Laird Superfood, Inc.
LSF NYSE Food And Kindred Products Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$49.9M
15.2%
vs prior year
Operating margin
Operating income as a share of revenue.
−6.8%
1.8 pts
Net income
Profit after all expenses, interest and tax.
−$3.3M
Free cash flow
Cash from operations minus capital spending.
−$2.9M
440.4%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Laird Superfood, Inc. does
No business description yet.
- Legal name
- Laird Superfood, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 30, 2026
- Accession · CIK
- 0001437749-26-010369
0001650696
Revenue and margins
Laird Superfood, Inc. had $49.9M of revenue in fiscal 2025, up 15.2% on the year before.
FY19
Revenue $13.1M
FY20
Revenue $25.8M
FY21
Revenue $36.8M
FY22
Revenue $35.8M
FY23
Revenue $34.2M
FY24
Revenue $43.3M
FY25
Revenue $49.9M
Q3 '23
Revenue $9.2M
Q4 '23
Revenue $9.2M
Q1 '24
Revenue $9.9M
Q2 '24
Revenue $10.0M
Q3 '24
Revenue $11.8M
Q4 '24
Revenue $11.6M
Q1 '25
Revenue $11.7M
Q2 '25
Revenue $12.0M
Q3 '25
Revenue $12.9M
Q4 '25
Revenue $13.3M
Q1 '26
Revenue $13.9M
Q2 '26
Revenue $41.3M
FY19
Gross 38.8%
Operating −66.8%
Net −64.9%
FCF −90.5%
FY20
Gross 25.5%
Operating −50.1%
Net −49.8%
FCF −61.1%
FY21
Gross 25.6%
Operating −65.1%
Net −64.8%
FCF −64.3%
FY22
Gross 14.5%
Operating −112.7%
Net −112.6%
FCF −43.2%
FY23
Gross 30.1%
Operating −31.3%
Net −29.7%
FCF −31.9%
FY24
Gross 40.9%
Operating −5.0%
Net −4.2%
FCF 1.9%
FY25
Gross 37.9%
Operating −6.8%
Net −6.5%
FCF −5.7%
Gross
Operating
Net
FCF
Q3 '23
Gross 31.0%
Operating −30.4%
Net −28.9%
FCF —
Q4 '23
Gross 40.4%
Operating 0.5%
Net 1.6%
FCF —
Q1 '24
Gross 40.0%
Operating −11.0%
Net −10.3%
FCF —
Q2 '24
Gross 41.8%
Operating −3.4%
Net −2.4%
FCF —
Q3 '24
Gross 43.0%
Operating −2.3%
Net −1.4%
FCF —
Q4 '24
Gross 38.6%
Operating −4.1%
Net −3.4%
FCF —
Q1 '25
Gross 41.9%
Operating −1.9%
Net −1.3%
FCF −11.6%
Q2 '25
Gross 39.9%
Operating −3.3%
Net −3.0%
FCF −23.7%
Q3 '25
Gross 36.5%
Operating −7.7%
Net −7.6%
FCF —
Q4 '25
Gross 34.1%
Operating −13.5%
Net −13.2%
FCF —
Q1 '26
Gross 33.3%
Operating −21.7%
Net 12.6%
FCF −27.5%
Q2 '26
Gross 30.3%
Operating −4.5%
Net −4.4%
FCF 3.4%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$8.5M
FY20
Net income −$12.9M
FY21
Net income −$23.9M
FY22
Net income −$40.3M
FY23
Net income −$10.2M
FY24
Net income −$1.8M
FY25
Net income −$3.3M
Q3 '23
Net income −$2.7M
Q4 '23
Net income $0.1M
Q1 '24
Net income −$1.0M
Q2 '24
Net income −$0.2M
Q3 '24
Net income −$0.2M
Q4 '24
Net income −$0.4M
Q1 '25
Net income −$0.2M
Q2 '25
Net income −$0.4M
Q3 '25
Net income −$1.0M
Q4 '25
Net income −$1.8M
Q1 '26
Net income $1.8M
Q2 '26
Net income −$1.8M
FY19
Diluted EPS −$0.29
FY20
Diluted EPS −$2.61
FY21
Diluted EPS −$2.66
FY22
Diluted EPS −$4.41
FY23
Diluted EPS −$1.09
FY24
Diluted EPS —
FY25
Diluted EPS —
Q3 '23
Diluted EPS −$0.28
Q4 '23
Diluted EPS $0.02
Q1 '24
Diluted EPS —
Q2 '24
Diluted EPS —
Q3 '24
Diluted EPS —
Q4 '24
Diluted EPS —
Q1 '25
Diluted EPS −$0.02
Q2 '25
Diluted EPS −$0.03
Q3 '25
Diluted EPS —
Q4 '25
Diluted EPS —
Q1 '26
Diluted EPS $0.11
Q2 '26
Diluted EPS −$0.25
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity −104.8%
Return on assets −51.8%
FY20
Return on capital −73.4%
Return on equity −29.3%
Return on assets −26.0%
FY21
Return on capital —
Return on equity −33.7%
Return on assets −32.2%
FY22
Return on capital —
Return on equity −95.4%
Return on assets −84.1%
FY23
Return on capital —
Return on equity −56.6%
Return on assets −42.3%
FY24
Return on capital —
Return on equity −13.7%
Return on assets −9.8%
FY25
Return on capital —
Return on equity −26.4%
Return on assets −16.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$2.9M in fiscal 2025, −5.7% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$11.9M
FY20
Free cash flow −$15.7M
FY21
Free cash flow −$23.7M
FY22
Free cash flow −$15.5M
FY23
Free cash flow −$10.9M
FY24
Free cash flow $0.8M
FY25
Free cash flow −$2.9M
Q3 '23
Free cash flow —
Q4 '23
Free cash flow —
Q1 '24
Free cash flow —
Q2 '24
Free cash flow —
Q3 '24
Free cash flow —
Q4 '24
Free cash flow —
Q1 '25
Free cash flow −$1.3M
Q2 '25
Free cash flow −$2.8M
Q3 '25
Free cash flow —
Q4 '25
Free cash flow —
Q1 '26
Free cash flow −$3.8M
Q2 '26
Free cash flow $1.4M
FY19
Cash from operations −$9.4M
Capital spending $2.4M
FY20
Cash from operations −$14.7M
Capital spending $1.1M
FY21
Cash from operations −$22.1M
Capital spending $1.6M
FY22
Cash from operations −$14.3M
Capital spending $1.2M
FY23
Cash from operations −$10.8M
Capital spending $0.1M
FY24
Cash from operations $0.9M
Capital spending $0.0M
FY25
Cash from operations −$2.8M
Capital spending $0.1M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$3.5M
Capital spending —
Q4 '23
Cash from operations $0.2M
Capital spending —
Q1 '24
Cash from operations −$0.4M
Capital spending —
Q2 '24
Cash from operations $0.6M
Capital spending —
Q3 '24
Cash from operations $0.3M
Capital spending —
Q4 '24
Cash from operations $0.3M
Capital spending —
Q1 '25
Cash from operations −$1.3M
Capital spending $0.1M
Q2 '25
Cash from operations −$2.8M
Capital spending $0.0M
Q3 '25
Cash from operations $1.2M
Capital spending —
Q4 '25
Cash from operations $0.1M
Capital spending —
Q1 '26
Cash from operations −$3.8M
Capital spending $0.0M
Q2 '26
Cash from operations $1.5M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Laird Superfood, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY19
Dividends —
Buybacks $1.1M
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.01B
FY21
Diluted shares 0.01B
FY22
Diluted shares 0.01B
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably Laird Superfood, Inc. can carry it.
FY19
Cash $6.5M
Debt —
FY20
Cash $65.7M
Debt $0.1M
FY21
Cash $31.6M
Debt —
FY22
Cash $17.3M
Debt —
FY23
Cash $7.6M
Debt —
FY24
Cash $8.3M
Debt —
FY25
Cash $5.1M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $31.6M | $17.3M | $7.6M | $8.3M | $5.1M |
| Current ratio | 12.6x | 3.7x | 3.7x | 3.0x | 2.4x |
| Quick ratio | 9.9x | 2.9x | 2.3x | 2.0x | 1.4x |
| Total assets | $65.8M | $30.0M | $18.0M | $19.3M | $19.2M |
| Total liabilities | $3.8M | $7.5M | $4.6M | $6.1M | $7.8M |
| Shareholders' equity | $62.1M | $22.5M | $13.4M | $13.2M | $11.5M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Return on assets rose | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | — |
| Current ratio rose | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | — | — | — |
| Gross margin rose | — | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| F-score | — / 3 | 2 / 8 | 3 / 8 | 2 / 8 | 4 / 7 | 5 / 7 | 2 / 7 |
| Accruals ratio | 5.7% | 3.7% | −2.4% | −54.3% | 2.5% | −14.4% | −2.4% |
| Altman Z'' | 1.47 | 33.41 | 16.34 | −11.94 | −15.80 | −12.67 | −14.73 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $13.1M | $25.8M | $36.8M | $35.8M | $34.2M | $43.3M | $49.9M |
| Gross profit | $5.1M | $6.6M | $9.4M | $5.2M | $10.3M | $17.7M | $18.9M |
| Research and development | $0.3M | $0.5M | $1.0M | $0.4M | $0.2M | $0.1M | $0.3M |
| Operating income | −$8.8M | −$12.9M | −$24.0M | −$40.4M | −$10.7M | −$2.2M | −$3.4M |
| Interest expense | $0.0M | $0.0M | — | — | — | — | — |
| Pretax income | −$8.5M | −$12.9M | −$23.9M | −$40.3M | −$10.1M | −$1.8M | −$3.2M |
| Income tax | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.1M | $0.0M |
| Net income | −$8.5M | −$12.9M | −$23.9M | −$40.3M | −$10.2M | −$1.8M | −$3.3M |
| Net income to common | −$1.1M | −$14.5M | −$23.9M | −$40.3M | — | — | — |
| Diluted EPS | −$0.29 | −$2.61 | −$2.66 | −$4.41 | −$1.09 | — | — |
| Diluted shares | 0.00B | 0.01B | 0.01B | 0.01B | — | — | — |
| Cash flow | |||||||
| Cash from operations | −$9.4M | −$14.7M | −$22.1M | −$14.3M | −$10.8M | $0.9M | −$2.8M |
| Capital expenditure | $2.4M | $1.1M | $1.6M | $1.2M | $0.1M | $0.0M | $0.1M |
| Free cash flow | −$11.9M | −$15.7M | −$23.7M | −$15.5M | −$10.9M | $0.8M | −$2.9M |
| Depreciation and amortization | $0.3M | $0.5M | $1.0M | $1.1M | $0.3M | $0.3M | $0.3M |
| Stock-based compensation | $0.7M | $1.4M | $3.6M | $0.6M | $1.1M | $1.6M | $1.9M |
| Share buybacks | $1.1M | $0.0M | $0.0M | — | — | — | — |
| Dividends and buybacks | $1.1M | $0.0M | $0.0M | — | — | — | — |
| Balance sheet | |||||||
| Cash and short-term investments | $6.5M | $65.7M | $31.6M | $17.3M | $7.6M | $8.3M | $5.1M |
| Total debt | — | $0.1M | — | — | — | — | — |
| Current assets | $10.0M | $76.0M | $47.7M | $27.5M | $16.3M | $18.0M | $18.8M |
| Current liabilities | $1.5M | $2.7M | $3.8M | $7.5M | $4.4M | $5.9M | $7.7M |
| Inventory | $2.4M | $6.3M | $10.2M | $5.7M | $6.3M | $6.0M | $7.8M |
| Property and equipment, net | $3.2M | $3.5M | $4.5M | $0.2M | $0.1M | $0.1M | $0.0M |
| Goodwill | — | $0.0M | $6.5M | $0.0M | $0.0M | — | $0.0M |
| Intangible assets | — | $0.1M | $4.8M | $1.4M | $1.2M | $1.0M | $0.2M |
| Total assets | $16.4M | $82.3M | $65.8M | $30.0M | $18.0M | $19.3M | $19.2M |
| Total liabilities | $1.6M | $2.8M | $3.8M | $7.5M | $4.6M | $6.1M | $7.8M |
| Preferred stock | $6.7M | — | — | — | — | — | — |
| Shareholders' equity | $8.1M | $79.5M | $62.1M | $22.5M | $13.4M | $13.2M | $11.5M |
| Margins | |||||||
| Gross margin | 38.8% | 25.5% | 25.6% | 14.5% | 30.1% | 40.9% | 37.9% |
| Operating margin | −66.8% | −50.1% | −65.1% | −112.7% | −31.3% | −5.0% | −6.8% |
| EBITDA margin | −64.5% | −48.3% | −62.4% | −109.5% | −30.4% | −4.4% | −6.3% |
| Net margin | −64.9% | −49.8% | −64.8% | −112.6% | −29.7% | −4.2% | −6.5% |
| FCF margin | −90.5% | −61.1% | −64.3% | −43.2% | −31.9% | 1.9% | −5.7% |
| Returns | |||||||
| Return on capital | — | −73.4% | — | — | — | — | — |
| Return on capital employed | −58.8% | −16.2% | −38.6% | −178.7% | −78.3% | −16.3% | −29.7% |
| Return on equity | −104.8% | −29.3% | −33.7% | −95.4% | −56.6% | −13.7% | −26.4% |
| Return on assets | −51.8% | −26.0% | −32.2% | −84.1% | −42.3% | −9.8% | −16.9% |
| Return on tangible equity | −13.0% | −18.3% | −47.1% | −191.3% | −83.3% | −15.0% | −28.9% |
| Growth | |||||||
| Revenue growth | — | 96.8% | 42.8% | −2.7% | −4.5% | 26.5% | 15.2% |
| FCF growth | — | — | — | — | — | — | −440.4% |
| Share count change | — | 51.2% | 62.0% | 1.8% | — | — | — |
| Financial health | |||||||
| Debt / equity | — | 0.0x | — | — | — | — | — |
| Interest coverage | −179.3x | — | — | — | — | — | — |
| Current ratio | 6.6x | 27.7x | 12.6x | 3.7x | 3.7x | 3.0x | 2.4x |
| Quick ratio | 5.0x | 25.4x | 9.9x | 2.9x | 2.3x | 2.0x | 1.4x |
| Capital allocation | |||||||
| Capex / revenue | 18.5% | 4.1% | 4.2% | 3.2% | 0.4% | 0.1% | 0.2% |
| Stock comp / revenue | 5.3% | 5.5% | 9.7% | 1.8% | 3.2% | 3.8% | 3.8% |
| Quality scores | |||||||
| Piotroski F-score | — | 2.0 | 3.0 | 2.0 | 4.0 | 5.0 | 2.0 |
| Altman Z'' | 1.5 | 33.4 | 16.3 | −11.9 | −15.8 | −12.7 | −14.7 |
| Accruals ratio | 5.7% | 3.7% | −2.4% | −54.3% | 2.5% | −14.4% | −2.4% |
Source: SEC EDGAR XBRL filings (CIK 0001650696). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.