Laird Superfood appoints KPMG as new accountant

Laird Superfood, Inc. (NYSE American:LSF), a $57.57 million market cap company specializing in plant-based foods, announced on Monday the appointment of KPMG LLP as its new independent registered public accounting firm for the fiscal year ending December 31, 2025. The company, which has shown strong revenue growth of 26.5% in the last twelve months, maintains a solid financial position with more cash than debt on its balance sheet, according to InvestingPro data. The decision was made by the company’s Board of Directors and is effective immediately, contingent on KPMG’s standard client acceptance procedures.

This change comes after the company dismissed its previous accountant, Moss Adams LLP, on the same day. According to Laird Superfood, the dismissal was not due to any disagreements or issues with Moss Adams’ audit reports for the fiscal years ended December 31, 2024, and 2023. The company maintains strong liquidity with a current ratio of 3.03, indicating its ability to meet short-term obligations effectively. The reports did not contain any adverse opinions, nor were they qualified or modified concerning audit scope or accounting principles. Moreover, the company reported no disagreements with Moss Adams on matters of accounting principles or practices, financial statement disclosure, or auditing scope and procedures that would have necessitated a reference in their reports. There were also no reportable events as defined by SEC regulations.

Moss Adams has provided a letter, dated today, agreeing with the statements made by Laird Superfood in this Form 8-K filing with the Securities and Exchange Commission.

Prior to this engagement, Laird Superfood had not consulted with KPMG on any matters that would require disclosure under SEC regulations.

The company’s decision to change its certifying accountant is disclosed in accordance with the SEC’s requirements and is detailed in the Form 8-K filed today. The transition to a new accounting firm reflects the company’s ongoing management of its financial oversight and reporting obligations. InvestingPro analysis indicates the company maintains a FAIR financial health score, with particularly strong metrics in growth and cash flow management. Investors seeking deeper insights into LSF’s financial position can access comprehensive Pro Research Reports, available exclusively on InvestingPro, covering over 1,400 US stocks including Laird Superfood.

Investors and stakeholders can refer to the company’s Form 8-K for further details on the transition and the full letter from Moss Adams. This article is based on a press release statement from Laird Superfood, Inc.

In other recent news, Laird Superfood Inc. reported a quarterly earnings loss of $0.18 per share, falling short of analyst expectations of a $0.02 profit. Despite this earnings miss, the company posted revenue of $11.6 million, surpassing forecasts of $10.86 million and reflecting a 26% year-over-year growth. The company ended the quarter with $8.5 million in cash and no debt, even as it faces challenges such as supply chain issues and out-of-stock products affecting sales. Laird Superfood’s gross margins for the full year improved to 40.9%, up 10.7 percentage points from the previous year, driven by strategic sourcing and operational efficiencies.

Looking ahead, Laird Superfood aims for net sales growth of 20-25% in 2025, with a focus on resolving supply chain constraints by early Q2. The company also plans to maintain gross margins in the high 30s while achieving adjusted EBITDA breakeven. Analysts have not provided any new upgrades or downgrades following this earnings report. The company’s CEO, Jason Beek, emphasized the strategic positioning of Laird Superfood in the market, highlighting its expanding product lines and increased market share. The company also noted significant growth in its e-commerce channels, particularly on platforms like Amazon (NASDAQ:AMZN).

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