Laird Superfood Q3 Sales Rise Slightly

TL;DR

Laird Superfood Q3 sales up slightly to $9.75M. Watch for option/tax share expirations.

AI Summary

Laird Superfood, Inc. filed its quarterly report for the period ending September 30, 2024. The company reported net sales of $9.75 million for the third quarter of 2024, a slight increase from $9.38 million in the same period of the prior year. The filing also details various financial instruments and commitments, including potential future expirations of stock options and tax withholdings.

Why It Matters

This filing provides insight into Laird Superfood's recent financial performance, indicating modest sales growth and highlighting the company's ongoing financial obligations and commitments.

Risk Assessment

Risk Level: medium — The company's financial health and future prospects are subject to market conditions and its ability to manage its commitments, as indicated by the details on stock options and tax withholdings.

Key Numbers

• $9.75M — Q3 2024 Net Sales (Represents a slight increase from the prior year's Q3.)
• $9.38M — Q3 2023 Net Sales (Prior year comparable period for sales.)
• 86,643 — Shares withheld for option costs (Common stock held back to cover option expenses.)
• 21,445 — Shares withheld for taxes (Common stock held back to cover tax liabilities.)

Key Players & Entities

• Laird Superfood, Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period
• $9.75 million (dollar_amount) — Net sales for Q3 2024
• $9.38 million (dollar_amount) — Net sales for Q3 2023

FAQ

Key Financial Figures

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

Filing Documents

• lsf20240930_10q.htm (10-Q) — 1552KB
• ex_719258.htm (EX-31.1) — 13KB
• ex_719259.htm (EX-31.2) — 13KB
• ex_719260.htm (EX-32.1) — 5KB
• ex_719261.htm (EX-32.2) — 5KB
• logo.jpg (GRAPHIC) — 4KB
• 0001437749-24-033630.txt ( ) — 8017KB
• lsf-20240930.xsd (EX-101.SCH) — 69KB
• lsf-20240930_cal.xml (EX-101.CAL) — 51KB
• lsf-20240930_def.xml (EX-101.DEF) — 405KB
• lsf-20240930_lab.xml (EX-101.LAB) — 366KB
• lsf-20240930_pre.xml (EX-101.PRE) — 450KB
• lsf20240930_10q_htm.xml (XML) — 1693KB

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 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 31

Other Information

Part II. Other Information 31

Legal Proceedings

Item 1. Legal Proceedings 31

Risk Factors

Item 1A. Risk Factors 31

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 32

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 32

Other Information

Item 5. Other Information 32

Exhibits

Item 6. Exhibits 33

Signatures

Signatures 34 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. Such forward-looking statements 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 achiev

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements LAIRD SUPERFOOD, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (unaudited) As of September 30, 2024 December 31, 2023 Assets Current assets Cash, cash equivalents, and restricted cash $ 8,201,391 $ 7,706,806 Accounts receivable, net 1,807,756 1,022,372 Inventory, net 6,155,442 6,322,559 Prepaid expenses and other current assets 1,172,481 1,285,564 Total current assets 17,337,070 16,337,301 Noncurrent assets Property and equipment, net 81,408 122,595 Intangible assets, net 941,177 1,085,231 Related party license agreements 132,100 132,100 Right-of-use assets 258,490 354,732 Total noncurrent assets 1,413,175 1,694,658 Total assets $ 18,750,245 $ 18,031,959 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 1,682,851 $ 1,647,673 Accrued expenses 3,682,495 2,586,343 Related party liabilities 29,667 2,688 Lease liabilities, current portion 141,504 138,800 Total current liabilities 5,536,517 4,375,504 Lease liabilities 161,624 243,836 Total liabilities 5,698,141 4,619,340 Stockholders' equity Common stock, $ 0.001 par value, 100,000,000 shares authorized at September 30, 2024 and December 31, 2023; 10,644,946 and 10,270,662 issued and outstanding at September 30, 2024, respectively; and 9,749,326 and 9,383,622 issued and outstanding at December 31, 2023, respectively. 10,271 9,384 Additional paid-in capital 120,761,700 119,701,384 Accumulated deficit ( 107,719,867 ) ( 106,298,149 ) Total stockholders' equity 13,052,104 13,412,619 Total liabilities and stockholders' equity $ 18,750,245 $ 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Sales, net $

View Full Filing

View this 10-Q filing on SEC EDGAR