Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - VCI Global Limited (VCIG) is up 57% at $2.79 [3] - The Beachbody Company, Inc. (BODI) is up 29% at $6.52 [3] - Cycurion, Inc. (CYCU) is up 29% at $3.41 [3] - BigBear.ai Holdings, Inc. (BBAI) is up 19% at $6.82 [3] - Hallador Energy Company (HNRG) is up 17% at $23.60 [3] - The RealReal, Inc. (REAL) is up 15% at $12.92 [3] - Galecto, Inc. (GLTO) is up 12% at $19.45 [3] - LivePerson, Inc. (LPSN) is up 12% at $5.87 [3] - Rocket Lab Corporation (RKLB) is up 9% at $56.80 [3] - Babcock & Wilcox Enterprises, Inc. (BW) is up 5% at $7.33 [3] Premarket Losers - Vor Biopharma Inc. (VOR) is down 31% at $12.81 [4] - Outset Medical, Inc. (OM) is down 27% at $8.81 [4] - Comtech Telecommunications Corp. (CMTL) is down 15% at $2.54 [4] - Laird Superfood, Inc. (LSF) is down 10% at $3.69 [4] - CoreWeave, Inc. (CRWV) is down 9% at $95.41 [4] - Gemini Space Station, Inc. (GEMI) is down 8% at $15.33 [4] - Precision BioSciences, Inc. (DTIL) is down 8% at $5.56 [4] - iOThree Limited (IOTR) is down 8% at $3.43 [4] - SenesTech, Inc. (SNES) is down 8% at $3.19 [4] - Life360, Inc. (LIF) is down 6% at $87.00 [4]

Core Insights - Laird Superfood, Inc. reported a quarterly loss of $0.03 per share, better than the Zacks Consensus Estimate of a loss of $0.04, marking a 25% earnings surprise [1] - The company generated revenues of $12.9 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 8.54%, but showing an increase from $11.78 million a year ago [2] - The stock has underperformed significantly, losing approximately 47.3% year-to-date compared to the S&P 500's gain of 14.4% [3] Financial Performance - Over the last four quarters, Laird Superfood has surpassed consensus EPS estimates three times [2] - The current consensus EPS estimate for the upcoming quarter is -$0.07 on revenues of $14.6 million, and for the current fiscal year, it is -$0.16 on revenues of $52.4 million [7] Market Outlook - The company's Zacks Rank is currently 3 (Hold), indicating expected performance in line with the market in the near future [6] - The outlook for the Food - Miscellaneous industry, where Laird Superfood operates, is weak, ranking in the bottom 26% of over 250 Zacks industries [8]

Financial Data and Key Metrics Changes - Net sales for Q3 2025 increased by 10% year over year to $12.9 million, with year-to-date sales up 15% to $36.5 million [3][12] - Gross profit for Q3 was $4.7 million, down 7% from the prior year, with gross margin contracting to 36.5% from 43% last year [5][14] - Net loss for Q3 was $1.0 million compared to a loss of $0.2 million in the prior year, primarily due to a $0.7 million impairment charge related to Picky Bars [16][18] Business Line Data and Key Metrics Changes - The wholesale channel saw net sales increase by 39% in Q3, contributing 53% of total net sales, while e-commerce sales declined by 1% year over year [4][13] - Excluding Picky Bars, net sales increased by 14% in Q3, indicating strong underlying fundamentals despite some softness in e-commerce [12][14] Market Data and Key Metrics Changes - The company reported strong consumer demand for core products like coffee creamers and functional beverages, aligning with healthier lifestyle trends [4][6] - E-commerce represented 47% of net sales in Q3, with a noted decline primarily in the direct-to-consumer platform [5][14] Company Strategy and Development Direction - The company is transitioning to a wholesale-led model, focusing on expanding distribution in grocery and club stores [4][6] - A new protein coffee product is set to launch, marking the company's first entry into the dairy market, which is significantly larger than the current plant-based market [8][49] - The decision to discontinue the Picky Bars brand aims to redirect investments towards the core Laird Superfood brand, which is believed to have the strongest potential for scale [9][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to navigate macroeconomic challenges and maintain double-digit growth [10][70] - The company is focused on optimizing its supply chain and managing costs to expand margins over time, despite commodity inflation [10][15] Other Important Information - The company recorded a $661,000 impairment charge related to Picky Bars intangible assets in Q3 [9][16] - Cash balance at the end of Q3 was $5.3 million with no debt, and the company expects to improve cash flows as inventory is sold [17][18] Q&A Session Summary Question: Impact of timing on guidance - Management confirmed that timing issues related to large wholesale customer orders affected both Q3 and Q4 results, but they do not foresee long-term impacts on business health [20][24] Question: Trends in limited time offer products - The company reported a successful year for pumpkin spice products, with strong sales despite a late start with key retailers [38][39] Question: Strategy for Amazon sales - The company aims to grow Amazon sales to replace lost DTC sales, focusing on maintaining competitive pricing and leveraging marketing strategies [40][43] Question: Future dairy product launches - Management confirmed plans to launch additional dairy products within the next 15 months, expanding their product line [54][55] Question: Tariff impacts - The company is assessing the dynamic situation regarding tariffs, with some key raw materials now excluded, and plans to maintain margins in the upper 30% range [64][65]

Financial Data and Key Metrics Changes - Net sales for Q3 2025 increased by 10% year-over-year to $12.9 million, with year-to-date sales up 15% to $36.5 million [3][12] - Gross profit for Q3 was $4.7 million, down 7% from the prior year, with gross margin contracting to 36.5% from 43% last year [5][14] - Net loss for Q3 was $1.0 million compared to a loss of $0.2 million in the prior year, primarily due to a $0.7 million impairment charge related to Picky Bars [16] Business Line Data and Key Metrics Changes - The Wholesale channel saw net sales increase by 39% in Q3 and 40% year-to-date, contributing 53% of net sales in Q3 [4][12] - E-commerce sales represented 47% of total net sales in Q3 but experienced an 11% decline year-over-year, primarily due to softness in the direct-to-consumer platform [5][14] Market Data and Key Metrics Changes - The company reported strong consumer demand for core products like Coffee Creamers and Functional Beverages, aligning with healthier lifestyle trends [4][6] - The Wholesale channel's growth reflects successful distribution expansion in grocery and club stores [3][4] Company Strategy and Development Direction - The company aims to transition to a Wholesale-led model, focusing on expanding distribution and product innovation [4][6] - A new Protein Coffee product is set to launch, marking the company's first entry into the dairy market, which is significantly larger than the plant-based market [8][49] - The decision to discontinue the Picky Bars brand will allow for a redirection of investments towards the core Laird Superfood brand [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about navigating macroeconomic challenges and maintaining double-digit growth despite headwinds in the consumer economy [10][70] - The company expects to hold gross margins in the upper 30% range and achieve breakeven adjusted EBITDA for the full year [18][65] Other Important Information - The company recorded a $661,000 impairment charge related to Picky Bars intangible assets in Q3 [9] - Inventory was reduced by over $1 million in Q3, with expectations for improved cash flows as inventory continues to sell through [9][17] Q&A Session Summary Question: Impact of timing on Q3 and Q4 results - Management confirmed that timing issues related to large wholesale customer orders impacted both Q3 and Q4, but long-term business health remains unaffected [20][24] Question: Trends in limited time offer products - Management noted a successful year for Pumpkin Spice Creamer, with strong sales despite a late start in distribution [38][39] Question: Strategy for Amazon sales to replace lost DTC sales - The company plans to focus on Amazon for online growth while maintaining DTC as a platform for broader product offerings and consumer education [40][44] Question: Future dairy product launches - Management confirmed plans for additional dairy products within the next 15 months, expanding the product line beyond Protein Coffee [54][55] Question: Tariff impacts and Club promotions - Tariffs have had a dynamic impact, with some key raw materials excluded from tariffs, and the company plans to continue executing its strategy in the Club channel [64][65]

Financial Data and Key Metrics Changes - Net sales for Q3 2025 increased by 10% year over year to $12.9 million, with year-to-date sales up 15% to $36.5 million [4][16] - Gross profit for Q3 was $4.7 million, down 7% from the prior year, with gross margin contracting to 36.5% from 43% last year [6][18] - Net loss for Q3 was $1.0 million compared to a loss of $0.2 million in the prior year, primarily due to a $0.7 million impairment charge related to Picky Bars [20][22] Business Line Data and Key Metrics Changes - The wholesale channel saw net sales increase by 39% in Q3, contributing 53% of total net sales, while e-commerce sales declined by 1% year over year [5][18] - Excluding Picky Bars, net sales increased by 14% in Q3 [16] - E-commerce represented 47% of total net sales, with a decline attributed to softness in the direct-to-consumer platform [6][18] Market Data and Key Metrics Changes - The company reported strong consumer demand for core products like coffee creamers and functional beverages, aligning with healthier lifestyle trends [5][6] - The wholesale channel's growth reflects successful distribution expansion in grocery and club stores [4][5] Company Strategy and Development Direction - The company aims to transition to a wholesale-led model, focusing on expanding distribution and product innovation [5][10] - Plans to discontinue the Picky Bars brand to redirect investments towards the core Laird Superfood brand, which is expected to scale better [10][11] - New product launches include a protein coffee and improved liquid creamers, with a focus on premium functional ingredients [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about navigating macroeconomic challenges, including commodity inflation and tariff impacts, while maintaining gross margins in the upper 30% range [19][22] - The company updated its full-year 2025 net sales growth expectation to approximately 15% [22] Other Important Information - The company recorded a $661,000 impairment charge related to Picky Bars intangible assets [10] - Inventory was reduced by over $1 million in Q3, with expectations for improved cash flows as inventory continues to convert to cash [12][21] Q&A Session Summary Question: Impact of timing on Q3 and Q4 results - Management confirmed that timing issues related to large wholesale customer orders affected both Q3 and Q4, but they do not foresee long-term impacts on business health [26][31] Question: Trends in limited-time offer products - The pumpkin spice creamer had a successful year, with early sellouts at retailers, indicating strong consumer interest [50][54] Question: Strategy for Amazon sales to replace lost DTC sales - The company plans to focus on Amazon for online growth, expecting DTC to play a marginal role as wholesale becomes the primary driver [57][60] Question: Launch strategy for new protein coffee - The protein coffee will be launched simultaneously online and in retail, supported by a comprehensive marketing campaign [66][68] Question: Future dairy product launches - Management anticipates launching additional dairy products within the next 15 months, expanding their product line [76][77] Question: Tariff impacts and club promotions - The company is assessing tariff impacts dynamically, with some key raw materials now excluded from tariffs, and plans to continue executing club strategies into next year [90][92]

Financial Position - As of September 30, 2025, the company had $5.3 million in cash, a decrease from $8.5 million as of December 31, 2024, with cash used in operating activities amounting to $2.9 million during the nine months ended September 30, 2025[28][35]. - The company expects cash balances to normalize and increase by the end of the 2025 fiscal year as it sells down forward-purchased inventory[28]. - The company believes existing cash balances and anticipated cash flow from operations will be sufficient to finance operations for at least the next twelve months[29]. - As of September 30, 2025, total accrued expenses amounted to $3,253,740, a decrease of 10.7% from $3,642,998 as of December 31, 2024[51]. - The company had access to $1.3 million of advances under its $2.0 million factoring agreement, none of which had been utilized as of the report date[29]. Inventory Management - Inventory increased to $10.0 million as of September 30, 2025, up from $6.0 million as of December 31, 2024, driven by strategic investments to meet higher product demand and address out-of-stocks[28][39]. - The company recorded inventory obsolescence and disposal costs of $113,209 and $515,147 for the three and nine months ended September 30, 2025, respectively, compared to $372,617 and $560,519 for the same periods in 2024[42]. - Total inventory reserves as of September 30, 2025, were $464,036, an increase from $425,792 as of December 31, 2024[43]. Operating Performance - For the three months ended September 30, 2025, net sales reached $12,895,662, a 9.5% increase from $11,776,346 in the same period of 2024[96]. - For the nine months ended September 30, 2025, net sales totaled $36,540,663, a 15.5% increase from $31,688,938 in the same period of 2024[98]. - The gross sales for the nine months ended September 30, 2025, were $41,967,085, reflecting a 15.5% increase from $36,208,596 in 2024[98]. - The company reported a net loss of $975,066 for the three months ended September 30, 2025, compared to a net loss of $166,120 in Q3 2024[106]. - Adjusted EBITDA for Q3 2025 was $165,108, a significant improvement from an adjusted EBITDA of $(11,440) in Q3 2024[106]. Expenses and Losses - Amortization expense for the three and nine months ended September 30, 2025, was $34,975 and $115,020, respectively, compared to $45,055 and $144,054 for the same periods in 2024[48]. - The Company reported a net operating loss (NOL) of $149,245,519 as of September 30, 2025, up from $145,553,779 as of December 31, 2024[60]. - The company recognized advertising expenses of $92,084 and $239,257 for the three and nine months ended September 30, 2025, respectively[93]. Tax and Deferred Assets - The effective tax rate for the nine months ended September 30, 2025, was 1.9%, compared to 3.5% for the same period in 2024[57]. - As of September 30, 2025, the Company had total deferred tax assets of $26,358,497, with a full valuation allowance recorded against these assets[57]. - The Company recorded a provision for state income taxes of approximately $14,730 as of September 30, 2025[57]. Stock and Compensation - The total intrinsic value of options that vested during the nine months ended September 30, 2025, was $1,295,897, compared to $602,559 for the same period in 2024[71]. - The Company had 1,497,428 stock options outstanding as of September 30, 2025, with a weighted average exercise price of $3.70[69]. - The total fair value of RSUs granted during the nine months ended September 30, 2025 was $674,789, compared to $3,699,693 for the same period in 2024, indicating a significant decrease of approximately 82%[75]. - The total vest-date market value of RSUs that vested during the nine months ended September 30, 2025 was $2,303,947, up from $987,128 in 2024, representing an increase of about 133%[75]. - The Company recorded stock-based compensation expense of $439,450 for the three months ended September 30, 2025, and $1,436,436 for the nine months ended September 30, 2025[82]. Customer and Vendor Concentration - The concentration of customer accounts receivable from Customer A was 32% as of September 30, 2025, down from 43% in December 2024[85]. - The total concentration of vendor accounts payable balances was 47% as of September 30, 2025, compared to 42% in December 2024[85]. Lease Obligations - Future minimum lease payments for the next three years total $191,846, with operating lease liabilities of $179,152 as of September 30, 2025[53].

Financial Performance - Net Sales for Q3 2025 reached $12.9 million, a 10% increase from $11.8 million in Q3 2024, with Laird Superfood branded products up 14%[6] - For the first nine months of 2025, Net Sales totaled $36.5 million, a 15% increase from $31.7 million in the same period of 2024[6] - Net sales for the three months ended September 30, 2025, were $12,895,662, representing an increase from $11,776,346 in the same period of 2024, a growth of approximately 9.5%[21] Profitability - Gross Margin for Q3 2025 was 36.5%, down from 43.0% in Q3 2024, primarily due to increased commodity cost inflation and the absence of a prior supplier settlement benefit[6] - Gross profit for the three months ended September 30, 2025, was $4,702,182, compared to $5,064,132 in the same period of 2024, indicating a decrease of about 7.1%[21] - The net loss for the three months ended September 30, 2025, was $975,066, compared to a net loss of $166,120 for the same period in 2024, reflecting a significant increase in losses[21] - Adjusted EBITDA for Q3 2025 was $0.2 million, or $0.01 per diluted share, compared to a loss of $11.4 thousand in Q3 2024[6] - Adjusted EBITDA for the three months ended September 30, 2025, was $165,108, compared to a loss of $11,440 in the same period of 2024, showing a recovery in operational performance[29] Sales Channels - Wholesale sales increased by 39% year-over-year, contributing 53% of total Net Sales, driven by distribution gains[6] - E-commerce sales decreased by 11% year-over-year, contributing 47% of total Net Sales, impacted by softer new-customer sales on the DTC platform[6] Cash Flow and Liquidity - Cash used in operating activities was $2.9 million for the nine months ended September 30, 2025, compared to cash provided of $0.5 million in the same period in 2024[11] - As of September 30, 2025, the company had $5.3 million in cash and no outstanding debt[10] - Cash and cash equivalents at the end of the period were $5,282,232, down from $8,514,152 at the beginning of the period, a decrease of approximately 38.5%[23] Inventory and Assets - Inventory as of September 30, 2025, increased to $9,978,913 from $5,975,676 as of December 31, 2024, representing a rise of about 67.5%[25] - Total assets decreased to $18,857,737 as of September 30, 2025, from $19,259,001 as of December 31, 2024, a decline of approximately 2.1%[25] Stock-Based Compensation - The company reported a significant increase in stock-based compensation, which amounted to $1,436,436 for the nine months ended September 30, 2025, compared to $1,073,698 for the same period in 2024, an increase of about 33.8%[23] Shareholder Information - The weighted-average shares of common stock outstanding used in computing net loss per share increased to 10,664,585 for the three months ended September 30, 2025, from 10,256,802 in the same period of 2024[29] Future Outlook - Management expects full-year 2025 Net Sales growth of approximately 15%, with Gross Margin anticipated to be in the upper 30% range[12][13]

Core Viewpoint - Laird Superfood, Inc. is set to report its financial results for the third quarter ending September 30, 2025, on November 10, 2025, after market close [1] Company Information - Laird Superfood, Inc. is listed on NYSE American under the ticker LSF [1] - A webcast will be hosted by management at 5:00 p.m. ET on the same day to discuss the financial results [1] - Participants can access the live webcast on the Laird Superfood Investor Relations website [1]

Core Insights - Laird Superfood Inc. is transitioning from a strictly vegan brand to include dairy and animal-based products, aiming to capture 90% of the consumer market [1][3] - This strategic pivot aligns with the founders' omnivorous diet and is seen as a natural transition to meet broader consumer demands [2][3] Strategic Overhaul - The company has implemented an aggressive turnaround strategy, reducing its workforce from 140 to 26 while increasing revenue from approximately $35 million to $55 million [4][5] - The "do more with less" approach combines corporate discipline with small team agility, with key leadership roles filled by trusted former colleagues [5] Growth Focus - Central to the company's growth is its "Coffee Solutions" segment, which is considered the heart of the business [6] - Strategic partnerships with major retailers like Costco, premium coffee shops, and athletic clubs are enhancing distribution and brand awareness [7] Company Culture - The performance-oriented culture of Laird Superfood is inspired by its founders, promoting a long-term vision over short-term gains [8][10] - The CEO encourages shareholders to adopt a patient mindset, viewing the company as a multi-year growth story [9][10] Stock Performance - Laird Superfood's shares closed at $5.10, down 4.49%, with a year-to-date decline of 36.17% and a 52-week range of $4.44 to $10.90 [11]

Core Insights - Laird Superfood has launched a limited-time Maple Instant Latte that features real maple and a functional mushroom blend, aiming to provide an authentic autumn flavor to consumers seeking genuine seasonal products [1][2][3] Product Details - The Maple Instant Latte is an all-in-one powder mix that combines real maple sugar, premium coffee, coconut creamer, and a Performance Mushroom Blend, which includes lion's mane, cordyceps, chaga, and maitake mushrooms [2] - The product also contains Aquamin, derived from red marine algae, which provides bioavailable calcium, magnesium, and over 70 trace minerals [2] Company Background - Laird Superfood, founded in 2015 by surfer Laird Hamilton and fitness icon Gabby Reece, focuses on minimally processed superfood products that support energy and overall well-being [4] - The brand has expanded its offerings from superfood creamers to include instant lattes, coffees, bars, and prebiotic daily greens, all aimed at fueling active lifestyles [4]