Laird Superfood | 10-Q: FY2025 Q3 Revenue Misses Estimate at USD 12.9 M

Revenue: As of FY2025 Q3, the actual value is USD 12.9 M, missing the estimate of USD 14.14 M.

EPS: As of FY2025 Q3, the actual value is USD -0.09.

EBIT: As of FY2025 Q3, the actual value is USD -1.023 M.

Segment Revenue

• Net Sales: For the three months ended September 30, 2025, net sales were $12.9 million, a 10% increase from $11.8 million in the same period in 2024. For the nine months ended September 30, 2025, net sales were $36.5 million, a 15% increase from $31.7 million in the same period in 2024.

Operational Metrics

• Gross Profit: For the three months ended September 30, 2025, gross profit was $4.7 million, a decrease of 7% from $5.1 million in the same period in 2024. For the nine months ended September 30, 2025, gross profit was $14.4 million, a 9% increase from $13.2 million in the same period in 2024.
• Gross Margin: The gross margin for the three months ended September 30, 2025, was 36.5%, down from 43.0% in the same period in 2024. For the nine months ended September 30, 2025, the gross margin was 39.3%, down from 41.7% in the same period in 2024.
• Operating Loss: For the three months ended September 30, 2025, the operating loss was -$995,582, compared to -$268,590 in the same period in 2024. For the nine months ended September 30, 2025, the operating loss was -$1,613,078, compared to -$1,695,773 in the same period in 2024.
• Net Loss: For the three months ended September 30, 2025, the net loss was -$975,066, compared to -$166,120 in the same period in 2024. For the nine months ended September 30, 2025, the net loss was -$1,493,426, compared to -$1,421,718 in the same period in 2024.

Cash Flow

• Operating Cash Flow: For the nine months ended September 30, 2025, cash used in operating activities was -$2,853,831, compared to cash provided by operating activities of $526,258 in the same period in 2024.

Unique Metrics

• Adjusted EBITDA: For the three months ended September 30, 2025, adjusted EBITDA was $165,108, compared to -$11,440 in the same period in 2024. For the nine months ended September 30, 2025, adjusted EBITDA was $670,495, compared to -$801,985 in the same period in 2024.

Future Outlook and Strategy

• Core Business Focus: The company plans to continue expanding its retail distribution footprint, with an expectation that the wholesale channel will overtake the e-commerce channel as a percentage of net sales. The company also aims to optimize spending, expand gross margins, and manage working capital efficiently.
• Non-Core Business: The company plans to discontinue the Picky Bars brand in the second quarter of 2026 to focus resources on growing the Laird Superfood brand. This decision is expected to result in a decline in future sales of Picky Bars products.