Local Bounti Corporation (NYSE:LOCL) Q4 2023 Results Conference Call March 27, 2024 8:00 AM ET

Company Participants

Jeff Sonnek - Investor Relations, ICR
Craig Hurlbert - Chief Executive Officer
Kathleen Valiasek - Chief Financial Officer

Conference Call Participants

Kristen Owen - Oppenheimer
Ben Klieve - Lake Street Capital Markets

Operator

Good morning, and welcome to Local Bounti's Full Year 2023 Earnings Conference Call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. 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, sir.

Jeff Sonnek

Thank you, and good afternoon. Today's presentation will be hosted by Local Bounti's Chief Executive Officer, Craig Hurlbert; and Chief Financial Officer, Kathleen Valiasek.

The comments made during today's call contain 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 our Investor Relations website, investors.localbouti.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. Craig?

Craig Hurlbert

Thank you, Jeff, and good morning, everyone.

2023 was a defining year for Local Bounti. We completed the stack implementation in our Georgia facility with amazing results. We completed two new major build outs in Texas and Washington that significantly expands our capacity going forward. We advance the development of new products to fill out our offering.

We streamlined our organization and the icing on the cake was being granted a patent for our stack and flow technology, which was a huge endorsement of the innovation that we have brought to the CEA industry. I'll touch on these accomplishments briefly before passing the call to Kathy for her financial remarks.