Local Bounti Corp, a leading controlled environment agriculture (CEA) company, witnessed a surge in its stock price today following the revelation that Chief Financial Officer Kathleen Valiasek purchased 2,000 common shares at an average price of $2.71 per share, amounting to a total of $5,400.
At the time of this publication, Local Bounti Corp stock (LOCL) has witnessed a surge.
Local Bounti Corp
Current Price: $4.40
Change : +1.20
Change (%): (37.50%)
Volume: 91.2K
Source: Tomorrow Events Market Data
In response to this announcement, heavy trading activity of LOCL stock was observed, with an impressive 91,200 shares of the company changing hands as of the time of this report. This marks a significant increase from its daily average trading volume, which typically hovers around 59,560 shares.
On October 30th, Local Bounti unveiled its third-quarter (Q3) 2023 financial results, reporting sales of $6.8 million for the period, compared to $6.3 million in the corresponding period of the previous year.
During the third quarter of 2023, the company recorded a gross profit of $400,000. The adjusted gross margin percentage1 stood at approximately 25%, excluding factors such as depreciation, stock-based compensation, and costs related to business combination integration. The impact of weather-related variables persisted, as seen earlier in the year at the company’s California facilities, resulting in the temporary closure of a section of one of its facilities in the third quarter for repairs. This issue has since been addressed, and operations returned to normal in early October. Furthermore, lower utilization was observed at the Georgia facility during the final implementation of its vertical Stack towers. These installations have now been completed, and the facility resumed regular production in October 2023.
The net loss for the third quarter of 2023 amounted to $24.3 million, a decrease from the net loss of $27.1 million reported for the same period in the prior year. The adjusted EBITDA1 loss was $9.0 million, excluding $3.3 million in stock-based compensation, $7.1 million in interest expense, $3.4 million in depreciation and amortization, a gain of $1.8 million on the change in fair value of warrant liability, and other non-recurring items. In the prior year period, the adjusted EBITDA loss was $7.3 million.
