Local Bounti (LOCL) 10-Q 14 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-40125
Entity Registrant Name	Local Bounti Corporation/DE
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-3686055
Entity Address, Address Line One	400 W. Main St.
Entity Address, City or Town	Hamilton,
Entity Address, State or Province	MT
Entity Address, Postal Zip Code	59840
City Area Code	(800)
Local Phone Number	640-4016
Title of 12(b) Security	Common Stock, par value of $0.0001 per share
Trading Symbol	LOCL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,655,669
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001840780

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 317	$ 10,326
Restricted cash	6,490	6,569
Accounts receivable, net	2,044	3,078
Inventory, net	6,547	4,210
Prepaid expenses and other current assets	1,905	2,805
Total current assets	17,303	26,988
Property and equipment, net	371,368	313,166
Finance lease right-of-use assets	293	0
Operating lease right-of-use assets	118	172
Intangible assets, net	38,676	41,353
Other assets	3,056	73
Total assets	430,814	381,752
Current liabilities
Accounts payable	16,357	14,640
Accrued liabilities	23,104	17,204
Short-term debt	13,470	0
Financing obligation	42	0
Operating lease liabilities	69	97
Finance lease liabilities	81	0
Total current liabilities	53,123	31,941
Long-term debt, net of debt issuance costs	384,938	277,985
Financing obligation, noncurrent	49,706	49,225
Operating lease liabilities, noncurrent	65	114
Finance lease liabilities, noncurrent	218	0
Warrant liability	8,377	7,214
Total liabilities	496,427	366,479
Commitments and contingencies (Note 10)
Stockholders' (deficit) equity
Common stock, 0.0001 par value, 400,000,000 shares authorized, 8,650,649 and 8,311,237 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	1	1
Additional paid-in capital	321,358	318,600
Accumulated deficit	(386,972)	(303,328)
Total stockholders' (deficit) equity	(65,613)	15,273
Total liabilities and stockholders' (deficit) equity	$ 430,814	$ 381,752

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	8,650,649	8,311,237
Common stock, shares outstanding (in shares)	8,650,649	8,311,237

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Sales		$ 10,242	$ 6,810	$ 28,068	$ 20,691
Cost of goods sold	[1],[2]	8,829	6,405	24,518	19,155
Gross profit		1,413	405	3,550	1,536
Operating expenses:
Research and development	[1],[2]	7,096	5,001	15,102	12,103
Selling, general and administrative	[1],[2]	12,348	14,406	30,642	47,091
Total operating expenses		19,444	19,407	45,744	59,194
Loss from operations		(18,031)	(19,002)	(42,194)	(57,658)
Other income (expense):
Change in fair value of warrant liability		1,921	1,766	(1,163)	16,917
Interest expense, net		(18,312)	(7,105)	(40,420)	(17,876)
Other income		95	83	133	156
Net loss		$ (34,327)	$ (24,258)	$ (83,644)	$ (58,461)
Net loss applicable to common stockholders per common share:
Basic (in dollars per share)		$ (4.01)	$ (3.02)	$ (9.91)	$ (7.41)
Diluted (in dollars per share)		$ (4.01)	$ (3.02)	$ (9.91)	$ (7.41)
Weighted average common shares outstanding:
Basic (in shares)		8,568,970	8,019,561	8,436,727	7,893,665
Diluted (in shares)		8,568,970	8,019,561	8,436,727	7,893,665
[1] Amounts include depreciation and amortization as follows: Three Months Ended Nine months ended 2024 2023 2024 2023 Cost of goods sold $ 1,642 $ 832 $ 4,197 $ 2,662 Research and development 2,852 722 5,031 1,754 Selling, general and administrative 1,374 1,851 3,757 5,763 Total depreciation and amortization $ 5,868 $ 3,405 $ 12,985 $ 10,179 Amounts include stock-based compensation as follows: Three Months Ended Nine months ended 2024 2023 2024 2023 Cost of goods sold $ 15 $ 24 $ 75 $ 100 Research and development 86 343 250 1,676 Selling, general and administrative 1,286 2,898 1,776 11,882 Total stock-based compensation expense, net of amounts capitalized $ 1,387 $ 3,265 $ 2,101 $ 13,658

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total stock-based compensation expense, net of amounts capitalized	$ 1,387	$ 3,265	$ 2,101	$ 13,658
Total depreciation and amortization	5,868	3,405	12,985	10,179
Cost of goods sold
Total stock-based compensation expense, net of amounts capitalized	15	24	75	100
Total depreciation and amortization	1,642	832	4,197	2,662
Research and development
Total stock-based compensation expense, net of amounts capitalized	86	343	250	1,676
Total depreciation and amortization	2,852	722	5,031	1,754
Selling, general and administrative
Total stock-based compensation expense, net of amounts capitalized	1,286	2,898	1,776	11,882
Total depreciation and amortization	$ 1,374	$ 1,851	$ 3,757	$ 5,763

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		7,976,980
Beginning balance at Dec. 31, 2022	$ 121,333	$ 1	$ 300,645	$ (179,313)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units, net (in shares)		41,502
Stock-based compensation	6,361		6,361
Net loss	(23,527)			(23,527)
Ending balance (in shares) at Mar. 31, 2023		8,018,482
Ending balance at Mar. 31, 2023	104,167	$ 1	307,006	(202,840)
Beginning balance (in shares) at Dec. 31, 2022		7,976,980
Beginning balance at Dec. 31, 2022	121,333	$ 1	300,645	(179,313)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(58,461)
Ending balance (in shares) at Sep. 30, 2023		8,268,639
Ending balance at Sep. 30, 2023	77,801	$ 1	315,574	(237,774)
Beginning balance (in shares) at Mar. 31, 2023		8,018,482
Beginning balance at Mar. 31, 2023	104,167	$ 1	307,006	(202,840)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units, net (in shares)		171,051
Cash paid for fractional shares from the Reverse Stock Split (in shares)		(552)
Cash paid for fractional shares from the Reverse Stock Split	(3)		(3)
Stock-based compensation	4,792		4,792
Net loss	(10,676)			(10,676)
Ending balance (in shares) at Jun. 30, 2023		8,188,981
Ending balance at Jun. 30, 2023	98,280	$ 1	311,795	(213,516)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units, net (in shares)		79,658
Stock-based compensation	3,779		3,779
Net loss	(24,258)			(24,258)
Ending balance (in shares) at Sep. 30, 2023		8,268,639
Ending balance at Sep. 30, 2023	$ 77,801	$ 1	315,574	(237,774)
Beginning balance (in shares) at Dec. 31, 2023	8,311,237	8,311,237
Beginning balance at Dec. 31, 2023	$ 15,273	$ 1	318,600	(303,328)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units, net (in shares)		126,305
Stock-based compensation	(670)		(670)
Net loss	(24,050)			(24,050)
Ending balance (in shares) at Mar. 31, 2024		8,437,542
Ending balance at Mar. 31, 2024	$ (9,447)	$ 1	317,930	(327,378)
Beginning balance (in shares) at Dec. 31, 2023	8,311,237	8,311,237
Beginning balance at Dec. 31, 2023	$ 15,273	$ 1	318,600	(303,328)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (83,644)
Ending balance (in shares) at Sep. 30, 2024	8,650,649	8,650,649
Ending balance at Sep. 30, 2024	$ (65,613)	$ 1	321,358	(386,972)
Beginning balance (in shares) at Mar. 31, 2024		8,437,542
Beginning balance at Mar. 31, 2024	(9,447)	$ 1	317,930	(327,378)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units, net (in shares)		136,707
Stock-based compensation	1,875		1,875
Net loss	(25,267)			(25,267)
Ending balance (in shares) at Jun. 30, 2024		8,574,249
Ending balance at Jun. 30, 2024	(32,839)	$ 1	319,805	(352,645)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units, net (in shares)		76,400
Stock-based compensation	1,553		1,553
Net loss	$ (34,327)			(34,327)
Ending balance (in shares) at Sep. 30, 2024	8,650,649	8,650,649
Ending balance at Sep. 30, 2024	$ (65,613)	$ 1	$ 321,358	$ (386,972)

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities:
Net loss	$ (83,644)	$ (58,461)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	10,307	5,152
Amortization of intangible assets	2,678	5,027
Stock-based compensation expense, net of amounts capitalized	2,101	13,658
Allowance for expected credit losses	(55)	5
Inventory allowance	1,664	385
Loss on disposal of property and equipment	1,652	1,375
Change in fair value of warrant liability	1,163	(16,917)
Paid-in-kind interest expense	23,271	15,797
Amortization of debt issuance costs	6,300	5,183
Interest expense on financing obligation	523	144
Changes in operating assets and liabilities:
Accounts receivable	1,090	20
Inventory	(4,002)	(1,284)
Prepaid expenses and other current assets	903	1,291
Other assets	(2,984)	(649)
Accounts payable	5,110	(493)
Operating lease liabilities	(23)	(104)
Finance lease liabilities	21	0
Accrued liabilities	5,630	3,880
Net cash used in operating activities	(28,295)	(25,991)
Investing Activities:
Purchases of property and equipment	(72,629)	(117,241)
Net cash used in investing activities	(72,629)	(117,241)
Financing Activities:
Proceeds from financing obligations	0	35,000
Proceeds from issuance of debt	90,851	101,861
Principal payment on finance lease liabilities	(15)	0
Payment of debt issuance costs	0	(226)
Fractional shares paid in cash pursuant to reverse stock split	0	(3)
Net cash provided by financing activities	90,836	136,632
Net decrease in cash and cash equivalents and restricted cash	(10,088)	(6,600)
Cash and cash equivalents and restricted cash at beginning of period	16,895	24,938
Cash and cash equivalents and restricted cash at end of period	6,807	18,338
Reconciliation of cash, cash equivalents, and restricted cash from the Unaudited Condensed Consolidated Balance Sheets to the Unaudited Condensed Consolidated Statements of Cash Flows
Cash and cash equivalents	317	11,814
Restricted cash	6,490	6,524
Total cash and cash equivalents and restricted cash as shown in the Unaudited Condensed Consolidated Statements of Cash Flows	6,807	18,338
Non-cash activities:
Warrants issued in connection with debt modification	0	25,697
Purchases of property and equipment included in accounts payable and accrued liabilities	3,123	1,910
Interest capitalized to property and equipment, net	10,460	9,486
Stock-based compensation capitalized to property and equipment, net	655	1,451
Non-cash equity settlement on employee receivable	$ 0	$ 176

Business Description

Business Description	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description	Business Description Description of the Business Local Bounti Corporation ("Local Bounti" or the "Company") was founded in August 2018 and is headquartered in Hamilton, Montana. The Company is a producer of sustainably grown produce, focused primarily on living and loose leaf lettuce, arugula, spinach, and basil. The Company is a controlled environment agriculture ("CEA") company that utilizes patented Stack & Flow Technology ® , which is a hybrid of vertical and hydroponic greenhouse farming, to grow healthy food sustainably and affordably. Through the Company's CEA process, its goal is to produce environmentally sustainable products in a manner that will increase harvest efficiency, limit water usage, and reduce the carbon footprint of the production and distribution process.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation Management of Local Bounti is responsible for the Unaudited Condensed Consolidated Financial Statements included in this document, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the statements herein. The Unaudited Condensed Consolidated Financial Statements do not include all of the disclosures required by GAAP for annual financial statements and should be read in conjunction with the audited Consolidated Financial Statements of the Company for the year ended December 31, 2023 (the "Annual Financial Statements") as filed with the SEC. In the opinion of the Company, the accompanying Unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting of only normal recurring adjustments, necessary to fairly present its financial position as of September 30, 2024, its results of operations for the three and nine months ended September 30, 2024 and 2023, its cash flows for the nine months ended September 30, 2024 and 2023, and its stockholders' (deficit) equity for the three and nine months ended September 30, 2024 and 2023. Results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or any future period. The Unaudited Condensed Consolidated Balance Sheet at December 31, 2023 was derived from the Annual Financial Statements but does not contain all of the footnote disclosures from the Annual Financial Statements. Liquidity and Going Concern The CEA business is highly capital-intensive. Since its inception, the Company has incurred losses and generated negative cash flows from operations. At September 30, 2024, the Company had an accumulated deficit of $387.0 million and cash and cash equivalents and restricted cash of $6.8 million. Currently, the Company’s primary sources of liquidity and capital resources are cash on hand, cash flows generated from the sale of products, and the credit facilities with Cargill Financial. As of September 30, 2024, the Company's outstanding debt principal totaled $431.7 million. On April 1, 2025, the Company is required to begin making quarterly principal payments under the Senior Facility (defined below) and quarterly interest payments under both the Senior Facility and the Subordinated Facility (defined below). The Company’s current operating plan indicates that it will continue to incur losses from operations and generate negative cash flows from operating activities until the Texas and Washington facilities start operating at full commercial scale and generate sufficient gross profit to cover its losses. The Company's cash on hand as of September 30, 2024, and projected cash inflows generated from operations over the next 12 months are not expected to be sufficient to fund anticipated cash outflows for operations and the required debt service obligations beginning April 1, 2025. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months. The Company’s Unaudited Condensed Consolidated Financial Statements as of September 30, 2024, do not include any adjustments that might result from the outcome of this uncertainty and have been prepared to assume the Company will continue as a going concern . The Company’s plan to alleviate the conditions that raised substantial doubt about its ability to continue as a going concern includes the following: • Renegotiate the terms of the credit facilities with Cargill Financial to provide the Company with additional working capital over the next twelve months, subject to terms and conditions precedent to the Senior Facility. • Renegotiate the terms of the credit facilities with Cargill Financial to defer all principal payments due under the Senior Facility through November 30, 2025, subject to terms and conditions precedent to the Senior Facility. • Renegotiate the terms of the credit facilities with Cargill Financial to allow for the payment in kind of the interest payments on the Senior Facility and the Subordinated Facility through November 30, 2025, subject to terms and conditions precedent to the Senior Facility. • Renegotiate the terms of the credit facilities with Cargill Financial to waive the restricted cash requirement of two quarters of future interest and principal payments through November 30, 2025, subject to terms and conditions precedent to the Senior Facility. • Continue to ramp production at the Company’s Washington and Texas facilities to full commercial scale to accelerate and significantly increase revenue growth. • Reduce production costs as a result of manufacturing and technical developments. • Lower research and development and general and administrative costs. • Reduce or delay uncommitted capital expenditures, including nonessential facilities and information technology projects. • Raise additional working capital through other sources of debt and equity financings. While the Company fully expects to implement and execute its plans and to have access to these additional sources of capital, such plans or other additional sources of financing may not be achievable on favorable terms and conditions, or at all, and these conditions and events in the aggregate do not alleviate substantial doubt regarding the Company’s ability to continue as a going concern over the next twelve months from the date these Unaudited Condensed Consolidated Financial Statements are issued. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Expenditures for additions and improvements are capitalized; expenditures for maintenance and repairs that neither materially add to the value of the property nor appreciably prolong its economic life are charged to expense as incurred. Assets to be disposed of by sale are reported as assets held for sale at the lower of the carrying amount or the asset's fair value less cost to sell, and depreciation is ceased. Assets to be disposed of other than by sale are recorded at cost less accumulated depreciation and classified as held and used until the asset is disposed. Upon sale or other disposition of an asset, the Company recognizes a gain or loss on disposal measured as the difference between the net carrying amount of the asset and the net proceeds received. During the three and nine months ended September 30, 2024, the Company recognized a $1.6 million loss on assets disposed of other than by sale, primarily related to construction-in-progress assets related to certain growing technology and equipment that will not be utilized in the Company's current facilities or in future construction projects, following the Company’s realignment of its facility in Hamilton, Montana (the "Montana Facility") away from a research and development focus and an assessment of recent growing process advancements and alignment of the Company's technology across its facilities. Loss on disposals are included in "Selling, general and administrative" on the Unaudited Condensed Consolidated Statements of Operations. Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for certain financial instruments with liability and equity characteristics, including convertible instruments and contracts on an entity’s own equity. The standard reduces the number of models used to account for convertible instruments, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, and requires the if-converted method for calculation of diluted earnings per share for all convertible instruments. The Company adopted this guidance on January 1, 2024. The adoption of this guidance did not have a material impact on the Company's Unaudited Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional disclosures and disaggregation of certain costs and expenses presented on the face of the income statement. The standard is effective for the Company for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The requirements in ASU 2024-03 can be applied either on a retrospective or prospective basis. Early adoption is permitted. The Company has not concluded to early adopt or on the method of adopting the provisions of ASU 2024-03 and is currently evaluating the impact of this standard on its Unaudited Condensed Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740 ), which requires disclosure of specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The standard is effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied on a prospective basis. The Company is currently evaluating the impact of this standard on its Unaudited Condensed Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280 ), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its Unaudited Condensed Consolidated Financial Statements.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventory	Inventory Inventories consisted of the following: September 30, December 31, 2024 2023 (in thousands) Raw materials $ 2,728 $ 1,843 Production 6,127 3,010 Finished goods 109 110 Inventory allowance (2,417) (753) Total inventory, net $ 6,547 $ 4,210

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment, net consisted of the following: September 30, December 31, 2024 2023 (in thousands) Land $ 19,253 $ 19,253 Machinery and equipment 113,798 44,169 Greenhouses, buildings and leasehold improvements 251,191 66,754 Construction-in-progress 10,767 196,324 Less: Accumulated depreciation (23,641) (13,334) Property and equipment, net $ 371,368 $ 313,166 Depreciation expense related to property and equipme nt was $5.0 million and $1.7 million for the three months ended September 30, 2024 and 2023, respectively, and $10.3 million an d $5.2 million for the nine months ended September 30, 2024 and 2023 , respectively.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following: September 30, December 31, 2024 2023 (in thousands) Interest $ 15,211 $ 9,786 Construction 3,265 2,995 Payroll 1,245 2,596 Production materials and supplies 1,230 690 Professional services 379 411 Other 1,774 726 Total accrued liabilities $ 23,104 $ 17,204

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following: September 30, December 31, 2024 2023 (in thousands) Senior Facility $ 378,810 $ 269,395 Subordinated Facility 52,840 48,132 Unamortized deferred financing costs (33,242) (39,542) Total debt 398,408 277,985 Less short-term portion (13,470) — Total long-term debt $ 384,938 $ 277,985 Agreements with Cargill Financial On September 3, 2021, Local Bounti Operating Company LLC and certain subsidiaries entered into (a) a credit agreement (the "Senior Credit Agreement") with Cargill Financial for an up to $150.0 million multiple-advance term loan (the "Senior Facility") and (b) a subordinated credit agreement (the "Subordinated Credit Agreement" and, together with the Senior Credit Agreement, the "Original Credit Agreements") with Cargill Financial for an up to $50.0 million multiple-advance term loan (the "Subordinated Facility" and, together with the Senior Facility, the "Facilities"). As previously disclosed in the Company's Annual Financial Statements, Local Bounti Operating Company LLC and certain subsidiaries and Cargill Financial entered into a series of amendments: the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, and the Seventh Amendment to the Original Credit Agreements. In the first half of 2024, Local Bounti Operating Company LLC, the Company, and certain subsidiaries and Cargill Financial entered into the Eighth Amendment, the Ninth Amendment, and the Tenth Amendment to the Original Credit Agreements (as so amended, collectively referred to as the "Amended Credit Agreements"), as further described below. Eighth Amendment to Credit Agreements On January 23, 2024, the Company, along with certain subsidiaries of the Company, entered into an Eighth Amendment to the Original Credit Agreements (the "Eighth Amendment") with Cargill Financial to further amend the Original Credit Agreements. The Eighth Amendment allows for the payment in kind of the quarterly interest payments due and payable for the quarter ending March 31, 2024. Ninth Amendment to Credit Agreements On March 26, 2024, the Company, along with certain of its subsidiaries, entered into a Ninth Amendment to the Original Credit Agreements (the "Ninth Amendment") with Cargill Financial to further amend the Original Credit Agreements. The Ninth Amendment allows for the payment in kind of the quarterly interest payments due and payable for the quarters ending June 30, 2024, September 30, 2024, and December 31, 2024. The Ninth Amendment also provides for up to $15.0 million in working capital for the Company, $15.0 million of which has been drawn down. Tenth Amendment to Credit Agreements On June 28, 2024, the Company, along with certain of its subsidiaries, entered into a Tenth Amendment to the Original Credit Agreements (the "Tenth Amendment") with Cargill Financial to further amend the Original Credit Agreements. The Tenth Amendment adds a new maximum cash operating expense to revenue ratio covenant, to be tested beginning with the fiscal quarter ending September 30, 2024. General provisions to the Amended Credit Agreements The interest rate on the Subordinated Facility is 12.5% per annum. The interest rate on the Senior Facility is equal to SOFR plus a margin (which varies between 7.5% to 8.5% depending on the Senior Facility net leverage ratio) per annum, with accrued interest paid quarterly in arrears on the first business day of the subsequent quarter through the maturity date on September 3, 2028. Principal payments are due and payable quarterly under the Senior Facility, beginning April 1, 2025, based on the principal balance as of December 31, 2023 and assuming a fixed 10-year straight line amortization schedule. The remaining unpaid principal balance under both the Senior Facility and the Subordinated Facility is due on the September 3, 2028 maturity date. In accordance with the Original Credit Agreements, the Company is required to have a debt service reserve account which is shown as restricted cash on the Consolidated Balance Sheets. The Fifth Amendment and Sixth Amendment, taken together, reduced the minimum balance to maintain in the debt service reserve account to $0 through March 31, 2025. From and after April 1, 2025, the minimum balance to maintain in the debt service reserve account will be increased to two quarters of scheduled interest payments and two quarters of scheduled principal payments.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table sets forth by level within the fair value hierarchy, the accounting of the Company’s financial assets and liabilities at fair value on a recurring and nonrecurring basis according to the valuation techniques the Company uses to determine their fair value: September 30, 2024 Level 1 Level 2 Level 3 (in thousands) Recurring fair value measurements Assets: Money market funds $ 6,784 $ — $ — Liabilities: March 2023 Cargill Warrant Liability $ — $ — $ 8,377 December 31, 2023 Level 1 Level 2 Level 3 (in thousands) Recurring fair value measurements Assets: Money market funds $ 16,322 $ — $ — Liabilities: March 2023 Cargill Warrant Liability $ — $ — $ 7,214 The fair value of the Company's money market funds is determined using quoted market prices in active markets for identical assets. The fair value of the March 2023 Cargill Warrant Liability is determined using a Black-Scholes model. The following table presents changes in the Level 3 fair value measurement for the warrant liability on a recurring basis: September 30, 2024 (in thousands) Balance as of December 31, 2023 $ 7,214 Fair value measurement adjustments through other income (expense) 1,163 Balance as of September 30, 2024 $ 8,377 September 30, 2023 (in thousands) Balance as of March 28, 2023 (initial measurement) $ 25,697 Fair value measurement adjustments (16,917) Balance as of September 30, 2023 $ 8,780 The key inputs into the Black-Scholes model used to determine the fair value of the 2023 Cargill Warrant Liability were as follows at their measurement dates: September 30, 2024 2023 Input Share price $ 2.50 $ 2.45 Risk-free interest rate 3.58% 4.60% Volatility 121% 128% Exercise price $ 6.50 $ 13.00 Warrant life (years) 3.5 4.5 Dividend yield —% —% As of September 30, 2024 and December 31, 2023, the carrying value of the Company's cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses approximated their respective fair values due to their short-term maturities. Therefore, no unrealized gains or losses were recorded during the periods presented. There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented. Common Stock Purchase Warrant Amendment On January 23, 2024, the Company entered into an Amendment to Common Stock Purchase Warrant (the "Warrant Amendment") with Cargill Financial to amend that certain Common Stock Purchase Warrant, dated March 28, 2023, issued by the Company to Cargill Financial (the "Original Warrant" and as amended, the "Warrant") to amend the exercise price under Section 2(b) thereunder from $13.00 to $6.50 per share of common stock. The initial impact of the reduced exercise price was included in the mark-to-market net change in fair value of the warrant liability during the three months ended March 31, 2024. The Original Warrant was issued by the Company to Cargill Financial to purchase up to 5,353,846 shares of common stock. Pursuant to the Warrant Amendment, the Warrant entitles Cargill Financial to purchase 5,353,846 shares of common stock at an exercise price of $6.50 per share.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Restricted Common Stock Awards A summary of the restricted common stock awards ("RSAs") for the nine months ended September 30, 2024 is as follows: Number of RSAs Average Grant-Date Fair Value Unvested and outstanding at December 31, 2023 135,701 $ 23.60 Vested (80,029) $ 22.52 Unvested and outstanding at September 30, 2024 55,672 $ 25.16 Total RSA expense for the three and nine months ended September 30, 2024 was $0.1 million and $0.5 million, respectively. Total RSA expense for the three and nine months ended September 30, 2023 was $0.3 million and $0.9 million, respectively. As of September 30, 2024, the total compensation cost related to unvested RSAs not yet recognized is $0.1 million. Unvested RSA expense not yet recognized is expected to be recognized over a weighted average period of 0.4 years. Restricted Stock Units A summary of the restricted stock units ("RSUs") activity for the nine months ended September 30, 2024 is as follows: Number of RSUs Average Grant-Date Fair Value Unvested and outstanding at December 31, 2023 689,837 $ 47.43 Granted 1,108,882 $ 2.96 Forfeited (119,659) $ 38.20 Vested (424,616) $ 36.51 Unvested and outstanding at September 30, 2024 1,254,444 $ 12.61 Total RSU expense, net of amounts capitalized, for the three and nine months ended September 30, 2024 was $1.3 million and $1.6 million, respectively. Total RSU expense, net of amounts capitalized, for the three and nine months ended September 30, 2023 was $2.9 million and $12.8 million, respectively. As of September 30, 2024, the total compensation cost related to unvested RSUs not yet recognized is $4.5 million. Unvested RSU expense not yet recognized is expected to be recognized over a weighted average period of 1.75 years.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Net loss per share is computed by dividing net loss by the weighted average number of common shares 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 nine months ended September 30, 2024 and 2023 because the effects of potentially dilutive items were anti-dilutive given the Company's net loss. If and when applicable, 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 Nine months ended (in thousands, except share and per share data) (in thousands, except share and per share data) 2024 2023 2024 2023 Net loss $ (34,327) $ (24,258) $ (83,644) $ (58,461) Weighted average common shares outstanding, basic and diluted 8,568,970 8,019,561 8,436,727 7,893,665 Net loss per common share, basic and diluted $ (4.01) $ (3.02) $ (9.91) $ (7.41) 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: Three Months Ended Nine months ended 2024 2023 2024 2023 Restricted Stock 68,519 222,692 86,746 230,632 Warrants 6,241,475 6,241,475 6,241,475 4,554,915

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters The Company has and may become party to various legal proceedings and other claims that arise in the ordinary course of business. The Company records a liability when it believes that it is probable that a loss will be incurred, and the amount of loss or range of loss can be reasonably estimated. Management is currently not aware of any matters that it expects will have a material adverse effect on the financial position, results of operations, or cash flows of the Company.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (34,327)	$ (25,267)	$ (24,050)	$ (24,258)	$ (10,676)	$ (23,527)	$ (83,644)	$ (58,461)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation Management of Local Bounti is responsible for the Unaudited Condensed Consolidated Financial Statements included in this document, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the statements herein. The Unaudited Condensed Consolidated Financial Statements do not include all of the disclosures required by GAAP for annual financial statements and should be read in conjunction with the audited Consolidated Financial Statements of the Company for the year ended December 31, 2023 (the "Annual Financial Statements") as filed with the SEC. In the opinion of the Company, the accompanying Unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting of only normal recurring adjustments, necessary to fairly present its financial position as of September 30, 2024, its results of operations for the three and nine months ended September 30, 2024 and 2023, its cash flows for the nine months ended September 30, 2024 and 2023, and its stockholders' (deficit) equity for the three and nine months ended September 30, 2024 and 2023. Results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or any future period. The Unaudited Condensed Consolidated Balance Sheet at December 31, 2023 was derived from the Annual Financial Statements but does not contain all of the footnote disclosures from the Annual Financial Statements.
Principles of Consolidation	Basis of Presentation and Principles of Consolidation Management of Local Bounti is responsible for the Unaudited Condensed Consolidated Financial Statements included in this document, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the statements herein. The Unaudited Condensed Consolidated Financial Statements do not include all of the disclosures required by GAAP for annual financial statements and should be read in conjunction with the audited Consolidated Financial Statements of the Company for the year ended December 31, 2023 (the "Annual Financial Statements") as filed with the SEC. In the opinion of the Company, the accompanying Unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting of only normal recurring adjustments, necessary to fairly present its financial position as of September 30, 2024, its results of operations for the three and nine months ended September 30, 2024 and 2023, its cash flows for the nine months ended September 30, 2024 and 2023, and its stockholders' (deficit) equity for the three and nine months ended September 30, 2024 and 2023. Results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or any future period. The Unaudited Condensed Consolidated Balance Sheet at December 31, 2023 was derived from the Annual Financial Statements but does not contain all of the footnote disclosures from the Annual Financial Statements.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Expenditures for additions and improvements are capitalized; expenditures for maintenance and repairs that neither materially add to the value of the property nor appreciably prolong its economic life are charged to expense as incurred. Assets to be disposed of by sale are reported as assets held for sale at the lower of the carrying amount or the asset's fair value less cost to sell, and depreciation is ceased. Assets to be disposed of other than by sale are recorded at cost less accumulated depreciation and classified as held and used until the asset is disposed. Upon sale or other disposition of an asset, the Company recognizes a gain or loss on disposal measured as the difference between the net carrying amount of the asset and the net proceeds received. During the three and nine months ended September 30, 2024, the Company recognized a $1.6 million loss on assets disposed of other than by sale, primarily related to construction-in-progress assets related to certain growing technology and equipment that will not be utilized in the Company's current facilities or in future construction projects, following the Company’s realignment of its facility in Hamilton, Montana (the "Montana Facility") away from a research and development focus and an assessment of recent growing process advancements and alignment of the Company's technology across its facilities. Loss on disposals are included in "Selling, general and administrative" on the Unaudited Condensed Consolidated Statements of Operations.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for certain financial instruments with liability and equity characteristics, including convertible instruments and contracts on an entity’s own equity. The standard reduces the number of models used to account for convertible instruments, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, and requires the if-converted method for calculation of diluted earnings per share for all convertible instruments. The Company adopted this guidance on January 1, 2024. The adoption of this guidance did not have a material impact on the Company's Unaudited Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional disclosures and disaggregation of certain costs and expenses presented on the face of the income statement. The standard is effective for the Company for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The requirements in ASU 2024-03 can be applied either on a retrospective or prospective basis. Early adoption is permitted. The Company has not concluded to early adopt or on the method of adopting the provisions of ASU 2024-03 and is currently evaluating the impact of this standard on its Unaudited Condensed Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740 ), which requires disclosure of specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The standard is effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied on a prospective basis. The Company is currently evaluating the impact of this standard on its Unaudited Condensed Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280 ), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its Unaudited Condensed Consolidated Financial Statements.

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	Inventories consisted of the following: September 30, December 31, 2024 2023 (in thousands) Raw materials $ 2,728 $ 1,843 Production 6,127 3,010 Finished goods 109 110 Inventory allowance (2,417) (753) Total inventory, net $ 6,547 $ 4,210

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following: September 30, December 31, 2024 2023 (in thousands) Land $ 19,253 $ 19,253 Machinery and equipment 113,798 44,169 Greenhouses, buildings and leasehold improvements 251,191 66,754 Construction-in-progress 10,767 196,324 Less: Accumulated depreciation (23,641) (13,334) Property and equipment, net $ 371,368 $ 313,166

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following: September 30, December 31, 2024 2023 (in thousands) Interest $ 15,211 $ 9,786 Construction 3,265 2,995 Payroll 1,245 2,596 Production materials and supplies 1,230 690 Professional services 379 411 Other 1,774 726 Total accrued liabilities $ 23,104 $ 17,204

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following: September 30, December 31, 2024 2023 (in thousands) Senior Facility $ 378,810 $ 269,395 Subordinated Facility 52,840 48,132 Unamortized deferred financing costs (33,242) (39,542) Total debt 398,408 277,985 Less short-term portion (13,470) — Total long-term debt $ 384,938 $ 277,985

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets And Liabilities Measured on Recurring Basis	The following table sets forth by level within the fair value hierarchy, the accounting of the Company’s financial assets and liabilities at fair value on a recurring and nonrecurring basis according to the valuation techniques the Company uses to determine their fair value: September 30, 2024 Level 1 Level 2 Level 3 (in thousands) Recurring fair value measurements Assets: Money market funds $ 6,784 $ — $ — Liabilities: March 2023 Cargill Warrant Liability $ — $ — $ 8,377 December 31, 2023 Level 1 Level 2 Level 3 (in thousands) Recurring fair value measurements Assets: Money market funds $ 16,322 $ — $ — Liabilities: March 2023 Cargill Warrant Liability $ — $ — $ 7,214
Schedule of Changes in Level 3 Fair Value Measurement for the Warrant Liability	The following table presents changes in the Level 3 fair value measurement for the warrant liability on a recurring basis: September 30, 2024 (in thousands) Balance as of December 31, 2023 $ 7,214 Fair value measurement adjustments through other income (expense) 1,163 Balance as of September 30, 2024 $ 8,377 September 30, 2023 (in thousands) Balance as of March 28, 2023 (initial measurement) $ 25,697 Fair value measurement adjustments (16,917) Balance as of September 30, 2023 $ 8,780
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The key inputs into the Black-Scholes model used to determine the fair value of the 2023 Cargill Warrant Liability were as follows at their measurement dates: September 30, 2024 2023 Input Share price $ 2.50 $ 2.45 Risk-free interest rate 3.58% 4.60% Volatility 121% 128% Exercise price $ 6.50 $ 13.00 Warrant life (years) 3.5 4.5 Dividend yield —% —%

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Common Stock Awards, Activity	A summary of the restricted common stock awards ("RSAs") for the nine months ended September 30, 2024 is as follows: Number of RSAs Average Grant-Date Fair Value Unvested and outstanding at December 31, 2023 135,701 $ 23.60 Vested (80,029) $ 22.52 Unvested and outstanding at September 30, 2024 55,672 $ 25.16
Schedule of Restricted Stock Unit, Activity	A summary of the restricted stock units ("RSUs") activity for the nine months ended September 30, 2024 is as follows: Number of RSUs Average Grant-Date Fair Value Unvested and outstanding at December 31, 2023 689,837 $ 47.43 Granted 1,108,882 $ 2.96 Forfeited (119,659) $ 38.20 Vested (424,616) $ 36.51 Unvested and outstanding at September 30, 2024 1,254,444 $ 12.61

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share, Basic and Diluted	The following table sets forth the computation of the Company's net loss per share attributable to common stockholders: Three Months Ended Nine months ended (in thousands, except share and per share data) (in thousands, except share and per share data) 2024 2023 2024 2023 Net loss $ (34,327) $ (24,258) $ (83,644) $ (58,461) Weighted average common shares outstanding, basic and diluted 8,568,970 8,019,561 8,436,727 7,893,665 Net loss per common share, basic and diluted $ (4.01) $ (3.02) $ (9.91) $ (7.41)
Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share	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: Three Months Ended Nine months ended 2024 2023 2024 2023 Restricted Stock 68,519 222,692 86,746 230,632 Warrants 6,241,475 6,241,475 6,241,475 4,554,915

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Accumulated deficit	$ 386,972	$ 386,972		$ 303,328
Cash and cash equivalents and restricted cash	6,807	6,807	$ 18,338	$ 16,895	$ 24,938
Long term debt outstanding	431,700	431,700
Loss on disposal of property and equipment		1,652	$ 1,375
Construction-in-progress
Class of Stock [Line Items]
Loss on disposal of property and equipment	$ 1,600	$ 1,600

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 2,728	$ 1,843
Production	6,127	3,010
Finished goods	109	110
Inventory allowance	(2,417)	(753)
Total inventory, net	$ 6,547	$ 4,210

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (23,641)		$ (23,641)		$ (13,334)
Property and equipment, net	371,368		371,368		313,166
Depreciation	5,000	$ 1,700	10,307	$ 5,152
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	19,253		19,253		19,253
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	113,798		113,798		44,169
Greenhouses, buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	251,191		251,191		66,754
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 10,767		$ 10,767		$ 196,324

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Interest	$ 15,211	$ 9,786
Construction	3,265	2,995
Payroll	1,245	2,596
Production materials and supplies	1,230	690
Professional services	379	411
Other	1,774	726
Total accrued liabilities	$ 23,104	$ 17,204

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 431,700
Unamortized deferred financing costs	(33,242)	$ (39,542)
Total debt	398,408	277,985
Less short-term portion	(13,470)	0
Total long-term debt	384,938	277,985
Senior Facility
Debt Instrument [Line Items]
Long-term debt, gross	378,810	269,395
Subordinated Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 52,840	$ 48,132

Debt - Narrative (Details)

Debt - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 28, 2023 USD ($) quarter	Sep. 03, 2021 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 90,851,000	$ 101,861,000
Loans Payable | Senior Facility
Debt Instrument [Line Items]
Debt, face amount				$ 150,000,000
Debt instrument, amortization period	10 years
Loans Payable | Senior Facility | Minimum
Debt Instrument [Line Items]
Debt basis spread on variable rate	7.50%
Loans Payable | Senior Facility | Maximum
Debt Instrument [Line Items]
Debt basis spread on variable rate	8.50%
Loans Payable | Subordinated Facility
Debt Instrument [Line Items]
Debt, face amount				$ 50,000,000
Interest rate percentage	12.50%
Loans Payable | Ninth Amendment To Credit Agreements
Debt Instrument [Line Items]
Debt, conditional working capital borrowing capacity, amount	$ 15,000,000
Proceeds from issuance of debt	$ 15,000,000
Loans Payable | Sixth Amendment To Original Credit Agreement
Debt Instrument [Line Items]
Debt service reserve account			$ 0
Debt covenant, debt service reserve account requirement, number of quarters of scheduled interest payments | quarter			2
Debt covenant, debt service reserve account requirement, number of quarters of scheduled amortization payments | quarter			2

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assets And Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Level 1
Liabilities:
March 2023 Cargill Warrant Liability	$ 0	$ 0
Level 1 | Money market funds
Assets:
Assets, fair value	6,784	16,322
Level 2
Liabilities:
March 2023 Cargill Warrant Liability	0	0
Level 2 | Money market funds
Assets:
Assets, fair value	0	0
Level 3
Liabilities:
March 2023 Cargill Warrant Liability	8,377	7,214
Level 3 | Money market funds
Assets:
Assets, fair value	$ 0	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Changes in Level 3 Fair Value Measurement for the Warrant Liability (Details) - USD ($) $ in Thousands	6 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Other income	Other income
Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 25,697	$ 7,214
Fair value measurement adjustments through other income (expense)	(16,917)	1,163
Ending balance	$ 8,780	$ 8,377	$ 8,780

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details)	Sep. 30, 2024 $ / shares year	Sep. 30, 2023 $ / shares year
Share price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	2.50	2.45
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.0358	0.0460
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	1.21	1.28
Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	6.50	13
Warrant life (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input | year	3.5	4.5
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0	0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - $ / shares	Jan. 23, 2024	Mar. 28, 2023
March 2023 Cargill Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant price (in dollars per share)	$ 6.50	$ 13
Number of common stock called by warrants (in shares)		5,353,846
Warrant Amendment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of common stock called by warrants (in shares)	5,353,846

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Restricted Common Stock Awards and Restricted Stock Units Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Common Stock Awards
Number of RSAs
Unvested beginning balance (in shares) | shares	135,701
Vested (in shares) | shares	(80,029)
Unvested ending balance (in shares) | shares	55,672
Average Grant-Date Fair Value
Unvested beginning balance (in dollars per share) | $ / shares	$ 23.60
Vested (in dollars per share) | $ / shares	22.52
Unvested ending balance (in dollars per share) | $ / shares	$ 25.16
Restricted Stock Units (RSUs)
Number of RSAs
Unvested beginning balance (in shares) | shares	689,837
Granted (in shares) | shares	1,108,882
Forfeited (in shares) | shares	(119,659)
Vested (in shares) | shares	(424,616)
Unvested ending balance (in shares) | shares	1,254,444
Average Grant-Date Fair Value
Unvested beginning balance (in dollars per share) | $ / shares	$ 47.43
Granted (in dollars per share) | $ / shares	2.96
Forfeited (in dollars per share) | $ / shares	38.20
Vested (in dollars per share) | $ / shares	36.51
Unvested ending balance (in dollars per share) | $ / shares	$ 12.61

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net of amounts capitalized			$ 2,101	$ 13,658
Restricted Common Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net of amounts capitalized	$ 100	$ 300	500	900
Cost not yet recognized, amount	100		$ 100
Award vesting period			4 months 24 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net of amounts capitalized	1,300	$ 2,900	$ 1,600	$ 12,800
Cost not yet recognized, amount	$ 4,500		$ 4,500
Award vesting period			1 year 9 months

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Net Loss Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (34,327)	$ (25,267)	$ (24,050)	$ (24,258)	$ (10,676)	$ (23,527)	$ (83,644)	$ (58,461)
Weighted average common stock outstanding, basic (in shares)	8,568,970			8,019,561			8,436,727	7,893,665
Weighted average common stock outstanding, diluted (in shares)	8,568,970			8,019,561			8,436,727	7,893,665
Net loss per common share, basic (in dollars per share)	$ (4.01)			$ (3.02)			$ (9.91)	$ (7.41)
Net loss per common share, diluted (in dollars per share)	$ (4.01)			$ (3.02)			$ (9.91)	$ (7.41)

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	68,519	222,692	86,746	230,632
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,241,475	6,241,475	6,241,475	4,554,915