Local Bounti | 8-K: FY2026 Q2 Revenue: USD 13.85 M

Revenue: As of FY2026 Q2, the actual value is USD 13.85 M.

EPS: As of FY2026 Q2, the actual value is USD -0.68, missing the estimate of USD -0.5.

EBIT: As of FY2026 Q2, the actual value is USD -15.34 M.

Segment Revenue

Local Bounti Corporation reported sales of $13.9 million for the second quarter of 2026, marking a 14% increase compared to $12.1 million in the prior year period, and a 4% sequential growth from $13.3 million in the first quarter of 2026. For the six months ended June 30, 2026, sales were $27,187 thousand, up from $23,708 thousand for the same period in 2025.

Gross Profit and Margin

Gross profit for the second quarter of 2026 was $1.0 million, down from $1.5 million in the prior year period. The Adjusted gross margin percentage, excluding depreciation, stock-based compensation, and other non-core items, was 27% in the second quarter of 2026, compared to 30% in the prior year period, due to temporary packing inefficiencies that have since been resolved. For the six months ended June 30, 2026, gross profit was $2,580 thousand, compared to $2,933 thousand for the same period in 2025.

Operating Expenses

Total operating expenses for the second quarter of 2026 were $14,994 thousand, a decrease from $16,922 thousand in the prior year period. General and administrative expenses decreased by $0.5 million to $7.5 million in the second quarter of 2026 from $8.0 million in the prior year period, primarily due to general cost savings measures. Adjusted general and administrative expense, which excludes stock-based compensation, depreciation and amortization, and other non-core items, decreased by 17% to $4.1 million, compared to $5.0 million in the prior year period.

Net Loss

Net loss decreased to -$19.8 million in the second quarter of 2026, an improvement from a net loss of -$21.6 million for the prior year period, primarily due to a $1.5 million reduction in loss from operations driven by lower operating expenses and a $0.1 million reduction in net interest expense. For the six months ended June 30, 2026, net loss was -$32,539 thousand, compared to -$59,252 thousand for the same period in 2025.

Loss from Operations

Loss from operations for the second quarter of 2026 was -$13,948 thousand, an improvement from -$15,450 thousand in the prior year period. For the six months ended June 30, 2026, loss from operations was -$27,882 thousand, compared to -$31,184 thousand for the same period in 2025.

Adjusted EBITDA Loss

Adjusted EBITDA loss improved by 17% to -$5.8 million, compared to a loss of -$7.1 million in the prior year period and a loss of -$5.7 million in the first quarter of 2026. For the six months ended June 30, 2026, Adjusted EBITDA loss was -$11,545 thousand, compared to -$15,262 thousand for the same period in 2025.

Cash and Cash Equivalents

Local Bounti Corporation ended the quarter with cash and cash equivalents and restricted cash totaling $10.1 million as of June 30, 2026. Cash and cash equivalents were $3,629 thousand as of June 30, 2026, compared to $4,233 thousand as of December 31, 2025. Restricted cash was $6,505 thousand as of June 30, 2026, compared to $6,486 thousand as of December 31, 2025.

Other Financial Metrics

Interest expense, net, for the three months ended June 30, 2026, was -$4,486 thousand, compared to -$4,602 thousand for the same period in 2025. For the six months ended June 30, 2026, interest expense, net, was -$8,520 thousand, compared to -$23,440 thousand for the same period in 2025. The change in fair value of warrant liabilities for the three months ended June 30, 2026, was -$1,387 thousand, compared to -$1,499 thousand for the same period in 2025. For the six months ended June 30, 2026, this was $3,856 thousand, compared to -$5,009 thousand for the same period in 2025.

Strategic Investment

Subsequent to quarter end, Local Bounti Corporation received an additional $12.5 million investment, in the form of a convertible note and common stock purchase warrant, from an existing strategic investor.

Operational Highlights

Yields are up approximately 10% at Local Bounti Corporation’s state-of-the-art facilities. Investments in California facilities are expected to improve yields by as much as 20%, with initial investments already driving an approximate 10% increase in total production versus the prior year period. Seed costs have been lowered by approximately 20% year-over-year. Local Bounti Corporation added five new or expanded retail partnerships over the past two quarters and extended supply agreements with multiple national accounts through the first quarter of 2027.

Financial Outlook

Local Bounti Corporation anticipates continued sequential improvements in revenue and adjusted EBITDA loss rate throughout 2026. This outlook is supported by ongoing sales growth, cost reduction initiatives, and the ramp-up of its facilities network. Achieving positive adjusted EBITDA remains a key priority, and management believes current financial performance positions the company to reach this objective.