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Business Wire
07-05-2025
- Business
- Business Wire
Laird Superfood Reports First Quarter 2025 Financial Results
BOULDER, Colo.--(BUSINESS WIRE)--Laird Superfood, Inc. (NYSE American: LSF) ('Laird Superfood,' the 'Company', 'we', and 'our'), today reported financial results for the first quarter ended March 31, 2025. Jason Vieth, Chief Executive Officer, commented, 'I am pleased to report another strong quarter of Net Sales growth for Laird Superfood. Our Q1 results represent the fifth consecutive quarter of double-digit year-over-year sales growth, which was once again driven by our strategic expansion into brick-and-mortar stores and through Amazon. Our growth in Q1 demonstrates the sustained momentum of our business and comes despite the impact of the previously reported out-of-stocks that occurred as a result of stronger than expected creamer and latte sales during the fourth quarter of 2024. To that end, I am pleased to report that we are now beyond the inventory issues and supply constraints on these products – and have built a more flexible and adaptive Supply Chain in the process. During the quarter, our Gross Margin proved to be as resilient as expected despite the recent, historic run-up in commodities such as coffee prices and coconut milk powder. That strength translated to our bottom-line result as well, with an $860 thousand narrowing of our Net Loss and a positive $400 thousand Adjusted EBITDA for the quarter. This result demonstrates the leverage that we expect to gain as we grow our business from here, and along with our strong Net Sales growth, highlights another outstanding quarter in our Laird Superfood turnaround story.' First Quarter 2025 Highlights Net Sales of $11.7 million compared to $9.9 million in the corresponding prior year period and $11.6 million in the fourth quarter of 2024. E-commerce sales increased by 6% year-over-year and contributed 53% of total Net Sales, with significant improvements in media efficiency and strong performance on Wholesale sales increased by 35% year-over-year and contributed 47% of total Net Sales, primarily driven by distribution gains in grocery and club stores, partially offset by increased promotional trade spend. Gross Margin was 41.9% compared to 40.0% in the corresponding prior year period, and 38.6% in the fourth quarter of 2024. Increased absorption of overhead related to inbound freight in the current quarter resulting from increased inventory purchases accounted for approximately 3.3 points of Gross Margin in Q1 2025. Gross Margin is expected to normalize for the balance of the year to achieve a high 30s percent for the full year in accordance with our guidance. Net Loss was $0.2 million, or $0.02 per diluted share, compared to Net Loss of $1.0 million, or $0.11 per diluted share, in the corresponding prior year period and Net Loss of $0.4 million, or $0.04 per diluted share, in the fourth quarter of 2024. The improvement was driven by Gross Margin expansion, as well as lower marketing, and general and administrative (G&A) costs. Adjusted earnings before interest, taxes, depreciation, amortization, stock-based compensation, and non-recurring items ('adjusted EBITDA'), which is a non-GAAP financial measure, was $0.4 million, or $0.03 per diluted share, compared to ($0.7) million, or ($0.08) per diluted share, in the corresponding prior year period and $0.2 million, or $0.01 per diluted share, in the fourth quarter of 2024. 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 March 31, 2025 2024 $ % of Total $ % of Total Coffee creamers $ 6,712,651 58 % $ 5,570,321 56 % Coffee, tea, and hot chocolate products 3,220,892 28 % 2,175,265 22 % Hydration and beverage enhancing products 2,106,179 18 % 2,025,272 20 % Snacks and other food items 1,430,729 12 % 1,304,060 13 % Other 71,682 1 % 122,012 1 % Gross sales 13,542,133 117 % 11,196,930 112 % Shipping income 122,274 1 % 111,428 1 % Discounts and promotional activity (2,010,248 ) (18 )% (1,399,420 ) (13 )% Sales, net $ 11,654,159 100 % $ 9,908,938 100 % Expand Three Months Ended March 31, 2025 2024 $ % of Total $ % of Total E-commerce $ 6,213,116 53 % $ 5,868,337 59 % Wholesale 5,441,043 47 % 4,040,601 41 % Sales, net $ 11,654,159 100 % $ 9,908,938 100 % Expand Balance Sheet and Cash Flow Highlights We had $7.2 million of cash, cash equivalents, and restricted cash as of March 31, 2025, and no outstanding debt. Cash used in operating activities was $1.3 million for the three months ended March 31, 2025, compared to cash used in operating activities of $0.4 million in the same period in 2024. The increase in cash used relative to the corresponding prior year period was driven by strategic investment into working capital to meet high demand for our products and to address the out-of-stocks experienced at the end of 2024 and in Q1 2025. 2025 Outlook Management's strategy is to drive growth well in excess of the consumer goods and food industry averages: Management re-affirms Net Sales growth in the 20% to 25% range, driven by continued expansion across Wholesale accounts and further penetration of consumers on e-commerce platforms. Gross Margin is expected to hold in the upper 30s, despite inflation in commodities and other cost pressures. Breakeven adjusted EBITDA. Cash use of $1 to $2 million for the full year to invest in inventory to support top line growth and to minimize out-of-stocks. 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) Three Months Ended March 31, 2025 2024 Cash flows from operating activities Net loss $ (156,182 ) $ (1,016,522 ) Adjustments to reconcile net loss to net cash from operating activities: Depreciation and amortization 66,521 71,435 Stock-based compensation 508,410 279,565 Provision for inventory obsolescence 101,715 43,204 Other operating activities, net 24,575 64,948 Changes in operating assets and liabilities: Accounts receivable (556,239 ) (1,069,238 ) Inventory (3,638,003 ) 646,231 Prepaid expenses and other current assets 576,688 217,889 Operating lease liability (26,492 ) (32,254 ) Accounts payable 1,032,391 70,901 Accrued expenses 751,038 276,051 Related party liabilities 40,834 25,479 Net cash from operating activities (1,274,744 ) (422,311 ) Cash flows from investing activities (72,214 ) — Cash flows from financing activities (3,832 ) 4,791 Net change in cash and cash equivalents (1,350,790 ) (417,520 ) Cash, cash equivalents, and restricted cash, beginning of period 8,514,152 7,706,806 Cash, cash equivalents, and restricted cash, end of period $ 7,163,362 $ 7,289,286 Supplemental disclosures of non-cash financing activities Prepaid expenses paid for with a short-term financing arrangement included in accrued expenses $ 83,379 $ — Taxes withheld to cover net issuances of incentive stock awards included in accrued expenses $ 214,489 $ — Expand LAIRD SUPERFOOD, INC. CONSOLIDATED BALANCE SHEETS (unaudited) As of March 31, 2025 December 31, 2024 Assets Current assets Cash, cash equivalents, and restricted cash $ 7,163,362 $ 8,514,152 Accounts receivable, net 2,317,635 1,762,911 Inventory 9,511,964 5,975,676 Prepaid expenses and other current assets 1,220,580 1,713,889 Total current assets 20,213,541 17,966,628 Noncurrent assets Property and equipment, net 109,195 58,447 Intangible assets, net 851,068 896,123 Related party license agreements 132,100 132,100 Right-of-use assets 187,127 205,703 Total noncurrent assets 1,279,490 1,292,373 Total assets $ 21,493,031 $ 19,259,001 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 3,170,151 $ 2,137,760 Accrued expenses 4,691,904 3,642,998 Related party liabilities 75,781 34,947 Lease liabilities, current portion 106,761 105,966 Total current liabilities 8,044,597 5,921,671 Lease liabilities 117,661 140,464 Total liabilities 8,162,258 6,062,135 Stockholders' equity Common stock, $0.001 par value, 100,000,000 shares authorized at March 31, 2025 and December 31, 2024; 10,805,361 and 10,429,030 issued and outstanding at March 31, 2025, respectively; and 10,668,705 and 10,292,374 issued and outstanding at December 31, 2024, respectively. 10,429 10,292 Additional paid-in capital 121,594,836 121,304,884 Accumulated deficit (108,274,492 ) (108,118,310 ) Total stockholders' equity 13,330,773 13,196,866 Total liabilities and stockholders' equity $ 21,493,031 $ 19,259,001 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
Yahoo
07-05-2025
- Business
- Yahoo
Laird Superfood Reports First Quarter 2025 Financial Results
Adjusted earnings before interest, taxes, depreciation, amortization, stock-based compensation, and non-recurring items ("adjusted EBITDA"), which is a non-GAAP financial measure, was $0.4 million, or $0.03 per diluted share, compared to ($0.7) million, or ($0.08) per diluted share, in the corresponding prior year period and $0.2 million, or $0.01 per diluted share, in the fourth quarter of 2024. For more details on non-GAAP financial measures, refer to the information in the non-GAAP financial measures section of this press release. Net Loss was $0.2 million, or $0.02 per diluted share, compared to Net Loss of $1.0 million, or $0.11 per diluted share, in the corresponding prior year period and Net Loss of $0.4 million, or $0.04 per diluted share, in the fourth quarter of 2024. The improvement was driven by Gross Margin expansion, as well as lower marketing, and general and administrative (G&A) costs. Gross Margin was 41.9% compared to 40.0% in the corresponding prior year period, and 38.6% in the fourth quarter of 2024. Increased absorption of overhead related to inbound freight in the current quarter resulting from increased inventory purchases accounted for approximately 3.3 points of Gross Margin in Q1 2025. Gross Margin is expected to normalize for the balance of the year to achieve a high 30s percent for the full year in accordance with our guidance. Net Sales of $11.7 million compared to $9.9 million in the corresponding prior year period and $11.6 million in the fourth quarter of 2024. During the quarter, our Gross Margin proved to be as resilient as expected despite the recent, historic run-up in commodities such as coffee prices and coconut milk powder. That strength translated to our bottom-line result as well, with an $860 thousand narrowing of our Net Loss and a positive $400 thousand Adjusted EBITDA for the quarter. This result demonstrates the leverage that we expect to gain as we grow our business from here, and along with our strong Net Sales growth, highlights another outstanding quarter in our Laird Superfood turnaround story." Jason Vieth, Chief Executive Officer, commented, "I am pleased to report another strong quarter of Net Sales growth for Laird Superfood. Our Q1 results represent the fifth consecutive quarter of double-digit year-over-year sales growth, which was once again driven by our strategic expansion into brick-and-mortar stores and through Amazon. Our growth in Q1 demonstrates the sustained momentum of our business and comes despite the impact of the previously reported out-of-stocks that occurred as a result of stronger than expected creamer and latte sales during the fourth quarter of 2024. To that end, I am pleased to report that we are now beyond the inventory issues and supply constraints on these products – and have built a more flexible and adaptive Supply Chain in the process. BOULDER, Colo., May 07, 2025 --( BUSINESS WIRE )--Laird Superfood, Inc. (NYSE American: LSF) ("Laird Superfood," the "Company", "we", and "our"), today reported financial results for the first quarter ended March 31, 2025. Story Continues Revenue Disaggregation Three Months Ended March 31, 2025 2024 $ % of Total $ % of Total Coffee creamers $ 6,712,651 58 % $ 5,570,321 56 % Coffee, tea, and hot chocolate products 3,220,892 28 % 2,175,265 22 % Hydration and beverage enhancing products 2,106,179 18 % 2,025,272 20 % Snacks and other food items 1,430,729 12 % 1,304,060 13 % Other 71,682 1 % 122,012 1 % Gross sales 13,542,133 117 % 11,196,930 112 % Shipping income 122,274 1 % 111,428 1 % Discounts and promotional activity (2,010,248 ) (18 )% (1,399,420 ) (13 )% Sales, net $ 11,654,159 100 % $ 9,908,938 100 % Three Months Ended March 31, 2025 2024 $ % of Total $ % of Total E-commerce $ 6,213,116 53 % $ 5,868,337 59 % Wholesale 5,441,043 47 % 4,040,601 41 % Sales, net $ 11,654,159 100 % $ 9,908,938 100 % Balance Sheet and Cash Flow Highlights We had $7.2 million of cash, cash equivalents, and restricted cash as of March 31, 2025, and no outstanding debt. Cash used in operating activities was $1.3 million for the three months ended March 31, 2025, compared to cash used in operating activities of $0.4 million in the same period in 2024. The increase in cash used relative to the corresponding prior year period was driven by strategic investment into working capital to meet high demand for our products and to address the out-of-stocks experienced at the end of 2024 and in Q1 2025. 2025 Outlook Management's strategy is to drive growth well in excess of the consumer goods and food industry averages: Management re-affirms Net Sales growth in the 20% to 25% range, driven by continued expansion across Wholesale accounts and further penetration of consumers on e-commerce platforms. Gross Margin is expected to hold in the upper 30s, despite inflation in commodities and other cost pressures. Breakeven adjusted EBITDA. Cash use of $1 to $2 million for the full year to invest in inventory to support top line growth and to minimize out-of-stocks. 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 OPERATIONS (unaudited) Three Months Ended March 31, 2025 2024 Sales, net $ 11,654,159 $ 9,908,938 Cost of goods sold (6,772,619 ) (5,944,837 ) Gross profit 4,881,540 3,964,101 General and administrative Salaries, wages, and benefits 1,158,155 922,407 Other general and administrative 1,085,609 1,235,341 Total general and administrative expenses 2,243,764 2,157,748 Sales and marketing Marketing and advertising 1,731,036 2,053,258 Selling 1,055,570 779,156 Related party marketing agreements 69,189 62,501 Total sales and marketing expenses 2,855,795 2,894,915 Total operating expenses 5,099,559 5,052,663 Operating loss (218,019 ) (1,088,562 ) Other income 74,448 110,997 Loss before income taxes (143,571 ) (977,565 ) Income tax expense (12,611 ) (38,957 ) Net loss $ (156,182 ) $ (1,016,522 ) Net loss per share: Basic and diluted $ (0.02 ) $ (0.11 ) Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted 10,345,495 9,401,605 LAIRD SUPERFOOD, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2025 2024 Cash flows from operating activities Net loss $ (156,182 ) $ (1,016,522 ) Adjustments to reconcile net loss to net cash from operating activities: Depreciation and amortization 66,521 71,435 Stock-based compensation 508,410 279,565 Provision for inventory obsolescence 101,715 43,204 Other operating activities, net 24,575 64,948 Changes in operating assets and liabilities: Accounts receivable (556,239 ) (1,069,238 ) Inventory (3,638,003 ) 646,231 Prepaid expenses and other current assets 576,688 217,889 Operating lease liability (26,492 ) (32,254 ) Accounts payable 1,032,391 70,901 Accrued expenses 751,038 276,051 Related party liabilities 40,834 25,479 Net cash from operating activities (1,274,744 ) (422,311 ) Cash flows from investing activities (72,214 ) — Cash flows from financing activities (3,832 ) 4,791 Net change in cash and cash equivalents (1,350,790 ) (417,520 ) Cash, cash equivalents, and restricted cash, beginning of period 8,514,152 7,706,806 Cash, cash equivalents, and restricted cash, end of period $ 7,163,362 $ 7,289,286 Supplemental disclosures of non-cash financing activities Prepaid expenses paid for with a short-term financing arrangement included in accrued expenses $ 83,379 $ — Taxes withheld to cover net issuances of incentive stock awards included in accrued expenses $ 214,489 $ — LAIRD SUPERFOOD, INC. CONSOLIDATED BALANCE SHEETS (unaudited) As of March 31, 2025 December 31, 2024 Assets Current assets Cash, cash equivalents, and restricted cash $ 7,163,362 $ 8,514,152 Accounts receivable, net 2,317,635 1,762,911 Inventory 9,511,964 5,975,676 Prepaid expenses and other current assets 1,220,580 1,713,889 Total current assets 20,213,541 17,966,628 Noncurrent assets Property and equipment, net 109,195 58,447 Intangible assets, net 851,068 896,123 Related party license agreements 132,100 132,100 Right-of-use assets 187,127 205,703 Total noncurrent assets 1,279,490 1,292,373 Total assets $ 21,493,031 $ 19,259,001 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 3,170,151 $ 2,137,760 Accrued expenses 4,691,904 3,642,998 Related party liabilities 75,781 34,947 Lease liabilities, current portion 106,761 105,966 Total current liabilities 8,044,597 5,921,671 Lease liabilities 117,661 140,464 Total liabilities 8,162,258 6,062,135 Stockholders' equity Common stock, $0.001 par value, 100,000,000 shares authorized at March 31, 2025 and December 31, 2024; 10,805,361 and 10,429,030 issued and outstanding at March 31, 2025, respectively; and 10,668,705 and 10,292,374 issued and outstanding at December 31, 2024, respectively. 10,429 10,292 Additional paid-in capital 121,594,836 121,304,884 Accumulated deficit (108,274,492 ) (108,118,310 ) Total stockholders' equity 13,330,773 13,196,866 Total liabilities and stockholders' equity $ 21,493,031 $ 19,259,001 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: Three Months Ended March 31, 2025 2024 Net loss $ (156,182 ) $ (1,016,522 ) Adjusted for: Depreciation and amortization 66,521 71,435 Stock-based compensation 508,410 279,565 Income tax expense 12,611 38,957 Interest expense and other (income) expense, net (74,448 ) (110,997 ) Product quality issue (a) — (11,195 ) Adjusted EBITDA $ 356,912 $ (748,757 ) Net loss per share, diluted: $ (0.02 ) $ (0.11 ) Adjusted EBITDA per share, diluted: $ 0.03 $ (0.08 ) Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic 10,345,495 9,401,605 Dilutive securities 1,514,828 — Weighted-average shares of common stock outstanding used in computing adjusted EBITDA per share of common stock, diluted 11,860,323 9,401,605 (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. View source version on Contacts Investor Relations Contact Trevor Rousseau investors@
Yahoo
03-04-2025
- Business
- Yahoo
Laird Superfood to participate in the Planet MicroCap Showcase: VEGAS 2025 on April 22 to 24, 2025
BOULDER, Colo., April 3, 2025 /PRNewswire/ -- Laird Superfood®, Inc. (NYSE: LSF), a leader in functional coffee, creamers, and superfood products made with simple, minimally processed ingredients, today announced that it will be participating in the Planet MicroCap Showcase: VEGAS 2025 in partnership with MicroCapClub on April 22 to 24, 2025. Laird Superfood's Jason Vieth, Chief Executive Officer, and Anya Hamill, Chief Financial Officer, will be hosting a company presentation and answering questions at the conclusion. A live cast is available at the following location: Planet MicroCap Showcase: VEGAS 2025 in partnership with MicroCapClubDate: Wednesday, April 23, 2025Time: 5 p.m. (Las Vegas, NV Local Time PST)Webcast link here: During the presentation, Laird Superfood's leadership team will discuss the Company's continued innovation in the clean, functional food space, recent product launches, and strategic growth initiatives designed to expand market presence and drive shareholder value. Vieth and Hamill also participated in a MicroCapClub Business Breakdowns discussion on April 2, 2025, which is available to watch here: About Laird Superfood ® Laird Superfood is a clean plant-based food brand that offers superfood products to help fuel, energize, and improve performance. The company was founded in 2015 by leading big wave surfer Laird Hamilton who set out to find a better morning routine to improve and sustain performance while out catching waves. He created superfood creamers with a blend of plant-based fats and other real-food ingredients that not only sustain his energy but also taste great in his morning coffee. Alongside his wife, former professional beach volleyball icon, best-selling author and fitness expert, Gabby Reece, the brand has expanded to instant lattes, coffees, bars, and prebiotic daily greens. Laird Superfood is based on the idea that people deserve simple ingredient, minimally processed foods can help fuel you from sunrise to sunset. About Planet MicroCapPlanet MicroCap is a global multimedia financial news, publishing and events company for the MicroCap investing community. We have cultivated an active and engaged audience of folks that are interested in learning about and to stay ahead of the curve in the MicroCap space. Contact:Alafair Hallalafair@ View original content to download multimedia: SOURCE Laird Superfood Sign in to access your portfolio
Yahoo
17-03-2025
- Business
- Yahoo
Laird Superfood® to Participate in 37th Annual Roth 2025 Conference March 17, 2025
BOULDER, Colo., March 17, 2025 /PRNewswire/ -- Laird Superfood®, Inc. (NYSE: LSF) today announced that it is scheduled to participate in the following upcoming events: 37th Annual Roth 2025 Conference – March 17-18, 2025Type: 7 p.m. ET fireside chatPresentation: March 17, 2025, 7 p.m. ET A live cast is available at the following location: The presentation materials will later be available on the Investor Relations section of the Company's website at During the presentation, Laird Superfood's leadership team will discuss the Company's continued innovation in the clean, functional food space, recent product launches, and strategic growth initiatives designed to expand market presence and drive shareholder value. "We appreciate the opportunity to share Laird Superfood's vision and growth strategy with the investment community at the Roth Conference," said Jason Vieth, Chief Executive Officer of Laird Superfood. "As consumer demand for clean, minimally processed products continues to accelerate, we remain focused on delivering innovative superfood solutions that support daily wellness while driving sustainable business growth." ABOUT LAIRD SUPERFOOD®Laird Superfood is a clean plant-based food brand that offers superfood products to help fuel, energize, and improve performance. The company was founded in 2015 by leading big wave surfer Laird Hamilton who set out to find a better morning routine to improve and sustain performance while out catching waves. He created superfood creamers with a blend of plant-based fats and other real-food ingredients that not only sustain his energy but also taste great in his morning coffee. Alongside his wife, former professional beach volleyball icon, best-selling author and fitness expert, Gabby Reece, the brand has expanded to instant lattes, coffees, bars, and prebiotic daily greens. Laird Superfood is based on the idea that people deserve simple ingredient, minimally processed foods can help fuel you from sunrise to sunset. PRESS CONTACTAva D'Ambrosioava@ Safe Harbor StatementThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our strategic initiatives, growth strategy, market expansion plans, new product development, financial projections, and anticipated consumer trends. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the effects of competition in our industry; our ability to attract new customers and retain existing customers; our ability to effectively introduce new products and manage product transitions; changes in consumer preferences; fluctuations in the cost and availability of raw materials; supply chain disruptions; our dependence on a limited number of suppliers; our ability to maintain favorable relationships with distributors; our ability to maintain our corporate culture; our ability to manage our growth effectively; and the other important factors discussed under the caption "Risk Factors" in our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. View original content to download multimedia: SOURCE Laird Superfood
Yahoo
26-02-2025
- Business
- Yahoo
Laird Superfood Reports Fourth Quarter and Fiscal Year 2024 Financial Results
Record Net Sales of $43.3 million for Fiscal Year 2024, growth of 27% year-over-year. Gross Margin at 40.9%. Cash increased $0.8 million. BOULDER, Colo., February 26, 2025--(BUSINESS WIRE)--Laird Superfood, Inc. (NYSE American: LSF) ("Laird Superfood," the "Company," "we," and "our"), today reported financial results for the fourth quarter and fiscal year ended December 31, 2024. Jason Vieth, Chief Executive Officer, commented, "I am thrilled to share that 2024 was, by far, the best performance for Laird Superfood as a public company. In the last twelve months, we achieved significant growth across our product lines and all sales channels, our highest gross margins ever, and positive cash flow for the first time in company history. These results are especially impressive when considering the turnaround that we executed over the past two years and are the direct result of the passion and dedication of our team of founders and employees. We are clearly on-trend with the broad consumer desire to eat better, more wholesome, and functional foods, and we are poised for continued expansion across products, channels, and geographies." Fourth Quarter 2024 Highlights Net Sales of $11.6 million compared to $9.2 million in the corresponding prior year period, representing 26% growth. E-commerce sales increased by 12% year-over-year and contributed 58% of total Net Sales, with significant improvements in media efficiency in this channel. The growth was driven by strong sales on building on the momentum over the previous three quarters. Wholesale sales increased by 52% year-over-year and contributed 42% of total Net Sales, driven by growth in grocery due to distribution expansion and velocity improvement at shelf, led by club sales outlets. Gross Margin was 38.6% compared to 40.4% in the corresponding prior year period. This margin contraction was driven primarily by increased gross to net sales promotional spend related to prior periods, including higher slotting expenses due to distribution expansion. Net Loss was $0.4 million, or $0.04 per diluted share, compared to Net Income of $0.1 million, or $0.02 per diluted share, in the corresponding prior year period. The Net Loss in the fourth quarter of 2024, compared to the Net Income in the prior year period, was driven mostly by higher operating expenses, namely stock-based compensation reflective of our stock performance and other personnel costs, partially offset by increased net sales. Adjusted EBITDA, which is a non-GAAP financial measure, was $0.2 million, or $0.01 per diluted share, compared to $0.3 million, or $0.03 per diluted share, in the corresponding prior year period. The decrease was driven primarily by increased personnel costs. For more details on non-GAAP financial measures, refer to the information in the non-GAAP financial measures section of this press release. Fiscal Year 2024 Highlights Net Sales of $43.3 million compared to $34.2 million in the corresponding prior year period, representing 27% growth. E-commerce sales increased by 32% year-over-year and contributed 59% of total Net Sales, with significant improvements in media efficiency in this channel. Sales on and the DTC platform contributed to e-commerce channel growth, driven by growth in subscription revenue and repeat customer purchases, as well as higher order values. Wholesale sales increased by 19% year-over-year and contributed 41% of total Net Sales, driven by velocity improvement in retail and club outlets and distribution expansion in grocery, as well as more efficient promotional spend. Gross Margin was 40.9% compared to 30.1% in the corresponding prior year period. This margin expansion of 1,071 basis points was driven by the full benefit realization of the transition to a variable cost third-party co-manufacturing business model, favorable product costs, settlement recoveries, as well as planned reductions in promotional trade spend. Net Loss was $1.8 million, or $0.18 per diluted share, compared to Net Loss of $10.2 million, or $1.09 per diluted share, in the corresponding prior year period. The improvement was driven by Net Sales growth, Gross Margin expansion, and lower marketing and general and administrative ("G&A") costs. Adjusted EBITDA was ($0.7) million, or ($0.07) per diluted share, compared to ($9.0) million, or ($0.96) per diluted share, in the corresponding prior year period. This improvement was driven by Net Sales growth, Gross Margin expansion, and lower marketing and G&A costs. For more details on non-GAAP financial measures, refer to the information in the non-GAAP financial measures section of this press release. Revenue Disaggregation Three Months Ended December 31, 2024 2023 $ % of Total $ % of Total Coffee creamers $ 6,521,777 56 % $ 4,831,008 52 % Coffee, tea, and hot chocolate products 3,196,314 28 % 1,924,368 21 % Hydration and beverage enhancing supplements 2,318,791 20 % 1,533,728 17 % Harvest snacks and other food items 1,550,974 13 % 2,084,375 23 % Other 73,179 1 % 148,422 2 % Gross sales 13,661,035 118 % 10,521,901 115 % Shipping income 132,900 1 % 121,870 1 % Discounts and promotional activity (2,187,736 ) (18 )% (1,436,383 ) (16 )% Sales, net $ 11,606,199 101 % $ 9,207,388 100 % Year Ended December 31, 2024 2023 $ % of Total $ % of Total Coffee creamers $ 23,088,363 53 % $ 20,425,029 60 % Coffee, tea, and hot chocolate products 11,184,525 26 % 7,968,956 23 % Hydration and beverage enhancing products 9,207,964 21 % 5,320,039 16 % Harvest snacks and other food items 6,215,989 14 % 6,883,980 20 % Other 172,788 0 % 435,388 1 % Gross sales 49,869,629 114 % 41,033,392 120 % Shipping income 506,732 1 % 899,921 3 % Discounts and promotional activity (7,081,224 ) (15 )% (7,709,115 ) (23 )% Sales, net $ 43,295,137 100 % $ 34,224,198 100 % Balance Sheet and Cash Flow Highlights We had $8.5 million of cash, cash equivalents, and restricted cash as of December 31, 2024, and no outstanding debt. Cash provided by operating activities was $0.9 million for the fiscal year 2024, compared to cash used in operating activities of $10.8 million in the same period in 2023. The improvement in net operating cash flows relative to the corresponding prior year period was driven by significant improvements in operating performance driven by sales growth, gross margin expansion, and reductions in marketing costs. 2025 Outlook In 2025, management's strategy is to drive growth well in excess of the consumer goods and food industry averages: Management re-affirms Net Sales growth in the 20% to 25% range on a full-year basis, driven by continued expansion across Wholesale accounts and further penetration of consumers on e-commerce platforms. Gross Margin is expected to hold in the upper 30s, despite commodities cost pressures. Adjusted EBITDA is targeted to be break even on a full-year basis. We expect $1 to $2 million of negative operating cash flow in order to invest into inventory to support top line growth and to minimize out-of-stocks. Laird Superfood has not provided a reconciliation between its forecasted Adjusted EBITDA and net income, 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 expansion across its platforms, channels, products, and geographies, 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) volatility regarding our revenue, expenses, including shipping expenses, and other operating results; (2) our ability to acquire new direct and wholesale customers and successfully retain existing customers; (3) our ability to attract and retain our suppliers, distributors and co-manufacturers, and effectively manage their costs and performance; (4) effects of real or perceived quality or health issues with our products or other issues that adversely affect our brand and reputation; (5) 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; (6) 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; (7) effects of changes in the tastes and preferences of our consumers and consumer preferences for natural and organic food products; (8) 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; (9) the ability of ourselves, our suppliers and co-manufacturers to comply with food safety, environmental or other laws or regulations and the potential impact of policy changes regarding imports, exports, and tariffs; (10) 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; (11) the costs and success of our marketing efforts, and our ability to promote our brand; (12) our reliance on our executive team and other key personnel and our ability to identify, recruit and retain skilled and general working personnel; (13) our ability to effectively manage our growth; (14) our ability to compete effectively with existing competitors and new market entrants; (15) the impact of adverse economic conditions, consumer confidence and spending levels; (16) the growth rates of the markets in which we compete, and (17) 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 OPERATIONS (unaudited) Year Ended December 31, 2024 2023 Sales, net $ 43,295,137 $ 34,224,198 Cost of goods sold (25,607,556 ) (23,910,921 ) Gross profit 17,687,581 10,313,277 General and administrative Salaries, wages, and benefits 4,367,976 4,203,613 Other general and administrative 4,931,033 5,589,747 Total general and administrative expenses 9,299,009 9,793,360 Sales and marketing Marketing and advertising 6,484,611 7,600,859 Selling 3,825,992 3,332,872 Related party marketing agreements 251,061 285,172 Total sales and marketing expenses 10,561,664 11,218,903 Total operating expenses 19,860,673 21,012,263 Operating loss (2,173,092 ) (10,698,986 ) Other income 413,255 551,064 Loss before income taxes (1,759,837 ) (10,147,922 ) Income tax expense (60,324 ) (15,195 ) Net loss $ (1,820,161 ) $ (10,163,117 ) Net loss per share: Basic and diluted $ (0.18 ) $ (1.09 ) Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted 9,946,733 9,297,226 LAIRD SUPERFOOD, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Year Ended December 31, 2024 2023 Cash flows from operating activities Net loss $ (1,820,161 ) $ (10,163,117 ) Adjustments to reconcile net loss to net cash from operating activities: Depreciation and amortization 270,271 306,176 Stock-based compensation 1,637,788 1,092,146 Provision for inventory obsolescence 599,902 1,273,171 Allowance for credit losses (21,094 ) 165,980 Noncash lease costs 142,321 152,339 Other operating activities, net 11,370 38,098 Changes in operating assets and liabilities: Accounts receivable (719,445 ) 306,117 Inventory (253,019 ) (1,899,165 ) Prepaid expenses and other current assets (267,463 ) 1,244,511 Operating lease liability (128,426 ) (126,434 ) Accounts payable 513,066 570,094 Accrued expenses 900,392 (3,725,797 ) Net cash from operating activities 865,502 (10,765,881 ) Cash flows from investing activities Purchase of property and equipment (24,776 ) (144,023 ) Proceeds on sale of property and equipment — 34,330 Proceeds from sale of assets held-for-sale — 800,000 Net cash from investing activities (24,776 ) 690,307 Cash flows from financing activities Common stock issuances, net of taxes (70,926 ) (27,422 ) Common stock issuance costs (57,475 ) — Stock options exercised, net of option costs 95,021 — Net cash from financing activities (33,380 ) (27,422 ) Net change in cash and cash equivalents 807,346 (10,102,996 ) Cash, cash equivalents, and restricted cash, beginning of period 7,706,806 17,809,802 Cash, cash equivalents, and restricted cash, end of period $ 8,514,152 $ 7,706,806 Supplemental disclosures of cash flow information Cash paid for interest $ 16,027 $ 13,994 Cash paid for income taxes $ 63,852 $ 17,625 Right-of-use assets obtained in exchange for operating lease liabilities $ — $ 344,382 Prepaid expenses paid for with a short-term financing arrangement included in accrued expenses $ 165,543 $ — LAIRD SUPERFOOD, INC. CONSOLIDATED BALANCE SHEETS (unaudited) As of December 31, 2024 December 31, 2023 Assets Current assets Cash, cash equivalents, and restricted cash $ 8,514,152 $ 7,706,806 Accounts receivable, net 1,762,911 1,022,372 Inventory 5,975,676 6,322,559 Prepaid expenses and other current assets 1,713,889 1,285,564 Total current assets 17,966,628 16,337,301 Noncurrent assets Property and equipment, net 58,447 122,595 Intangible assets, net 896,123 1,085,231 Related party license agreements 132,100 132,100 Right-of-use assets 205,703 354,732 Total noncurrent assets 1,292,373 1,694,658 Total assets $ 19,259,001 $ 18,031,959 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 2,137,760 $ 1,647,673 Accrued expenses 3,642,998 2,586,343 Related party liabilities 34,947 2,688 Lease liabilities, current portion 105,966 138,800 Total current liabilities 5,921,671 4,375,504 Lease liabilities 140,464 243,836 Total liabilities 6,062,135 4,619,340 Stockholders' equity Common stock, $0.001 par value, 100,000,000 shares authorized at December 31, 2024 and December 31, 2023; 10,668,705 and 10,292,374 issued and outstanding at December 31, 2024, respectively; and 9,749,326 and 9,383,622 issued and outstanding at December 31, 2023, respectively. 10,292 9,384 Additional paid-in capital 121,304,884 119,701,384 Accumulated deficit (108,118,310 ) (106,298,149 ) Total stockholders' equity 13,196,866 13,412,619 Total liabilities and stockholders' equity $ 19,259,001 $ 18,031,959 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) expense, net, (2) income tax (benefit) expense, (3) depreciation and amortization expenses, (4) stock-based compensation, (5) expenses related to a product quality issue, (6) costs incurred as part of the strategic downsizing of the Company's operations, (7) rebranding costs, and (8) estimated class action lawsuit settlement costs. 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: Three Months Ended December 31, Years Ended December 31, 2024 2023 2024 2023 Net (loss) income $ (398,443 ) $ 142,923 $ (1,820,161 ) $ (10,163,117 ) Adjusted for: Depreciation and amortization 65,852 71,151 270,271 306,176 Stock-based compensation 564,090 273,499 1,637,788 1,092,146 Income tax expense 12,422 2,023 60,324 15,195 Interest expense and other (income) expense, net (91,298 ) (98,776 ) (413,255 ) (551,064 ) Product quality issue (a) — (69,842 ) (434,329 ) 282,000 Strategic organizational shifts (b) — 42,030 — (13,318 ) Company-wide rebranding costs (c) — — — 163,806 Estimated class action lawsuit settlement costs (d) — (95,000 ) — (95,000 ) Adjusted EBITDA $ 152,623 $ 268,008 $ (699,362 ) $ (8,963,176 ) Net (loss) income per share, diluted: $ (0.04 ) $ 0.02 $ (0.18 ) $ (1.09 ) Adjusted EBITDA per share, diluted: $ 0.01 $ 0.03 $ (0.07 ) $ (0.96 ) Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic 10,288,653 9,337,789 9,946,733 9,297,226 Dilutive securities 1,705,180 200,679 — — Weighted-average shares of common stock outstanding used in computing adjusted EBITDA per share of common stock, diluted 11,993,833 9,538,468 9,946,733 9,297,226 (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. (b) Costs incurred and recovered during 2023 as part of the strategic downsizing of our operations, including severances, forfeitures of stock-based compensation, and other personnel costs, IT integration costs, and freight costs to move inventory to third-party facilities. (c) Costs incurred as part of the company-wide rebranding efforts that launched in Q1 2023. (d) Estimated legal settlement costs related to a class action lawsuit which was included in general and administrative expenses in Q4 2022 and was reversed in Q4 2023 upon dismissal of the suit. View source version on Contacts Investor Relations Contact Trevor Rousseauinvestors@
