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- **Double-Digit Growth**: Q3 net sales up 10% YoY to $12.9M, driven by 39% YoY wholesale channel expansion.
- **Margin Pressure**: Gross margin contracted to 36.5% due to inflation, channel mix, and one-time benefits.
- **Innovation Lead**: Launched new liquid creamers and protein coffee, targeting $6B coffee market with dairy-free and organic formulations.
- **Financial Resilience**: $5.3M cash on hand, positive Q3 operating cash flow, and updated 2025 sales growth guidance of 15%.
- **Strategic Shift**: Discontinuing Picky Bars brand to focus on core products, with $0.66M impairment charge.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 net sales increased 10% YoY to $12.9 million, driven by 39% YoY growth in the wholesale channel (53% of total sales). E-commerce sales declined 11% YoY due to DTC softness, though Amazon sales remained stable.
- **Gross Margin Contraction**: Gross margin fell to 36.5% (from 43% YoY) due to commodity inflation, channel mix shift to lower-margin wholesale, and a one-time $0.3M supplier settlement benefit in Q3 2024.
- **Product Launches**: Launched new liquid creamers with organic coconut cream and lower glycemic index sugar, and introduced protein coffee (first dairy product) targeting the $6B coffee market. Both products feature post-consumer recycled packaging.
- **Inventory Management**: Reduced inventory by $1M in Q3, improving cash flow. Tariffs on coconut milk products were lifted, saving $1M annually.
- **Brand Strategy**: Discontinued Picky Bars brand in Q2 2026 to focus resources on core Laird Superfood brand, recording a $0.66M impairment charge.

**【CFO Financial Commentary】**
- **Financial Highlights**: Q3 GAAP net loss of $1.0M (vs. $0.2M YoY), with adjusted EBITDA of $0.2M (up from $0.1M YoY). Full year 2025 net sales growth updated to 15%, with gross margin expected to hold in the upper 30s.
- **Cash Position**: Ended Q3 with $5.3M cash and no debt, up $1.1M from Q2 as inventory was converted to cash.
- **Expense Management**: Operating expenses increased $0.4M YoY due to higher marketing and selling costs, partially offset by lower personnel expenses.

**【Q&A Key Highlights】**
- **Sales Timing**: Q3 wholesale growth was impacted by delayed customer orders, but Q4 momentum remains strong with healthy sell-through rates.
- **Coffee Price Impact**: Held coffee prices despite record highs, avoiding volume decline through premium positioning and strong distribution.
- **E-commerce Strategy**: Shifting focus to Amazon (47% of e-commerce sales) over DTC, with plans to leverage loyal repeat customers (88% of DTC sales).
- **New Product Activation**: Protein coffee launching in Q4 with 360-degree marketing campaign, including retail activations and influencer partnerships.
- **Tariff Outlook**: Coconut milk tariffs lifted, but other raw material costs remain elevated. Pricing adjustments may be considered in 2026 if inflation persists.


Laird Superfood, Inc. (LSF) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LSF

LSF fundamentals

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