Local Bounti (LOCL) 8-K Entry into a Material Definitive Agreement

Exhibit 99.4

The following preliminary, unaudited financial data of Local Bounti Corporation (“Local Bounti”) was prepared for use by Local Bounti in connection with the PIPE financing contemplated in connection with the transactions contemplated by that certain Agreement and Plan of Merger, by and among Leo Holdings III Corp, (“Leo”), Longleaf Merger Sub, Inc., Longleaf Merger Sub II, LLC, and Local Bounti, dated June 17, 2021. Neither Leo’s nor Local Bounti’s independent registered accounting firm nor any other independent registered accounting firm has audited, reviewed, prepared or compiled, examined or performed any procedures with respect to this unaudited financial data, nor have they expressed any opinion or any other form of assurance on this unaudited financial data. This unaudited financial data reflects Local Bounti management’s estimates based solely upon information available as of June 17, 2021, is not a comprehensive statement of Local Bounti’s financial results for the periods presented and does not comply with Regulation S-X promulgated under the Securities Act of 1933, as amended, by the Securities and Exchange Commission. There is a possibility that the financial information of Local Bounti to be provided in future filings by Leo or Local Bounti will vary materially from the unaudited financial data presented in this Exhibit 99.4. Accordingly, undue reliance should not be placed upon the unaudited financial data set forth below.

Local Bounti

Consolidated Balance Sheets (unaudited) (in thousands)

	Interim as of March 31,						Annual as of December 31,
	2021			2020			2020			2019
Assets
Current assets
Cash and cash equivalents	$	17,356		$	563		$	45		$	2,137
Other current assets		2,007			29			650			8
Total current assets		19,363			592			695			2,145
Property and equipment, net		9,534			6,114			8,423			3,743
Other assets		46			—			51			—
Total assets	$	28,943		$	6,706		$	9,169		$	5,888
Liabilities and stockholders’ equity (deficit)
Current liabilities
Accounts payable	$	1,132		$	828		$	177		$	147
Accrued liabilities		331			1,036			1,125			708
Short-term debt		—			250			50			1
Total current liabilities		1,463			2,114			1,352			856
Long-term debt		10,054			2,591			104			2,497
Convertible notes		10,750			—			—			—
Financing obligation		10,439			—			9,216			—
Total liabilities		32,706			4,705			10,672			3,353
Stockholders’ equity (deficit)
Common Stock		1			1			1			1
Additional paid in capital		14,519		��	7,115			9,577			6,293
Accumulated deficit		(18,283	)		(5,115	)		(11,081	)		(3,759	)
Total stockholders’ equity (deficit)		(3,763	)		2,001			(1,503	)		2,535
Total liabilities and stockholders’ equity (deficit)	$	28,943		$	6,706		$	9,169		$	5,888

Local Bounti

Consolidated Statements of Cash Flows (unaudited) (in thousands)

	For the three months ended March 31,						For the year ended December 31,
	2021			2020			2020			2019
Cash flows from operating activities
Net loss	$	(7,202	)	$	(1,356	)	$	(7,322	)	$	(3,425	)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation		124			11			287			—
Stock-based compensation expense		4,942			823			3,295			1,942
Bad debt allowance		(8	)		—			—			—
Inventory allowance		(25	)		—			69			—
Other changes in assets and liabilities		(1,162	)		988			(316	)		513
Net cash used in operating activities		(3,331	)		466			(3,987	)		(970	)
Cash flows from investing activities
Purchases of property and equipment		(1,235	)		(2,382	)		(4,963	)		(3,743	)
Net cash used in investing activities		(1,235	)		(2,382	)		(4,963	)		(3,743	)
Cash flows from financing activities
Proceeds from issuance of common stock		—			—			—			4,501
Settlement of common stock		—			—			(11	)		(149	)
Proceeds from issuance of debt		10,450			342			533			4,561
Proceeds from issuance of convertible notes		10,750			—			—			—
Repayment of debt		(550	)		—			(2,880	)		(2,063	)
Proceeds from financing obligations		1,227			—			9,216			—
Net cash provided by financing activities		21,877			342			6,858			6,850
Net increase (decrease) in cash and cash equivalents		17,311			(1,574	)		(2,092	)		2,137
Cash and cash equivalents at beginning of period		45			2,137			2,137			—
Cash and cash equivalents at end of period	$	17,356		$	563		$	45		$	2,137