Local Bounti Corp reports results for the quarter ended June 30 - Earnings Summary
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Local Bounti Corpreported a quarterly adjusted loss of $1.63 per share for the quarter ended June 30, exceeding last year's loss of $3.00. Revenue increased by 28.2% to $12.10 million, slightly below the expected $12.40 million. The company incurred a total loss of $21.58 million. Despite the losses, shares rose 7.3% this quarter and 21.3% year-to-date. Analysts maintain a "strong buy" rating, with a median 12-month price target of $7.50, representing a 66.5% upside from the last closing price of $2.51.
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