Local Bounti (NYSE: LOCL) reported Q4 2025 revenue of $12.5M (up 24% YoY) and full-year revenue of $48.4M (up 27% YoY). The company posted Q4 EPS of -$0.38 and full-year EPS of -$5.61, with net loss narrowing significantly. After-hours movement was not formally disclosed; the stock traded near $1.17 ahead of earnings.
About Local Bounti Corporation
Local Bounti Corporation (NYSE: LOCL) is a breakthrough U.S. indoor agriculture company headquartered in Hamilton, Montana, founded in August 2018 by Travis Joyner and Craig M. Hurlbert. The company operates advanced controlled environment agriculture (CEA) facilities in Georgia, Texas, and Washington, servicing approximately 13,000 retail doors across the United States. Using its patented Stack & Flow Technology – a hybrid of vertical and hydroponic greenhouse farming – Local Bounti grows living and loose-leaf lettuce, arugula, spinach, basil, herbs, and berries sustainably.
As of earnings day (March 25, 2026), LOCL carried a market cap of approximately $24-$25 million, placing it firmly in micro-cap territory. The company has no dividend yield, no P/E ratio (not yet profitable), and employs approximately 333 people as of the most recent fiscal year. Its 52-week range spans $0.98 to $5.75, reflecting the high volatility typical of pre-profitability CEA operators. The company does not carry analyst consensus price targets on major platforms as of this report.
Top Financial Highlights
- Q4 2025 Revenue reached $12.5 million, a 24% increase vs. $10.1 million in Q4 2024
- Full Year 2025 Revenue reached $48.4 million, a 27% increase vs. $38.1 million in 2024
- Q4 2025 Gross Profit grew 182% to $1.5 million, vs. $0.5 million in Q4 2024
- Full Year 2025 Gross Profit grew 43% to $5.9 million, vs. $4.1 million in 2024
- Adjusted Gross Margin improved to 29% for full year 2025, up from 27% in 2024 (approximately 200 basis point improvement)
- Q4 2025 Net Loss narrowed to $8.7 million, down from $36.3 million in Q4 2024 (primarily driven by $14.3M reduction in net interest expense)
- Full Year 2025 Net Loss improved 21% to $94.4 million, vs. $119.9 million in 2024
- Full Year EPS (Basic and Diluted) came in at -$5.61, vs. -$14.14 in 2024
- Q4 2025 EPS was -$0.38, vs. -$4.21 in Q4 2024
- Adjusted EBITDA Loss improved 38% in Q4 to -$5.8 million, vs. -$9.3 million in Q4 2024
- Full Year Adjusted EBITDA Loss improved 12% to -$28.3 million, vs. -$32.1 million in 2024
- Cash and equivalents plus restricted cash totaled $10.7 million as of December 31, 2025; a subsequent $15 million investment from an existing strategic investor was secured in March 2026
- G&A Expenses (Adjusted) declined 9% to $18.5 million full year, vs. $20.3 million in 2024
- Run-rate yield capacity increased approximately 10% following tower upgrades at all facilities in Q4 2025
Beat or Miss?
No formal analyst consensus estimates were publicly available for LOCL’s Q4 and full year 2025 results. The table below presents reported figures against the company’s own previously stated objectives and year-over-year trajectory.
| Metric | Reported | Prior Year / Target | Difference / Analysis |
| Q4 Revenue | $12.5M | $10.1M (Q4 2024) | +$2.4M / +24% YoY growth |
| Full Year Revenue | $48.4M | $38.1M (FY2024) | +$10.3M / +27% YoY growth |
| Q4 EPS | ($0.38) | -$4.21 (Q4 2024) | Significant improvement YoY |
| Full Year EPS | ($5.61) | -$14.14 (FY2024) | Meaningful narrowing of per-share loss |
| Q4 Gross Margin (Adjusted) | 29% | 25% (Q4 2024) | +400 bps improvement |
| Full Year Gross Margin (Adjusted) | 29% | 27% (FY2024) | +200 bps improvement |
| Adjusted EBITDA Loss (FY) | -$28.3M | -$32.1M (FY2024) | 12% improvement (loss narrowed) |
| Cash on Hand | $10.7M | N/A | +$15M additional capital secured post-period |
What Leadership Is Saying?
“We are carrying significant momentum into 2026 and what makes this moment especially exciting is that our improving execution is converging with a positive shift in the market. The same retailers and strategic partners who were cautious about controlled environment agriculture (CEA) a few years ago are now in active discussions about long-term supply partnerships. The velocity of that engagement has picked up meaningfully.” – Kathleen Valiasek, President and CEO, Local Bounti
“What makes this moment particularly noteworthy for Local Bounti isn’t just the financial progress – it’s the industry’s positive reception to CEA. Retailers are increasingly designing supply chains that assume CEA is permanent infrastructure, and they’re looking for the right partners to deliver product at scale. That’s the market validation we’ve been charging towards and the additional $15 million investment from an existing strategic investor further underscores that confidence.” – Craig Hurlbert, Executive Chairman, Local Bounti
Historical Performance
Local Bounti YoY Comparison
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue | $12.5M | $10.1M | 24% |
| Gross Profit | $1.5M | $0.5M | 182% |
| Net Loss | -$8.7M | -$36.3M | -76% (improved) |
| Total Operating Expenses | $14.7M | $17.3M | -15% |
| Adjusted EBITDA Loss | -$5.8M | -$9.3M | -38% (improved) |
| EPS (Basic & Diluted) | ($0.38) | ($4.21) | +91% improvement |
| Category | FY 2025 | FY 2024 | Change (%) |
| Revenue | $48.4M | $38.1M | 27% |
| Gross Profit | $5.9M | $4.1M | 43% |
| Net Loss | -$94.4M | -$119.9M | -21% (improved) |
| Total Operating Expenses | $68.5M | $63.1M | 9% |
| Adjusted EBITDA Loss | -$28.3M | -$32.1M | -12% (improved) |
| Adjusted Gross Margin | 29% | 27% | +200 bps |
Competitor Landscape
Local Bounti operates in the controlled environment agriculture (CEA) sector, which has seen significant upheaval. Major competitors including AeroFarms, AppHarvest, Kalera, and Plenty Unlimited all filed for Chapter 11 bankruptcy between 2023 and 2025, collectively burning through over $2.2 billion in raised capital. AeroFarms filed Chapter 11 in June 2023 and has since re-emerged; AppHarvest filed in July 2023 and was liquidated. Plenty Unlimited, backed by Jeff Bezos and SoftBank, filed for bankruptcy in March 2025 and emerged 53 days later after a valuation collapse of approximately 99%.
Fundraising for CEA has fallen sharply, dropping below $250 million in 2024 compared to approximately $2.8 billion in 2021. The broader sector is now pivoting toward niche crops such as microgreens and berries to improve unit economics.
CEA Competitor YoY Snapshot
| Company | Status | Revenue (Latest Available) | Net Income / Loss | Key Development |
| Local Bounti (LOCL) | Active (NYSE-listed) | $48.4M (FY2025) | -$94.4M (FY2025) | 27% revenue growth; loss narrowing |
| AeroFarms | Re-emerged from Ch. 11 (2023) | ~$330M projected (2025 estimate — unconfirmed) | N/A | Raised additional VC funding Aug 2025 |
| AppHarvest | Liquidated (2023) | N/A | N/A | Filed Ch. 11 July 2023 after raising $620M+ |
| Plenty Unlimited | Re-emerged from Ch. 11 (2025) | N/A | N/A | Filed Ch. 11 Mar 2025; emerged May 2025 |
| Bowery Farming | Private | N/A | N/A | Well-funded private competitor with BoweryOS platform |
How the Market Reacted
Local Bounti’s stock (NYSE: LOCL) traded at approximately $1.17 ahead of the earnings announcement on March 25, 2026, near the lower end of its 52-week range of $0.98 to $5.75. The stock had already moved higher in March following the company’s announcement of a $15 million investment from a strategic investor earlier in the month.
Given the broader backdrop of widespread CEA sector bankruptcies and Local Bounti’s own NYSE continued listing notice received in February 2026, investor sentiment remains cautious but the trajectory of improving revenue, gross margin expansion, and significantly narrowed net loss represents a constructive fundamental shift. The company did not report a specific after-hours stock reaction in its press release; the sentiment of the report is broadly bullish, driven by consistent top-line growth, cost discipline, and new retail account wins heading into 2026
