Laird Superfood Q2 net sales $7.7M, net loss $3.5M, gross margin up 610 bps to 24.3%

Laird Superfood, Inc.

2023-Q2 EPS reported -$0.83 revenue$15,837,029

Net sales $7.7M, down vs $8.1M Q1 2023 and $8.7M prior year; wholesale up 2.6% YoY; e-commerce down 20.1% YoY due to out-of-stock from Q1 product quality issue.
Gross margin 24.3%, up 610 bps from 18.2% a year ago, driven by transition to variable-cost co-manufacturing; net loss $3.5M ($0.38/sh) vs $4.9M ($0.54/sh) prior year.
Adjusted net loss $3.3M ($0.36/sh) improved from $6.2M ($0.68/sh) prior year; cash burn record low $1.4M; subscription base grew 10% sequentially, 21% YoY.
Amazon out-of-stock issue from Q1 expected to fully resolve in Q3 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 0.9

Laird Superfood, Inc. reported second quarter ended June 30, 2023 results: revenue $7.7 million, net income $3.5 million, EPS $0.38 per diluted share.

Period: second quarter ended June 30, 2023
Revenue: $7.7 million
Net income: $3.5 million
EPS: $0.38 per diluted share
Result: reported results

Exact text from the filing

Second Quarter 2023 Highlights • Net sales of $7.7 million compared to $8.1 million in the prior quarter, and $8.7 million in the prior year period. • Wholesale contributed 46% of total Net sales and increased 2.6% year-over-year, driven by distribution gains in the Retail channel, pricing, as well as velocity improvements behind new packaging and the re-branding campaign launched earlier this year. • E-commerce contributed 54% of total Net sales and decreased 20.1% year-over-year reflecting Amazon sales compression due to inventory out of stocks related to the previously discussed product quality issue experienced in Q1. We expect this out-of-stock issue to be fully resolved in the third quarter. Direct-to-consumer (“DTC”) revenues declined behind a strategic, planned reduction in Marketing spend, reflecting a 67% decrease in working media. This was offset by an increase in our subscription base which grew 10% sequentially and 21% compared to the prior year period. • Gross margin was

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Source: SEC EDGAR

accession 0000950170-23-040619

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