2023-05-10 07:39:46 ET
- Local Bounti press release ( NYSE: LOCL ): Q1 GAAP EPS of -$0.23 beats by $0.01 .
- Revenue of $6.7M (+2292.9% Y/Y) beats by $0.08M .
- Adjusted gross margin percentage was approximately 33%.
- Adjusted EBITDA loss was $7.4 million.
- Outlook: Management is reaffirming its full year 2023 sales guidance of $34 to $40 million vs. consensus of $35.68M, which approximates its expected production from its Montana, California and Georgia (Phase 1-A and 1-B) facilities, but excludes the expected future positive impact from additional capacity following its Stack implementation (Phase 1-C) at the Georgia facility.
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Local Bounti beats Q1 top and bottom line estimates; reaffirms FY23 outlook