to the controlled environment agriculture industry through a laser-focused approach to unit economics. With an established national distribution foundation in place with Pete’s, we are thrilled to bring our fresh, healthy, and local produce to consumers across America.”

Full Year 2021 Financial Summary



Business combination completed on November 19, 2021 with Leo Holdings III Corp, creating a leading publicly traded sustainable AgTech company focused on delivering industry leading unit economics.



Drove sales growth of 678% to $638 thousand in 2021, as compared to $82 thousand in the prior year period



Generated gross profit of $206 thousand in 2021, representing a positive gross margin of 32%, as compared to a negative gross margin of 11% in the prior year period



Net loss of $56.1 million in 2021 including approximately $8.3 million of non-comparable expenses associated with the Company’s business combination with Leo Holdings III Corp in the fourth quarter of 2021, as well as $17.9 million in stock-based compensation, $11.4 million in other income and expense items, and $0.7 million of depreciation; net loss was $8.4 million in the prior year period



Adjusted EBITDA* loss of $17.8 million in 2021, as compared to a loss of $4.3 million in the prior year period



See reconciliation of the non-GAAP measures at the end of the press release.

Recent Development – Announced Anticipated Acquisition of Pete’s

Today, in a separate press release, Local Bounti announced that it entered into a definitive agreement to acquire California-based complementary indoor farming company Hollandia Produce Group, Inc., which operates under the name Pete’s, for total consideration of $122.5 million, subject to customary adjustments (the “Transaction”). The Transaction is immediately accretive, supported by Pete’s strong financial track-record, generating an estimated $22.7 million of revenue in 2021, historical gross margins of greater than 45% over the past five years, and positive EBITDA from its two operational farms in California. After completing their Georgia facility in the second quarter, Pete’s expects to achieve initial run-rate revenue of at least $30 million at full production, excluding the expected future positive impact from additional capacity due to incorporating Local Bounti’s Stack and Flow TechnologyTM at all three of Pete’s farms. Additionally, the Transaction offers significant operational synergies and the Company expects to achieve estimated 10% saving on Local Bounti’s existing cost of goods sold from raw materials and packaging in the first full year of operation.

Pete’s is a California-based indoor farming company with three greenhouse growing facilities, including two operating facilities in California and one under construction in Georgia which is scheduled to begin operations in the second quarter of 2022. Pete’s has distribution to approximately 10,000 retail locations across 35 U.S. states and Canadian provinces, primarily through direct relationships with blue-chip retail customers including Albertsons, Kroger, Target, Walmart, as

The following information was filed by Local Bounti Corporationde (LOCL) on Tuesday, March 15, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Local Bounti Corporationde's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders??? Equity (Deficit)
Consolidated Statements Of Stockholders??? Equity (Deficit) (Parenthetical)
Accrued Liabilities
Accrued Liabilities (Tables)
Accrued Liabilities - Schedule Of Accrued Liabilities (Details)
Business Combination And Recapitalization
Business Combination And Recapitalization (Details)
Business Description
Business Description (Details)
Commitment And Contingencies
Commitment And Contingencies (Details)
Debt (Tables)
Debt - Agreements With Cargill Financial (Details)
Debt - Convertible Notes (Details)
Debt - Schedule Of Debt (Details)
Debt - Share Settlement Note (Details)
Debt - Short Term Loan (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Changes In Level 3 Fair Value Measurement For Warranty Liability (Details)
Fair Value Measurements - Fair Assets And Liabilities At Fair Value On Recurring Basis (Details)
Financing Obligation
Financing Obligation (Tables)
Financing Obligation - Narrative (Details)
Financing Obligation - Schedule Of Financing Obligation (Details)
Financing Obligation - Schedule Of Future Financing Obligation Payments (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Provision For Income Tax Expense (Details)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Narrative (Details)
Inventory (Details)
Inventory (Tables)
Leases (Tables)
Leases - Narrative (Details)
Leases - Operating Lease Maturities (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Antidilutive Securities Excluded From Computation Of Net Loss Per Share (Details)
Net Loss Per Share - Schedule Of Net Loss Per Share (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Restricted Common Stock Awards And Restricted Stock Units Activity (Details)
Stockholders??? Equity (Deficit)
Stockholders??? Equity (Deficit) (Tables)
Stockholders??? Equity (Deficit) - Common Stock Outstanding (Details)
Stockholders??? Equity (Deficit) - Narrative (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Advertising (Details)
Summary Of Significant Accounting Policies - Concentrations Of Risk And Significant Customers (Details)
Summary Of Significant Accounting Policies - Covid-19??And Paycheck Protection Program Loan (Details)
Summary Of Significant Accounting Policies - Property And Equipment (Details)
Summary Of Significant Accounting Policies - Restricted Cash And Cash Equivalents (Details)
Summary Of Significant Accounting Policies - Revenue Recognition (Details)
Summary Of Significant Accounting Policies -Stock Split (Details)
Ticker: LOCL
CIK: 1840780
Form Type: 10-K Annual Report
Accession Number: 0001628280-22-007907
Submitted to the SEC: Wed Mar 30 2022 5:03:43 PM EST
Accepted by the SEC: Wed Mar 30 2022
Period: Friday, December 31, 2021
Industry: Agricultural Production Crops

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