{"url_path":"/sec/lsf/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/1650696/0001437749-26-017096-index.html","accession_number":"0001437749-26-017096","cik":"0001650696","ticker":"LSF","issuer_name":"Laird Superfood, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1650696/0001437749-26-017096-index.html","primary_entity_key":"0001650696","primary_entity_name":"Laird Superfood, Inc."},"word_count":1546,"has_tables":true,"body_markdown":"lsf20260331_10q.htm\n\n0001650696\nLaird Superfood, Inc.\nfalse\n--12-31\nQ1\n2026\n1\n10\n10\n5\n50,000\n0\n0\n3.57\nfalse\nfalse\nfalse\nfalse\nIn the three months ended March 31, 2025, the Company reported a net loss and therefore all 2,577,217 potential common shares underlying outstanding stock options and RSUs were excluded from the diluted computation as their inclusion would be anti-dilutive.\nComputed under the treasury stock method using the average closing price of $2.81 per share for the three months ended March 31, 2026. In the three months ended March 31, 2025, all outstanding equity awards were anti-dilutive due to the net loss position.\nIn the three months ended March 31, 2026, diluted EPS was computed using the two-class method, which was more dilutive than the if-converted method. Because the two-class method was used, the 2,956,738 weighted average as-converted preferred shares are excluded from the diluted denominator. The Series A Preferred Stock was convertible into an aggregate of 14,005,602 shares of common stock. No Series A Preferred was outstanding in the comparative 2025 period.\nOn December 21, 2025, the Company entered into an agreement to acquire Navitas and GSC. The Company incurred professional fees related to this business combination in the three months ended March 31, 2026. See Note 2 for more information on the Navitas 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of Contents](#toc)\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, DC 20549**\n\n**FORM 10-Q**\n\n**(Mark One)**\n\n☒\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the quarterly period ended March 31, 2026**\n\n**OR**\n\n \n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the transition period from _________ to_________**\n\n \n\n**Commission File Number: 001-39537**\n\n \n\n**Laird Superfood, Inc.**\n\n**(Exact name of registrant as specified in its charter)**\n\n \n\n**Nevada**\n\n**81-1589788**\n\n**(State or other jurisdiction of**\n\n**incorporation or organization)**\n\n**(I.R.S. Employer**\n**Identification No.)**\n\n  \n\n**5303 Spine Road, Suite 204, Boulder, Colorado****80301**\n\n**(Address of principal executive offices)****(Zip Code)**\n\n \n\n**Registrant**’**s telephone number, including area code: (541) 588-3600**\n\n**Securities registered pursuant to Section 12(b) of the Act:**\n\n \n\n**Title of each class**\n\n \n\n**Trading**\n\n**Symbol(s)**\n\n \n\n**Name of each exchange**\n\n**on which registered**\n\n**Common Stock, $0.001 par value**\n\n \n\n**LSF**\n\n \n\n**NYSE American**\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n \n\n☐\n\n \n\nAccelerated filer\n\n \n\n☐\n\nNon-accelerated filer\n\n \n\n☒\n\n \n\nSmaller reporting company\n\n \n\n☒\n\n \n\n \n\n \n\n \n\nEmerging growth company\n\n \n☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nAs of May 8, 2026 the registrant had 11,004,348 shares of common stock, $0.001 par value per share, outstanding.\n\n \n\n[Table of Contents](#toc)\n\n \n\n**TABLE OF CONTENTS**\n\n \n\n \n\n**Page**\n\n[Part I. Financial Information](#parti)\n\n \n\n \n \n\n[Item 1. Financial Statements (unaudited)](#bs)\n\n[4](#item1)\n\n \n \n\n[Unaudited Consolidated Condensed Balance Sheets](#bs)\n\n[4](#bs)\n\n \n \n\n[Unaudited Consolidated Condensed Statements of Operations](#income)\n\n[5](#income)\n\n \n \n\n[Unaudited Consolidated Condensed Statements of Stockholders’ Equity](#she)\n\n[6](#she)\n\n \n \n\n[Unaudited Consolidated Condensed Statements of Cash Flows](#cfs)\n\n[7](#cfs)\n\n \n \n\n[Notes to Unaudited Consolidated Condensed Financial Statements](#notes)\n\n[8](#notes)\n\n \n \n\n[Item 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations](#mda)\n\n[22](#mda)\n\n \n \n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#qqdmr)\n\n[28](#qqdmr)\n\n \n \n\n[Item 4. Controls and Procedures](#cps)\n\n[28](#cps)\n\n \n \n\n[Part II. Other Information](#partii)\n\n[29](#partii)\n\n \n \n\n[Item 1. Legal Proceedings](#legal)\n\n[29](#legal)\n\n \n \n\n[Item 1A. Risk Factors](#risks)\n\n[29](#risks)\n\n \n \n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#uses)\n\n[29](#uses)\n\n \n \n\n[Item 3. Defaults Upon Senior Securities](#duss)\n\n[29](#duss)\n\n \n \n\n[Item 4. Mine Safety Disclosures](#msd)\n\n[29](#msd)\n\n \n \n\n[Item 5. Other Information](#oi)\n\n[29](#oi)\n\n \n \n\n[Item 6. Exhibits](#exs)\n\n[30](#exs)\n\n \n \n\n[Signatures](#sigs)\n\n[31](#sigs)\n\n \n\n*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.*\n\n \n\n*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. *\n\n \n\n \n\n2\n\n[Table of Contents](#toc)\n\n \n\n**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**\n\n \n\nThis 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.\n\n \n\nForward-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:\n\n \n\n \n\n●\n\nour limited operating history and ability to become profitable;\n\n \n\n \n\n●\n\nour ability to manage our growth, including our human resource requirements;\n\n \n\n \n\n●\n\nour reliance on third parties for raw materials and production of our products;\n\n \n\n \n\n●\n\nour future capital resources and needs;\n\n \n\n \n\n●\n\nour ability to retain and grow our customer base;\n\n \n\n \n\n●\n\nour reliance on independent distributors for a substantial portion of our sales;\n\n \n\n \n\n●\n\nour ability to evaluate and measure our business, prospects, and performance metrics;\n\n \n\n \n\n●\n\nour ability to compete and succeed in a highly competitive and evolving industry;\n\n \n\n \n\n●\n\nthe health of the premium organic and natural food industry as a whole;\n\n \n\n \n\n●\n\nrisks related to our intellectual property rights and developing a strong brand;\n\n \n\n \n\n●\n\nour reliance on key personnel, including Laird Hamilton and Gabrielle Reece;\n\n \n\n \n\n●\n\nregulatory risks;\n\n \n\n \n\n●\n\nthe risk of substantial dilution from future issuances of our equity securities;\n\n \n\n \n\n●\n\ntariffs and trade-related policies;\n\n \n\n \n\n●\n\nOur ability to integrate acquired businesses; and\n\n \n\n \n\n●\n\nthe other risks described herein and in our Annual Report on Form 10-K for the year ended December 31, 2025.\n\n \n\nIn 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.\n\n \n\n3\n\n[Table of Contents](#toc)\n\n \n\n**PART I - FINANCIAL INFORMATION**"}