Financial Performance - Record Net Sales of $43.3 million for Fiscal Year 2024, representing a growth of 27% year-over-year[1] - Fourth Quarter 2024 Net Sales of $11.6 million, a 26% increase compared to $9.2 million in the prior year period[3] - Net Loss improved to $1.8 million, or $0.18 per diluted share, compared to a Net Loss of $10.2 million, or $1.09 per diluted share, in the prior year[6] - Adjusted EBITDA improved to ($0.7) million, or ($0.07) per diluted share, compared to ($9.0) million, or ($0.96) per diluted share, in the prior year[6] - Management expects Net Sales growth in the 20% to 25% range for 2025, with Gross Margin anticipated to hold in the upper 30s[12] Sales Channels - E-commerce sales increased by 32% year-over-year, contributing 59% of total Net Sales, driven by growth in subscription revenue and repeat customer purchases[6] - Wholesale sales increased by 19% year-over-year, contributing 41% of total Net Sales, supported by velocity improvement in retail and distribution expansion[6] Cash Flow and Liquidity - Cash provided by operating activities was $0.9 million for Fiscal Year 2024, a significant improvement from cash used in operating activities of $10.8 million in 2023[8] - The company had $8.5 million in cash and no outstanding debt as of December 31, 2024[7] - Net cash from operating activities for 2024 was $865,502, compared to a net cash outflow of $10,765,881 in 2023, indicating a positive cash flow turnaround[19] Assets and Liabilities - Total assets increased to $19,259,001 as of December 31, 2024, up from $18,031,959 in 2023, reflecting a growth of 6.8%[21] - Total liabilities rose to $6,062,135 in 2024, compared to $4,619,340 in 2023, an increase of 31.1%[21] Inventory and Receivables - Inventory decreased to $5,975,676 in 2024 from $6,322,559 in 2023, a decline of 5.5%, indicating improved inventory management[21] - Accounts receivable increased to $1,762,911 in 2024 from $1,022,372 in 2023, representing a growth of 72.3%[21] Stock-Based Compensation and Interest - Stock-based compensation expenses increased to $1,637,788 in 2024 from $1,092,146 in 2023, a rise of 49.9%[25] - The company reported cash paid for interest of $16,027 in 2024, up from $13,994 in 2023, reflecting a 14.5% increase[19] Gross Margin - Gross Margin expanded to 40.9% from 30.1% in the prior year, an increase of 1,071 basis points, due to favorable product costs and reduced promotional spend[6]
Laird Superfood(LSF) - 2024 Q4 - Annual Results