Laird Superfood Inc Financials

LSF

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Laird Superfood Inc (LSF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI LSF FY2025 2026-05-14

Sales growth is returning, but working-capital demands are absorbing the benefit before it becomes durable cash flow.

FY2024’s near-breakeven reset did not carry cleanly into FY2025: operating cash flow moved from $866K to -$2.8M even as sales increased. With inventory and receivables consuming more cash, free cash flow fell back to -$2.9M, which means the recent top-line recovery is still asking the balance sheet to finance it.

Gross margin rebuilt from 14.5% in FY2022 to 37.9% in FY2025, so the core product economics look much healthier than they did during the 2022 trough. But FY2025 also showed that better unit economics alone are not enough; operating margin slipped from -5.0% to -6.8%, implying scale benefits are still fragile once growth spending and fulfillment demands rise.

Balance-sheet posture is still more equity-funded than debt-funded, with liabilities of $7.8M versus equity of $11.5M and no reported long-term debt. The more important change is the shrinking cash cushion: cash dropped from $8.3M to $5.1M, so liquidity remains serviceable today but is no longer expanding on its own.

Financial Health Signals

Financial Health Score 56/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Laird Superfood Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Dilution

R&D Intensity

Revenue Progress

Burn Trend

Balance Sheet

Altman Z-Score Distress

-1.47

Laird Superfood Inc scores -1.47, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($51.0M) relative to total liabilities ($7.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/8

Laird Superfood Inc passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.86x

For every $1 of reported earnings, Laird Superfood Inc generates $0.86 in operating cash flow (-$2.8M OCF vs -$3.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$49.9M

YoY+15.2%

5Y CAGR+14.1%

Laird Superfood Inc generated $49.9M in revenue in fiscal year 2025. This represents an increase of 15.2% from the prior year.

EBITDA

-$3.2M

YoY-66.1%

Laird Superfood Inc's EBITDA was -$3.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 66.1% from the prior year.

Net Income

-$3.3M

YoY-78.7%

Laird Superfood Inc reported -$3.3M in net income in fiscal year 2025. This represents a decrease of 78.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$2.9M

YoY-440.4%

Laird Superfood Inc generated -$2.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 440.4% from the prior year.

Cash & Debt

$5.1M

YoY-38.8%

5Y CAGR-38.3%

Laird Superfood Inc held $5.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

11M

YoY+3.9%

5Y CAGR+3.8%

Laird Superfood Inc had 11M shares outstanding in fiscal year 2025. This represents an increase of 3.9% from the prior year.

Margins & Returns

Gross Margin

37.9%

YoY-2.9pp

5Y CAGR+12.4pp

Laird Superfood Inc's gross margin was 37.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.9 percentage points from the prior year.

Operating Margin

-6.8%

YoY-1.8pp

5Y CAGR+43.3pp

Laird Superfood Inc's operating margin was -6.8% in fiscal year 2025, reflecting core business profitability. This is down 1.8 percentage points from the prior year.

Net Margin

-6.5%

YoY-2.3pp

5Y CAGR+43.3pp

Laird Superfood Inc's net profit margin was -6.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.3 percentage points from the prior year.

Return on Equity

-28.4%

YoY-14.6pp

5Y CAGR-12.2pp

Laird Superfood Inc's ROE was -28.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 14.6 percentage points from the prior year.

Capital Allocation

R&D Spending

$330K

YoY+188.9%

5Y CAGR-8.3%

Laird Superfood Inc invested $330K in research and development in fiscal year 2025. This represents an increase of 188.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$76K

YoY+208.6%

5Y CAGR-40.9%

Laird Superfood Inc invested $76K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 208.6% from the prior year.

LSF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$49.9M+15.2%	$43.3M+26.5%	$34.2M-4.5%	$35.8M-2.7%	$36.8M+42.8%	$25.8M
Cost of Revenue	$31.0M+21.0%	$25.6M+7.1%	$23.9M-22.0%	$30.6M+11.9%	$27.4M+42.6%	$19.2M
Gross Profit	$18.9M+6.9%	$17.7M+71.5%	$10.3M+98.8%	$5.2M-45.0%	$9.4M+43.4%	$6.6M
R&D Expenses	$330K+188.9%	$114K-48.1%	$220K-48.6%	$428K-58.5%	$1.0M+102.7%	$508K
SG&A Expenses	$10.2M+10.0%	$9.3M-5.0%	$9.8M-68.0%	$30.6M+85.9%	$16.5M+86.4%	$8.8M
Operating Income	-$3.4M-57.1%	-$2.2M+79.7%	-$10.7M+73.5%	-$40.4M-68.5%	-$24.0M-85.3%	-$12.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	$0
Income Tax	$21K-65.6%	$60K+297.0%	$15K-25.0%	$20K+13.7%	$18K	$0
Net Income	-$3.3M-78.7%	-$1.8M+82.1%	-$10.2M+74.8%	-$40.3M-69.0%	-$23.9M-85.8%	-$12.9M
EPS (Diluted)	N/A	N/A	$-1.09+75.3%	$-4.41-65.8%	$-2.66-1.9%	$-2.61

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$13.9M+4.4%	$13.3M+3.5%	$12.9M+7.5%	$12.0M+2.9%	$11.7M+0.4%	$11.6M-1.4%	$11.8M+17.7%	$10.0M
Cost of Revenue	$9.3M+5.6%	$8.8M+7.4%	$8.2M+13.6%	$7.2M+6.5%	$6.8M-4.9%	$7.1M+6.1%	$6.7M+15.2%	$5.8M
Gross Profit	$4.6M+2.1%	$4.5M-3.3%	$4.7M-1.6%	$4.8M-2.1%	$4.9M+8.9%	$4.5M-11.5%	$5.1M+21.2%	$4.2M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.9M+25.9%	$3.1M+14.1%	$2.7M+22.6%	$2.2M-1.8%	$2.2M-5.3%	$2.4M-9.8%	$2.6M+22.2%	$2.1M
Operating Income	-$3.0M-67.7%	-$1.8M-80.9%	-$996K-149.2%	-$399K-83.2%	-$218K+54.3%	-$477K-77.7%	-$269K+20.7%	-$339K
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$4.7M-65001.1%	-$7K-201.8%	$7K-13.7%	$8K-34.5%	$13K+1.5%	$12K+129.1%	$5K+53.8%	$4K
Net Income	$1.8M+199.6%	-$1.8M-80.4%	-$975K-169.2%	-$362K-131.9%	-$156K+60.8%	-$398K-139.9%	-$166K+30.5%	-$239K
EPS (Diluted)	$0.11	N/A	N/A	N/A	$-0.02	N/A	N/A	N/A

LSF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$19.2M-0.2%	$19.3M+6.8%	$18.0M-40.0%	$30.0M-54.4%	$65.8M-20.0%	$82.3M
Current Assets	$18.8M+4.9%	$18.0M+10.0%	$16.3M-40.7%	$27.5M-42.3%	$47.7M-37.3%	$76.0M
Cash & Equivalents	$5.1M-38.8%	$8.3M+10.2%	$7.6M-56.2%	$17.3M-24.6%	$22.9M-59.7%	$57.0M
Inventory	$7.8M+30.2%	$6.0M-5.5%	$6.3M+11.0%	$5.7M-44.3%	$10.2M+62.3%	$6.3M
Accounts Receivable	$3.9M+121.2%	$1.8M+72.4%	$1.0M-31.6%	$1.5M+17.8%	$1.3M+51.1%	$840K
Goodwill	$0	N/A	$0	$0-100.0%	$6.5M	$0
Total Liabilities	$7.8M+27.9%	$6.1M+31.2%	$4.6M-38.6%	$7.5M+98.5%	$3.8M+35.8%	$2.8M
Current Liabilities	$7.7M+30.2%	$5.9M+35.3%	$4.4M-41.3%	$7.5M+96.8%	$3.8M+38.0%	$2.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$51K
Total Equity	$11.5M-13.1%	$13.2M-1.6%	$13.4M-40.4%	$22.5M-63.7%	$62.1M-22.0%	$79.5M
Retained Earnings	-$111.4M-3.0%	-$108.1M-1.7%	-$106.3M-10.6%	-$96.1M-72.3%	-$55.8M-74.8%	-$31.9M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$74.9M+289.6%	$19.2M+1.9%	$18.9M-7.7%	$20.4M-5.0%	$21.5M+11.6%	$19.3M+2.7%	$18.8M+4.0%	$18.0M
Current Assets	$37.5M+99.0%	$18.8M+2.4%	$18.4M-4.3%	$19.2M-4.9%	$20.2M+12.5%	$18.0M+3.6%	$17.3M+4.9%	$16.5M
Cash & Equivalents	$10.2M+100.7%	$5.1M+0.5%	$5.1M+29.4%	$3.9M-43.8%	$7.0M-16.2%	$8.3M+5.5%	$7.9M+3.4%	$7.6M
Inventory	$17.3M+122.8%	$7.8M-22.0%	$10.0M-9.5%	$11.0M+15.9%	$9.5M+59.2%	$6.0M-2.9%	$6.2M-3.8%	$6.4M
Accounts Receivable	$6.9M+77.1%	$3.9M+96.6%	$2.0M-27.9%	$2.8M+18.7%	$2.3M+31.5%	$1.8M-2.5%	$1.8M+54.7%	$1.2M
Goodwill	$16.7M	$0	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$61.4M+691.2%	$7.8M+28.2%	$6.0M-14.2%	$7.1M-13.6%	$8.2M+34.6%	$6.1M+6.4%	$5.7M+4.9%	$5.4M
Current Liabilities	$11.7M+52.3%	$7.7M+28.9%	$6.0M-14.1%	$7.0M-13.5%	$8.0M+35.9%	$5.9M+7.0%	$5.5M+5.5%	$5.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$13.5M+18.0%	$11.5M-10.5%	$12.8M-4.2%	$13.4M+0.3%	$13.3M+1.0%	$13.2M+1.1%	$13.1M+3.6%	$12.6M
Retained Earnings	-$109.6M+1.6%	-$111.4M-1.6%	-$109.6M-0.9%	-$108.6M-0.3%	-$108.3M-0.1%	-$108.1M-0.4%	-$107.7M-0.2%	-$107.6M

LSF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$2.8M-421.8%	$866K+108.0%	-$10.8M+24.8%	-$14.3M+35.2%	-$22.1M-50.5%	-$14.7M
Capital Expenditures	$76K+208.6%	$25K-82.8%	$144K-87.5%	$1.2M-25.8%	$1.6M+46.7%	$1.1M
Free Cash Flow	-$2.9M-440.4%	$841K+107.7%	-$10.9M+29.5%	-$15.5M+34.6%	-$23.7M-50.2%	-$15.7M
Investing Cash Flow	-$76K-208.6%	-$25K-103.6%	$690K-92.3%	$9.0M+171.0%	-$12.6M-195.2%	-$4.3M
Financing Cash Flow	-$332K-893.7%	-$33K-21.7%	-$27K-126.8%	$102K-82.3%	$576K-99.2%	$75.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	$0-100.0%	$21K

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$3.8M-5702.1%	$68K-94.5%	$1.2M+144.2%	-$2.8M-121.8%	-$1.3M-475.8%	$339K+10.9%	$306K-52.4%	$643K
Capital Expenditures	$4K	N/A	N/A	N/A	$72K	N/A	N/A	N/A
Free Cash Flow	-$3.8M	N/A	N/A	N/A	-$1.3M	N/A	N/A	N/A
Investing Cash Flow	-$40.2M-4020754600.0%	-$1-100.0%	$4K+149.7%	-$8K+88.3%	-$72K-1190.0%	-$6K+2.1%	-$6K+57.5%	-$13K
Financing Cash Flow	$49.2M+163979.8%	-$30K+80.6%	-$155K-8.9%	-$143K-3619.8%	-$4K+81.7%	-$21K-128.4%	$74K+181.0%	-$91K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

LSF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	37.9%-2.9pp	40.8%+10.7pp	30.1%+15.7pp	14.5%-11.1pp	25.6%+0.1pp	25.5%
Operating Margin	-6.8%-1.8pp	-5.0%+26.2pp	-31.3%+81.4pp	-112.7%-47.6pp	-65.1%-14.9pp	-50.1%
Net Margin	-6.5%-2.3pp	-4.2%+25.5pp	-29.7%+82.9pp	-112.6%-47.7pp	-64.8%-15.0pp	-49.8%
Return on Equity	-28.4%-14.6pp	-13.8%+62.0pp	-75.8%+103.4pp	-179.2%-140.7pp	-38.5%-22.3pp	-16.2%
Return on Assets	-16.9%-7.5pp	-9.4%+46.9pp	-56.4%+77.9pp	-134.3%-98.0pp	-36.3%-20.6pp	-15.6%
Current Ratio	2.44-0.6	3.03-0.7	3.73+0.0	3.69-8.9	12.59-15.1	27.70
Debt-to-Equity	0.68+0.2	0.46+0.1	0.34+0.0	0.33+0.3	0.06+0.1	0.00
FCF Margin	-5.7%-7.7pp	1.9%+33.8pp	-31.9%+11.3pp	-43.2%+21.1pp	-64.3%-3.2pp	-61.1%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	33.3%-0.7pp	34.1%-2.4pp	36.5%-3.4pp	39.9%-2.0pp	41.9%+3.3pp	38.6%-4.4pp	43.0%+1.2pp	41.8%
Operating Margin	-21.7%-8.2pp	-13.5%-5.8pp	-7.7%-4.4pp	-3.3%-1.5pp	-1.9%+2.2pp	-4.1%-1.8pp	-2.3%+1.1pp	-3.4%
Net Margin	12.6%+25.7pp	-13.2%-5.6pp	-7.6%-4.5pp	-3.0%-1.7pp	-1.3%+2.1pp	-3.4%-2.0pp	-1.4%+1.0pp	-2.4%
Return on Equity	13.0%+28.3pp	-15.3%-7.7pp	-7.6%-4.9pp	-2.7%-1.5pp	-1.2%+1.8pp	-3.0%-1.7pp	-1.3%+0.6pp	-1.9%
Return on Assets	2.3%+11.5pp	-9.2%-4.0pp	-5.2%-3.4pp	-1.8%-1.0pp	-0.7%+1.3pp	-2.1%-1.2pp	-0.9%+0.4pp	-1.3%
Current Ratio	3.19+0.7	2.44-0.6	3.08+0.3	2.76+0.2	2.51-0.5	3.03-0.1	3.13-0.0	3.15
Debt-to-Equity	4.54+3.9	0.68+0.2	0.47-0.1	0.53-0.1	0.61+0.2	0.46+0.0	0.440.0	0.43
FCF Margin	-27.5%	N/A	N/A	N/A	-11.6%	N/A	N/A	N/A

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Frequently Asked Questions

What is Laird Superfood Inc's annual revenue?

Laird Superfood Inc (LSF) reported $49.9M in total revenue for fiscal year 2025. This represents a 15.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Laird Superfood Inc's revenue growing?

Laird Superfood Inc (LSF) revenue grew by 15.2% year-over-year, from $43.3M to $49.9M in fiscal year 2025.

Is Laird Superfood Inc profitable?

No, Laird Superfood Inc (LSF) reported a net income of -$3.3M in fiscal year 2025, with a net profit margin of -6.5%.

What is Laird Superfood Inc's EBITDA?

Laird Superfood Inc (LSF) had EBITDA of -$3.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Laird Superfood Inc's gross margin?

Laird Superfood Inc (LSF) had a gross margin of 37.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Laird Superfood Inc's operating margin?

Laird Superfood Inc (LSF) had an operating margin of -6.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Laird Superfood Inc's net profit margin?

Laird Superfood Inc (LSF) had a net profit margin of -6.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Laird Superfood Inc's return on equity (ROE)?

Laird Superfood Inc (LSF) has a return on equity of -28.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Laird Superfood Inc's free cash flow?

Laird Superfood Inc (LSF) generated -$2.9M in free cash flow during fiscal year 2025. This represents a -440.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Laird Superfood Inc's operating cash flow?

Laird Superfood Inc (LSF) generated -$2.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Laird Superfood Inc's total assets?

Laird Superfood Inc (LSF) had $19.2M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Laird Superfood Inc's capital expenditures?

Laird Superfood Inc (LSF) invested $76K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Laird Superfood Inc spend on research and development?

Laird Superfood Inc (LSF) invested $330K in research and development during fiscal year 2025.

How many shares does Laird Superfood Inc have outstanding?

Laird Superfood Inc (LSF) had 11M shares outstanding as of fiscal year 2025.

What is Laird Superfood Inc's current ratio?

Laird Superfood Inc (LSF) had a current ratio of 2.44 as of fiscal year 2025, which is generally considered healthy.

What is Laird Superfood Inc's debt-to-equity ratio?

Laird Superfood Inc (LSF) had a debt-to-equity ratio of 0.68 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Laird Superfood Inc's return on assets (ROA)?

Laird Superfood Inc (LSF) had a return on assets of -16.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Laird Superfood Inc's cash runway?

Based on fiscal year 2025 data, Laird Superfood Inc (LSF) had $5.1M in cash against an annual operating cash burn of $2.8M. This gives an estimated cash runway of approximately 22 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Laird Superfood Inc's Altman Z-Score?

Laird Superfood Inc (LSF) has an Altman Z-Score of -1.47, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Laird Superfood Inc's Piotroski F-Score?

Laird Superfood Inc (LSF) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Laird Superfood Inc's earnings high quality?

Laird Superfood Inc (LSF) has an earnings quality ratio of 0.86x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Laird Superfood Inc?

Laird Superfood Inc (LSF) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.