Laird Superfood
LSF on NYSEAmerican. Market value $35m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
None of the long-term investors we follow own it. 45 funds in all.
Largest holders overall
- Osaic Holdings$2mAdded
- Mink Brook Asset Management$2m
- Vanguard Capital Management$1mAdded
- Renaissance Technologies$609,120Cut
- BlackRock$471,590Added
- Aspiriant$429,817New
- Geode Capital Management$424,184Cut
- HighTower Advisors$343,565Added
- Finley Financial$235,000Added
- Citadel Advisors$212,985Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Nexus Capital Management LPInsider or founderat least 73.8%+17.1 pts(filed with 11 related holders)Since 21 April 2026
What they said
Item 4 of the Amended Statement is hereby amended and supplemented by adding the following: Terrasoul Acquisition Agreement On April 21, 2026 (the "Closing Date"), the Issuer completed its acquisition (the "Terrasoul Acquisition") of all of the issued and outstanding equity…
Read the filing - AWM Investment Company, Inc.Passive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
Nexus Capital Management LP Insider or founder | at least 73.8%+17.1 pts (filed with 11 related holders) | 21 April 2026 | What they saidItem 4 of the Amended Statement is hereby amended and supplemented by adding the following: Terrasoul Acquisition Agreement On April 21, 2026 (the "Closing Date"), the Issuer completed its acquisition (the "Terrasoul Acquisition") of all of the issued and outstanding equity… Read the filing |
AWM Investment Company, Inc. Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $350,104 of shares on the open market.
- GRAVES GREGORY BDirectorBought
- Date
- 10 June 2026
- Shares
- 15,000
- Price
- $3.45
- Value
- $51,750
- LaMontagne Grant JDirectorBought
- Date
- 5 June 2026
- Shares
- 6,910
- Price
- $3.30
- Value
- $22,803
- LaMontagne Grant JDirectorBought
- Date
- 4 June 2026
- Shares
- 8,826
- Price
- $3.23
- Value
- $28,508
- LaMontagne Grant JDirectorBought
- Date
- 3 June 2026
- Shares
- 17,054
- Price
- $3.30
- Value
- $56,278
- LaMontagne Grant JDirectorBought
- Date
- 2 June 2026
- Shares
- 27,160
- Price
- $3.30
- Value
- $89,628
- LaMontagne Grant JDirectorBought
- Date
- 29 May 2026
- Shares
- 6,610
- Price
- $3.30
- Value
- $21,813
- LaMontagne Grant JDirectorBought
- Date
- 28 May 2026
- Shares
- 624
- Price
- $3.30
- Value
- $2,059
- LaMontagne Grant JDirectorBought
- Date
- 22 May 2026
- Shares
- 615
- Price
- $3.30
- Value
- $2,030
- LaMontagne Grant JDirectorBought
- Date
- 21 May 2026
- Shares
- 87
- Price
- $3.30
- Value
- $287
- LaMontagne Grant JDirectorBought
- Date
- 20 May 2026
- Shares
- 22,850
- Price
- $3.28
- Value
- $74,948
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 10 June 2026 | GRAVES GREGORY B Director | Bought | 15,000 | $3.45 | $51,750 |
| 5 June 2026 | LaMontagne Grant J Director | Bought | 6,910 | $3.30 | $22,803 |
| 4 June 2026 | LaMontagne Grant J Director | Bought | 8,826 | $3.23 | $28,508 |
| 3 June 2026 | LaMontagne Grant J Director | Bought | 17,054 | $3.30 | $56,278 |
| 2 June 2026 | LaMontagne Grant J Director | Bought | 27,160 | $3.30 | $89,628 |
| 29 May 2026 | LaMontagne Grant J Director | Bought | 6,610 | $3.30 | $21,813 |
| 28 May 2026 | LaMontagne Grant J Director | Bought | 624 | $3.30 | $2,059 |
| 22 May 2026 | LaMontagne Grant J Director | Bought | 615 | $3.30 | $2,030 |
| 21 May 2026 | LaMontagne Grant J Director | Bought | 87 | $3.30 | $287 |
| 20 May 2026 | LaMontagne Grant J Director | Bought | 22,850 | $3.28 | $74,948 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Laird Superfood’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 30 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 9 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on this evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were not effective as of June 30, 2026, due to a material weakness in our internal controls over financial reporting described below.”
Show the full paragraph
Our management, with the participation of our principal executive officer and our principal financial officer, and under the oversight of the Board of Directors, has evaluated the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were not effective as of June 30, 2026, due to a material weakness in our internal controls over financial reporting described below. However, our management, including our principal executive officer and our principal financial officer, has concluded that, notwithstanding the identified material weakness in our internal controls over financial reporting, the consolidated financial statements in Quarterly Report on Form 10-Q fairly presents, in all material respects, our financial position, results of operations, and cash flows for the periods presented in conformity with U.S. GAAP.
From the 10-Q filed 13 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On March 10, 2025, the Board of Directors (the “Board”) of Laird Superfood, Inc. (the “Company”) approved the dismissal of Moss Adams LLP (“Moss Adams,”) the Company’s independent registered public accounting firm, such action dismissing Moss Adams effective immediately.”
From an 8-K filed 14 March 2025: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.