- Local Bounti Corp LOCL reported second-quarter FY22 sales of $6.27 million, beating the consensus of $5.25 million. The company reported $0.108 million in sales in the prior year period.
- Gross loss for the quarter was $(12) thousand versus a gross profit of $27 thousand a year earlier.
- The operating expenses shot up over 600% to $26.2 million.
- The loss from operations widened sharply to $(26.2) million.
- The company held $41.3 million in cash and equivalents as of June 30, 2022.
- Loss per share of $(0.36) missed the analyst consensus of $(0.19).
- The company reaffirmed its FY22 sales guidance of at least $20 million, including partial year contribution from its acquisition of Pete's, which closed on April 4, 2022.
- Price Action: LOCL shares closed lower by 8.56% at $3.74 on Friday.
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