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| Part I. Financial Information |
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| Item 1. Financial Statements | 4 |
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| Unaudited Consolidated Condensed Balance Sheets | 4 |
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| Unaudited Consolidated Condensed Statements of Operations | 5 |
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| Unaudited Consolidated Condensed Statements of Stockholders’ Equity | 6 |
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| Unaudited Consolidated Condensed Statements of Cash Flows | 7 |
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| Notes to Unaudited Consolidated Condensed Financial Statements | 8 |
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| Item 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations | 24 |
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| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 32 |
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| Item 4. Controls and Procedures | 33 |
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| Part II. Other Information | 34 |
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| Item 1. Legal Proceedings | 34 |
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| Item 1A. Risk Factors | 34 |
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| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 35 |
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| Item 3. Defaults Upon Senior Securities | 35 |
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| Item 4. Mine Safety Disclosures | 35 |
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| Item 5. Other Information | 35 |
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| Item 6. Exhibits | 36 |
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| Signatures | 37 |
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Laird, our logo and other trademarks or service marks appearing in this report are the property of Laird Superfood, Inc. Trade names, trademarks and service marks of other companies appearing in this report are the property of their respective owners. Solely for convenience, the trademarks, service marks and trade names included in this report are without the ®, or other applicable symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names.
Unless the context otherwise indicates, references to “Laird Superfood,” “we,” “our,” “us” and the “Company” refer to Laird Superfood, Inc. and its subsidiary on a consolidated basis.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements convey our current expectations or forecasts of future events and are not guarantees of future performance. Such forward-looking statements are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Any statements contained in this Quarterly Report on Form 10-Q that are not statements of historical fact may be forward-looking statements. When we use the words “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “seeks,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, we are identifying forward-looking statements.
Forward-looking statements involve risks and uncertainties, which may cause our actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Key factors that could cause actual results to be different than expected or anticipated include, but are not limited to:
| ● | our limited operating history and ability to become profitable; |
| ● | our ability to manage our growth, including our human resource requirements; |
| ● | our reliance on third parties for raw materials and production of our products; |
| ● | our future capital resources and needs; |
| ● | our ability to retain and grow our customer base; |
| ● | our reliance on independent distributors for a substantial portion of our sales; |
| ● | our ability to evaluate and measure our business, prospects, and performance metrics; |
| ● | our ability to compete and succeed in a highly competitive and evolving industry; |
| ● | the health of the premium organic and natural food industry as a whole; |
| ● | risks related to our intellectual property rights and developing a strong brand; |
| ● | our reliance on key personnel, including Laird Hamilton and Gabrielle Reece; |
| ● | the risk of substantial dilution from future issuances of our equity securities; |
| ● | tariffs and trade-related policies; and |
| ● | the other risks described herein and in our Annual Report on Form 10-K for the year ended December 31, 2024. |
In light of these risks, uncertainties and assumptions, you are cautioned not to place undue reliance on forward-looking statements, which are inherently unreliable and speak only as of the date of this Quarterly Report on Form 10-Q. You should read this Quarterly Report on Form 10-Q and the documents that we reference in this report with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. When considering forward-looking statements, you should keep in mind the cautionary statements in this report. We qualify all our forward-looking statements by these cautionary statements. We are not under any obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
