Local Bounti Corporation (NYSE:LOCL) Q1 2024 Earnings Conference Call May 9, 2024 8:00 AM ET
Company Participants
Jeff Sonnek - Investor Relations, ICR
Craig Hurlbert - Co-Founder & 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 First Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. After today’s presentation, there will an opportunity to ask questions. Please note today's event is being recorded.
At this time, I'd like to turn the conference 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 Chief Executive Officer, Craig Hurlbert; and Chief Financial Officer, Kathleen Valiasek.
The comments made during today's call may 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 fact 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.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. Craig?
Craig Hurlbert
Thank you, Jeff, and good morning, everyone. Our first quarter demonstrated strong operational progress, which enabled us to drive double digit top-line growth versus both the prior quarter and the prior year as expected. This performance was the result of a combination of recent improvements that we've made to our business, of which I'll touch on briefly before passing the call to Kathy for her financial remarks.
Our Stack & Flow Technology continues to underpin our strategy. It has allowed us to ramp up production in our Georgia facility over the past quarter and it affords us the opportunities to further enhance our model, which is predicated on capital efficiency. In fact, we recently initiated a trial at scale for a differentiated use of our stack towers that in a smaller trial demonstrated a further yield increase of at least 10% beyond what we were currently achieving. We are excited to see those results later in the second quarter.