Laird Superfood Q4 Results Release and Impact
Laird Superfood Inc has released its financial results for the fourth quarter (Q4) and fiscal year ended December 31, 2023. Following the announcement, the company’s stock experienced a remarkable uptick, opening trading on Wednesday at $1.31, up from its previous close of $0.93 on Tuesday. The fourth quarter of 2023 showcased notable achievements across various key metrics, highlighting the company’s growth trajectory and operational strength.
At the time of this publication, Laird Superfood Inc stock (LSF) has witnessed a surge.
Laird Superfood Inc
Current Price: $1.39
Change : +0.46
Change (%): (49.46%)
Volume: 11.9M
Source: Tomorrow Events Market Data
Laird Superfood Q4 Results 2023 Highlights
In the fourth quarter of 2023, Laird Superfood reported net sales of $9.2 million, consistent with the previous quarter and marking a slight increase from $9.0 million in the same period the prior year. Wholesale contributed 34% of total net sales, experiencing a 3% year-over-year growth, while e-commerce contributed 66% and grew by 2% year-over-year. The company achieved a gross margin of 40.4%, a significant improvement from the prior year period, primarily driven by the transition to a variable cost third-party co-manufacturing business model.
Positive Net Income
Laird Superfood recorded a net income of $0.1 million, or $0.01 earnings per diluted share, compared to a net loss of $2.7 million, or $0.28 loss per diluted share, in the third quarter of 2023. Adjusted net income, a non-GAAP financial measure, was $20 thousand, or $0.00 earnings per diluted share, showcasing a notable improvement from the previous quarter and the prior year period.
Fiscal Year 2023 Overview
For the fiscal year 2023, Laird Superfood reported net sales of $34.2 million, with wholesale contributing 43% and e-commerce contributing 57% of total net sales. Despite a slight decrease in e-commerce sales compared to the prior year, the company achieved a gross margin of 30.1%, a significant expansion from the prior year period.
Strong Balance Sheet and Cash Flow
As of December 31, 2023, Laird Superfood had $7.7 million in cash, cash equivalents, and restricted cash, with no outstanding debt. Cash provided by operating activities for the fourth quarter of 2023 was $0.2 million, reflecting improved operational efficiency and reduced cash burn compared to previous quarters.
Optimistic 2024 Outlook
Looking ahead to 2024, Laird Superfood anticipates continued growth, with net sales expected to be in the range of approximately $38 to $40 million. Gross margin is projected to expand to approximately 37% to 40%, representing a significant improvement compared to 2023.
Laird Superfood Q4 Results Conference Call and Webcast
To discuss the Q4 and full year results further, Laird Superfood will host a conference call and webcast at 5:00 p.m. ET today. Investors and stakeholders are encouraged to participate in the discussion to gain insights into the company’s performance and future prospects.
Strong Performance Drives Investor Confidence
The impressive Q4 results of Laird Superfood and its optimistic outlook for 2024 have bolstered investor confidence, leading to a surge in the company’s stock price. With robust sales growth, improved margins, and a strong balance sheet, Laird Superfood is well-positioned to capitalize on market opportunities and drive sustainable value for shareholders in the coming year.
