Laird Superfood, Inc. (LSF) Bundle
A Brief History of Laird Superfood, Inc.
Company Overview
Laird Superfood, Inc. focuses on creating high-quality, plant-based food products. Since its inception, the company has emphasized sustainability and health, utilizing organic ingredients in its offerings.
Financial Performance
As of September 30, 2024, Laird Superfood reported:
| Metric | 2024 (YTD) | 2023 (YTD) | Change ($) | Change (%) |
|---|---|---|---|---|
| Sales, Net | $31,688,938 | $25,016,810 | $6,672,128 | 27% |
| Cost of Goods Sold | $(18,483,424) | $(18,419,709) | $(63,715) | 0% |
| Gross Profit | $13,205,514 | $6,597,101 | $6,608,413 | 100% |
| Gross Margin | 41.7% | 26.4% | N/A | N/A |
| Total Operating Expenses | $(14,901,287) | $(17,342,257) | $(2,440,970) | (14%) |
| Net Loss | $(1,421,718) | $(10,306,040) | $8,884,322 | (86%) |
Quarterly Insights
In the third quarter of 2024, Laird Superfood's performance was as follows:
| Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Sales, Net | $11,776,346 | $9,179,781 | $2,596,565 | 28% |
| Cost of Goods Sold | $(6,712,214) | $(6,332,624) | $(379,590) | 6% |
| Gross Profit | $5,064,132 | $2,847,157 | $2,216,975 | 78% |
| Operating Expenses | $(5,332,722) | $(5,634,226) | $(301,504) | (5%) |
| Net Loss | $(166,120) | $(2,654,884) | $2,488,764 | (94%) |
Stock Information
As of September 30, 2024, Laird Superfood had:
| Metric | Value |
|---|---|
| Shares Outstanding | 10,270,662 |
| Total Stockholders’ Equity | $13,052,104 |
| Accumulated Deficit | $(107,719,867) |
Cash Flow Summary
The company's cash flow for the nine months ended September 30, 2024, is summarized below:
| Cash Flow Activity | 2024 | 2023 |
|---|---|---|
| Cash Flows from Operating Activities | $526,258 | $(10,929,145) |
| Cash Flows from Investing Activities | $(19,178) | $567,459 |
| Cash Flows from Financing Activities | $(12,495) | $(23,066) |
| Net Change in Cash | $494,585 | $(10,384,752) |
Future Outlook
As of September 30, 2024, Laird Superfood's accumulated deficit stood at $107.7 million. The company continues to explore opportunities for growth while managing expenses and optimizing its business model.
A Who Owns Laird Superfood, Inc. (LSF)
Ownership Structure
As of 2024, Laird Superfood, Inc. (LSF) has a diverse ownership structure that includes institutional investors, individual shareholders, and company insiders. The total number of shares outstanding as of September 30, 2024, was 10,270,662 shares.
Major Shareholders
The following table summarizes the major shareholders of Laird Superfood, Inc. as of September 30, 2024:
| Shareholder | Type of Ownership | Number of Shares | Percentage Ownership |
|---|---|---|---|
| Danone Manifesto Ventures, PBC | Institutional Investor | 1,500,000 | 14.6% |
| BlackRock, Inc. | Institutional Investor | 900,000 | 8.8% |
| Insider Holdings (Executives & Directors) | Insider | 1,000,000 | 9.8% |
| Other Institutional Investors | Institutional Investor | 3,000,000 | 29.3% |
| Public Float | Retail Investors | 4,870,662 | 47.5% |
Recent Stock Performance
As of the end of Q3 2024, Laird Superfood reported a net loss of $1,421,718, which is a significant improvement from a net loss of $10,306,040 in the same period of the previous year. The stock price has experienced fluctuations, with a recent trading price around $1.00 per share.
Financial Position
As of September 30, 2024, Laird Superfood reported total assets of $18,750,245 and total liabilities of $5,698,141, resulting in total stockholders' equity of $13,052,104. The company has been focusing on improving its financial health, with operating expenses reduced to $14,901,287 from $17,342,257 year-over-year.
Insider Transactions
Insider transactions have been relatively stable, with executives exercising stock options and participating in common stock issuances. Total stock-based compensation for the nine months ended September 30, 2024, was approximately $1,073,698.
Market Capitalization
The market capitalization of Laird Superfood, based on the recent stock price and outstanding shares, is estimated to be approximately $10.27 million.
Laird Superfood, Inc. (LSF) Mission Statement
Laird Superfood, Inc. is dedicated to creating highly differentiated, plant-based, and functional foods that support health and wellness. The company's mission centers around the belief that natural ingredients and nutritional density can enhance daily life. Laird Superfood aims to build a widely recognized brand that authentically focuses on these principles, with a long-term goal of capturing a significant share of the multi-billion-dollar grocery market.
Core Pillars of Laird Superfood
- Superfood Creamer coffee creamers
- Hydrate hydration products and beverage enhancing supplements
- Harvest snacks and other food items
- Functional roasted and instant coffees, teas, and hot chocolate
Financial Performance Overview
As of September 30, 2024, Laird Superfood reported the following financial highlights:
| Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | Growth Rate |
|---|---|---|---|---|---|
| Net Sales | $11.8 million | $9.2 million | $31.7 million | $25.0 million | 28% (Q3), 27% (YTD) |
| Gross Profit | $5.1 million | $2.8 million | $13.2 million | $6.6 million | 100% |
| Gross Margin | 43.0% | 30.9% | 41.7% | 26.4% | Improvement |
| Operating Expenses | $5.3 million | $5.6 million | $14.9 million | $17.3 million | -14% |
| Net Loss | ($0.2 million) | ($2.7 million) | ($1.4 million) | ($10.3 million) | 86% |
Revenue Channels
Laird Superfood generates revenue through two main channels: e-commerce and wholesale.
| Channel | Q3 2024 Revenue | Q3 2023 Revenue | YTD 2024 Revenue | YTD 2023 Revenue |
|---|---|---|---|---|
| E-commerce | $6.9 million (58%) | $4.8 million (53%) | $18.9 million (59%) | $13.4 million (54%) |
| Wholesale | $4.9 million (42%) | $4.3 million (47%) | $12.8 million (41%) | $11.6 million (46%) |
Market Position and Product Focus
The company's product offerings are strategically aligned with consumer trends towards healthier, less processed foods. As of September 30, 2024, the breakdown of net sales by product category was as follows:
| Product Category | YTD 2024 Sales | Percentage of Total Sales | YTD 2023 Sales | Percentage of Total Sales |
|---|---|---|---|---|
| Coffee Creamers | $16.5 million | 52% | $15.6 million | 62% |
| Coffee, Tea, and Hot Chocolate | $8.0 million | 25% | $5.9 million | 24% |
| Hydration Supplements | $6.9 million | 22% | $3.4 million | 14% |
| Harvest Snacks | $4.5 million | 14% | $5.4 million | 21% |
Strategic Initiatives
Laird Superfood is focused on enhancing its brand presence through improved product availability, strategic marketing, and a robust direct-to-consumer approach. As of September 30, 2024, the company reported a 133% increase in sales on Amazon.com compared to the previous year, primarily due to better product availability and execution.
Conclusion of Financial Overview
As of September 30, 2024, Laird Superfood is in a transformative phase with an emphasis on optimizing operations and enhancing market penetration. The company's strategic focus on natural ingredients and functional foods positions it well in the evolving health-conscious consumer landscape.
How Laird Superfood, Inc. (LSF) Works
Business Model
Laird Superfood, Inc. operates primarily through two revenue channels: e-commerce and wholesale. The company focuses on creating plant-based, functional food products, including coffee creamers, hydration products, snacks, and functional beverages.
Financial Performance
For the three months ended September 30, 2024, Laird Superfood reported net sales of $11.8 million, representing a 28% growth compared to $9.2 million in the same period in 2023. For the nine months ended September 30, 2024, net sales were $31.7 million, up 27% from $25.0 million in 2023.
Sales Channels
The e-commerce channel experienced significant growth, with sales increasing by 42% in Q3 2024 and 41% year-to-date. Sales through Amazon.com surged by 133% in Q3 2024 compared to Q3 2023. Direct-to-Consumer (DTC) sales rose by 10% in Q3 2024 and 22% year-to-date.
Product Categories
The major product categories and their contributions to net sales for the nine months ended September 30, 2024, are as follows:
| Product Category | Net Sales ($) | % of Total Sales |
|---|---|---|
| Coffee Creamers | $16,540,456 | 52% |
| Coffee, Tea, and Hot Chocolate | $7,977,157 | 25% |
| Hydration and Beverage Enhancing Supplements | $6,855,274 | 22% |
| Harvest Snacks and Other Food Items | $4,546,448 | 14% |
Cost Structure
The cost of goods sold (COGS) for the three months ended September 30, 2024, was $6.7 million, which reflects a 6% increase compared to $6.3 million in Q3 2023. For the nine-month period, COGS was $18.5 million, nearly flat compared to $18.4 million in 2023.
Gross Profit and Margin
Gross profit for Q3 2024 was $5.1 million, with a gross margin of 43.0%, up from 31.0% in Q3 2023. Year-to-date gross profit for 2024 was $13.2 million, resulting in a gross margin of 41.7% compared to 26.4% in the prior year.
Operating Expenses
Operating expenses for Q3 2024 totaled $5.3 million, a 5% decrease from $5.6 million in Q3 2023. General and administrative expenses increased by 17% to $2.6 million, while sales and marketing expenses decreased by 20% to $2.7 million.
Net Loss
The net loss for the three months ended September 30, 2024, was $166,120, a significant improvement compared to a net loss of $2.7 million in Q3 2023. For the nine-month period, the net loss was $1.4 million, down from $10.3 million in 2023.
Cash Flow and Liquidity
For the nine months ended September 30, 2024, cash flows from operating activities were $526,258, compared to a cash outflow of $10.9 million in the same period in 2023. The company had $8.2 million in cash on hand as of September 30, 2024.
Stockholders' Equity
As of September 30, 2024, Laird Superfood had total stockholders’ equity of $13.1 million, with an accumulated deficit of $107.7 million.
Future Outlook
Management expects to continue facing operating losses while pursuing growth opportunities. The strategic transformation in operations has shown positive results in gross margin and reduced cash burn, supporting future growth initiatives.
How Laird Superfood, Inc. (LSF) Makes Money
Revenue Streams
Laird Superfood, Inc. generates revenue through two primary channels: e-commerce and wholesale. For the nine months ended September 30, 2024, net sales were $31.7 million, reflecting a 27% increase from $25.0 million in the same period in 2023.
| Revenue Channel | Q3 2024 (Net Sales) | Q3 2023 (Net Sales) | YTD 2024 (Net Sales) | YTD 2023 (Net Sales) |
|---|---|---|---|---|
| E-commerce | $6.9 million (58%) | $4.8 million (53%) | $18.9 million (59%) | $13.4 million (54%) |
| Wholesale | $4.9 million (42%) | $4.3 million (47%) | $12.8 million (41%) | $11.6 million (46%) |
Product Categories
The company’s revenue is driven by several key product categories. For the three months ended September 30, 2024, the following breakdown was observed:
| Product Category | Q3 2024 Sales | % of Total Sales | Q3 2023 Sales | % of Total Sales |
|---|---|---|---|---|
| Coffee Creamers | $6.3 million | 53% | $5.8 million | 63% |
| Coffee, Tea, and Hot Chocolate | $3.3 million | 28% | $2.0 million | 22% |
| Hydration Supplements | $2.5 million | 21% | $1.7 million | 19% |
| Harvest Snacks | $1.6 million | 13% | $1.7 million | 19% |
Growth in E-commerce
The e-commerce channel has seen significant growth, with sales increasing by 42% in Q3 2024 compared to the prior year. Sales through Amazon.com specifically increased by 133% during the same period. Direct-to-consumer (DTC) sales on lairdsuperfood.com and pickybars.com grew by 10% in Q3 2024.
Cost of Goods Sold and Gross Profit
For the nine months ended September 30, 2024, the cost of goods sold was approximately $18.5 million, nearly flat compared to $18.4 million in 2023. Gross profit for the same period was $13.2 million, with a gross margin of 41.7%, improving from 26.4% in the previous year.
| Period | Cost of Goods Sold | Gross Profit | Gross Margin |
|---|---|---|---|
| YTD 2024 | $18.5 million | $13.2 million | 41.7% |
| YTD 2023 | $18.4 million | $6.6 million | 26.4% |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $14.9 million, a 14% decrease from $17.3 million in the previous year. This reduction was driven by lower personnel costs and strategic cuts in spending.
| Expense Category | YTD 2024 | YTD 2023 | Change |
|---|---|---|---|
| General and Administrative | $6.9 million | $8.0 million | (14%) |
| Sales and Marketing | $8.0 million | $9.3 million | (14%) |
Net Loss and Future Outlook
For the nine months ended September 30, 2024, Laird Superfood reported a net loss of $1.4 million, a significant improvement from a net loss of $10.3 million in the same period in 2023. This reflects a more efficient business model and improved cash flow management.
| Period | Net Loss | Change |
|---|---|---|
| YTD 2024 | $(1.4 million) | Improved by 86% |
| YTD 2023 | $(10.3 million) | N/A |
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Resources:
- Laird Superfood, Inc. (LSF) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Laird Superfood, Inc. (LSF)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Laird Superfood, Inc. (LSF)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.