Local Bounti Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Net Loss Per Share

Net Loss Per Share

6 Months Ended

Jun. 30, 2023

Net Loss Per ShareNet loss per share is computed by dividing net loss by the weighted average number of common stock outstanding during the period. In computing net loss per share, the Company's unvested restricted common stock and warrants are not considered participating securities. Diluted loss per common share is the same as basic loss per common share for the three and six months ended June 30, 2023 and 2022 because the effects of potentially dilutive items were anti-dilutive given the Company's net loss. Diluted net loss per common share represents an adjustment to basic net loss per share attributable to common stockholders giving effect to all potential common shares that were dilutive and outstanding during the period.

The following table sets forth the computation of the Company's net loss per share attributable to common stockholders:


	Three Months Ended June 30,				Six Months Ended June 30,
	(in thousands, except share and per share data)(1)
	2023		2022		2023		2022
Net loss	$	(10,676)	$	(31,663)	$	(34,203)	$	(57,435)
Weighted average common stock outstanding, basic and diluted	7,930,371		6,815,947		7,829,673		6,525,453
Net loss per common share, basic and diluted	$	(1.35)	$	(4.65)	$	(4.37)	$	(8.80)

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(1) Share and per share amounts have been retroactively adjusted to reflect the Reverse Stock Split. See Note 2, Summary of Significant Accounting Policies, for additional detail.

The following table discloses the weighted-average shares outstanding of securities that could potentially dilute basic net earnings per share in the future that were not included in the computation of diluted net loss per share as the impact would be anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Restricted Stock(1)	222,692	405,444	236,053	410,218
Warrants(2)	6,241,475	887,638	3,697,659	887,639

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(1) Share amounts have been retroactively adjusted to reflect the Reverse Stock Split. See Note 2, Summary of Significant Accounting Policies, for additional detail.

(2) Subsequent to the Reverse Stock Split, every 13 common shares under warrants becomes exercisable for one share of common stock at an exercise price of $149.50 per share of common stock, which is reflected in the table above. See Note 2, Summary of Significant Accounting Policies, for additional detail.