---------------------------------------------- --------------------------------------------
2024 2023 2024 2023
---------------------- ---------------------- --------------------- ---------------------
Sales $ 10,242 $ 6,810 $ 28,068 $ 20,691
Cost of goods
sold 8,829 6,405 24,518 19,155
---------------------- ---------------------- --------------------- ---------------------
Gross profit 1,413 405 3,550 1,536
Depreciation 1,642 832 4,197 2,662
Stock-based
compensation 15 24 75 100
Utilities
price spike
and
inclement
weather
related
costs -- -- -- 727
Acquisition
related
integration
costs 183 415 183 838
---------------------- ---------------------- --------------------- ---------------------
Adjusted gross
profit $ 3,253 $ 1,676 $ 8,005 $ 5,863
====================== ====================== ===================== =====================
Adjusted gross
margin % 32 % 25 % 29 % 28 %
RECONCILIATION OF SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SELLING, GENERAL
AND ADMINISTRATIVE EXPENSE
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------------------------------- ------------------------------------------
2024 2023 2024 2023
---------------------- ---------------------- -------------------- --------------------
Selling, general
and
administrative $ 12,348 $ 14,406 $ 30,642 $ 47,091
Stock-based
compensation (1,286) (2,898) (1,776) (11,882)
Depreciation
and
amortization (1,374) (1,851) (3,757) (5,763)
Loss on
disposal of
fixed assets (1,610) (1,223) (1,610) (1,223)
Business
acquisition
and strategic
transaction
due diligence
and
integration
related costs (431) (742) (2,056) (4,658)
Intellectual
property
litigation (197) -- (197) --
Restructuring
and business
realignment
costs -- (151) (298) (875)
---------------------- ---------------------- -------------------- --------------------
Adjusted
selling,
general and
administrative $ 7,450 $ 7,541 $ 20,948 $ 22,690
====================== ====================== ==================== ====================
LOCAL BOUNTI CORPORATION
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(in thousands)
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------------------------------- --------------------------------------------
2024 2023 2024 2023
---------------------- ---------------------- --------------------- ---------------------
Net loss $ (34,327) $ (24,258) $ (83,644) $ (58,461)
Stock-based
compensation
expense 1,387 3,265 2,101 13,658
Interest
expense, net 18,312 7,105 40,420 17,876
Depreciation
and
amortization 5,868 3,405 12,985 10,179
Loss on
disposal of
fixed assets 1,610 1,223 1,610 1,223
Utilities price
spike and
inclement
weather
related costs -- -- -- 727
Business
acquisition
and strategic
transaction
due diligence
and
integration
related costs 614 1,975 2,239 6,314
Intellectual
property
litigation 197 -- 197 --
Restructuring
and business
realignment
costs -- 152 298 876
Change in fair
value of
warrant
liability (1,921) (1,766) 1,163 (16,917)
Other income (95) (83) (133) (156)
---------------------- ---------------------- --------------------- ---------------------
Adjusted EBITDA $ (8,355) $ (8,982) $ (22,764) $ (24,681)
====================== ====================== ===================== =====================
View original content to download multimedia:https://www.prnewswire.com/news-releases/local-bounti-announces-third-quarter-2024-financial-results-302304977.html
SOURCE Local Bounti
/CONTACT: Kathleen Valiasek, President and Chief Financial Officer, Local Bounti, investors@localbounti.com
(END) Dow Jones Newswires
November 14, 2024 07:15 ET (12:15 GMT)
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