Avangrid Joins Electric Power Research Institute's Open Power AI Energy Consortium
'Joining the Electric Power Research Institute's Open Power AI Energy Consortium underscores Avangrid's commitment to responsibly developing and deploying groundbreaking AI tools that contribute to a resilient and reliable energy grid,' said Avangrid CEO Jose Antonio Miranda. 'We will continue to partner with key leaders in innovation and technology to enhance our operations, empower our workforce, and deliver the greatest value for our customers.'
"By collaborating with global industry leaders through the Open Power AI Consortium, we're accelerating the use of AI to strengthen the energy sector," said Jeremy Renshaw, Executive Director of AI and Quantum at EPRI. "EPRI is dedicated to delivering safe, secure, resilient, and AI-driven solutions to help shape the future of energy through proven, repeatable best practices that drive innovation and impact."
By joining the consortium, Avangrid strengthens its commitment to innovation and digital transformation as a key power generator and utility. The consortium will serve as a platform to explore safe, ethical, and scalable uses of AI, focusing on areas such as grid resilience, asset optimization, customer experience, and electrification.
EPRI's Open Power AI Energy Consortium was launched to promote cross-sector collaboration, knowledge sharing, and applied research on AI technologies tailored for energy systems. The initiative addresses core challenges such as data governance, AI model reliability, cybersecurity, and the human-AI interface in critical infrastructure.
The consortium focuses on three primary areas:
Develop and maintain open-source AI/Gen AI domain-specific models, datasets, libraries, optimized to address power sector-specific challenges.
Create a sandbox environment to develop and validate AI applications (use cases) in collaboration with startups, academia, national labs, utilities, and technology companies.
Deploy AI models leveraging global resources and expertise and incorporate lessons learned to accelerate innovation and de-risk deployment.
About Avangrid: Avangrid, Inc. is a leading energy company in the United States working to meet the growing demand for energy for homes and businesses across the nation through service, innovation, and continued investments by expanding grid infrastructure and energy generation projects. Avangrid has offices in Connecticut, New York, Massachusetts, Maine, and Oregon, including operations in 23 states with approximately $48 billion in assets, and has two primary lines of business: networks and power. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.4 million customers in New York and New England. Through its power generation business, Avangrid owns and operates more than 75 energy generation facilities across the United States producing 10.5 GW of power for over 3.1 million customers. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital as one of the JUST 100 companies – a ranking of America's best corporate citizens in 2025 for the fifth consecutive year. The company was named among the World's Most Ethical Companies in 2025 for the seventh consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit http://www.avangrid.com.
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Conference Call and Webcast Details We will host a conference call and webcast at 5:00 p.m. ET today to discuss our financial results. Participants may access the live webcast on the Laird Superfood Investor Relations website at under 'Events'. The webcast will be archived on the Company's website and will be available for replay for at least two weeks. About Laird Superfood Laird Superfood, Inc. creates award-winning, plant-based superfood products that are clean, delicious, and functional. Our products are designed to enhance a consumer's daily ritual and keep them fueled naturally throughout the day. Laird Superfood was co-founded in 2015 by the world's most prolific big-wave surfer, Laird Hamilton. Laird Superfood's offerings are environmentally conscientious, responsibly tested and made with real ingredients. Shop all products online at and join the Laird Superfood community on social media for the latest news and daily doses of inspiration. Forward-Looking Statements This press release and the conference call referencing this press release contain 'forward-looking' statements, as that term is defined under the federal securities laws, including but not limited to statements regarding Laird Superfood's anticipated cash runway, future financial performance, and growth. Such forward-looking statements may be identified by words such as "anticipates," "believes," "continues," "could," "estimates," "expects," "intends," "may," "outlook," "plans," "potential," predicts," "projects," "seeks," "should," "will," "would", or the antonyms of these terms or other comparable terminology. These forward-looking statements are based on Laird Superfood's current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Laird Superfood's actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. We expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The risks and uncertainties referred to above include, but are not limited to: (1) the effects of global outbreaks of pandemics or contagious diseases or fear of such outbreaks, including on our supply chain, the demand for our products, and on overall economic conditions and consumer confidence and spending levels; (2) volatility regarding our revenue, expenses, including shipping expenses, and other operating results; (3) our ability to acquire new direct and wholesale customers and successfully retain existing customers; (4) our ability to attract and retain our suppliers, distributors and co-manufacturers, and effectively manage their costs and performance; (5) effects of real or perceived quality or health issues with our products or other issues that adversely affect our brand and reputation; (6) our ability to innovate on a timely and cost-effective basis, predict changes in consumer preferences and develop successful new products, or updates to existing products, and develop innovative marketing strategies; (7) adverse developments regarding prices and availability of raw materials and other inputs, a substantial amount of which come from a limited number of suppliers outside the United States, including in areas which may be adversely affected by climate change; (8) effects of changes in the tastes and preferences of our consumers and consumer preferences for natural and organic food products; (9) the financial condition of, and our relationships with, our suppliers, co-manufacturers, distributors, retailers and food service customers, as well as the health of the food service industry generally; (10) the ability of ourselves, our suppliers and co-manufacturers to comply with food safety, environmental or other laws or regulations; (11) our plans for future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements, including our ability to continue as a going concern; (12) the costs and success of our marketing efforts, and our ability to promote our brand; (13) our reliance on our executive team and other key personnel and our ability to identify, recruit and retain skilled and general working personnel; (14) our ability to effectively manage our growth; (15) our ability to compete effectively with existing competitors and new market entrants; (16) the impact of adverse economic conditions; (17) the growth rates of the markets in which we compete, and (18) the other risks described in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings we make with the Securities and Exchange Commission. 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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flows from operating activities Net loss $ (518,360 ) $ (1,255,598 ) Adjustments to reconcile net loss to net cash from operating activities: Depreciation and amortization 125,897 138,579 Stock-based compensation 996,986 533,273 Provision for inventory obsolescence 401,938 187,901 Other operating activities, net 58,296 103,034 Changes in operating assets and liabilities: Accounts receivable (1,000,807 ) (173,219 ) Inventory (5,453,877 ) (263,719 ) Prepaid expenses and other current assets 460,631 149,152 Operating lease liability (52,984 ) (64,812 ) Accounts payable 588,835 294,590 Accrued expenses 268,079 544,754 Related party liabilities 23,000 26,479 Net cash from operating activities (4,102,366 ) 220,414 Cash flows from investing activities (80,638 ) (13,462 ) Cash flows from financing activities (146,373 ) (86,066 ) Net change in cash and cash equivalents (4,329,377 ) 120,886 Cash, cash equivalents, and restricted cash, beginning of period 8,514,152 7,706,806 Cash, cash equivalents, and restricted cash, end of period $ 4,184,775 $ 7,827,692 Supplemental disclosures of non-cash financing activities Taxes withheld to cover net issuances of incentive stock awards included in accrued expenses $ 155,178 $ — Expand LAIRD SUPERFOOD, INC. CONSOLIDATED BALANCE SHEETS (unaudited) As of June 30, 2025 December 31, 2024 Assets Current assets Cash, cash equivalents, and restricted cash $ 4,184,775 $ 8,514,152 Accounts receivable, net 2,751,541 1,762,911 Inventory 11,027,615 5,975,676 Prepaid expenses and other current assets 1,253,258 1,713,889 Total current assets 19,217,189 17,966,628 Noncurrent assets Property and equipment, net 93,233 58,447 Intangible assets, net 816,078 896,123 Related party license agreements 132,100 132,100 Right-of-use assets 168,136 205,703 Total noncurrent assets 1,209,547 1,292,373 Total assets $ 20,426,736 $ 19,259,001 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 2,726,595 $ 2,137,760 Accrued expenses 4,066,255 3,642,998 Related party liabilities 57,947 34,947 Lease liabilities, current portion 107,555 105,966 Total current liabilities 6,958,352 5,921,671 Lease liabilities 94,443 140,464 Total liabilities 7,052,795 6,062,135 Stockholders' equity Common stock, $0.001 par value, 100,000,000 shares authorized at June 30, 2025 and December 31, 2024; 11,020,792 and 10,644,461 issued and outstanding at June 30, 2025, respectively; and 10,668,705 and 10,292,374 issued and outstanding at December 31, 2024, respectively. 10,644 10,292 Additional paid-in capital 121,999,967 121,304,884 Accumulated deficit (108,636,670 ) (108,118,310 ) Total stockholders' equity 13,373,941 13,196,866 Total liabilities and stockholders' equity $ 20,426,736 $ Expand LAIRD SUPERFOOD, INC. NON-GAAP FINANCIAL MEASURES (unaudited) In this press release, we report Adjusted EBITDA and Adjusted EBITDA per diluted share, which are financial measures not required by, or presented in accordance with, accounting principles generally accepted in the United States of America ('GAAP'). The Company's management uses non-GAAP financial measures, both internally and externally, to assess and communicate the financial performance of the Company. The Company defines Adjusted EBITDA as net income (loss), adjusted to exclude: (1) interest expense and other (income) loss, (2) income tax (benefit) expense, (3) depreciation and amortization expenses, (4) stock-based compensation, and (5) expenses and recoveries related to a product quality issue. The Company believes Adjusted EBITDA is useful to investors because it facilitates comparisons of its core business operations, excluding non-cash costs and non-recurring events, across periods on a consistent basis. Management uses Adjusted EBITDA internally in analyzing the Company's financial results to assess operational performance and to determine the Company's future capital requirements. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. The Company believes that both management and investors benefit from referring to Adjusted EBITDA in assessing its performance and when planning, forecasting and analyzing future periods. The Company believes Adjusted EBITDA is useful to investors and others to understand and evaluate the Company's operating results and it allows for a more meaningful comparison between the Company's performance and that of competitors. Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider this performance measure in isolation from or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are that Adjusted EBITDA does not reflect, among other things: cash capital expenditures for assets underlying depreciation and amortization expense that may need to be replaced or for new capital expenditures; interest expense; income tax expense from continuing operations; our working capital requirements; the potentially dilutive impact of stock-based compensation; and the provision for income taxes. Other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure. Because of these limitations, you should consider Adjusted EBITDA along with other financial performance measures, including Net Sales, net loss, cash and cash equivalents, restricted cash, net cash used in operating activities and our financial results presented in accordance with GAAP. The following table presents a reconciliation of net income (loss), the most directly comparable financial measure stated in accordance with GAAP, to adjusted EBITDA, for each of the periods presented: (a) In January 2023, we identified a product quality issue with raw material from one vendor and we voluntarily withdrew any affected finished goods. We previously incurred costs associated with product testing, discounts for replacement orders, and inventory obsolescence costs. We reached settlement with a supplier in the third quarter of 2023 and recorded recoveries in 2024. Expand
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