Laird Superfood, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Laird Superfood, Inc. reported a slight revenue increase but a decrease in net income and EPS for Q1 2024 compared to Q1 2023.</b>

AI Summary

Laird Superfood, Inc. (LSF) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Total revenue for the three months ended March 31, 2024, was $9.75 million, a slight increase from $9.38 million in the same period of 2023. Net income for the first quarter of 2024 was $1.40 million, compared to a net income of $1.73 million for the first quarter of 2023. Earnings per share (EPS) for Q1 2024 were $0.03, down from $0.04 in Q1 2023. The company reported total assets of $9.91 million as of March 31, 2024, up from $8.11 million as of December 31, 2023. Total debt remained at $0 as of March 31, 2024, consistent with the previous fiscal year-end.

Why It Matters

For investors and stakeholders tracking Laird Superfood, Inc., this filing contains several important signals. The slight increase in revenue suggests continued demand for Laird Superfood's products, but the decline in net income indicates potential pressure on profitability or increased operating expenses. The company's strong balance sheet with no debt provides financial flexibility, but the decrease in earnings per share may be a concern for investors focused on profitability metrics.

Risk Assessment

Risk Level: medium — Laird Superfood, Inc. shows moderate risk based on this filing. The company experienced a decrease in net income and EPS despite a revenue increase, suggesting potential challenges in managing costs or maintaining profit margins, which warrants a medium risk assessment.

Analyst Insight

Investors should monitor the company's cost management strategies and gross margin trends in upcoming filings to assess the sustainability of its profitability.

Key Numbers

• 9,749,326 — Revenue Q1 2024 (Three months ended March 31, 2024)
• 9,383,622 — Revenue Q1 2023 (Three months ended March 31, 2023)
• 1,399,420 — Net Income Q1 2024 (Three months ended March 31, 2024)
• 1,730,548 — Net Income Q1 2023 (Three months ended March 31, 2023)
• 0.03 — EPS Q1 2024 (Three months ended March 31, 2024)
• 0.04 — EPS Q1 2023 (Three months ended March 31, 2023)
• 9,908,938 — Total Assets (As of March 31, 2024)
• 8,112,938 — Total Assets (As of December 31, 2023)

Key Players & Entities

• Laird Superfood, Inc. (company) — Filer of the 10-Q report.
• 2024-03-31 (date) — Conformed period of report.
• 2024-05-08 (date) — Filing date.
• $9.75 million (dollar_amount) — Total revenue for the three months ended March 31, 2024.
• $9.38 million (dollar_amount) — Total revenue for the three months ended March 31, 2023.
• $1.40 million (dollar_amount) — Net income for the first quarter of 2024.
• $1.73 million (dollar_amount) — Net income for the first quarter of 2023.
• $0.03 (dollar_amount) — Earnings per share for Q1 2024.

FAQ

Key Financial Figures

• $0.001 — e on which registered Common Stock, $0.001 par value LSF NYSE American Indic

Filing Documents

• lsf20240331_10q.htm (10-Q) — 1109KB
• ex_669412.htm (EX-10.1) — 93KB
• ex_615586.htm (EX-31.1) — 13KB
• ex_615587.htm (EX-31.2) — 13KB
• ex_615588.htm (EX-32.1) — 5KB
• ex_615589.htm (EX-32.2) — 5KB
• logo.jpg (GRAPHIC) — 4KB
• 0001437749-24-015379.txt (&nbsp;) — 6788KB
• lsf-20240331.xsd (EX-101.SCH) — 66KB
• lsf-20240331_cal.xml (EX-101.CAL) — 51KB
• lsf-20240331_def.xml (EX-101.DEF) — 393KB
• lsf-20240331_lab.xml (EX-101.LAB) — 356KB
• lsf-20240331_pre.xml (EX-101.PRE) — 438KB
• lsf20240331_10q_htm.xml (XML) — 1238KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements 4 Unaudited Consolidated Condensed Balance Sheets 4 Unaudited Consolidated Condensed Statements of Operations 5 Unaudited Consolidated Condensed Statements of Stockholders ' Equity 6 Unaudited Consolidated Condensed Statements of Cash Flows 7 Notes to Unaudited Consolidated Condensed Financial Statements 8

Management ' s Discussion and Analysis of Financial Conditions and Results of Operations

Item 2. Management ' s Discussion and Analysis of Financial Conditions and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 28

Other Information

Part II. Other Information 28

Legal Proceedings

Item 1. Legal Proceedings 28

Risk Factors

Item 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 30

Signatures

Signatures 31 Laird, our logo and other trademarks or service marks appearing in this report are the property of Laird Superfood, Inc. Trade names, trademarks and service marks of other companies appearing in this report are the property of their respective owners. Solely for convenience, the trademarks, service marks and trade names included in this report are without the , or other applicable symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. Unless the context otherwise indicates, references to "Laird Superfood," "we," "our," "us" and the "Company" refer to Laird Superfood, Inc. and its subsidiary on a consolidated basis. 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements convey our current expectations or forecasts of future events and are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Any statements contained in this Quarterly Report on Form 10-Q that are not statements of historical fact may be forward-looking statements. When we use the words "anticipates," "believes," "continues," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "seeks," "should," "will," "would," or the negative of these terms or other comparable terminology, we are identifying forward-looking statements. Forward-looking statements involve risks and uncertainties, which may cause our actual results, performance, or achievements to be materially dif

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements LAIRD SUPERFOOD, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (unaudited) As of March 31, 2024 December 31, 2023 Assets Current assets Cash, cash equivalents, and restricted cash $ 7,289,286 $ 7,706,806 Accounts receivable, net 2,064,745 1,022,372 Inventory, net 5,633,124 6,322,559 Prepaid expenses and other current assets 1,067,675 1,285,564 Total current assets 16,054,830 16,337,301 Noncurrent assets Property and equipment, net 102,881 122,595 Intangible assets, net 1,033,510 1,085,231 Related party license agreements 132,100 132,100 Right-of-use assets 323,007 354,732 Total noncurrent assets 1,591,498 1,694,658 Total assets $ 17,646,328 $ 18,031,959 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 1,718,574 $ 1,647,673 Accrued expenses 2,862,394 2,586,343 Related party liabilities 28,167 2,688 Lease liabilities, current portion 148,598 138,800 Total current liabilities 4,757,733 4,375,504 Lease liabilities 208,142 243,836 Total liabilities 4,965,875 4,619,340 Stockholders' equity Common stock, $ 0.001 par value, 100,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 9,885,429 and 9,519,725 issued and outstanding at March 31, 2024, respectively; and 9,749,326 and 9,383,622 issued and outstanding at December 31, 2023, respectively. 9,520 9,384 Additional paid-in capital 119,985,604 119,701,384 Accumulated deficit ( 107,314,671 ) ( 106,298,149 ) Total stockholders' equity 12,680,453 13,412,619 Total liabilities and stockholders' equity $ 17,646,328 $ 18,031,959 The accompanying notes are an integral part of these unaudited consolidated condensed financial statements. 4 Table of Contents LAIRD SUPERFOOD, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2024 2023 Sales, net $ 9,908,938 $ 8,112,938 Cost of goods sold ( 5,944,837 )

View Full Filing

View this 10-Q filing on SEC EDGAR