LSF Laird Superfood Inc

Exhibit 99.1

Laird Superfood Reports Second Quarter 2024 Financial Results

Net Sales grew 30%. Gross Margin at 41.8%, the third consecutive quarter at or above 40.0%. Cash increased $0.5 million.  

Boulder, Colorado – August 7, 2024 – Laird Superfood, Inc. (NYSE American: LSF) (“Laird Superfood,” the "Company", “we”, and “our”), today reported financial results for the second quarter ended June 30, 2024.

Jason Vieth, Chief Executive Officer, commented, "I am pleased to report that our second quarter results once again demonstrate tremendous progress in the two most important financial measures for our business – namely, strong sales growth and sustained margin improvement. After reporting 22% Net Sales growth in Q1 of this year, our Net Sales growth accelerated to 30% in Q2, with both sales channels growing and led by 80% growth on Amazon and 32% growth on DTC. At the same time, Net Sales in our Wholesale business grew by 9%, and our retail scanner sales by an even more impressive 30%, demonstrating a healthy business across all sales channels. In addition, our Gross Margin was 41.8% during Q2 marking the third consecutive quarter that it has been in excess of 40%, which gives us confidence in our ability to sustain Gross Margin above 40% going forward.”

Vieth continued: “Based on our strong performance through the first half of the year, we are increasing our 2024 outlook. For the full year, we are now projecting Net Sales to be $40 to 44 million, which represents 17% - 29% growth versus prior year, and Gross Margin to be 40 - 41%, which would be a 10-to-11 point improvement versus 2023. This increase in our full-year guidance reflects the confidence that we have in our near-term financial results as well as the long-term strategy and financial future of Laird Superfood."

Second Quarter 2024 Highlights

Year-to-Date 2024 Highlights

Revenue Disaggregation

Balance Sheet and Cash Flow Highlights

The Company had $7.8 million of cash, cash equivalents, and restricted cash as of June 30, 2024, and no outstanding debt.

Cash provided by operating activities was $0.2 million for the first half of 2024, compared to cash used in operating activities of $7.5 million in the first half of 2024. The improvement in cash used relative to the corresponding prior year period was driven by Gross Margin expansion and significant reductions in marketing and G&A costs. Cash increased by $0.5 million in the second quarter of 2024 as compared to cash reduction of $0.4 million in the first quarter of 2024. The improved cash flow in the second quarter of 2024 relative to the first quarter of 2024 was due to working capital timing, specifically the timing of accounts receivables collections, and the distribution of 2023 employee bonuses in the first quarter of 2024. 

2024 Outlook

Based on the first half 2024 results and management's best assessment of the environment today, the Company is raising the guidance for the full year 2024:

Conference Call and Webcast Details

The Company will host a conference call and webcast at 5:00 p.m. ET today to discuss our financial results. Participants may access the live webcast on the Laird Superfood Investor Relations website at https://investors.lairdsuperfood.com under “Events”.

About Laird Superfood

Laird Superfood, Inc. creates award-winning, plant-based superfood products that are clean, delicious, and functional. The Company's products are designed to enhance a consumer's daily ritual and keep them fueled naturally throughout the day. The Company was co-founded in 2015 by the world's most prolific big-wave surfer, Laird Hamilton. Laird Superfood's offerings are environmentally conscientious, responsibly tested and made with real ingredients. Shop all products online at www.lairdsuperfood.com and join the Laird Superfood community on social media for the latest news and daily doses of inspiration.

Forward-Looking Statements

This press release and the conference call referencing this press release contain “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to statements regarding Laird Superfood’s anticipated cash runway, future financial performance, and growth. Such forward-looking statements may be identified by words such as "anticipates," "believes," "continues," "could," "estimates," "expects" "intends," "may," "outlook," "plans," "potential," predicts," "projects," "seeks," "should," "will," "would", or the antonyms of these terms or other comparable terminology. These forward-looking statements are based on Laird Superfood’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Laird Superfood’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. We expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

The risks and uncertainties referred to above include, but are not limited to: (1) the effects of global outbreaks of pandemics or contagious diseases or fear of such outbreaks, including on our supply chain, the demand for our products, and on overall economic conditions and consumer confidence and spending levels; (2) volatility regarding our revenue, expenses, including shipping expenses, and other operating results; (3) our ability to acquire new direct and wholesale customers and successfully retain existing customers; (4) our ability to attract and retain our suppliers, distributors and co-manufacturers, and effectively manage their costs and performance; (5) effects of real or perceived quality or health issues with our products or other issues that adversely affect our brand and reputation; (6) our ability to innovate on a timely and cost-effective basis, predict changes in consumer preferences and develop successful new products, or updates to existing products, and develop innovative marketing strategies; (7) adverse developments regarding prices and availability of raw materials and other inputs, a substantial amount of which come from a limited number of suppliers outside the United States, including in areas which may be adversely affected by climate change; (8) effects of changes in the tastes and preferences of our consumers and consumer preferences for natural and organic food products; (9) the financial condition of, and our relationships with, our suppliers, co-manufacturers, distributors, retailers and food service customers, as well as the health of the food service industry generally; (10) the ability of ourselves, our suppliers and co-manufacturers to comply with food safety, environmental or other laws or regulations; (11) our plans for future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements, including our ability to continue as a going concern; (12) the costs and success of our marketing efforts, and our ability to promote our brand; (13) our reliance on our executive team and other key personnel and our ability to identify, recruit and retain skilled and general working personnel; (14) our ability to effectively manage our growth; (15) our ability to compete effectively with existing competitors and new market entrants; (16) the impact of adverse economic conditions; (17) the growth rates of the markets in which we compete, and (18) the other risks described in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings we make with the Securities and Exchange Commission. 

Investor Relations Contact

Trevor Rousseau

investors@lairdsuperfood.com

LAIRD SUPERFOOD, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

LAIRD SUPERFOOD, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

LAIRD SUPERFOOD, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

LAIRD SUPERFOOD, INC.

NON-GAAP FINANCIAL MEASURES

(unaudited)

In this press release, we report adjusted net loss, and adjusted net loss per diluted share, which are financial measures not required by, or presented in accordance with, accounting principles generally accepted in the United States of America (“GAAP”). Management uses these adjusted metrics to evaluate financial performance because they allow for period-over-period comparisons of the Company’s ongoing operations before the impact of certain items described below. Management believes this information may also be useful to investors to compare the Company’s results period-over-period. We define adjusted net loss and adjusted net loss per diluted share to exclude certain non-recurring items defined in detail in the tables to follow. We define adjusted gross margin to exclude the net sales and cost of goods sold components of non-recurring items defined in the tables to follow. Please be aware that adjusted gross margin, adjusted net loss, and adjusted net loss per diluted share have limitations and should not be considered in isolation or as a substitute for gross margin, net loss, or net loss per diluted share. In addition, we may calculate and/or present adjusted gross margin, adjusted net loss, and adjusted net loss per diluted share differently than measures with the same or similar names that other companies report, and as a result, the non-GAAP measures we report may not be comparable to those reported by others.

These non-GAAP measures are reconciled to the most directly comparable GAAP measures in the tables that follow:

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