A leading US-based manufacturer of plant-based protein alternatives utilizing unique cold-extraction technology to deliver high-quality, allergen-free nutritional supplements.
Laird Superfood offers exposure to the high-growth plant-based nutrition sector with a unique technology moat that differentiates it from commoditized protein competitors. The company has demonstrated revenue resilience and positive operating cash flow, indicating potential for future margin expansion as economies of scale take hold.
The stock carries significant risk due to four years of cumulative losses including a $40.3M deficit in 2022, with no clear path to sustained profitability visible in the current data. Investors should be wary of the substantial accumulated retained earnings deficit of -$108.1M and the heavy marketing spend of $10.6M required to drive top-line growth.
Laird Superfood Inc. manufactures and markets plant-based protein and wellness supplements primarily serving health-conscious consumers in North America through direct-to-consumer and retail channels. The company leverages proprietary extraction technologies to produce allergen-free products from peas, potatoes, and other botanicals. Key revenue streams include branded supplement lines sold via e-commerce platforms and expanding partnerships with major retailers.
While the company successfully grew revenue to $43.3M in 2024 up from $35.8M in 2022, it continues to report a net loss of $1.8M for the year. The cash flow from operations turned positive at $865k, suggesting improved working capital management despite the persistent operating profit deficit of -$2.2M.
The global plant-based protein market is experiencing double-digit growth driven by consumer demand for sustainable, allergen-free dietary options. Laird competes in this expanding sector against large established players like Beyond Meat and smaller niche supplement brands.
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $35.8M | $34.2M | $43.3M |
| Cost of Revenue | $30.6M | $23.9M | $25.6M |
| Gross Profit | $5.2M | $10.3M | $17.7M |
| Operating Expenses | $45.6M | $21.0M | $19.9M |
| Operating Income | $-40.4M | $-10.7M | $-2.2M |
| R&D | $427.5K | $219.7K | $114.1K |
| G&A | $30.6M | $9.6M | $9.3M |
| Marketing | $14.5M | $11.2M | $10.6M |
| Stock-Based Comp | — | $1.1M | $1.6M |
| D&A | $1.1M | $306.2K | $270.3K |
| Depreciation | $669.6K | $99.3K | $81.2K |
| Amortization | $448.5K | $206.9K | $189.1K |
| Other OpEx | $0 | $0 | $-114.1K |
| Non-Operating Income | $47.1K | $551.1K | $413.3K |
| Pre-Tax Income | $-40.3M | $-10.1M | $-1.8M |
| Income Tax | $20.3K | $15.2K | $60.3K |
| Continuing Ops | $-40.3M | $-10.2M | $-1.8M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $-40.3M | $-10.2M | $-1.8M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $-40.3M | $-10.2M | $-1.8M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Current Assets | $27.5M | $16.3M | $18.0M |
| Cash & Equivalents | $17.7M | $7.6M | $8.3M |
| Accounts Receivable | $1.5M | $1.0M | $1.8M |
| Inventory | $5.7M | $6.3M | $6.0M |
| Prepaid Expenses | $2.5M | $1.3M | $1.7M |
| Other Current Assets | $99.5K | $140.5K | $174.2K |
| Long-Term Assets | $2.5M | $1.7M | $1.3M |
| PP&E (Net) | $150.3K | $122.6K | $58.4K |
| Intangibles | $1.4M | $1.2M | $1.0M |
| Goodwill | $0 | $0 | — |
| Operating Leases | $133.9K | $354.7K | $205.7K |
| Other LT Assets | $800.0K | $0 | $0 |
| Total Assets | $30.0M | $18.0M | $19.3M |
| Current Liabilities | $7.5M | $4.4M | $5.9M |
| Accounts Payable | $1.1M | $1.6M | — |
| Current Leases | $59.8K | $138.8K | $106.0K |
| Other Current Liab | $0 | $2.7K | $2.2M |
| Long-Term Liabilities | $76.1K | $243.8K | $140.5K |
| LT Operating Leases | $76.1K | $243.8K | $140.5K |
| Other LT Liab | $0 | $0 | $0 |
| Total Liabilities | $7.5M | $4.6M | $6.1M |
| Shareholders' Equity | $22.5M | $13.4M | $13.2M |
| Retained Earnings | $-96.1M | $-106.3M | $-108.1M |
| AOCI | $0 | — | — |
| Total L&E | $30.0M | $18.0M | $19.3M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (CFO) | $-40.3M | $-10.2M | $-1.8M |
| Non-Cash Adjustments | $27.8M | $2.3M | $160.7K |
| Working Capital Changes | $-1.7M | $-2.9M | $2.5M |
| Cash from Operations | $-14.3M | $-10.8M | $865.5K |
| Capital Expenditures | $1.2M | $144.0K | $24.8K |
| Cash from Investing | $9.0M | $690.3K | $-24.8K |
| Cash from Financing | $102.3K | $-27.4K | $-33.4K |
| FX Effect | $0 | $0 | $0 |
| Net Change in Cash | $-5.2M | $-10.1M | $807.3K |
| Beginning Cash | $23.0M | $17.8M | $7.7M |
| Ending Cash | $17.8M | $7.7M | $8.5M |
1) Direct-to-Consumer E-commerce Sales via proprietary online stores and third-party marketplaces; 2) Retail Distribution through partnerships with major grocery chains and specialty health food retailers; 3) Private Label Manufacturing services providing custom formulations for other brands.
Continued net operating losses of $1.8M in 2024 raising concerns about long-term profitability and cash burn rates; Intense competition from established protein giants and private label alternatives eroding gross margins; Dependence on volatile raw material costs for peas and potatoes impacting cost of revenue at $25.6M.
Proprietary cold-extraction technology that preserves nutrient integrity while eliminating common allergens like soy, gluten, and dairy; Strong brand loyalty built on a mission to provide clean-label nutrition without compromising taste or efficacy; Scalable manufacturing capabilities that allow rapid product iteration based on consumer trends.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.