Laird Superfood improves performance in 2023

BOULDER — Laird Superfood Inc. (NYSE American: LSF), a food services supply company, saw improved sales in the fourth quarter but a decline for the year as a whole. Still, the company improved for the year overall, reducing its loss significantly.

The Boulder-based company reported its performance today, saying that its net sales for Q4 were $9.2 million, compared with $8.97 million in the fourth quarter of 2022. For the year, it recorded net sales of $34.2 million, compared with $35.8 million in 2022. After expenses, the company recorded a $10.1 million loss for 2023 compared with $40.3 million loss in 2022. The 2023 number equates to a $1.09 loss per share, compared with the 2022 loss of $4.41 loss per share.

Jason Vieth, CEO, said that the company’s performance continues to improve. “I am delighted to share that our Q4 results are by far the best ever reported by Laird Superfood as a public company.” Laird became a public company in September 2020.

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“During this quarter, we increased our gross margin to greater than 40%, achieved both positive net income and positive cash flow, and grew the company versus both year-ago and prior period. These results were driven by a broad-based improvement in our business, including strong execution across our commercial teams as well as by our internal supply chain resources and affiliated manufacturing and distribution partners. 

“We also won significant and strategic increases in retail distribution during the fourth quarter, and saw a substantial increase in the efficiency of our marketing activity across all channels. Heading into 2024, we are positioned to build upon this success. The past years have obviously been challenging to small food companies, and I am proud of the efforts of our team to fundamentally reinvent Laird Superfood and position us as a strong survivor that can win market share and achieve sustained profitability in the foreseeable future,” he said.

The company’s largest category of products by sales are coffee creamers. It also distributes hydration and beverage supplements, coffee, tea and hot chocolate products.

Wholesale distribution contributed 34% of total net sales and increased by 3% year-over-year, driven by sales growth in club and distribution expansion in grocery

E-commerce contributed 66% of total net sales and increased by 2% year-over-year, the company reported. Direct-to-consumer increased 10% year-over-year driven by performance in subscription and repeat orders, as well as higher average order value following the launch of the company’s Daily Greens and Performance Mushroom products.

Laird was founded in 2015 and relocated its headquarters from Sisters, Oregon, to Boulder in early 2023.