The indoor farming company reported a GAAP loss while maintaining stable gross profit of $1.5 million year-over-year.
Local Bounti reported a first-quarter GAAP loss of $0.53 per share on revenue of $13.33 million. The company’s net loss widened compared to the same period last year, though gross profit remained steady at $1.5 million.
Revenue fell short of expectations, while adjusted gross margin metrics excluded depreciation and stock-based compensation. The prior-year period saw similar gross profit levels, indicating stability in core operations despite the loss.
No immediate market reaction was disclosed in the release.