Patero's Post-Quantum Encryption Secures Syllego's DUST Platform to Enhance Smart City Cybersecurity
Patero's collaboration with Syllego represents a significant step toward securing the digital infrastructure of cities throughout the country.
The DUST platform, curated and managed by Syllego, is designed to provide real-time situational awareness and operational efficiency for urban environments. By incorporating Patero's CryptoQoR ™ post-quantum cryptography, DUST safeguards Opelika's critical data and communications across city systems with NIST quantum-resistant encryption.
"Integrating Patero's post-quantum cryptography into our DUST platform underscores our commitment to providing cities with cutting-edge, secure solutions," said Michael Johnson, CEO of Syllego. "As federal guidelines evolve, it's imperative that our infrastructure not only meets but exceeds National cryptographic standards to protect our communities' data."
The DUST platform (Distributed Universal Sensing Technology) is a modular, scalable, and secure infrastructure framework designed to empower cities, agencies, and critical infrastructure sector industries with situational awareness, data fusion, and data for autonomous operations. DUST integrates advanced sensors, edge AI, and operational orchestration to support a range of applications, including emergency response, traffic management, cyber-physical security, and power grid resilience. Each tier supports real-time decision execution, disconnected operations, and federated deployment, aligned with next-generation federal and Department of Defense (DoD) initiatives.
"Our collaboration with Syllego represents a significant step toward securing the digital infrastructure of cities throughout the country," said Crick Waters, CEO of Patero. "Together, we are providing a robust foundation for municipalities to build quantum-resistant solutions protecting our cities' data now and into the future."
Through strategic alliances with innovators like Patero, Syllego is driving a secure and sovereign intelligence layer that meets or exceeds compliance with National standards for data encryption.
Alignment with Federal Cybersecurity Mandates
The partnership directly supports the following:
Executive Order 14144: The White House's recent re-issuance of EO 14144 'directs department and agency level actions on post-quantum cryptography to ensure protection against threats that may leverage next generation compute architectures.' It builds on the Biden Administration National Security Memorandum 10 of May 4, 2022, Promoting United States Leadership in Quantum Computing While Mitigating Risks to Vulnerable Cryptographic Systems (NSM 10), which 'directed the Federal Government to prepare for a transition to cryptographic algorithms that would not be vulnerable to a [Cryptanalytically Relevant Quantum Computer (CRQC)].'
National Security Memorandum 10: Calls for the transition to quantum-resistant cryptographic systems to mitigate risks posed by quantum computing advancements.
National Security Memorandum 22: Focuses on securing and enhancing the resilience of critical infrastructure sectors, including energy, transportation, and communications.
Benefits for U.S. Cities
By integrating Patero's technology, Syllego's DUST platform now offers the following benefits for U.S. cities:
Enhanced Security: Quantum-resistant encryption protects against emerging cyber threats.
Regulatory Compliance: Ensures alignment with current and forthcoming federal cybersecurity requirements.
Operational Efficiency: Real-time data analytics and situational awareness improve decision-making and resource allocation.
Scalability: The modular design enables seamless integration across various city departments and services.
About Syllego
Syllego is a visionary infrastructure intelligence company architecting the future of urban and defense ecosystems through real-time, AI-powered orchestration. Headquartered in Dallas, TX, Syllego specializes in system-of-systems integration for smart cities, critical infrastructure, and mission-ready environments. Syllego empowers governments and enterprises to not only meet today's operational demands but to anticipate tomorrow's threats across urban grids, military installations, and disaster zones alike.
Learn more at www.syllego.io
About Patero
Patero is a leader in quantum secure communications. Patero's cryptographic discovery and inventory solution quantifies risk and prioritizes mitigation of vulnerabilities against present and future cryptographic attacks. Patero's crypto-agile post-quantum security solutions hybridize classic encryption with NIST-standardized quantum-resistant encryption algorithms to mitigate cryptographic vulnerabilities and protect data-in-motion from steal-now, decrypt-later, and future direct decryption attacks. Patero is privately held and based in the Quantum Startup Foundry at the University of Maryland, College Park. For more information, visit patero.io. For investment opportunities, contact company CEO Crick Waters at crick@patero.io. Learn more at paterio.io.
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BOULDER, Colo.--(BUSINESS WIRE)--Laird Superfood, Inc. (NYSE American: LSF) ('Laird Superfood,' the 'Company', 'we', and 'our'), today reported financial results for the second quarter ended June 30, 2025. Jason Vieth, Chief Executive Officer, commented, 'I am very proud of our second quarter results and the efforts by our team, which delivered 20% net sales growth year-over-year and approximately 40% gross margin in a challenging consumer and economic environment. Our growth was once again driven by our Wholesale business, which grew year-over-year by nearly 50%, in alignment with our stated strategy to expand our Laird Superfood brand in that channel. Operationally, we continued to prove our agility in managing our supply chain. Even in the face of unprecedented tariff pressures, we were able to deliver gross margin results that are among the best in our industry. Going forward we will continue to invest into the growth of our brand, and are thrilled to once again be among the fastest growing food companies in the public markets.' Second Quarter 2025 Highlights Net Sales of $12.0 million compared to $10.0 million in the corresponding prior year period and $11.7 million in the first quarter of 2025. Wholesale sales increased by 47% year-over-year and contributed 48% of total Net Sales, primarily driven by distribution gains in grocery and club stores, while total trade spend remained nearly flat. E-commerce sales increased by 2% year-over-year and contributed 52% of total Net Sales, driven by continued strong performance on Gross Margin was 39.9% compared to 41.8% in the corresponding prior year period, and 41.9% in the first quarter of 2025. Gross margin compression relative to the prior year period was primarily due to increased promotional trade spend, commodity cost inflation, and channel mix. Net Loss was $0.4 million, or $0.03 per diluted share, compared to Net Loss of $0.2 million, or $0.02 per diluted share, in the corresponding prior year period and Net Loss of $0.2 million, or $0.02 per diluted share, in the first quarter of 2025. The increase in Net Loss relative to the prior year period was driven primarily by higher marketing investment, higher selling costs on top-line sales, and personnel costs related to stock-based compensation. Adjusted EBITDA, which is a non-GAAP financial measure, was $0.1 million, or $0.01 per diluted share, compared to ($0.1) million, or ($0.01) per diluted share, in the corresponding prior year period and $0.4 million, or $0.03 per diluted share, in the first quarter of 2025. For more details on non-GAAP financial measures, refer to the information in the non-GAAP financial measures section of this press release. Year-to-Date 2025 Highlights Net Sales of $23.6 million compared to $19.9 million in the corresponding prior year period. Wholesale sales increased by 41% year-over-year and contributed 47% of total Net Sales, primarily driven by distribution gains in grocery and club stores, as well as velocity growth, partially offset by increased promotional spend. E-commerce sales increased by 4% year-over-year and contributed 53% of total Net Sales, with significant improvements in media efficiency and strong performance on Gross Margin was relatively flat compared to the corresponding prior year period. Net Loss was $0.5 million, or $0.05 per diluted share, compared to Net Loss of $1.3 million, or $0.13 per diluted share, in the corresponding prior year period. The improvement was driven by top-line sales growth, partially offset by higher selling costs on increased top line sales and personnel costs related to stock-based compensation. Adjusted earnings before interest, taxes, depreciation, amortization, stock-based compensation, and non-recurring items ('adjusted EBITDA'), which is a non-GAAP financial measure, was $0.5 million, or $0.04 per diluted share, compared to ($0.8) million, or ($0.08) per diluted share, in the corresponding prior year period. For more details on non-GAAP financial measures, refer to the information in the non-GAAP financial measures section of this press release. Three Months Ended June 30, 2025 2024 $ % of Total $ % of Total Coffee creamers $ 6,770,922 56 % $ 4,696,979 47 % Coffee, tea, and hot chocolate products 3,599,037 30 % 2,503,529 25 % Hydration and beverage enhancing products 1,824,025 15 % 2,309,600 23 % Snacks and other food items 1,412,979 12 % 1,683,776 17 % Other 71,635 1 % 91,909 1 % Gross sales 13,678,598 114 % 11,285,793 113 % Shipping income 138,073 1 % 120,402 1 % Discounts and promotional activity (1,825,829 ) (15 )% (1,402,541 ) (14 )% Sales, net $ 11,990,842 100 % $ 10,003,654 100 % Expand Three Months Ended June 30, 2025 2024 $ % of Total $ % of Total E-commerce $ 6,237,344 52 % $ 6,098,327 61 % Wholesale 5,753,498 48 % 3,905,327 39 % Sales, net $ 11,990,842 100 % $ 10,003,654 100 % Expand Six Months Ended June 30, 2025 2024 $ % of Total $ % of Total Coffee creamers $ 13,483,574 57 % $ 10,267,299 52 % Coffee, tea, and hot chocolate products 6,819,928 29 % 4,678,794 23 % Hydration and beverage enhancing products 3,930,204 17 % 4,334,872 22 % Snacks and other food items 2,843,707 12 % 2,987,837 15 % Other 143,318 1 % 213,921 1 % Gross sales 27,220,731 116 % 22,482,723 113 % Shipping income 260,347 1 % 231,830 1 % Discounts and promotional activity (3,836,077 ) (16 )% (2,801,961 ) (14 )% Sales, net $ 23,645,001 101 % $ 19,912,592 100 % Expand Six Months Ended June 30, 2025 2024 $ % of Total $ % of Total E-commerce $ 12,450,460 53 % $ 11,966,664 60 % Wholesale 11,194,541 47 % 7,945,928 40 % Sales, net $ 23,645,001 100 % $ 19,912,592 100 % Expand Balance Sheet and Cash Flow Highlights We had $4.2 million of cash, cash equivalents, and restricted cash as of June 30, 2025, and no outstanding debt. Cash used in operating activities was $4.1 million for the six months ended June 30, 2025, compared to cash provided by operating activities of $0.2 million in the same period in 2024. The increase in cash used relative to the corresponding prior year period was driven by strategic investments to bolster our inventory to meet high demand for our products and to address the out-of-stocks experienced at the end of 2024 and in Q1 2025, as well as to forward purchase raw materials to mitigate anticipated tariff costs. We intend to normalize cash usage in the upcoming quarters as we convert inventory into cash. 2025 Outlook Management's strategy is to drive growth well in excess of the consumer goods and food industry averages: Management re-affirms full year Net Sales growth guidance in the range of 20% to 25%, driven by robust performance in our retail outlets and club stores, where consumer demand and velocity remain healthy. Gross Margin is re-affirmed to hold in the upper 30s, despite commodity inflation, tariffs, and other cost pressures. On a GAAP basis, we expect to report a full-year Net Loss. Breakeven adjusted EBITDA. Cash use of approximately $2 million for the full year to bolster inventory to support top line growth. Laird Superfood has not provided a reconciliation between its forecasted adjusted EBITDA and net loss, its most directly comparable GAAP measure, because applicable information for future periods, on which this reconciliation would be based, is not available without unreasonable effort due to the unavailability of reliable estimates for stock-based compensation, due to volatility in our stock price, and state and local income taxes, among other items. These items may vary greatly between periods and could significantly impact future financial results. 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. LAIRD SUPERFOOD, INC. 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
