Listed on the New York Stock Exchange, Laird Superfood's share price has dropped significantly from a high of $57.10 per share in December 2021 to $2.60 as of August 18, 2022.
Founded by big wave surfer Laird Hamilton in 2015, Laird Superfood produces a wide assortment of functional coffee, coffee creamers, nutritional powders, and bars. Last year, the company acquired Picky Bars for $12m to add to its bar portfolio offerings.
In its Q2 2022 earnings report, the company reported net sales of $8.7m, a 6% decrease from $9.2m in Q2 2021, attributing the decline to "structural headwinds in online channels as well as heightened inflationary pressures," said CEO Jason Vieth, who joined the company in early 2022.
"We are operating in an unusually uncertain economic environment with the highest inflation rates in decades, particularly food and fuel, which negatively impacts consumer buying power and creates more pressure on margin mix and operating costs than we had anticipated in the beginning of the year," Vieth said on the company's Q2 earnings call.
Commenting on the potential of a takeover by EF Hutton, the company said, "The Laird Superfood Board of Directors will carefully review the proposal and determine the course of action that it believes is in the best interests of the company and all Laird Superfood shareholders. Laird Superfood shareholders do not need to take any action at this time."
Laird Superfood said it does not intend to comment further, unless the company "determines it is in the best interest of shareholders to do so."