Laird Superfood Reports Second Quarter 2022 Financial Results

Rhea-AI Summary

Laird Superfood (LSF) reported a net loss of $4.9 million for Q2 2022, an improvement from $6.3 million a year ago. Net sales totaled $8.7 million, down 6% year-over-year. Online sales contributed 60% of total sales but fell by 11%, while wholesale sales rose by 4%. The gross profit was $1.6 million, leading to a gross margin of 18.2%, a decline from 23.8% in the previous year. However, net cash used in operating activities improved by 33%. The company expects full-year sales between $36 million and $38 million while facing economic uncertainties.

Positive

• Net cash used in operating activities improved by 33% to $3.9 million.
• Wholesale net sales increased by 4%, driven by growth in Grocery and Clubs.
• Operational expenses decreased by 23% to $6.5 million.

Negative

• Net sales declined by 6% to $8.7 million due to reduced marketing spend and discounts.
• Gross profit decreased by 28% to $1.6 million, leading to a gross margin of 18.2%.
• Net loss increased to $19.0 million for the first six months of 2022.

33% Year-Over-Year Improvement in Net Cash used in Operating Activities

SISTERS, Ore.--(BUSINESS WIRE)-- Laird Superfood, Inc. (NYSE American: LSF) (“Laird Superfood,” “we” and “our”), today reported financial results for its second quarter ended June 30, 2022.

Second Quarter 2022 Highlights

• Net Sales of $8.7 million were down 6% versus the prior year period.
• Online contributed 60% of total Net Sales and revenue decreased 11% year-over-year, driven by reduced working marketing spend and elimination of free shipping on orders under forty dollars.
• Wholesale Net Sales contributed 39% of total Net Sales and revenue increased 4% year-over-year, driven by continued expansion in Grocery and growth in our Club business.
• Gross Profit was $1.6 million and Gross Margin was 18.2% compared to Gross Profit of $2.2 million and Gross Margin of 23.8% in the prior year period.
• Net Loss was $4.9 million, or $0.54 per diluted share, compared to a Net Loss of $6.3 million, or $0.70 per diluted share, in the prior year period.
• Adjusted Net Loss, which is a non-GAAP financial measure, was $6.3 million, or $0.69 per diluted share, compared to Adjusted Net Loss of $6.3 million, or $0.70 per diluted share, in the prior year period. For more details on non-GAAP financial measures, refer to the information in the Non-GAAP financial measures section of this press release.
• Net Cash Used in Operating Activities was $3.9 million, an improvement of 33% compared to $5.8 million of Net Cash Used in Operating Activities in the prior year period.

“We are encouraged by early progress on key initiatives to drive growth in Wholesale as well as optimizing our cost structure,” said Jason Vieth, President and Chief Executive Officer. “As expected, second quarter results were adversely impacted by structural headwinds in online channels as well as heightened inflationary pressures. Despite these challenges and lower net sales, we delivered a 33% improvement in operating cash flow for the quarter and our balance sheet remained strong with nearly $25 million of cash and no debt. Underlying consumer metrics also continue to trend favorably, reflecting the strength of the Laird Superfood brand and demand for our core products.

Our new leadership team is energized and doing a phenomenal job of reorienting the Company to the biggest commercial and operational opportunities, while executing well against our strategic priorities. We are taking key steps to grow and improve our business, including:

• Realigning new sales broker partners across all classes of the retail trade, while at the same time increasing prices where appropriate and implementing a $40 threshold for free shipping in the DTC channel.
• Rebuilding our marketing agency ecosystem and associated creative content across Social Media, Amazon, Public Relations, and Email.
• Streamlining our operations through targeted process improvement and organizational efficiencies to match our supply capability to our anticipated demand.

Overall, we are continuing to make solid progress against our strategic plan, and we remain confident in our direction and ability to drive significant improvements to sales growth and profitability in the future.”

For the Three Months Ended June 30, 2022

	Three Months Ended June 30,
	2022							2021
	$				% of Total			$				% of Total
Coffee creamers	$	4,694,975			54	%		$	5,078,739			55	%
Hydration and beverage enhancing supplements		1,296,779			15	%			1,752,820			19	%
Harvest snacks and other food items		1,713,441			20	%			1,344,802			15	%
Coffee, tea, and hot chocolate products		1,568,142			18	%			1,661,130			18	%
Other		419,390			5	%			76,232			1	%
Gross sales		9,692,727			112	%			9,913,723			108	%
Shipping income		291,410			3	%			40,750			0	%
Returns and discounts		(1,310,131	)		(15	)%			(773,887	)		(8	)%
Sales, net	$	8,674,006			100	%		$	9,180,586			100	%
Online		5,178,819			60	%			5,799,104			63	%
Wholesale		3,341,573			39	%			3,220,030			35	%
Food service		153,614			2	%			161,452			2	%
Sales, net	$	8,674,006			100	%		$	9,180,586			100	%

Net Sales decreased 6% to $8.7 million in the second quarter of 2022 compared to $9.2 million in the second quarter of 2021, driven by elevated promotional discounts while volume was nearly flat. Wholesale channel increased 4%, driven by distribution gains in Grocery and Club, while Online sales declined 11%. The decline in Online sales was primarily due to challenging results in our direct-to-consumer channel impacted by a consumer spending pull back due to inflationary concerns, elevated discounts and reduced working marketing spend as we optimize investment mix across all digital channels. Despite these factors, Amazon.com channel sales grew, reflecting momentum driven by changes we are making.

Gross Profit was $1.6 million, a 28% decrease compared to the prior year period of $2.2 million. Gross Margin was 18.2% of Net Sales in the second quarter of 2022, compared to 23.8% of Net Sales in the prior year period. The margin compression was driven by a combination of elevated promotional discounts, inflation in raw materials, packaging, and shipping costs combined with fixed cost deleverage of internal manufacturing facilities partially offset by gains in labor efficiencies and organizational optimization.

Operating Expenses were $6.5 million compared to $8.5 million in the year ago period, a 23% decline primarily driven by lower General and Administrative expenses due to stock-based compensation forfeitures. Sales and Marketing expense declined $0.2 million due to lower Advertising expense and Marketing fees. Research and Development expenses declined $0.3 million reflecting expenses associated with new product launches in the year-earlier period.

Loss from operations was $4.9 million in the second quarter of 2022, compared to a loss of $6.3 million in the prior year period, a 22% improvement versus a year ago.

Net Loss was $4.9 million, or $0.54 per diluted share, in the second quarter of 2022, compared to a net loss of $6.3 million, or $0.70 per diluted share, in the prior year period.

Adjusted Net Loss, which excludes the impact of certain one-time items, was $6.3 million, or $0.69 per diluted share, in the second quarter of 2022 compared to $6.3 million, or $0.70 per diluted share, a year earlier.

For the Six Months Ended June 30, 2022

	Six Months Ended June 30,
	2022							2021
	$				% of Total			$				% of Total
Coffee creamers	$	10,149,382			56	%		$	10,100,387			61	%
Hydration and beverage enhancing supplements		2,754,210			15	%			2,982,875			18	%
Harvest snacks and other food items		3,400,232			19	%			1,487,705			9	%
Coffee, tea, and hot chocolate products		3,384,327			19	%			3,562,222			21	%
Other		657,713			4	%			127,168			1	%
Gross sales		20,345,864			113	%			18,260,357			110	%
Shipping income		539,602			3	%			66,410			0	%
Returns and discounts		(2,871,447	)		(16	)%			(1,749,288	)		(10	)%
Sales, net	$	18,014,019			100	%		$	16,577,479			100	%
Online		10,602,770			59	%			10,161,509			63	%
Wholesale		7,136,643			40	%			6,113,727			35	%
Food service		274,606			2	%			302,243			2	%
Sales, net	$	18,014,019			100	%		$	16,577,479			100	%

Net Sales increased 9% to $18.0 million in the first six months of 2022 compared to $16.6 million in the first six months of 2021. The increase in year-to-date Net Sales was due to online growth, reflecting the acquisition of Picky Bars, as well higher wholesale revenue driven by distribution gains.

Gross Profit was $3.5 million, a decrease of 12% compared to the prior year period of $4.0 million. Gross Margin was 19.6% of Net Sales in the first six months of 2022, compared to 24.2% of Net Sales in the prior year period. The year over year compression in Gross Margin was primarily due to elevated promotional activity, inflationary pressures on raw materials, packaging, and freight, partially offset by labor efficiencies and organizational optimization.

Operating Expenses were $22.4 million compared to $15.6 million in the first six months of 2022 and reflect General and Administrative expense increases of $6.7 million, primarily due to $8.0 million non-cash charge for goodwill and intangible asset impairment. Excluding the charge for the impairment of goodwill and intangible assets, General and Administrative expenses decreased by $1.4 million reflecting lower stock-based compensation and gain on sale of land. Sales and Marketing expense increased $0.5 million, primarily due to advertising and marketing fees. Research and Product Development expense decreased by $0.4 million primarily due to costs incurred to bring new products to market a year ago.

Loss from operations was $18.9 million in the first six months of 2022, compared to a loss of $11.6 million in the prior year period.

Net Loss was $19.0 million, or $2.09 per diluted share, in the first six months of 2022, compared to net loss of $11.6 million, or $1.30 per diluted share.

Adjusted Net Loss, which excludes the impact of certain one-time items, was $13.0 million, or $1.42 per diluted share, in the first six months of 2022 compared to $11.6 million, or $1.30 per diluted share in the prior year period.

Balance Sheet and Cash Flow Highlights

The Company had $24.5 million of cash and cash equivalents as of June 30, 2022, and no outstanding debt. Net cash used in operating activities was $7.5 million for the six months ended June 30, 2022, compared to $11.0 million in 2021.

Capital Expenditures totaled $1.1 million for the six months ended June 30, 2022, compared to $0.5 million a year earlier.

2022 Outlook

We are operating in an unusually uncertain economic environment with the highest inflation rates in decades, particularly in food and fuel, which has created more pressure on margin mix and operating costs than we had anticipated in the beginning of the year. We expect these trends to continue in the second half of the year and are accordingly updating our guidance for the full year 2022. We estimate that Net Sales for full year 2022 will be in a range of $36 million to $38 million and Gross Margin for full year 2022 is estimated at approximately 20%, which is inclusive of thirteen points of Outbound Distribution expense included in our Cost of Goods Sold. The Company’s guidance assumes that there are no significant disruptions to the supply chain, or its customers or consumers, including any disruptions from adverse macroeconomic factors or additional adverse changes related to the duration, magnitude and effects of the COVID-19 pandemic.

Conference Call and Webcast Details

The Company will host a conference call and webcast at 5:00 p.m. ET today to discuss results. The live conference call can be accessed by dialing (844) 200-6205 from the U.S. or (929) 526-1599 internationally. The conference I.D. code is 510937. Alternatively, participants may access the live webcast on the Laird Superfood Investor Relations website at https://investors.lairdsuperfood.com under “Events.”

About Laird Superfood

Laird Superfood, Inc. creates award-winning, plant-based superfood products that are both delicious and functional. The Company's products are designed to enhance your daily ritual and keep consumers fueled naturally throughout the day. The Company 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 lairdsuperfood.com 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 future financial performance and growth. 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 the current COVID-19 pandemic, or of other 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 foodservice customers, as well as the health of the foodservice 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; (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; and (17) the growth rates of the markets in which we compete.

LAIRD SUPERFOOD, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2022				2021				2022				2021
Sales, net	$	8,674,006			$	9,180,586			$	18,014,019			$	16,577,479
Cost of goods sold		(7,096,068	)			(6,998,695	)			(14,486,271	)			(12,558,194	)
Gross profit		1,577,938				2,181,891				3,527,748				4,019,285
General and administrative
Salaries, wages and benefits		1,407,054				1,032,424				3,059,065				2,253,181
Stock-based compensation		(259,474	)			955,369				(313,969	)			1,854,604
Professional fees		562,106				609,448				1,272,231				953,070
Insurance expense		501,079				500,821				1,113,013				1,023,221
Impairment of goodwill		—				—				6,486,000				—
Impairment of long-lived intangible assets		—				—				1,540,000				—
Impairment of fixed assets held-for-sale		100,426				—				100,426				—
Gain on sale of land held-for-sale		(573,818	)			—				(573,818	)			—
Other expense		898,152				1,064,849				1,781,221				1,722,229
Total general and administrative expenses		2,635,525				4,162,911				14,464,169				7,806,305
Research and product development		116,467				374,852				220,300				615,539
Sales and marketing
Salaries, wages and benefits		722,443				630,328				1,457,468				1,264,079
Stock-based compensation		37,849				55,706				96,084				97,095
Advertising		1,567,465				1,697,860				3,359,202				3,359,504
General marketing		1,096,025				1,247,294				2,158,670				1,948,158
Other expense		329,220				290,104				653,218				550,175
Total sales and marketing expenses		3,753,002				3,921,292				7,724,642				7,219,011
Total expenses		6,504,994				8,459,055				22,409,111				15,640,855
Operating loss		(4,927,056	)			(6,277,164	)			(18,881,363	)			(11,621,570	)
Other income (expense)
Interest and dividend income		5,771				11,623				10,679				25,525
Rental income		16,765				—				16,765				—
Loss on sale of available-for-sale debt securities		—				—				(182,310	)			—
Other expense		—				—				(1,919	)			—
Total other income		22,536				11,623				(156,785	)			25,525
Loss before income taxes		(4,904,520	)			(6,265,541	)			(19,038,148	)			(11,596,045	)
Income tax expense		—				(36,718	)			(5,774	)			(36,718	)
Net loss	$	(4,904,520	)		$	(6,302,259	)		$	(19,043,922	)		$	(11,632,763	)
Net loss per share:
Basic	$	(0.54	)		$	(0.70	)		$	(2.09	)		$	(1.30	)
Diluted	$	(0.54	)		$	(0.70	)		$	(2.09	)		$	(1.30	)
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted		9,132,632				8,967,797				9,114,527				8,931,736

LAIRD SUPERFOOD, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
	Six Months Ended June 30,
	2022				2021
Cash flows from operating activities
Net loss	$	(19,043,922	)			(11,632,763	)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation		329,138				302,261
Amortization		245,223				103,803
Loss on disposal of equipment		635				2,325
Gain on sale of land held-for-sale		(573,818	)			—
Stock-based compensation		(198,446	)			2,100,077
Provision for inventory obsolescence		34,843				128,556
Provision for doubtful accounts		60,106				—
Reserve for prepaid assets		—				179,000
Noncash conversion of note payable to grant income						—
Impairment of goodwill		6,486,000				—
Impairment of long-lived intangible assets		1,540,000				—
Impairment of fixed assets held-for-sale		100,426
Deferred taxes		(7,534	)			36,718
Loss on sale of investment securities available-for-sale		182310				—
Noncash lease costs		530,669				—
Changes in operating assets and liabilities:
Accounts receivable, net		24,659				99,047
Inventory		1,442,689				(3,888,989	)
Prepaid expenses and other current assets		1,055,451				729,881
Operating lease liability		(370,214	)			179,503
Deposits		202,839				2,602
Accounts payable		(475,332	)			208,131
Payroll liabilities		335,205				129,397
Accrued expenses		562,415				367,209
Net cash from operating activities		(7,536,658	)			(10,953,242	)
Cash flows from investing activities
Purchase of property, plant, and equipment		(1,121,831	)			(522,564	)
Deposits on equipment to be acquired		—				(407,412	)
Proceeds on sale of property, plant, and equipment		—				700
Purchase of software		(2,714	)			(109,795	)
Acquisition of a business, net of cash acquired (note 2)		—				(10,449,587	)
Proceeds from sale of land held-for-sale		1,521,212				—
Proceeds from sale of investment securities available-for-sale		8,513,783				—
Net cash from investing activities		8,910,450				(11,488,658	)
Cash flows from financing activities
Common stock issuance costs		—				(82,043	)
Recovery of short-swing profits		28,555				—
Employee stock purchase plan shares issued		28,287				—
Withholding tax payments for share based compensation		—				(219,156	)
Stock options exercised		64,248				394,669
Net cash from financing activities		121,090				93,470
Net change in cash and cash equivalents		1,494,882				(22,348,430	)
Cash and cash equivalents beginning of year		23,049,234				57,208,080
Cash and cash equivalents end of year	$	24,544,116			$	34,859,650
Supplemental disclosures of cash flow information
Right-of-use assets obtained in exchange for operating lease liabilities	$	5,285,330			$	—
Supplemental disclosures of non-cash information
Unrealized loss on available-for-sale securities	$	—			$	(24,001	)
Common stock issued in connection with the acquisition of a business (note 2)	$	—			$	1,834,857
Amounts reclassified from accumulated other comprehensive loss	$	61,016			$	—
Amounts reclassified from property, plant, and equipment to fixed assets held-for-sale	$	100,000			$	—
Amounts reclassified from property, plant, and equipment to intangible assets	$	153,691			$	—
Purchases of equipment included in deposits at the beginning of the period	$	372,507			$	—
Property and equipment held-and-used reclassified to held-for-sale	$	947,394			$	—

LAIRD SUPERFOOD, INC.
CONSOLIDATED BALANCE SHEETS
	As of
	June 30, 2022				December 31, 2021
Assets
Current assets
Cash, cash equivalents, and restricted cash	$	24,544,116			$	23,049,234
Accounts receivable, net		1,183,953				1,268,718
Investment securities available-for-sale		—				8,635,077
Inventory		8,743,811				10,221,343
Prepaid expenses and other current assets, net		2,772,092				3,827,543
Deposits		104,573				679,919
Total current assets		37,447,755				47,681,834
Noncurrent assets
Property and equipment, net		4,375,989				4,512,935
Fixed assets held-for-sale		100,000				—
Intangible assets, net		3,210,036				4,838,854
Goodwill		—				6,486,000
Right of use asset		7,179,389				2,327,752
Total noncurrent assets		14,865,414				18,165,541
Total assets	$	52,213,959			$	65,847,375
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	413,436			$	888,768
Payroll liabilities		1,149,368				814,163
Accrued expenses		2,645,505				2,083,090
Lease liability, current portion		742,669				—
Total current liabilities		4,950,978				3,786,021
Long-term liabilities
Deferred tax liability, net		—				7,534
Lease liability		4,269,423				—
Total long-term liabilities		4,269,423				7,534
Total liabilities		9,384,713				3,793,555
Stockholders’ equity
Common stock, $0.001 par value, 100,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 9,535,662 and 9,169,958 issued and outstanding at June 30, 2022, respectively; 9,460,243 and 9,094,539 issued and outstanding at December 31, 2021, respectively		9,170				9,095
Additional paid-in capital		117,826,024				117,903,455
Accumulated other comprehensive income (loss)		—				(61,016	)
Accumulated deficit		(74,841,636	)			(55,797,714	)
Total stockholders’ equity		42,993,558				62,053,820
Total liabilities and stockholders’ equity	$	52,213,959			$	65,847,375

Non-GAAP Financial Measures

In this press release, we report adjusted net loss and adjusted net loss 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”). Management uses adjusted net loss and adjusted net loss per diluted share to evaluate financial performance because adjusted net loss and adjusted net loss per diluted share allow for period-over-period comparisons of the Company’s ongoing operations before the impact of certain items described below. Management believes this information may also be useful to investors to compare the Company’s results period-over-period. We define adjusted net loss and adjusted net loss per diluted share to exclude (1) non-cash charges for goodwill and intangible asset impairment, (2) forfeitures of unvested stock-based compensation, (3) non-recurring executive severance costs, (4) loss on sale of available-for-sale securities, (5) proceeds from an insurance settlement, and (6) gain on sale of land held-for-sale. Please be aware that adjusted net loss and adjusted net loss per diluted share have limitations and should not be considered in isolation or as a substitute for net loss or diluted net loss per share. In addition, we may calculate and/or present adjusted net loss and adjusted net loss per diluted share differently than measures with the same or similar names that other companies report, and as a result, the non-GAAP measures we report may not be comparable to those reported by others.

These non-GAAP measures are reconciled to the most directly comparable GAAP measures in the table that follows.

LAIRD SUPERFOOD, INC.
NON-GAAP FINANCIAL MEASURES
		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2022				2021				2022				2021
Loss before income taxes		$	(4,904,520	)		$	(6,265,541	)		$	(19,038,148	)		$	(11,596,045	)
Adjusted for:
Impairment of goodwill and long-lived assets	(a)		100,426				—				8,126,426				—
Forfeitures of unvested stock-based compensation	(b)		(1,023,637	)			—				(1,931,259	)			—
Executive severances	(c)		143,746				—				470,017				—
Loss on sale of available-for-sale securities	(d)		—				—				182,310				—
Proceeds from insurance settlement	(e)		—				—				(204,606	)			—
Gain on sale of land held-for-sale			(573,818	)			—				(573,818	)			—
Adjusted net loss		$	(6,257,803	)		$	(6,265,541	)		$	(12,969,078	)		$	(11,596,045	)
Adjusted net loss per share:
diluted			(0.69	)			(0.70	)			(1.42	)			(1.30	)
Weighted-average shares of common stock outstanding used in computing adjusted net loss per share of common stock, diluted			9,132,632				8,967,797				9,114,527				8,931,736

(a) Reflects impairment charges to goodwill and long-lived intangible assets assumed in the acquisition of Picky Bars which occurred Q2 2021, in the amounts of $6.5 million and $1.5 million, respectively, as well as $0.1 million of impairment charges related to production machinery held-for-sale in Q2 2022.

(b) Represents reversals of stock-based compensation arising from the forfeitures of unvested awards following the resignation of certain executive officers.

(c) Represents compensation expense related to severances related to the resignations of certain executive officers.

(d) Represents realized losses on the liquidation of the Company's available-for-sale securities.

(e) Represents the recovery of costs incurred in connection with an insurance claim following loss of product.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220810005679/en/

ICR

Reed Anderson

646-277-1260

Reed.Anderson@icrinc.com

Source: Laird Superfood, Inc.

FAQ

What were Laird Superfood's Q2 2022 net sales results?

Laird Superfood reported net sales of $8.7 million for Q2 2022, down 6% compared to the prior year.

How did Laird Superfood's online sales perform in Q2 2022?

Online sales contributed 60% of total sales but decreased by 11% year-over-year in Q2 2022.

What is Laird Superfood's net loss for the first half of 2022?

Laird Superfood recorded a net loss of $19.0 million for the first six months of 2022.

What is the expected sales range for Laird Superfood in 2022?

Laird Superfood projects net sales for full-year 2022 to be between $36 million and $38 million.