Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-39537 Laird Superfood, Inc. (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of incorporation or organization) ...

Laird Superfood, Inc. (NYSE:LSF) Q2 2023 Earnings Conference Call August 9, 2023 5:00 PM ET Company Participants Trevor Rousseau - Investor Relations Jason Vieth - President and Chief Executive Officer Anya Hamil - Chief Financial Officer Conference Call Participants Alex Fuhrman - Craig-Hallum Operator Good afternoon and thank you for joining the Laird Superfood Incorporated Second Quarter 2023 Financial Results Conference Call. My name is Kate and I will be the moderator for today’s call. [Operator Instru ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-39537 https://reportify- 1252068037.cos.a beijing myqcloud Laird Superfood, Inc. (Exact Name of Registrant as Specified in its Charter) (State or ...

Part I [Business](index=6&type=section&id=Item%201.%20Business) Laird Superfood is a plant-based and functional food company utilizing an omnichannel strategy and third-party manufacturing - The company's core product pillars are Coffee creamers, Hydration products, Harvest snacks, and Coffee, tea, and hot chocolate products[19](index=19&type=chunk) Net Sales by Distribution Channel (2022 vs 2021) | Channel | 2022 Net Sales | % of Total | 2021 Net Sales | % of Total | | :--- | :--- | :--- | :--- | :--- | | E-commerce | $22,313,241 | 62% | $22,687,736 | 62% | | Wholesale | $13,515,151 | 38% | $14,123,217 | 38% | | **Total Sales, net** | **$35,828,392** | **100%** | **$36,810,953** | **100%** | Gross Sales by Product Category (2022 vs 2021) | Product Category | 2022 Gross Sales | % of Total | 2021 Gross Sales | % of Total | | :--- | :--- | :--- | :--- | :--- | | Coffee creamers | $19,800,429 | 55% | $21,767,409 | 59% | | Hydration and beverage enhancing supplements | $4,877,067 | 14% | $5,814,629 | 16% | | Harvest snacks and other food items | $7,191,316 | 20% | $7,108,361 | 19% | | Coffee, tea, and hot chocolate products | $6,648,576 | 19% | $5,228,888 | 14% | | Other | $1,805,914 | 5% | $808,352 | 2% | - The company relies on a few key suppliers, purchasing substantial portions of its roasted coffee from **one supplier**, coconut milk powder from **two suppliers**, and coconut water powder from **one supplier**[73](index=73&type=chunk) - As of **December 31, 2022**, the company had **35 full-time employees** and **two part-time employees**[95](index=95&type=chunk) [Risk Factors](index=16&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from ongoing losses, reliance on third-party manufacturers, brand dependence, and supply chain issues - The company has incurred significant losses since its inception in **2015** and may continue to do so for the foreseeable future[109](index=109&type=chunk) - A majority of raw materials are purchased from non-US suppliers, exposing the company to international business risks such as tariffs, currency fluctuations, and political instability[133](index=133&type=chunk) - The company is reliant on the positive image and public popularity of its founders, Laird Hamilton and Gabrielle Reece. Any adverse effect on their reputation could negatively impact sales[162](index=162&type=chunk) - A product quality issue traced to **one supplier** of coconut milk powder resulted in a product withdrawal, leading to a **$0.6 million** inventory obsolescence charge in **Q4 2022**[158](index=158&type=chunk) - The company is an "emerging growth company" and relies on certain reduced disclosure exemptions, which may make its common stock less attractive to some investors[202](index=202&type=chunk) [Unresolved Staff Comments](index=31&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[211](index=211&type=chunk) [Properties](index=31&type=section&id=Item%202.%20Properties) The company terminated Sisters, Oregon leases in January 2023 for co-manufacturing, relocating headquarters to Boulder - The company terminated its manufacturing and distribution leases in Sisters, Oregon, effective **January 31, 2023**, as it transitioned to a co-manufacturing business model[212](index=212&type=chunk) - The company's corporate headquarters are now located at **5303 Spine Road, Suite 204, Boulder, Colorado, 80301**[213](index=213&type=chunk) [Legal Proceedings](index=31&type=section&id=Item%203.%20Legal%20Proceedings) The company is not subject to any material legal proceedings - The company is not currently subject to any material legal proceedings[214](index=214&type=chunk) [Mine Safety Disclosures](index=31&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - Not applicable[215](index=215&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=32&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Common stock trades on NYSE American under "LSF" since September 2020, with no anticipated cash dividends - Common stock began trading on the NYSE American Market under the symbol "**LSF**" on **September 23, 2020**[218](index=218&type=chunk) - The company does not anticipate paying cash dividends in the foreseeable future[220](index=220&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) **FY2022** net sales **decreased 3%**, gross margin fell to **14.5%**, and operating loss widened to **$40.4 million** due to manufacturing transition costs Comparison of Results of Operations (FY2022 vs FY2021) | Metric | 2022 | 2021 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Sales, net | $35,828,392 | $36,810,953 | $(982,561) | (3)% | | Gross profit | $5,187,267 | $9,431,871 | $(4,244,604) | (45.0)% | | Gross margin | 14.5% | 25.6% | - | - | | Operating loss | $(40,364,137) | $(23,952,416) | $(16,411,721) | 69% | | Net loss | $(40,337,318) | $(23,870,546) | $(16,466,772) | 69% | - The company ceased in-house manufacturing and fulfillment at the end of **2022**, transitioning to a co-manufacturer and third-party logistics model to create a variable cost structure and reduce overhead[228](index=228&type=chunk) - General and administrative expenses **increased by 86%** to **$30.6 million**, primarily due to impairment of goodwill and intangible assets (**$9.6 million**), lease termination losses (**$3.6 million**), and other exit and disposal costs (**$3.2 million**)[249](index=249&type=chunk) - Cash used in operating activities **decreased** to **$14.3 million** in **FY2022** from **$22.1 million** in **FY2021**, primarily due to decreasing inventory levels despite a larger net loss[257](index=257&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not required for smaller reporting companies - Not required for smaller reporting companies[274](index=274&type=chunk) [Financial Statements and Supplementary Data](index=41&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) The financial statements show a **$40.3 million** net loss in **2022**, total assets **decreased** to **$30.0 million**, with significant impairment and exit costs Consolidated Balance Sheet Highlights (As of Dec 31) | Account | 2022 | 2021 | | :--- | :--- | :--- | | Cash, cash equivalents, and restricted cash | $17,809,802 | $23,049,234 | | Total current assets | $27,530,911 | $47,681,834 | | Goodwill | $0 | $6,486,000 | | Total assets | $30,039,340 | $65,847,375 | | Total liabilities | $7,528,328 | $3,793,555 | | Total stockholders' equity | $22,511,012 | $62,053,820 | Consolidated Statement of Operations Highlights (Year Ended Dec 31) | Account | 2022 | 2021 | | :--- | :--- | :--- | | Sales, net | $35,828,392 | $36,810,953 | | Gross profit | $5,187,267 | $9,431,871 | | Impairment of goodwill and long-lived assets | $12,814,441 | $8,317 | | Operating loss | $(40,364,137) | $(23,952,416) | | Net loss | $(40,337,318) | $(23,870,546) | | Net loss per share (basic and diluted) | $(4.41) | $(2.66) | - The company recorded a full impairment of goodwill of **$6,486,000** in **2022** related to the Picky Bars acquisition, triggered by a sustained decline in stock price and changes in market conditions[369](index=369&type=chunk) - The company recorded **total exit and disposal costs** of **$8.7 million** in **2022** related to the closure of its Sisters, Oregon manufacturing facilities. This included a **$3.6 million loss** on lease termination and **$3.2 million** in asset impairment charges[339](index=339&type=chunk)[340](index=340&type=chunk) - As of **December 31, 2022**, **two customers** accounted for **68%** of trade accounts receivable, and **one supplier** accounted for **48%** of product purchases for the year[407](index=407&type=chunk)[410](index=410&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=73&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[427](index=427&type=chunk) [Controls and Procedures](index=73&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of **December 31, 2022**, after remediating a **Q1 2022** material weakness in net loss per share calculation - A material weakness in internal control over financial reporting was identified in **Q1 2022** related to a miscalculation of net loss per share, which was subsequently remediated[430](index=430&type=chunk) - Management concluded that as of **December 31, 2022**, the company's internal control over financial reporting was effective[433](index=433&type=chunk) [Other Information](index=74&type=section&id=Item%209B.%20Other%20Information) The company reports no other information - None[436](index=436&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=74&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This section is not applicable to the company - Not applicable[215](index=215&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=75&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) The Board has **seven members**, including co-founder and CEO, with an executive team and an independent audit committee - The Board of Directors consists of **seven members**: Geoffrey T. Barker (Chairman), Patrick Gaston, Greg Graves, Laird Hamilton, Grant LaMontagne, Maile Naylor, and Jason Vieth[438](index=438&type=chunk) - The executive officer team includes Jason Vieth (CEO), Laird Hamilton (Co-Founder & Chief Innovator), Anya Hamill (CFO), Andy Judd (CCO), and Steve Richie (General Counsel)[450](index=450&type=chunk) - The Board has determined that Gregory B. Graves and Maile Naylor qualify as audit committee financial experts[456](index=456&type=chunk) [Executive Compensation](index=78&type=section&id=Item%2011.%20Executive%20Compensation) NEO compensation in **2022** included salary, bonuses, and equity, with CEO Jason Vieth's **total compensation** at **$2.33 million** 2022 Summary Compensation Table | Name and Principal Position | Salary ($) | Bonus ($) | Option Awards ($) | Stock Awards ($) | Total ($) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jason Vieth, CEO | 368,182 | 287,833 | 676,115 | 996,250 | 2,328,380 | | Anya Hamill, CFO | 155,152 | 107,688 | 78,105 | 101,499 | 442,443 | | Andy Judd, CCO | 261,174 | 206,253 | 197,260 | 374,000 | 1,038,687 | - Non-employee directors receive an annual cash retainer of **$45,000**, plus additional retainers for committee and chair service, and an annual equity award valued at **$55,000**[485](index=485&type=chunk) - The company's compensation peer group consists of **17 publicly traded companies** in the food, beverage, and tobacco industry with revenues generally ranging from **0.2x to 5x** the company's annual revenue[470](index=470&type=chunk)[472](index=472&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=86&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) As of **December 31, 2022**, co-founder Laird Hamilton and Danone Manifesto Ventures were largest beneficial owners, with directors and officers owning **13.5%** of common stock Security Ownership of Major Shareholders and Management (as of Dec 31, 2022) | Name of Beneficial Owner | Number of Shares Beneficially Owned | Percent of Class | | :--- | :--- | :--- | | Laird Hamilton | 904,963 | 9.8% | | Danone Manifesto Ventures, PBC | 857,194 | 9.3% | | All current directors and executive officers as a group (10 persons) | 1,239,996 | 13.5% | - As of **December 31, 2022**, there were **788,960 shares** available for future issuance under the company's equity compensation plans[498](index=498&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=88&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) The company has a related person transaction policy, with no material transactions since **January 2021**, and **five of seven directors** deemed independent - There have been no reportable related person transactions since **January 1, 2021**, other than executive and director compensation[501](index=501&type=chunk) - The Board has determined that directors Barker, Gaston, Graves, LaMontagne, and Naylor are independent. CEO Vieth and Chief Innovator Hamilton are not considered independent[502](index=502&type=chunk) [Principal Accounting Fees and Services](index=88&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) The company paid Moss Adams LLP **$269,175** in **2022** and **$372,902** in **2021** for audit and other services, all pre-approved by the audit committee Fees Paid to Moss Adams LLP | Fee Category | 2022 | 2021 | | :--- | :--- | :--- | | Audit Fees | $269,175 | $319,302 | | Audit-Related Fees | $0 | $0 | | Tax Fees | $0 | $0 | | All Other Fees | $0 | $53,600 | | **Total Fees** | **$269,175** | **$372,902** | - The audit committee pre-approves all audit and non-audit services provided by the independent accounting firm to ensure independence is not impaired[508](index=508&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=90&type=section&id=Item%2015.%20Exhibits,%20Financial%20Statement%20Schedules) This section lists all exhibits filed with the report, including governing documents, material contracts, and required certifications - Lists all exhibits filed with the report, including governing documents, material contracts, and required certifications[511](index=511&type=chunk) - Financial statement schedules were omitted because the required information is either not applicable or already included in the consolidated financial statements or notes[510](index=510&type=chunk) [Form 10-K Summary](index=93&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company provides no summary in this section - None[515](index=515&type=chunk)

Laird Superfood, Inc. (NYSE:LSF) Q4 2022 Earnings Conference Call March 14, 2023 5:00 PM ET Company Participants Steve Richie - IR Jason Vieth - President and CEO Anya Hamil - CFO Andrew Judd - CCO Conference Call Participants Alex Fuhrman - Craig Hallum Bobby Burleson - Canaccord Operator Thank you for standing by, and welcome to the Fourth Quarter and Full Year 2022 Earnings Conference Call and Webcast for Laird Superfood, Inc. I would now like to turn the call over to Mr. Steve Richie of Laird Superfood ...

Laird Superfood, Inc. (NYSE:LSF) Q3 2022 Earnings Conference Call November 10, 2022 5:00 PM ET Company Participants Reed Anderson - Managing Director, ICR Jason Vieth - President and CEO Andrew Judd - CCO Anya Hamil - CFO Conference Call Participants Bobby Burleson - Canaccord Alex Fuhrman - Craig-Hallum Operator Good afternoon. Thank you for attending today's Laird Superfood, Inc. Third Quarter 2022 Financial Results Call. My name is Hana and I will be your moderator for today's call. All lines will be mut ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | Title of each class | Symbol | on which registered | | --- | --- | --- | | Common Stock | Trading LSF | Name of each exchange NYSE American | Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the pr ...

Laird Superfood, Inc. (NYSE:LSF) Q2 2022 Earnings Conference Call August 10, 2022 5:00 PM ET Company Participants Reed Anderson - Managing Director, ICR Jason Vieth - President and Chief Executive Officer Andrew Judd - Chief Commercial Officer Anya Hamil - Interim Chief Financial Officer Conference Call Participants Alex Fuhrman - Craig-Hallum Capital Group LLC Bobby Burleson - Canaccord Genuity Group Inc. George Kelly - Roth Capital Partners, LLC Operator Thank you for standing by, and welcome to the Secon ...

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Laird Superfood, Inc. (NYSE:LSF) Q1 2022 Earnings Conference Call May 12, 2022 5:00 PM ET Company Participants Reed Anderson - Managing Director, ICR Jason Vieth - CEO Valerie Ells - CFO Andy Judd - CCO Conference Call Participants Bobby Burleson - Canaccord Alex Fuhrman - Craig-Hallum Capital George Kelly - ROTH Capital Partners Operator Good afternoon. Thank you for standing by and welcome to the First Quarter 2022 Earnings Conference Call and Webcast for Laird Superfood, Inc. I would now turn the call ov ...