Business Description

and its wholly owned subsidiary, Picky Bars, LLC, on a consolidated basis. Overview Laird Superfood develops and markets great-tasting, high-quality food and beverage products designed to support health, convenience, and everyday use. Our product portfolio emphasizes natural ingredients, nutrient density, and functional attributes, and includes offerings that incorporate adaptogens and other functional ingredients commonly associated with supporting stress management, energy, mental focus, and overall wellness. Our primary products include: (i) coffee creamers, (ii) coffee, tea, and hot chocolate products, (iii) hydration and beverage enhancing products, and (iv) snacks and other food items. Following the Navitas Acquisition, our products also include healthy baking products, wellness staples, and functional snacks. Over the long term, we seek to build a widely recognized superfood brand grounded in authenticity, functionality, and a commitment to supporting a healthy and sustainable future for consumers and the environment. Market Opportunity Consumer preferences within the evolving food and beverage industry continue to shift away from processed and sugar-laden food and beverage products, as well as those containing significant amounts of ultra-processed and artificial ingredients. We strive to create products that are amongst the cleanest, most minimally processed in the industry, and we intend to lead by example as the tides continue to shift in our direction. We participate in what Grand View Research estimates to be an $11.9 trillion grocery market as of 2023, with a projected 3.2% compound annual growth rate (“CAGR”) between 2024 and 2030. Laird Superfood is specifically focused on the U.S. Natural, Organic, and Functional Food and Beverages and Supplement sub-segment, which accounted for approximately $104.7 billion of that market in 2023 and is expected to grow at a 13.2% CAGR between 2024 and 2030. Additionally, per Grand View Research , the North American Functional Mushroom Supplement Market was valued at $5.5 million in 2023 and projected to grow at a 12% compound annual growth rate (“CAGR”) between 2024 and 2030. Functional mushrooms are a key ingredient in the Laird Superfood portfolio as we strive to bring their potential benefits to food. Our Competitive Strengths We believe the following strengths differentiate Laird Superfood and create long-term, sustainable advantages: An Emerging Platform Within the Rapidly Expanding Natural Foods Industry Long-term opportunities lie in building Laird Superfood into a unique platform within the natural foods industry, which is currently dominated by single-product companies. The core tenets of this platform approach are strengthening our authentic and trusted brand name, growing our expansive omnichannel distribution strategy, optimizing our business model to maximize profit margins, and the introduction of new products that align with our core ethos. We believe our platform provides opportunities for continual expansion of our total addressable market (“TAM”) to allow long-duration growth, sustained differentiation of our brand, product diversification and leveraging our core strengths and operating costs to increase profit margins. As a result of Navitas Acquisition, we have expanded our platform and product offerings to include healthy baking products, wellness staples and additional snack products. In the future, we will continue to evaluate additional strategic transactions in the premium functional food market. Omnichannel Distribution Strategy Our omnichannel distribution strategy has two key components: e-commerce and wholesale. In the aggregate, this omnichannel strategy provides us with a diverse set of customers and wholesale partners, leading to a larger TAM opportunity than is normally available to products available primarily in grocery stores, along with an opportunity to develop a direct relationship with our customers on lairdsuperfood.com. We believe that, along with a trusted brand name, extensive proprietary distribution is a critical long-term and sustainable barrier to entry in the food industry. 4 Table of Contents Our Growth Strategy Our primary growth strategies are as follows: Open-Ended and Long Duration Growth in the U.S. Grocery Market The U.S. grocery market is one of the largest retail markets in the world.…