The company attributed the strong rise to the growing desire for high quality, all-natural whole food ingredients
Laird Superfood, Inc., based in the US, recently reported financial results for its third quarter ended September 30, 2020.
In the third quarter 2020, the company recorded an increase in Net Sales of 118% Y-O-Y to $7.6 million. Online sales contributed 49% of net sales, with lairdsuperfood.com sales growing 115% year over year. Wholesale sales contributed 50%, increasing 223% year over year, as retail door expansion reached approximately 7,200 locations. Liquid creamer rolled out to more than 1,200 locations, including Whole Foods and Kroger. Gross profit was $1.9 million and gross margin was 24.7%, compared to gross profit of $1.5 million and a gross margin of 41.9% in the prior year period. Net loss attributable to common stockholders was $4.0 million, or $0.86 per diluted share, compared to net loss of $2.4 million, or $0.66 per diluted share in the prior year period.
Paul Hodge Jr., Co-founder, President and Chief Executive Officer of Laird Superfood, commented, “The third quarter of 2020, our first quarter as a publicly-traded company, was a record quarter for us with 118% year over year revenue growth, reflecting continued strength across the business. Our plant-based superfood products appeal to the growing desire for high quality, all-natural whole food ingredients that are also sustainably sourced and packaged.”
Hodge Jr. continued, “We are in the early stages of a long-term growth strategy built on market penetration into billion dollar-plus addressable markets like creamer, coffee and hydration. As a native digital platform, our loyal customer community continues to grow, reflecting the authenticity associated with the Laird Superfood brand. Mahalo to our dedicated team who achieved so much so far this year, despite adapting quickly through the pandemic, while staying focused on our operating goals and true to our culture and values.”