Local Bounti Corporation (NYSE:LOCL) Q2 2022 Results Conference Call August 15, 2022 8:00 AM ET

Company Participants

Craig Hurlbert - Co-Chief Executive Officer and Chairman of the Board

Jeff Sonnek - Managing Director, ICR

Brian Cook - President

Travis Joyner - Co-Chief Executive Officer and Director

Kathleen Valiasek - Chief Financial Officer

Conference Call Participants

Ben Klieve - Lake Street Capital Markets

Brian Wright - ROTH Capital Partners

Kristen Owen - Oppenheimer

Christopher Barnes - Deutsche Bank

Pamela Kaufman - Morgan Stanley

Operator

Good morning, and welcome to the Local Bounti’s Second Quarter 2022 Earnings Conference Call. [Operator Instructions] Please also note today's event is being recorded.

At this time, I'd like to turn the conference call over to Jeff Sonnek, Investor Relations at ICR. Please go ahead.

Jeff Sonnek

Thank you, and good morning. Today's presentation will be hosted by Local Bounti’s Co-CEOs, Craig Hurlbert; and Travis Joyner; President, Brian Cook; and Chief Financial Officer, Kathleen Valiasek.

The comments made during today's call contained forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are considered forward-looking statements. These statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from the results discussed in the forward-looking statements. Some of these risks and uncertainties are identified and discussed in the company's filings with the SEC. We’ll also refer to certain non-GAAP financial measures today. Please refer to the press release, which can be found on the investor relations website, investors.localbounti.com for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures.

With that, I’d now like to turn the call over to Craig Hurlbert, Co-CEO.

Craig Hurlbert

Thank you, Jeff, and good morning, everyone. We made important progress on our commercial facility expansion during the second quarter and demonstrated solid sequential improvement in our financial performance, which has us on track to meet our goals for 2022. The integration of Pete’s is progressing extremely well. We had great engagement across the organization, and I have been very impressed by our team, our expanded capabilities and our growing depth of technical knowledge.

We recently completed a leadership offsite with ‘22 Local Bounti leaders from all four corners of our business. Our goal was to get everybody on the same page and to build out our tactical plan for the next 24 months. The event was a huge success, and to a person, our team is more committed to the future today than ever before. We continue to bring fresh thinking and solutions to the industry and are implementing new elements in real time that accelerate our build out schedules and drive higher crop turns. The combination of which support our unwavering focus on capital efficiency. All of this leads to Local Bounti providing much needed financial leadership in our industry.