channels and increase our market reach. Our financial health remains strong, with $14.7 million in cash reserves as of March 31, 2024, and we anticipate securing approximately $228 million in financing to support our growth initiatives.
Looking ahead, we have provided sales guidance for the full year of 2024, estimating revenues between $50 million and $60 million. We expect to see sequential revenue growth from Q1 to Q2, and we are optimistic about achieving positive adjusted EBITDA by early 2025. Our focus remains on driving operational efficiency, leveraging our technology, and expanding our market presence through strategic partnerships.
In conclusion, Local Bounti is well-positioned for continued growth and success. We are confident in our ability to deliver on our promises to shareholders and customers alike, and we remain committed to driving value for all stakeholders. Thank you for your continued support, and we look forward to updating you on our progress in the coming quarters.
With that, I will now turn the call over to Kathy for a deeper dive into our financial performance. Kathy?
Kathleen Valiasek: Thank you, Craig, and good morning, everyone. I am pleased to report that our financial performance in the first quarter of 2024 was strong, reflecting the operational progress we have made across our business. Our sales increased by 25% to $8.4 million, driven by the successful implementation of our Stack & Flow Technology and the ramp-up of production at our Georgia facility. We are pleased with the yield increase of 10% that we have achieved at the Georgia facility, and we are excited to begin shipping products from our new facilities in Washington and Texas in the second quarter.
Our partnerships with Albertsons and Brookshire’s have enabled us to expand our distribution network and reach new customers in key regions. We are focused on driving revenue growth and maximizing the efficiency of our operations to achieve positive adjusted EBITDA by early 2025. Our financial position is solid, with $14.7 million in cash reserves as of March 31, 2024, and we anticipate securing approximately $228 million in financing to support our growth initiatives.
Looking ahead, we have provided sales guidance for the full year of 2024, estimating revenues between $50 million and $60 million. We expect to see sequential revenue growth from Q1 to Q2, and we are optimistic about our ability to achieve positive adjusted EBITDA by early 2025.
In conclusion, our financial performance in the first quarter of 2024 reflects the progress we have made in driving operational efficiency, expanding our market reach, and delivering value for our stakeholders. We are confident in our ability to continue this momentum and achieve our financial goals. Thank you for your continued support, and we look forward to updating you on our progress in the coming quarters.
Operator: Thank you, Kathy. We will now open the call for questions. Please limit your questions to one per person to allow for as many participants as possible. Thank you.