\nLaird Superfood, Inc. (NYSE American: LSF) (\u201cLaird Superfood\u201d), today reported financial results for its fourth quarter and fiscal year ended December 31, 2020.\n<\/p>\n
Fourth Quarter 2020 Highlights<\/span><\/b><\/p>\n \nPaul Hodge Jr., Co-founder, President and Chief Executive Officer of Laird Superfood, commented, \u201cWe finished 2020 with an exceptional fourth quarter of 75% year over year revenue growth, completing a full year that saw our revenue nearly double from 2019. Thank you to our incredible team for their tireless work in a year where flexibility and creativity was key to further penetrating the multi-billion-dollar addressable markets we are pursuing. Through all the challenges presented by the pandemic, our supply chain was intact, and we successfully delivered our high quality, innovative products to a record number of customers and consumers, including over 100,000 new customers who came straight to our online platform and over 176,000 repeat orders during the year.\u201d\n<\/p>\n \n\u201cWe couldn\u2019t be more excited to enter 2021 with considerable resources \u2013 including our enhanced senior leadership team, and with over $57.2 million in cash \u2013 to execute on our growth strategy centered on maximizing market penetration in our existing product lines, developing new products that conform to both our quality and value standards and further developing our vertically integrated business model. Mahalo to our dedicated team who achieved so much this year and stayed focused on our operating goals and true to our mission to provide healthy, sustainable plant-based products.\u201d\n<\/p>\n For the Three Months Ended December 31, 2020<\/span><\/b><\/p>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n \n$ 5,191,752\n<\/p>\n<\/td>\n \n71%\n<\/p>\n<\/td>\n \n$ 3,397,040\n<\/p>\n<\/td>\n \n81%\n<\/p>\n<\/td>\n<\/tr>\n \n1,006,066\n<\/p>\n<\/td>\n \n14%\n<\/p>\n<\/td>\n \n547,219\n<\/p>\n<\/td>\n \n13%\n<\/p>\n<\/td>\n<\/tr>\n \n1,794,091\n<\/p>\n<\/td>\n \n25%\n<\/p>\n<\/td>\n \n620,910\n<\/p>\n<\/td>\n \n15%\n<\/p>\n<\/td>\n<\/tr>\n \n306,357\n<\/p>\n<\/td>\n \n4%\n<\/p>\n<\/td>\n \n124,885\n<\/p>\n<\/td>\n \n3%\n<\/p>\n<\/td>\n<\/tr>\n \n8,298,266\n<\/p>\n<\/td>\n \n114%\n<\/p>\n<\/td>\n \n4,690,054\n<\/p>\n<\/td>\n \n112%\n<\/p>\n<\/td>\n<\/tr>\n \n27,783\n<\/p>\n<\/td>\n \n0%\n<\/p>\n<\/td>\n \n135,209\n<\/p>\n<\/td>\n \n3%\n<\/p>\n<\/td>\n<\/tr>\n \n(1,024,780)\n<\/p>\n<\/td>\n \n(14%)\n<\/p>\n<\/td>\n \n(654,177)\n<\/p>\n<\/td>\n \n(16%)\n<\/p>\n<\/td>\n<\/tr>\n \n$ 7,301,269\n<\/p>\n<\/td>\n \n100%\n<\/p>\n<\/td>\n \n$ 4,171,086\n<\/p>\n<\/td>\n \n100%\n<\/p>\n<\/td>\n<\/tr>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n \n$ 4,452,666\n<\/p>\n<\/td>\n \n61%\n<\/p>\n<\/td>\n \n$ 2,321,968\n<\/p>\n<\/td>\n \n56%\n<\/p>\n<\/td>\n<\/tr>\n \n2,672,231\n<\/p>\n<\/td>\n \n37%\n<\/p>\n<\/td>\n \n1,845,083\n<\/p>\n<\/td>\n \n44%\n<\/p>\n<\/td>\n<\/tr>\n \n176,372\n<\/p>\n<\/td>\n \n2%\n<\/p>\n<\/td>\n \n4,035\n<\/p>\n<\/td>\n \n0%\n<\/p>\n<\/td>\n<\/tr>\n \n$ 7,301,269\n<\/p>\n<\/td>\n \n100%\n<\/p>\n<\/td>\n \n$ 4,171,086\n<\/p>\n<\/td>\n \n100%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Net sales <\/b>increased 75% to $7.3 million in the fourth quarter of 2020 compared to $4.2 million in the fourth quarter of 2019.Growth in net sales in the fourth quarter of 2020 was driven primarily by a combination of growth in online and wholesale channels, primarily caused by an increase in sales volume across product lines. Black Friday single-day sales were up 474% year-over-year which also contributed to the increase of net sales.\n<\/p>\n Gross profit<\/b> was $1.5 million which is slightly higher compared to the prior year period of $1.4 million. Gross margin was 20.3% of net sales in the fourth quarter of 2020, compared to 34.7% of net sales in the prior year period. The decrease in gross margin was primarily due to elevated outbound shipping costs combined with the launch of a free shipping initiative for direct online purchases made on lairdsuperfood.com, elevated labor costs as we built out our team to support our second manufacturing line, and increased co-packing and disposal costs related to the production and distribution of our liquid creamer product line.\n<\/p>\n Operating expenses<\/b> were $6.0 million compared to $3.7 million in the year ago period and reflect General and Administrative expense increases of $1.7 million, primarily related to elevated personnel costs, professional fees, and insurance expense, as well as Sales and Marketing expense increases of $621,000, primarily related to elevated marketing expenses.\n<\/p>\n Loss from operations <\/b>was $4.5 million in the fourth quarter of 2020, compared to a loss of $2.2 million in the prior year period.\n<\/p>\n Net loss attributable to common stockholders<\/b> was $4.5 million, or $0.51 per diluted share, in the fourth quarter of 2020, compared to net income attributable to common stockholders of $5.3 million, or $0.96 per diluted share, in the prior year period, which included a deemed contribution from the redemption of preferred stock of $7.4 million.\n<\/p>\n \nValerie Ells, Chief Financial Officer, commented, \u201cWe are thrilled with our net sales performance in the fourth quarter, which furthers our conviction in the strength of our brand and the compelling addressable market opportunities in front of us. We remain confident that our business is set on a path for a strong 2021. This growth will be determined by a few key successful initiatives in the coming year including, but not limited to, timely and innovative new product introductions and a continued strong online performance. We also aim to add more wholesale doors using our liquid creamer as a means for creating these opportunities. Market share and customer growth are our major priorities and this quarter demonstrated that our authentic brand, and meeting consumers where they are across our omnichannel platform, resonates with today\u2019s consumer seeking healthy, plant-based and sustainable products.\u201d\n<\/p>\n For the Twelve Months Ended December 31, 2020<\/span><\/b><\/p>\n 2020<\/b><\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n \n$ 18,433,345\n<\/p>\n<\/td>\n \n70%\n<\/p>\n<\/td>\n \n$ 9,330,678\n<\/p>\n<\/td>\n \n71%\n<\/p>\n<\/td>\n<\/tr>\n \n3,887,198\n<\/p>\n<\/td>\n \n15%\n<\/p>\n<\/td>\n \n2,022,269\n<\/p>\n<\/td>\n \n15%\n<\/p>\n<\/td>\n<\/tr>\n \n5,961,254\n<\/p>\n<\/td>\n \n23%\n<\/p>\n<\/td>\n \n1,930,434\n<\/p>\n<\/td>\n \n15%\n<\/p>\n<\/td>\n<\/tr>\n \n675,339\n<\/p>\n<\/td>\n \n3%\n<\/p>\n<\/td>\n \n471,097\n<\/p>\n<\/td>\n \n4%\n<\/p>\n<\/td>\n<\/tr>\n \n28,957,136\n<\/p>\n<\/td>\n \n111%\n<\/p>\n<\/td>\n \n13,754,478\n<\/p>\n<\/td>\n \n105%\n<\/p>\n<\/td>\n<\/tr>\n \n248,865\n<\/p>\n<\/td>\n \n1%\n<\/p>\n<\/td>\n \n464,551\n<\/p>\n<\/td>\n \n4%\n<\/p>\n<\/td>\n<\/tr>\n \n(3,199,603)\n<\/p>\n<\/td>\n \n(12%)\n<\/p>\n<\/td>\n \n(1,115,301)\n<\/p>\n<\/td>\n \n(9%)\n<\/p>\n<\/td>\n<\/tr>\n \n$ 26,006,398\n<\/p>\n<\/td>\n \n100%\n<\/p>\n<\/td>\n \n$ 13,103,728\n<\/p>\n<\/td>\n \n100%\n<\/p>\n<\/td>\n<\/tr>\n 2020<\/b><\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n \n$ 14,501,706\n<\/p>\n<\/td>\n \n56%\n<\/p>\n<\/td>\n \n$ 7,646,864\n<\/p>\n<\/td>\n \n59%\n<\/p>\n<\/td>\n<\/tr>\n \n10,996,517\n<\/p>\n<\/td>\n \n42%\n<\/p>\n<\/td>\n \n5,295,024\n<\/p>\n<\/td>\n \n40%\n<\/p>\n<\/td>\n<\/tr>\n \n508,175\n<\/p>\n<\/td>\n \n2%\n<\/p>\n<\/td>\n \n161,840\n<\/p>\n<\/td>\n \n1%\n<\/p>\n<\/td>\n<\/tr>\n \n$ 26,006,398\n<\/p>\n<\/td>\n \n100%\n<\/p>\n<\/td>\n \n$ 13,103,728\n<\/p>\n<\/td>\n \n100%\n<\/p>\n<\/td>\n<\/tr>\n Net sales <\/b>increased 98% to $26.0 million for the twelve months ended December 31, 2020 compared to $13.1 million in the prior year period.This increase was primarily driven by a significant expansion of our customer base in both online and traditional wholesale channels.\n<\/p>\n Gross profit<\/b> was $6.8 million, or 26.2% of net sales, for the twelve months ended December 31, 2020, compared to $5.1 million, or 38.8% of net sales, in the prior year period. The increase in gross profit was primarily due to sales growth. The decrease in gross margin was primarily due to elevated outbound shipping costs combined with the launch of a free shipping initiative for direct online purchases made on lairdsuperfood.com, increased co-packing costs primarily associated with our liquid creamer product line, disposal costs related to the initial production and distribution of our liquid creamer product line, and elevated labor costs.\n<\/p>\n Operating expenses<\/b> were $19.7 million compared to $13.8 million in the prior year and reflect General and Administrative expense increases of $3.6 million, primarily related to the Company\u2019s Initial Public Offering related expenses including accelerated stock option vesting, discretionary bonuses, and professional fees, as well as an asset impairment recorded during the second quarter of 2020. The change from the prior year further reflects Sales and Marketing increases of $2.1 million to $10.4 million from $8.3 million in the prior year period, primarily related to elevated advertising and marketing expenses and personnel costs.\n<\/p>\n Loss from operations <\/b>was $12.9 million for the twelve months ended December 31, 2020, compared to $8.8 million in the prior year period.\n<\/p>\n Net loss attributable to common stockholders<\/b> was $14.5 million, or $2.61 per diluted share, for the twelve months ended December 31, 2020 compared to $1.1 million, or $0.29 per diluted share, in the prior year period.\n<\/p>\n Balance Sheet and Cash Flow Highlights<\/span><\/b><\/p>\n \nThe Company\u2019s current assets include cash and cash equivalents of $57.2 million as of December 31, 2020. Total outstanding debt was $51,000 as of December 31, 2020. Net cash used in operating activities was $14.7 million in the twelve months ended December 31, 2020, compared to $9.4 million in the prior year period.\n<\/p>\n Capital expenditures<\/b> totaled $1.1 million for the twelve months ended December 31, 2020, compared to $2.4 million in the prior year period.\n<\/p>\n 2021 Outlook<\/span><\/b><\/p>\n \nThe Company\u2019s guidance assumes that there are no significant disruptions to the supply chain, or its customers or consumers, including any disruptions from adverse macroeconomic factors. In addition, the Company\u2019s guidance reflects management\u2019s expectation that it will continue to execute on the following core strategies: a) the optimized roll out of liquid creamer, b) expansion into additional wholesale channels, c) timely and innovative new product introductions, and d) continuation of strong online performance coupled with the optimization of DTC shipping expenses.\n<\/p>\n \nGiven the uncertainty regarding the ultimate duration, magnitude and effects of the COVID-19 pandemic, management does not have certainty on the timing or execution of such strategies.\n<\/p>\n \nFor the full year 2021, management feels confident the business is on a path for strong, double digit growth and expects net revenue of at least $42 million. The Company has a full year 2021 margin goal of 28-30%, which they plan to achieve via the liquid packaging update, optimizing DTC shipping, and continuing to maximize fixed cost leverage available via vertical integration.\n<\/p>\n Conference Call and Webcast Details<\/b><\/p>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n7,301,270\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,171,086\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n26,006,398\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n13,103,728\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,819,762)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,722,605)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(19,204,642)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(8,019,094)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,481,508\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,448,481\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,801,756\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,084,634\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n880,979\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n664,925\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,533,478\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,423,005\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n835,203\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n263,388\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,424,803\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n700,384\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n316,368\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n129,331\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n963,791\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n491,465\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n519,848\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n51,330\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n666,045\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n132,637\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n139,300\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n110,085\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n503,817\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n416,160\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n62,151\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n61,711\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n229,303\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n157,697\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n127,437\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n46,054\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n375,792\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n157,737\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n35,425\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45,194\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n125,916\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n157,752\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n239,734\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n260,737\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n119,365\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n765,600\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n564,347\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,177,448\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,491,383\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,828,279\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,201,184\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n70,318\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n83,966\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n225,305\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n216,657\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n67,769\n<\/p>\n<\/td>\n 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\n590,808\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n97,674\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n143,327\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n75,995,474\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,044,224\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,263,488\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,153,286\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n250,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n132,100\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n132,100\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,696,646\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,057,432\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,992\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n15,143\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,347,226\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,357,961\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n82,342,700\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n16,402,185\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n1,315,964\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n724,751\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n722,915\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n491,092\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n704,543\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n301,046\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,743,422\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,516,889\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n51,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n51,000\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n51,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n51,000\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,794,422\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,567,889\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,722,951\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,722,951\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,893\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,188\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n111,452,346\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27,184,250\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,207\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(226)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(31,927,168)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(19,076,867)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n79,548,278\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,111,345\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n82,342,700\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n16,402,185\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210311005711\/en\/<\/a><\/span><\/p>\n\n
\n
\n \n \n Three Months Ended December 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n $<\/b><\/td>\n \n % of Total<\/b><\/td>\n \n $<\/b><\/td>\n \n % of Total<\/b><\/td>\n<\/tr>\n \n Coffee Creamers<\/td>\n \n \n \n \n \n \n \n \n \n Hydration and Beverage Enhancing Supplements<\/td>\n \n \n \n \n \n \n \n \n \n Coffee, Tea, and Hot Chocolate Products<\/td>\n \n \n \n \n \n \n \n \n \n Other<\/td>\n \n \n \n \n \n \n \n \n \n Gross Sales<\/td>\n \n \n \n \n \n \n \n \n \n Shipping income<\/td>\n \n \n \n \n \n \n \n \n \n Returns and discounts<\/td>\n \n \n \n \n \n \n \n \n \n Sales, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended December 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n $<\/b><\/td>\n \n % of Total<\/b><\/td>\n \n $<\/b><\/td>\n \n % of Total<\/b><\/td>\n<\/tr>\n \n Online<\/td>\n \n \n \n \n \n \n \n \n \n Wholesale<\/td>\n \n \n \n \n \n \n \n \n \n Food Service<\/td>\n \n \n \n \n \n \n \n \n \n Sales, net<\/td>\n \n \n \n \n \n \n \n \n \n
\n \n \n Years Ended December 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n $<\/b><\/td>\n \n % of Total<\/b><\/td>\n \n $<\/b><\/td>\n \n % of Total<\/b><\/td>\n<\/tr>\n \n Coffee Creamers<\/td>\n \n \n \n \n \n \n \n \n \n Hydration and Beverage Enhancing Supplements<\/td>\n \n \n \n \n \n \n \n \n \n Coffee, Tea, and Hot Chocolate Products<\/td>\n \n \n \n \n \n \n \n \n \n Other<\/td>\n \n \n \n \n \n \n \n \n \n Gross Sales<\/td>\n \n \n \n \n \n \n \n \n \n Shipping income<\/td>\n \n \n \n \n \n \n \n \n \n Returns and discounts<\/td>\n \n \n \n \n \n \n \n \n \n Sales, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Years Ended December 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n $<\/b><\/td>\n \n % of Total<\/b><\/td>\n \n $<\/b><\/td>\n \n % of Total<\/b><\/td>\n<\/tr>\n \n Online<\/td>\n \n \n \n \n \n \n \n \n \n Wholesale<\/td>\n \n \n \n \n \n \n \n \n \n Food Service<\/td>\n \n \n \n \n \n \n \n \n \n Sales, net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n LAIRD SUPERFOOD, INC. <\/b><\/td>\n \n \n \n <\/tr>\n \n STATEMENTS OF OPERATIONS <\/b><\/td>\n \n \n \n <\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n For the Three Months Ended
December 31, <\/b><\/td>\n\n For the Years Ended
December, <\/b><\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Sales, net <\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cost of goods sold <\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Gross profit<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n General and administrative <\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Salaries, wages and benefits<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Stock-based compensation<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Professional fees<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Insurance expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Office expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Occupancy<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Merchant service fees<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Netsuite subscription expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Impairment on asset held for sale<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total general and administrative expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Research and product development <\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Salaries, wages and benefits<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Product Development Expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Stock-based compensation<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total research and product development expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Sales and marketing <\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Salaries, wages and benefits<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Stock-based compensation<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Advertising<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n General marketing<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Amazon selling fee<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Travel expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total sales and marketing expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating loss<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Other income (expense) <\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Interest and dividend income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Gain on sale of available-for-sale securities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Grant income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total other income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss before income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Benefit from income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net loss <\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Add deemed contribution from the redemption of preferred stock<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Less deemed dividend of beneficial conversion feature<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Less deemed dividend on warrant discount<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net loss attributable to Laird Superfood, Inc. common stockholders <\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net loss per share attributable to Laird Superfood, Inc common stockholders: <\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Weighted-average shares of common stock outstanding used in computing net loss per share of
common stock, basic<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n Weighted-average shares of common stock outstanding used in computing net loss per share of
common stock, diluted<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n LAIRD SUPERFOOD, INC. <\/b><\/td>\n<\/tr>\n \n STATEMENTS OF CASH FLOWS <\/b><\/td>\n<\/tr>\n \n <\/tr>\n \n \n \n For the Years Ended December 31, <\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n Cash flows from operating activities <\/b><\/td>\n \n \n \n <\/tr>\n \n Net loss<\/td>\n \n \n \n \n \n \n \n Adjustments to reconcile net loss to net cash from operating activities:<\/td>\n \n \n \n <\/tr>\n \n Depreciation<\/td>\n \n \n \n \n \n \n \n Loss on disposal of equipment<\/td>\n \n \n \n \n \n \n \n Stock-based compensation<\/td>\n \n \n \n \n \n \n \n Noncash conversion of note payable to grant income<\/td>\n \n \n \n \n \n \n \n Impairment on asset held for sale<\/td>\n \n \n \n \n \n \n \n Gain on sale of investment securities available-for-sale<\/td>\n \n \n \n \n \n \n \n Changes in operating assets and liabilities:<\/td>\n \n \n \n <\/tr>\n \n Accounts receivable<\/td>\n \n \n \n \n \n \n \n Inventory<\/td>\n \n \n \n \n \n \n \n Prepaid expenses and other current assets<\/td>\n \n \n \n \n \n \n \n Deferred rent<\/td>\n \n \n \n \n \n \n \n Deposits<\/td>\n \n \n \n \n \n \n \n Other assets<\/td>\n \n \n \n \n \n \n \n Accounts payable<\/td>\n \n \n \n \n \n \n \n Payroll liabilities<\/td>\n \n \n \n \n \n \n \n Accrued expenses<\/td>\n \n \n \n \n \n \n \n Net cash from operating activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from investing activities <\/b><\/td>\n \n \n \n <\/tr>\n \n Purchase of property, equipment, and software<\/td>\n \n \n \n \n \n \n \n Deposits on equipment to be acquired<\/td>\n \n \n \n \n \n \n \n Purchase of investment securities available-for-sale<\/td>\n \n \n \n \n \n \n \n Proceeds from maturities of investment securities available-for-sale<\/td>\n \n \n \n \n \n \n \n Net cash from investing activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from financing activities <\/b><\/td>\n \n \n \n <\/tr>\n \n Payments on line of credit<\/td>\n \n \n \n \n \n \n \n Draw on line of credit<\/td>\n \n \n \n \n \n \n \n Issuance of common stock<\/td>\n \n \n \n \n \n \n \n Redemption of preferred stock<\/td>\n \n \n \n \n \n \n \n Issuance of preferred stock<\/td>\n \n \n \n \n \n \n \n Common stock issuance costs<\/td>\n \n \n \n \n \n \n \n Preferred stock issuance costs<\/td>\n \n \n \n \n \n \n \n Restricted capital contribution<\/td>\n \n \n \n \n \n \n \n Common stock issuance costs<\/td>\n \n \n \n \n \n \n \n Stock options exercised<\/td>\n \n \n \n \n \n \n \n Net cash from financing activities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net change in cash, cash equivalents, and restricted cash <\/b><\/td>\n \n \n \n \n \n \n \n Cash,cash equivalents, and restricted cash beginning of period<\/td>\n \n \n \n \n \n \n \n Cash, cash equivalents, and restricted cash end of period<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Supplemental disclosures of cash flow information <\/b><\/td>\n \n \n \n <\/tr>\n \n Interest paid<\/td>\n \n \n \n \n \n \n \n Supplemental disclosures of non-cash information <\/b><\/td>\n \n \n \n <\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Deemed contribution from redemption of preferred stock<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Conversion of preferred stock to common stock<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Unrealized gain (loss) on available-for-sale securities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Purchases of equipment included in deposits at the beginning of the period<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Purchases of land included in prepaids and other current assets at the<\/td>\n \n \n \n <\/tr>\n \n beginning of the period<\/td>\n \n \n \n \n \n \n \n
\n LAIRD SUPERFOOD, INC. <\/b><\/td>\n<\/tr>\n \n BALANCE SHEETS <\/b><\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n As of <\/b><\/td>\n<\/tr>\n \n \n \n December 31, 2020<\/b><\/td>\n \n December 31, 2019<\/b><\/td>\n<\/tr>\n \n Assets <\/b><\/td>\n<\/tr>\n \n Current assets <\/b><\/td>\n \n \n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n Accounts receivable, net<\/td>\n \n \n \n \n \n \n \n Investment securities available-for-sale<\/td>\n \n \n \n \n \n \n \n Inventory<\/td>\n \n \n \n \n \n \n \n Prepaid expenses and other current assets<\/td>\n \n \n \n \n \n \n \n Deposits<\/td>\n \n \n \n \n \n \n \n Total current assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Noncurrent assets <\/b><\/td>\n \n \n \n <\/tr>\n \n Property and equipment, net<\/td>\n \n \n \n \n \n \n \n Fixed assets held for sale<\/td>\n \n \n \n \n \n \n \n Licensing agreement – intangible<\/td>\n \n \n \n \n \n \n \n Deferred rent<\/td>\n \n \n \n \n \n \n \n Other assets<\/td>\n \n \n \n \n \n \n \n Total noncurrent assets<\/td>\n \n \n \n \n \n \n \n Total assets <\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit) <\/b><\/td>\n<\/tr>\n \n Current liabilities <\/b><\/td>\n \n \n \n <\/tr>\n \n Accounts payable<\/td>\n \n \n \n \n \n \n \n Payroll liabilities<\/td>\n \n \n \n \n \n \n \n Accrued expenses<\/td>\n \n \n \n \n \n \n \n Total current liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Long-term liabilities <\/b><\/td>\n \n \n \n <\/tr>\n \n Note payable<\/td>\n \n \n \n \n \n \n \n Total long-term liabilities<\/td>\n \n \n \n \n \n \n \n Total liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Commitments and contingencies (Note 9)<\/td>\n \n \n \n <\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Convertible preferred stock <\/b><\/td>\n \n \n \n <\/tr>\n \n Preferred stock, $0.001 par value, 5,000,000 and 1,329,680 shares authorized<\/td>\n \n \n \n <\/tr>\n \n as of December 31, 2020 and December 31, 2019, respectively;<\/td>\n \n \n \n <\/tr>\n \n Series A-1 Preferred Stock, 0 shares authorized, issued, and outstanding<\/td>\n \n \n \n <\/tr>\n \n as of December 31, 2020; 1,177,426 shares authorized, 162,340 issued and outstanding, and<\/td>\n \u00a0<\/td>\n \n <\/tr>\n \n 609,078 undesignated as of December 31, 2019; Series A-2 Preferred Stock 0 shares<\/td>\n \u00a0<\/td>\n \n <\/tr>\n \n authorized, issued, and outstanding as of December 31, 2020; 152,253 shares<\/td>\n \n \n \n <\/tr>\n \n authorized, issued, and outstanding as of December 31, 2019<\/td>\n \n \n \n \n \n \n \n Total convertible preferred stock<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Stockholders’ equity <\/b><\/td>\n \n \n \n <\/tr>\n \n Common stock, $0.001 par value, 100,000,000 and 9,600,000 shares authorized as of<\/td>\n \u00a0<\/td>\n \n \n <\/tr>\n \n December 31 and December 31, 2019; 9,247,758 and 8,883,010<\/td>\n \n \n \n <\/tr>\n \n issued and outstanding at December 31, 2020, respectively; 4,551,950<\/td>\n \n \n \n <\/tr>\n \n and 4,188,558 issued and outstanding at December 31, 2019, respectively<\/td>\n \n \n \n \n \n \n \n Additional paid-in capital<\/td>\n \n \n \n \n \n \n \n Accumulated other comprehensive income (loss)<\/td>\n \n \n \n \n \n \n \n Accumulated deficit<\/td>\n \n \n \n \n \n \n \n Total stockholders’ equity<\/td>\n \n \n \n \n \n \n \n Total liabilities, convertible preferred stock and stockholders’ equity <\/b><\/td>\n \n \n \n \n \n \n <\/p>\n