Business
Local Bounti Announces Full Year 2024 Financial Results
Local Bounti Corporation (NYSE: LOCL) ("Local Bounti" or the "Company"), a breakthrough U.S. indoor agriculture company, today announced its financial results for the three and twelve months ended December 31, 2024.
About this update from Local Bounti Corporation
[{"type":"text","content":"Secured $27.5 million of new funding - closed $25 million of new equity proceeds and $2.5 million of capex financing under executed term sheet and completed the restructuring of its existing credit facility – including a nearly 40% reduction through debt extinguishment of approximately $197 million, a significantly lower interest rate, and extended repayment terms with no cash payments until April 2027","length":410,"tagName":"p","attribs":{}},{"type":"text","content":" Announces leadership succession and new Board appointments – President Kathleen Valiasek succeeds Craig Hurlbert as CEO, Mr. Hurlbert named Executive Chairman","length":158,"tagName":"p","attribs":{}},{"type":"text","content":"Further expansion of regional distribution with Walmart","length":55,"tagName":"p","attribs":{}},{"type":"text","content":"HAMILTON, Mont., March 31, 2025 /PRNewswire/ -- Local Bounti Corporation (NYSE: LOCL) ("Local Bounti" or the "Company"), a breakthrough U.S. indoor agriculture company, today announced its financial results for the three and twelve months ended December 31, 2024.","length":288,"tagName":"p"},{"type":"image","alt":"Local Bounti Logo (PRNewsfoto/Local Bounti)","displaySize":"","headline":null,"caption":"Local Bounti Logo (PRNewsfoto/Local Bounti)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":324,"url":"https://media.zenfs.com/en/prnewswire.com/fc90430c9d52df1f79ba6736edbb9150"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/3_cBCmAEcGhCXf0iVnFa9g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTU3MTtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/fc90430c9d52df1f79ba6736edbb9150","width":400,"height":324}},"href":"https://mma.prnewswire.com/media/1582915/Local_Bounti_Personnel_v1.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"Kathleen Valiasek, President, CEO and CFO of Local Bounti, stated, "I'm honored to step into the role of CEO at this transformative moment for Local Bounti following this past year as President leading our focus on operational improvement. Our successful financing transaction has resulted in new equity infusion and a significant restructuring of our debt with our existing lender—including $27.5 million in new capital, nearly a 40% reduction in debt due to the extinguishment of $197 million in d...