Local Bounti Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Net Loss Per Share

Net Loss Per Share

12 Months Ended

Dec. 31, 2023

Net 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 years ended December 31, 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:


	Year Ended December 31,
	(in thousands, except share and per share data)(1)
	2023		2022
Net loss	$	(124,015)	$	(111,071)
Weighted average common stock outstanding, basic and diluted	7,943,874		6,701,126
Net loss per common share, basic and diluted	$	(15.61)	$	(16.57)

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(1) Share and per share amounts have been retroactively adjusted to reflect the June 15, 2023 Reverse Stock Split. See Note 12, Stockholders' Equity, for additional detail.

The following table discloses the weighted-average shares outstanding of securities that could potentially dilute basic net loss 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:


	Year Ended December 31,
	2023	2022
Restricted Stock(1)	222,282	388,210
Warrants(2)	4,980,021	887,636

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(1) Share amounts have been retroactively adjusted to reflect the June 15, 2023 Reverse Stock Split. See Note 12, Stockholders' Equity, 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 for the Company's 2021 warrants and $13.00 per share of common stock for the March 2023 Cargill Warrant, which is reflected in the table above. See Note 12, Stockholders' Equity, for additional detail.