$LOCL

Local Bounti Corporation/DE

CIK:0001840780|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Income Statement [Abstract]

Sales

$ 13,850

$ 12,103

$ 27,187

$ 23,708

Cost of goods sold

^[1],[2]

12,804

10,631

24,607

20,775

Gross profit

1,046

1,472

2,580

2,933

Operating expenses:

Research and development

^[1],[2]

4,577

6,485

10,292

13,462

Sales and marketing

^[2]

2,876

2,392

5,120

4,506

General and administrative

^[1],[2]

7,541

8,045

15,050

16,149

Total operating expenses

14,994

16,922

30,462

34,117

Loss from operations

(13,948)

(15,450)

(27,882)

(31,184)

Other income (expense):

Change in fair value of warrant liabilities

(1,387)

(1,499)

3,856

(5,009)

Interest expense, net

(4,486)

(4,602)

(8,520)

(23,440)

Other income (expense), net

(26)

381

Net loss

(19,821)

(21,577)

(32,539)

(59,252)

Less: Deemed dividend to preferred stockholders

403

Net loss attributable to common stockholders

$ (19,821)

$ (21,577)

$ (32,539)

$ (59,655)

Net loss applicable to common stockholders per common share:

Basic (in dollars per share)

$ (0.68)

$ (1.63)

$ (1.22)

$ (5.40)

Diluted (in dollars per share)

$ (0.68)

$ (1.63)

$ (1.22)

$ (5.40)

Weighted average common shares outstanding:

Basic (in shares)

29,070,934

13,270,197

26,697,567

11,051,720

Diluted (in shares)

29,070,934

13,270,197

26,697,567

11,051,720

[1]

Amounts include depreciation and amortization as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of goods sold	$	2,667	$	2,050	$	4,933	$	3,963
Research and development	1,913		2,529		4,271		5,215
General and administrative	991		1,277		1,996		2,558
Total depreciation and amortization	$	5,571	$	5,856	$	11,200	$	11,736

[2]

Amounts include stock-based compensation as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of goods sold	$	23	$	75	$	44	$	86
Research and development	23		145		51		161
Sales and marketing	43		245		86		282
General and administrative	906		1,795		1,807		2,321
Total stock-based compensation expense, net of amounts capitalized	$	995	$	2,260	$	1,988	$	2,850

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net loss	$ (32,539)	$ (59,252)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	9,944	9,951
Amortization	1,256	1,785
Stock-based compensation expense, net of amounts capitalized	1,988	2,850
Allowance for expected credit losses	(18)	(18)
Inventory allowance	(242)	(384)
Loss on disposal of property and equipment	76	14
Change in fair value of warrant liabilities	(3,856)	5,009
Paid-in-kind interest	308	15,293
Amortization of debt premium	(4,131)	(1,717)
Amortization of debt issuance costs	328	2,100
Interest expense on financing obligation	314	314
Changes in operating assets and liabilities:
Accounts receivable	(649)	(138)
Inventory	72	170
Prepaid expenses and other current assets	(987)	(49)
Other assets	0	(160)
Accounts payable	2,624	(1,027)
Operating lease liabilities	(1)	(3)
Finance lease liabilities	7	31
Accrued liabilities	12,069	6,961
Net cash used in operating activities	(13,437)	(18,270)
Investing Activities:
Purchases of property and equipment	(2,154)	(10,884)
Net cash used in investing activities	(2,154)	(10,884)
Financing Activities:
Proceeds from issuance of Series A preferred stock, net of issuance costs	0	21,408
Proceeds from issuance of common stock, net of issuance costs	0	3,543
Proceeds from issuance of debt	750	10,468
Proceeds from issuance of long-term debt, net of debt issuance costs	14,921	0
Payment of minimum employee taxes withheld upon net share settlement of restricted stock units	(181)	(536)
Principal payment on financing obligation	(448)	0
Principal payment on finance lease liabilities	(36)	(24)
Net cash provided by financing activities	15,006	34,859
Net change in cash and cash equivalents and restricted cash	(585)	5,705
Cash and cash equivalents and restricted cash at beginning of period	10,719	7,466
Cash and cash equivalents and restricted cash at end of period	10,134	13,171
Reconciliation of cash, cash equivalents, and restricted cash from the Unaudited Condensed Consolidated Balance Sheets to the Unaudited Condensed Consolidated Statements of Cash Flows
Cash and cash equivalents	3,629	5,286
Restricted cash	6,505	7,885
Total cash and cash equivalents and restricted cash as shown in the Unaudited Condensed Consolidated Statements of Cash Flows	10,134	13,171
Non-cash investing and financing activities:
Initial fair value of 2026 U.S. Bounti Warrant issued in connection with convertible note, recorded as debt discount	6,018	0
Addition of finance lease obligations and right-of-use assets	208	0
Purchases of property and equipment included in accounts payable and accrued liabilities	195	658
Stock-based compensation capitalized to property and equipment, net	82	234
Conversion of Series A Preferred Stock to common stock	0	21,408
Accrued interest capitalized to debt	0	15,293
Transaction costs recorded to Preferred Stock included in accounts payable	0	469
Deemed dividend to preferred stockholders	$ 0	$ 403

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 3,629	$ 4,233
Restricted cash	6,505	6,486
Accounts receivable, net	2,870	2,203
Inventory, net	7,589	7,419
Prepaid expenses and other current assets	2,673	1,686
Total current assets	23,266	22,027
Property and equipment, net	349,448	357,427
Finance lease right-of-use assets, net	415	214
Operating lease right-of-use assets, net	33	47
Intangible assets, net	29,522	30,778
Total assets	402,684	410,493
Current liabilities
Accounts payable	14,319	11,782
Accrued liabilities	6,648	3,653
Financing obligation	606	762
Operating lease liabilities	33	32
Finance lease liabilities	111	81
Total current liabilities	21,717	16,310
Long-term debt
Principal amount	328,308	312,250
Plus: Debt premium, net of amortization	168,238	172,368
Less: Debt discount, net of amortization	(7,267)	(1,498)
Long-term debt, net	489,279	483,120
Accrued interest, noncurrent	23,480	14,515
Financing obligation, noncurrent	51,364	51,342
Operating lease liabilities, noncurrent	9	25
Finance lease liabilities, noncurrent	297	155
Warrant liabilities	13,424	11,262
Total liabilities	599,570	576,729
Commitments and contingencies (Note 12)
Stockholders' deficit
Common stock, $0.0001 par value, 400,000,000 shares authorized, 23,190,311 and 22,223,800 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	2	2
Additional paid-in capital	353,260	351,371
Accumulated deficit	(550,148)	(517,609)
Total stockholders' deficit	(196,886)	(166,236)
Total liabilities and stockholders' deficit	$ 402,684	$ 410,493