1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
LSF
Event Date
2020-09-23
Sector
Consumer
Subsector
Food Products
Offer Range
$22.00-$22.00
Shares Offered
2.65M
8.87M
$184.4M
29.9%
Implied Upside vs Midpoint
Description
Laird Superfood is an emerging consumer products platform focused on manufacturing and marketing highly differentiated plant-based and functional foods. The Laird Superfood brand is increasingly recognized and trusted by a growing number of consumers. The core pillars of the Laird Superfood platform are currently Superfood Creamer coffee creamers, Hydrate hydration products and beverage enhancing supplements, and roasted and instant coffees, teas and hot chocolate. Over time, Laird Superfood plans to aggressively and strategically grow revenues by further penetrating the multi-billion-dollar market opportunity presented by our current product lines, as well as expanding our platform to include additional products that meet our strict plant-based ingredient criteria to diversify our revenue base and increase Laird Superfood’s total addressable market (“TAM”) opportunity. Laird Superfood was founded in 2015 by friends and surfing partners, Laird Hamilton and Paul Hodge. Mr. Hamilton is one of the best-known big wave surfers in the world and well respected for his innovation in many board sports. Mr. Hodge is an entrepreneur who has built numerous environmentally and socially conscious companies in the solar, home technology, electric transportation and sporting industries. Mr. Hamilton has long sought different ways to derive the maximum possible energy from natural food sources to carry him through some of the most grueling surf and exercise sessions in the world. With the need to stay in the water for four to six hours per session, Mr. Hamilton experimented with blends of espresso and a variety of natural fats, such as coconut oil, to create beverages designed to provide stable and long-lasting sources of energy. After years of development and personal trial, Mr. Hamilton created a plant-based recipe consisting of coconut-based ingredients and Aquamin, a mineral rich, calcified sea algae harvested off the coast of Iceland. Mr. Hamilton found these special ingredients provided him with an extended boost of energy beyond a traditional cup of coffee. With the help of several industry veterans, Mr. Hodge spent fourteen months testing over seventy different formulations searching for a recipe that could be produced in a cost-effective and scalable manner in order to bring affordable and convenient consumption to consumers. In July 2015, Laird Superfood launched its first product, the Original Superfood Creamer. Gabrielle Reece, who serves as our Chief Brand Ambassador and is married to Mr. Hamilton, also contributed actively to developing Laird Superfood’s debut products. Ms. Reece is a professional athlete, media personality and Nike’s first female spokeswoman. Her passion for healthy living and fitness expertise make her an influential voice in the world of health and wellness, particularly with a female audience. Mr. Hamilton, Mr. Hodge and Ms. Reece are committed to optimizing nutrition to improve consumer health and achieve peak performance through a platform of Laird Superfood products that taste great and are accessible to the general public. Laird Superfood is driven by the mantra of “Better Food, Better You.” To support this vision, we plan to introduce products that fuel consumers from sunrise to sunset, as part of Laird Superfood’s “Daily Ritual.” --- As a result of growing consumer demand for Laird Superfood products and the continued expansion of our omnichannel distribution strategy, our net sales have grown from $568 thousand in 2016 to $13.1 million in 2019 and $11.1 million in the first six months of 2020, representing an annualized compound annual growth rate of approximately 185%. During the same period, our gross margins have expanded from 24.8% in 2016 to 38.8% in 2019 and 31.0% in the first six months of 2020, which highlights the inherent operating leverage built into our vertically integrated business model. We believe additional gross margin expansion can be achieved via factory efficiencies and overhead absorption. --- We were formed as a limited liability company on June 25, 2015 under the laws of the State of Oregon, converted to a corporation under the laws of the State of Oregon on February 18, 2016, and converted to a corporation under the laws of the State of Delaware on July 3, 2018. Our principal executive offices are located at 275 W. Lundgren Mill Drive, Sisters, Oregon 97759. Our main phone number is 888-670-6796. Our website is www.lairdsuperfood.com.
Laird Superfood, Inc. annual income statement and balance sheet, FY 2021 to FY 2025, as reported in SEC filings.
| Metric | FY 2021 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $36.8M | — | $43.3M | $49.9M |
| Gross profit | $9.4M | — | $17.7M | $18.9M |
| Operating income | ($24.0M) | — | ($2.2M) | ($3.4M) |
| Net income | ($23.9M) | — | ($1.8M) | ($3.3M) |
| Metric | FY 2021 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Total assets | $65.8M | — | $19.3M | $19.2M |
| Total liabilities | $3.8M | — | $6.1M | $7.8M |
| Total equity | $62.1M | $13.4M | $13.2M | $11.5M |
| Cash & equivalents | $22.9M | — | $8.3M | $5.1M |