Laird Superfood Inc Financials

LSF

Source SEC Filings (10-K/10-Q) Updated Mar 30, 2026 Currency USD FYE March

This page shows Laird Superfood Inc (LSF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 35/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Laird Superfood Inc has an operating margin of -6.8%, meaning the company retains $-7 of operating profit per $100 of revenue. This below-average margin results in a low score of 7/100, suggesting thin profitability after operating expenses. This is down from -5.0% the prior year.

Growth

Laird Superfood Inc's revenue surged 15.2% year-over-year to $49.9M, reflecting rapid business expansion. This strong growth earns a score of 59/100.

Leverage

Laird Superfood Inc carries a low D/E ratio of 0.68, meaning only $0.68 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 88/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Laird Superfood Inc's current ratio of 2.44 indicates adequate short-term liquidity, earning a score of 46/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Laird Superfood Inc generated -$2.8M in operating cash flow, capex of $76K consumed most of it, leaving -$2.9M in free cash flow. This results in a low score of 11/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Laird Superfood Inc generates a -28.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -9.5% the prior year.

Piotroski F-Score Weak

2/9

Laird Superfood Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.86x

For every $1 of reported earnings, Laird Superfood Inc generates $0.86 in operating cash flow (-$2.8M OCF vs -$3.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$49.9M

YoY+15.2%

5Y CAGR+14.1%

Laird Superfood Inc generated $49.9M in revenue in fiscal year 2025. This represents an increase of 15.2% from the prior year.

EBITDA

-$3.2M

YoY-66.1%

Laird Superfood Inc's EBITDA was -$3.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 66.1% from the prior year.

Net Income

-$3.3M

YoY-159.0%

Laird Superfood Inc reported -$3.3M in net income in fiscal year 2025. This represents a decrease of 159.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$2.9M

YoY-440.4%

Laird Superfood Inc generated -$2.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 440.4% from the prior year.

Cash & Debt

$5.1M

YoY-38.8%

5Y CAGR-38.3%

Laird Superfood Inc held $5.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

11M

YoY+6.1%

5Y CAGR+4.2%

Laird Superfood Inc had 11M shares outstanding in fiscal year 2025. This represents an increase of 6.1% from the prior year.

Margins & Returns

Gross Margin

37.9%

YoY-2.9pp

5Y CAGR+12.4pp

Laird Superfood Inc's gross margin was 37.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.9 percentage points from the prior year.

Operating Margin

-6.8%

YoY-1.8pp

5Y CAGR+43.3pp

Laird Superfood Inc's operating margin was -6.8% in fiscal year 2025, reflecting core business profitability. This is down 1.8 percentage points from the prior year.

Net Margin

-6.5%

YoY-3.6pp

5Y CAGR+43.3pp

Laird Superfood Inc's net profit margin was -6.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.6 percentage points from the prior year.

Return on Equity

-28.4%

YoY-18.9pp

5Y CAGR-12.2pp

Laird Superfood Inc's ROE was -28.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 18.9 percentage points from the prior year.

Capital Allocation

R&D Spending

$330K

YoY+188.9%

5Y CAGR-8.3%

Laird Superfood Inc invested $330K in research and development in fiscal year 2025. This represents an increase of 188.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$76K

YoY+208.6%

5Y CAGR-40.9%

Laird Superfood Inc invested $76K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 208.6% from the prior year.

LSF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$49.9M+15.2%	$43.3M+26.5%	$34.2M-4.5%	$35.8M-2.7%	$36.8M+42.8%	$25.8M
Cost of Revenue	$31.0M+21.0%	$25.6M+7.1%	$23.9M-22.0%	$30.6M+11.9%	$27.4M+42.6%	$19.2M
Gross Profit	$18.9M+6.9%	$17.7M+71.5%	$10.3M+98.8%	$5.2M-45.0%	$9.4M+43.4%	$6.6M
R&D Expenses	$330K+188.9%	$114K-48.1%	$220K-48.6%	$428K-58.5%	$1.0M+102.7%	$508K
SG&A Expenses	$10.2M+10.0%	$9.3M-5.0%	$9.8M-68.0%	$30.6M+85.9%	$16.5M+86.4%	$8.8M
Operating Income	-$3.4M-57.1%	-$2.2M+79.7%	-$10.7M+73.5%	-$40.4M-68.5%	-$24.0M-85.3%	-$12.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	$0
Income Tax	$21K-51.2%	$42K+179.6%	$15K-25.0%	$20K+13.7%	$18K	$0
Net Income	-$3.3M-159.0%	-$1.3M+87.6%	-$10.2M+74.8%	-$40.3M-69.0%	-$23.9M-85.8%	-$12.9M
EPS (Diluted)	N/A	N/A	$-1.09+75.3%	$-4.41-65.8%	$-2.66-1.9%	$-2.61

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$12.9M+7.5%	$12.0M+2.9%	$11.7M+0.4%	$11.6M-1.4%	$11.8M+17.7%	$10.0M+1.0%	$9.9M+7.6%	$9.2M
Cost of Revenue	$8.2M+13.6%	$7.2M+6.5%	$6.8M-4.9%	$7.1M+6.1%	$6.7M+15.2%	$5.8M-2.0%	$5.9M+8.3%	$5.5M
Gross Profit	$4.7M-1.6%	$4.8M-2.1%	$4.9M+8.9%	$4.5M-11.5%	$5.1M+21.2%	$4.2M+5.4%	$4.0M+6.7%	$3.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$13K
SG&A Expenses	$2.7M+22.6%	$2.2M-1.8%	$2.2M-5.3%	$2.4M-9.8%	$2.6M+22.2%	$2.1M-0.4%	$2.2M+22.3%	$1.8M
Operating Income	-$996K-149.2%	-$399K-83.2%	-$218K+54.3%	-$477K-77.7%	-$269K+20.7%	-$339K+68.9%	-$1.1M-2457.7%	$46K
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$7K-13.7%	$8K-34.5%	$13K+332.6%	-$5K-200.0%	$5K+53.8%	$4K-91.0%	$39K+1825.7%	$2K
Net Income	-$975K-169.2%	-$362K-131.9%	-$156K-194.0%	$166K+200.0%	-$166K+30.5%	-$239K+76.5%	-$1.0M-811.2%	$143K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

LSF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$19.2M-0.2%	$19.3M+6.8%	$18.0M-40.0%	$30.0M-54.4%	$65.8M-20.0%	$82.3M
Current Assets	$18.8M+4.9%	$18.0M+10.0%	$16.3M-40.7%	$27.5M-42.3%	$47.7M-37.3%	$76.0M
Cash & Equivalents	$5.1M-38.8%	$8.3M+10.2%	$7.6M-56.2%	$17.3M-24.6%	$22.9M-59.7%	$57.0M
Inventory	$7.8M+30.2%	$6.0M-5.5%	$6.3M+11.0%	$5.7M-44.3%	$10.2M+62.3%	$6.3M
Accounts Receivable	$3.9M+121.2%	$1.8M+72.4%	$1.0M-31.6%	$1.5M+17.8%	$1.3M+51.1%	$840K
Goodwill	N/A	N/A	$0	$0-100.0%	$6.5M	$0
Total Liabilities	$7.8M+27.9%	$6.1M+31.2%	$4.6M-38.6%	$7.5M+98.5%	$3.8M+35.8%	$2.8M
Current Liabilities	$7.7M+30.2%	$5.9M+35.3%	$4.4M-41.3%	$7.5M+96.8%	$3.8M+38.0%	$2.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$51K
Total Equity	$11.5M-13.1%	$13.2M-1.6%	$13.4M-40.4%	$22.5M-63.7%	$62.1M-22.0%	$79.5M
Retained Earnings	-$111.4M-3.0%	-$108.1M-1.7%	-$106.3M-10.6%	-$96.1M-72.3%	-$55.8M-74.8%	-$31.9M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$18.9M-7.7%	$20.4M-5.0%	$21.5M+11.6%	$19.3M+2.7%	$18.8M+4.0%	$18.0M+2.2%	$17.6M-2.1%	$18.0M
Current Assets	$18.4M-4.3%	$19.2M-4.9%	$20.2M+12.5%	$18.0M+3.6%	$17.3M+4.9%	$16.5M+3.0%	$16.1M-1.7%	$16.3M
Cash & Equivalents	$5.1M+29.4%	$3.9M-43.8%	$7.0M-16.2%	$8.3M+5.5%	$7.9M+3.4%	$7.6M+7.7%	$7.1M-6.2%	$7.6M
Inventory	$10.0M-9.5%	$11.0M+15.9%	$9.5M+59.2%	$6.0M-2.9%	$6.2M-3.8%	$6.4M+13.6%	$5.6M-10.9%	$6.3M
Accounts Receivable	$2.0M-27.9%	$2.8M+18.7%	$2.3M+31.5%	$1.8M-2.5%	$1.8M+54.7%	$1.2M-43.4%	$2.1M+102.0%	$1.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
Total Liabilities	$6.0M-14.2%	$7.1M-13.6%	$8.2M+34.6%	$6.1M+6.4%	$5.7M+4.9%	$5.4M+9.4%	$5.0M+7.5%	$4.6M
Current Liabilities	$6.0M-14.1%	$7.0M-13.5%	$8.0M+35.9%	$5.9M+7.0%	$5.5M+5.5%	$5.3M+10.4%	$4.8M+8.7%	$4.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$12.8M-4.2%	$13.4M+0.3%	$13.3M+1.0%	$13.2M+1.1%	$13.1M+3.6%	$12.6M-0.6%	$12.7M-5.5%	$13.4M
Retained Earnings	-$109.6M-0.9%	-$108.6M-0.3%	-$108.3M-0.1%	-$108.1M-0.4%	-$107.7M-0.2%	-$107.6M-0.2%	-$107.3M-1.0%	-$106.3M

LSF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$2.8M-421.8%	$866K+108.0%	-$10.8M+24.8%	-$14.3M+35.2%	-$22.1M-50.5%	-$14.7M
Capital Expenditures	$76K+208.6%	$25K-82.8%	$144K-87.5%	$1.2M-25.8%	$1.6M+46.7%	$1.1M
Free Cash Flow	-$2.9M-440.4%	$841K+107.7%	-$10.9M+29.5%	-$15.5M+34.6%	-$23.7M-50.2%	-$15.7M
Investing Cash Flow	-$76K-208.6%	-$25K-103.6%	$690K-92.3%	$9.0M+171.0%	-$12.6M-195.2%	-$4.3M
Financing Cash Flow	-$332K-893.7%	-$33K-21.7%	-$27K-126.8%	$102K-82.3%	$576K-99.2%	$75.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	$0-100.0%	$21K

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$1.2M+144.2%	-$2.8M-121.8%	-$1.3M-475.8%	$339K+10.9%	$306K-52.4%	$643K+252.2%	-$422K-358.7%	$163K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$4K+149.7%	-$8K+88.3%	-$72K-1190.0%	-$6K+2.1%	-$6K+57.5%	-$13K	$0-100.0%	$123K
Financing Cash Flow	-$155K-8.9%	-$143K-3619.8%	-$4K+81.7%	-$21K-128.4%	$74K+181.0%	-$91K-1996.4%	$5K+210.0%	-$4K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

LSF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	37.9%-2.9pp	40.8%+10.7pp	30.1%+15.7pp	14.5%-11.1pp	25.6%+0.1pp	25.5%
Operating Margin	-6.8%-1.8pp	-5.0%+26.2pp	-31.3%+81.4pp	-112.7%-47.6pp	-65.1%-14.9pp	-50.1%
Net Margin	-6.5%-3.6pp	-2.9%+26.8pp	-29.7%+82.9pp	-112.6%-47.7pp	-64.8%-15.0pp	-49.8%
Return on Equity	-28.4%-18.9pp	-9.5%+66.3pp	-75.8%+103.4pp	-179.2%-140.7pp	-38.5%-22.3pp	-16.2%
Return on Assets	-16.9%-10.4pp	-6.5%+49.8pp	-56.4%+77.9pp	-134.3%-98.0pp	-36.3%-20.6pp	-15.6%
Current Ratio	2.44-0.6	3.03-0.7	3.73+0.0	3.69-8.9	12.59-15.1	27.70
Debt-to-Equity	0.68+0.2	0.46+0.1	0.34+0.0	0.33+0.3	0.06+0.1	0.00
FCF Margin	-5.7%-7.7pp	1.9%+33.8pp	-31.9%+11.3pp	-43.2%+21.1pp	-64.3%-3.2pp	-61.1%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	36.5%-3.4pp	39.9%-2.0pp	41.9%+3.3pp	38.6%-4.4pp	43.0%+1.2pp	41.8%+1.8pp	40.0%-0.4pp	40.4%
Operating Margin	-7.7%-4.4pp	-3.3%-1.5pp	-1.9%+2.2pp	-4.1%-1.8pp	-2.3%+1.1pp	-3.4%+7.6pp	-11.0%-11.5pp	0.5%
Net Margin	-7.6%-4.5pp	-3.0%-1.7pp	-1.3%-2.8pp	1.4%+2.8pp	-1.4%+1.0pp	-2.4%+7.9pp	-10.3%-11.8pp	1.6%
Return on Equity	-7.6%-4.9pp	-2.7%-1.5pp	-1.2%-2.4pp	1.3%+2.5pp	-1.3%+0.6pp	-1.9%+6.1pp	-8.0%-9.1pp	1.1%
Return on Assets	-5.2%-3.4pp	-1.8%-1.0pp	-0.7%-1.6pp	0.9%+1.8pp	-0.9%+0.4pp	-1.3%+4.4pp	-5.8%-6.6pp	0.8%
Current Ratio	3.08+0.3	2.76+0.2	2.51-0.5	3.03-0.1	3.13-0.0	3.15-0.2	3.37-0.4	3.73
Debt-to-Equity	0.47-0.1	0.53-0.1	0.61+0.2	0.46+0.0	0.440.0	0.43+0.0	0.39+0.0	0.34
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Laird Superfood Inc's annual revenue?

Laird Superfood Inc (LSF) reported $49.9M in total revenue for fiscal year 2025. This represents a 15.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Laird Superfood Inc's revenue growing?

Laird Superfood Inc (LSF) revenue grew by 15.2% year-over-year, from $43.3M to $49.9M in fiscal year 2025.

Is Laird Superfood Inc profitable?

No, Laird Superfood Inc (LSF) reported a net income of -$3.3M in fiscal year 2025, with a net profit margin of -6.5%.

What is Laird Superfood Inc's EBITDA?

Laird Superfood Inc (LSF) had EBITDA of -$3.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Laird Superfood Inc's gross margin?

Laird Superfood Inc (LSF) had a gross margin of 37.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Laird Superfood Inc's operating margin?

Laird Superfood Inc (LSF) had an operating margin of -6.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Laird Superfood Inc's net profit margin?

Laird Superfood Inc (LSF) had a net profit margin of -6.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Laird Superfood Inc's return on equity (ROE)?

Laird Superfood Inc (LSF) has a return on equity of -28.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Laird Superfood Inc's free cash flow?

Laird Superfood Inc (LSF) generated -$2.9M in free cash flow during fiscal year 2025. This represents a -440.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Laird Superfood Inc's operating cash flow?

Laird Superfood Inc (LSF) generated -$2.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Laird Superfood Inc's total assets?

Laird Superfood Inc (LSF) had $19.2M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Laird Superfood Inc's capital expenditures?

Laird Superfood Inc (LSF) invested $76K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Laird Superfood Inc spend on research and development?

Laird Superfood Inc (LSF) invested $330K in research and development during fiscal year 2025.

How many shares does Laird Superfood Inc have outstanding?

Laird Superfood Inc (LSF) had 11M shares outstanding as of fiscal year 2025.

What is Laird Superfood Inc's current ratio?

Laird Superfood Inc (LSF) had a current ratio of 2.44 as of fiscal year 2025, which is generally considered healthy.

What is Laird Superfood Inc's debt-to-equity ratio?

Laird Superfood Inc (LSF) had a debt-to-equity ratio of 0.68 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Laird Superfood Inc's return on assets (ROA)?

Laird Superfood Inc (LSF) had a return on assets of -16.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Laird Superfood Inc's cash runway?

Based on fiscal year 2025 data, Laird Superfood Inc (LSF) had $5.1M in cash against an annual operating cash burn of $2.8M. This gives an estimated cash runway of approximately 22 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Laird Superfood Inc's Piotroski F-Score?

Laird Superfood Inc (LSF) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Laird Superfood Inc's earnings high quality?

Laird Superfood Inc (LSF) has an earnings quality ratio of 0.86x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Laird Superfood Inc?

Laird Superfood Inc (LSF) scores 35 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.