Laird Superfood Q4 net sales $9.0M; GAAP gross margin negative on $9.1M transition costs

Laird Superfood, Inc.

Q4 net sales $9.0M, down from $9.4M YoY; e-commerce 66% of sales fell 4.7% YoY.
GAAP gross margin (4.6)% from $9.1M one-time exit/disposal costs and a product quality issue.
Adjusted gross margin 19.0%; expects 7-10 point improvement to >30% by 2023 exit.
Operating cash burn reduced by $7.8M in 2022; further cash initiatives planned for 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Laird Superfood, Inc. reported financial results for fiscal year ended December 31, 2022.

Period: fiscal year ended December 31, 2022
Result: reported results

Exact text from the filing

Laird Superfood, Inc. issued a press release announcing its financial results for the year ended December 31, 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Laird Superfood, Inc. reported fourth quarter ended December 31, 2022 results: revenue $9.0 million.

Period: fourth quarter ended December 31, 2022
Revenue: $9.0 million
Result: reported results

Exact text from the filing

was reduced by $7.8 million in 2022, and we are implementing a number of initiatives to further improve our cash burn rate in 2023" Fourth Quarter 2022 Highlights • Net Sales of $9.0 million compared to $8.8 million in the third quarter of 2022 and $9.4 million in the prior year period. • E-commerce contributed 66% of total Net Sales and decreased 4.7% year-over-year

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Source: SEC EDGAR

accession 0000950170-23-007874

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