Laird Superfood Inc (LSF)

Laird Superfood Reports First Quarter 2026 Financial ResultsMay 14, 2026 4:05 PM
Business Wire Net Sales of $13.9 million for First Quarter 2026, growth of 20% year-over-year. Laird Superfood, Inc. (NYSE American: LSF) (“Laird Superfood,” the “Company”, “we”, and “our”), today reported financial results for the first quarter ended March 31, 2026. Jason Vieth, Chief Executive Officer, commented, “The first quarter of 2026 marked a transformative period for Laird Superfood. We completed the acquisition of Navitas Organics in March, adding one of the most trusted names in the superfood category to our platform, and followed that shortly after quarter-end with the acquisition of Terrasoul Superfoods in April — establishing Laird Superfood as a scaled, multi-brand superfood platform. Our combined business continued to deliver strong top-line momentum, with Net sales growing 20% vs last year, driven by wholesale growth, continued strength on Amazon, and the inclusion of Navitas Organics. We are now focused on executing our integration playbook across all three businesses, capturing synergies, and building the infrastructure to support long-term profitable growth. While near-term results will reflect the costs and complexity of integrating two acquisitions in quick succession, we are confident in our strategic position and ability to create lasting value for our customers, partners, and shareholders.” First Quarter 2026 Highlights Net sales of $13.9 million compared to $11.7 million in the corresponding prior year period, representing 20% growth. Navitas contributed $1.6 million of Net sales. E-commerce sales increased by 4% year-over-year and contributed 46% of total Net sales, led by the addition of Navitas sales and strong sales growth on Amazon.com, offset in part by softness in the direct-to-consumer channel. Wholesale sales increased by 37% year-over-year and contributed 54% of total Net sales, driven by the addition of Navitas sales, distribution and product assortment expansion, and velocity improvement in grocery and club outlets. Gross margin was 33.3% compared to 41.9% in the corresponding prior year period. Approximately 5.4 percentage points year-over-year was attributable to unfavorable channel and product mix, inflationary commodity costs, as well the impact of import tariffs on certain input costs. Approximately 3.2 percentage points of this contraction was driven by a timing-related inventory costing benefit in the prior year period that did not recur. Net income was $1.8 million, or $0.12 per basic share ($0.11 per diluted share), compared to net loss of ($0.2) million, or ($0.02) per diluted share, in the corresponding prior year period. Net income in the first quarter of 2026, compared to the prior year period, was driven by a discrete income tax benefit related to the release of valuation allowance on deferred tax liabilities acquired in connection with the Navitas Acquisition, offset primarily by costs incurred in connection with the acquisition and integration of Navitas and, to a lesser degree, by inflationary commodity costs, and tariffs. Adjusted EBITDA, which is a non-GAAP financial measure, was ($1.1) million, compared to $0.4 million in the corresponding prior year period. The decrease was driven primarily by inflationary commodity costs, tariffs, as well as higher marketing and selling expenses. For more details on non-GAAP financial measures, refer to the information in the non-GAAP financial measures section of this press release. REVENUE DISAGGREGATION (unaudited)     Three Months Ended March 31,       2026     2025       $     % of Total     $     % of Total   Coffee solutions   $ 11,693,464       84 %   $ 9,936,026       85 % Functional foods     4,789,748       34 %     3,606,107       31 % Gross sales     16,483,212       118 %     13,542,133       116 % Shipping income     115,079       1 %     122,274       1 % Discounts and promotional activity     (2,656,739 )     (19 )%     (2,010,248 )     (17 )% Sales, net   $ 13,941,552       100 %   $ 11,654,159       100 %     Three Months Ended March 31,       2026     2025       $     % of Total     $     % of Total   E-commerce   $ 6,469,759       46 %   $ 6,213,116       53 % Wholesale     7,471,793       54 %     5,441,043       47 % Sales, net   $ 13,941,552       100 %   $ 11,654,159       100 % Balance Sheet and Cash Flow Highlights We had $10.5 million of cash, cash equivalents, and restricted cash as of March 31, 2026, and no outstanding debt. Cash used in operating activities was $3.8 million for the first quarter ended March 31, 2026, compared to cash used in operating activities of $1.3 million in the same period in 2025. The increase in cash used was driven primarily by the payment of costs incurred in relation to the Navitas Acquisition, as well as strategic investment into working capital. On April 21, 2026, we completed the acquisition of Terrasoul Superfoods LLC ("Terrasoul") and a corresponding private placement of an additional 60,000 shares of Series A Convertible Preferred Stock. After funding the acquisition, the remaining proceeds are available to support the payment of certain liabilities related to the acquisition as well as combined enterprise working capital needs. As of April 30, 2026, we had approximately $24.0 million of cash, cash equivalents, and restricted cash. 2026 Financial Outlook For fiscal year 2026, the Company expects consolidated Net sales in the range of $138 to $148 million reflecting a full year of Laird Superfood and the post-acquisition contributions of Navitas and Terrasoul. Adjusted EBITDA is expected to be in the range of $8 to $12 million for fiscal 2026, reflecting a full year of Laird Superfood and the post-acquisition contributions of Navitas and Terrasoul, driven by top-line growth and early synergy realization. Adjusted EBITDA excludes transaction and integration costs, which are one-time in nature. These expectations reflect the Company's current view of growth trends across its business and a prudent assumption around the pace of synergy capture. The Company will provide updated guidance as integration milestones are achieved and visibility into the full-year outlook improves. Laird Superfood has not provided a reconciliation between its forecasted Adjusted EBITDA and net loss, its most directly comparable GAAP measure, because applicable information for future periods, on which this reconciliation would be based, is not available without unreasonable effort due to the unavailability of reliable estimates for stock-based compensation, due to volatility in our stock price, and state and local income taxes, among other items. These items may vary greatly over periods and could significantly impact future financial results. Terrasoul Acquisition and Nexus Capital Investment On April 21, 2026, Laird Superfood, Inc. completed two concurrent transactions: (i) the acquisition of Terrasoul, for a purchase price of $48.0 million, subject to post-closing adjustments (the “Terrasoul Acquisition”), and (ii) the purchase by Gateway Superfood NSSIII Investment, LLC and Gateway Superfood NSSIV Investment, LLC, each an affiliate of Nexus Capital Management LP, of 60,000 shares of Series A Convertible Preferred Stock at $1,000 per share for gross proceeds of $60.0 million (the “Nexus Investment” and together with the Terrasoul Acquisition, the “Transactions”), pursuant to that certain investment agreement dated December 21, 2025. The net proceeds from the Nexus Investment were used to complete the Terrasoul Acquisition. The Transactions were approved by the Company's Board of Directors on April 20, 2026. The results of Terrasoul are not included in the Company's consolidated financial statements for the quarter ended March 31, 2026. Conference Call and Webcast Details We will host a conference call and webcast at 5:00 p.m. ET today to discuss our financial results. Participants may access the live webcast on the Laird Superfood Investor Relations website at https://investors.lairdsuperfood.com under “Events”. The webcast will be archived on the Company's website and will be available for replay for at least two weeks. About Laird Superfood Laird Superfood, Inc. creates award-winning, plant-based superfood products that are clean, delicious, and functional. Our products are designed to enhance a consumer's daily ritual and keep them fueled naturally throughout the day. Laird Superfood was co-founded in 2015 by the world's most prolific big-wave surfer, Laird Hamilton. Laird Superfood's offerings are environmentally conscientious, responsibly tested and made with real ingredients. Shop all products online at www.lairdsuperfood.com and join the Laird Superfood community on social media for the latest news and daily doses of inspiration. Forward-Looking Statements This press release and the conference call referencing this press release contain “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to our 2026 financial outlook and statements regarding Laird Superfood’s anticipated expansion across its platforms, channels, products, and geographies, cash runway, future financial performance, and growth. Such forward-looking statements may be identified by words such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “intends,” “may,” “outlook,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” “would,” or the antonyms of these terms or other comparable terminology. These forward-looking statements are based on Laird Superfood’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Laird Superfood’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. 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. The risks and uncertainties referred to above include, but are not limited to: (1) volatility regarding our revenue, expenses, including shipping expenses, and other operating results; (2) our ability to acquire new direct and wholesale customers and successfully retain existing customers; (3) our ability to attract and retain our suppliers, distributors and co-manufacturers, and effectively manage their costs and performance; (4) effects of real or perceived quality or health issues with our products or other issues that adversely affect our brand and reputation; (5) our ability to innovate on a timely and cost-effective basis, predict changes in consumer preferences and develop successful new products, or updates to existing products, and develop innovative marketing strategies; (6) adverse developments regarding prices and availability of raw materials and other inputs, a substantial amount of which come from a limited number of suppliers outside the United States, including in areas which may be adversely affected by climate change; (7) effects of changes in the tastes and preferences of our consumers and consumer preferences for natural and organic food products; (8) the financial condition of, and our relationships with, our suppliers, co-manufacturers, distributors, retailers and food service customers, as well as the health of the food service industry generally; (9) the ability of ourselves, our suppliers and co-manufacturers to comply with food safety, environmental or other laws or regulations and the potential impact of policy changes regarding imports, exports, and tariffs; (10) our plans for future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements, including our ability to continue as a going concern; (11) the costs and success of our marketing efforts, and our ability to promote our brand; (12) our reliance on our executive team and other key personnel and our ability to identify, recruit and retain skilled and general working personnel; (13) our ability to effectively manage our growth; (14) our ability to compete effectively with existing competitors and new market entrants; (15) the impact of adverse economic conditions, consumer confidence and spending levels; (16) the growth rates of the markets in which we compete, and (17) the other risks described in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings we make with the Securities and Exchange Commission. LAIRD SUPERFOOD, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)     Three Months Ended       March 31,       2026     2025   Sales, net   $ 13,941,552     $ 11,654,159   Cost of goods sold     (9,298,313 )     (6,772,619 ) Gross profit     4,643,239       4,881,540   General and administrative                 Salaries, wages, and benefits     1,599,571       1,158,155   Other general and administrative     2,279,161       1,085,609   Total general and administrative expenses     3,878,732       2,243,764   Sales and marketing                 Marketing and advertising     2,395,734       1,731,036   Selling     1,299,479       1,055,570   Related party marketing agreements     90,236       69,189   Total sales and marketing expenses     3,785,449       2,855,795   Total operating expenses     7,664,181       5,099,559   Operating loss     (3,020,942 )     (218,019 ) Other income     46,833       74,448   Loss before income taxes     (2,974,109 )     (143,571 ) Income tax benefit (expense)     4,725,039       (12,611 ) Net income (loss)   $ 1,750,930     $ (156,182 ) Net income (loss) attributable to common stockholders   $ 1,317,116     $ (156,182 ) Net income (loss) per share:                 Basic   $ 0.12     $ (0.02 ) Diluted   $ 0.11     $ (0.02 ) Weighted-average shares of common stock outstanding used in computing net income (loss) per share of common stock, basic     10,784,560       10,345,495   Weighted-average shares of common stock outstanding used in computing net income (loss) per share of common stock, diluted     11,608,427       10,345,495   LAIRD SUPERFOOD, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)     Three Months Ended March 31,       2026     2025   Cash flows from operating activities                 Net income (loss)   $ 1,750,930     $ (156,182 ) Adjustments to reconcile net income (loss) to net cash from operating activities:                 Depreciation and amortization     171,667       66,521   Stock-based compensation     371,952       508,410   Provision for inventory obsolescence     (19,553 )     101,715   Deferred income tax benefit (release of valuation allowance)     (4,745,333 )     —   Other operating activities, net     52,402       24,575   Changes in operating assets and liabilities, net of acquisition:                 Accounts receivable     427,249       (556,239 ) Inventory     (1,615,931 )     (3,638,003 ) Prepaid expenses and other current assets     987,646       576,688   Operating lease liability     (27,286 )     (26,492 ) Accounts payable     7,525       1,032,391   Accrued expenses     (1,199,928 )     751,038   Related party liabilities     6,000       40,834   Net cash from operating activities     (3,832,660 )     (1,274,744 ) Cash flows from investing activities                 Purchase of property and equipment     (3,878 )     (72,214 ) Acquisition of a business, net of cash acquired     (40,203,669 )     —   Net cash from investing activities     (40,207,547 )     (72,214 ) Cash flows from financing activities                 Common stock issuances, net of taxes     (136,589 )     (19,292 ) Stock option exercises     136,675       15,460   Preferred stock issuances     50,000,000       —   Preferred stock issuance costs     (760,775 )     —   Net cash from financing activities     49,239,311       (3,832 ) Net change in cash and cash equivalents     5,199,104       (1,350,790 ) Cash, cash equivalents, and restricted cash, beginning of period     5,320,600       8,514,152   Cash, cash equivalents, and restricted cash, end of period   $ 10,519,704     $ 7,163,362   Supplemental disclosures of non-cash activities                 Accretion of paid-in-kind preferred dividends   $ 98,308     $ —   Prepaid expenses paid for with a short-term financing arrangement included in accrued expenses   $ 25,846     $ 83,379   Deferred common stock issuance costs included in accrued expenses at the beginning of the year   $ 238,517     $ —   Taxes withheld to cover net issuances of incentive stock awards included in accrued expenses at the beginning of the year   $ 33,700     $ 214,489   LAIRD SUPERFOOD, INC. CONSOLIDATED BALANCE SHEETS (unaudited)     As of       March 31, 2026     December 31, 2025   Assets                 Current assets                 Cash, cash equivalents, and restricted cash   $ 10,519,704     $ 5,320,600   Accounts receivable, net     6,904,516       3,899,205   Inventory     17,336,415       7,782,169   Prepaid expenses and other current assets     2,729,599       1,838,683   Total current assets     37,490,234       18,840,657   Property and equipment, net     87,910       41,203   Intangible assets, net     19,922,742       75,000   Related party license agreements     132,100       132,100   Goodwill     16,696,021       —   Right-of-use assets     547,910       128,877   Total assets   $ 74,876,917     $ 19,217,837   Liabilities, Mezzanine Equity, and Stockholders’ Equity                 Current liabilities                 Accounts payable   $ 7,562,273     $ 3,094,579   Accrued expenses     3,822,880       4,458,096   Related party liabilities     52,500       46,500   Lease liabilities, current portion     303,442       109,145   Total current liabilities     11,741,095       7,708,320   Lease liabilities     277,142       46,730   Total liabilities     12,018,237       7,755,050   Mezzanine Equity                 Series A preferred stock, $0.001 par value, 110,000 shares authorized and 50,000 shares issued and outstanding at March 31, 2026.     49,337,533       —   Total mezzanine equity     49,337,533       —   Stockholders’ equity                 Common stock, $0.001 par value, 100,000,000 shares authorized at March 31, 2026 and December 31, 2025; 11,301,096 issued and 10,925,218 outstanding at March 31, 2026; and 11,071,096 issued and 10,694,765 outstanding at December 31, 2025.     10,925       10,695   Additional paid-in capital     123,129,813       122,822,613   Accumulated deficit     (109,619,591 )     (111,370,521 ) Total stockholders’ equity     13,521,147       11,462,787   Total liabilities, mezzanine equity, and stockholders’ equity   $ 74,876,917     $ 19,217,837   LAIRD SUPERFOOD, INC.
NON-GAAP FINANCIAL MEASURES
(unaudited) In this press release, we report adjusted EBITDA, which is a financial measure not required by, or presented in accordance with, accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses non-GAAP financial measures, both internally and externally, to assess and communicate the financial performance of the Company. The Company defines adjusted EBITDA as net income (loss), adjusted to exclude: (1) depreciation and amortization, (2) stock-based compensation, (3) income taxes, (4) other income, and (5) expenses incurred in connection with the acquisition and integration of Navitas LLC. The Company believes adjusted EBITDA is useful to investors because it facilitates comparisons of its core business operations, excluding non-cash costs and non-recurring events, across periods on a consistent basis. Management uses adjusted EBITDA internally in analyzing the Company’s financial results to assess operational performance and to determine the Company’s future capital requirements. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. The Company believes that both management and investors benefit from referring to adjusted EBITDA in assessing its performance and when planning, forecasting and analyzing future periods. The Company believes adjusted EBITDA is useful to investors and others to understand and evaluate the Company’s operating results and it allows for a more meaningful comparison between the Company’s performance and that of competitors. Our use of adjusted EBITDA has limitations as an analytical tool, and you should not consider this performance measure in isolation from or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are that adjusted EBITDA does not reflect, among other things: cash capital expenditures for assets underlying depreciation and amortization expense that may need to be replaced or for new capital expenditures; interest expense; income tax expense from continuing operations; our working capital requirements; the potentially dilutive impact of stock-based compensation; and the provision for income taxes. Other companies, including companies in our industry, may calculate adjusted EBITDA differently, which reduces its usefulness as a comparative measure. Because of these limitations, you should consider adjusted EBITDA along with other financial performance measures, including Net Sales, net loss, cash and cash equivalents, restricted cash, net cash used in operating activities and our financial results presented in accordance with GAAP. The following table presents a reconciliation of net income (loss), the most directly comparable financial measure stated in accordance with GAAP, to adjusted EBITDA, for each of the periods presented:     Three Months Ended March 31,       2026     2025   Net income (loss)   $ 1,750,930     $ (156,182 ) Adjusted for:                 Depreciation and amortization     171,667       66,521   Stock-based compensation     371,952       508,410   Income tax (benefit) expense     (4,725,039 )     12,611   Other income     (46,833 )     (74,448 ) Business combination and integration (a)     1,333,455       —   Adjusted EBITDA   $ (1,143,868 )   $ 356,912   (a) On December 21, 2025, the Company entered into an agreement to acquire Navitas and GSC. The Company incurred professional fees related to this business combination and integration activities in the three months ended March 31, 20.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260514650493/en/ Investor Relations Contact
Trevor Rousseau
investors@lairdsuperfood.com Original: Laird Superfood Reports First Quarter 2026 Financial Results

Laird Superfood® Transforms Its Prebiotic Daily Greens to Be USDA Certified OrganicMay 7, 2026 12:02 PM
PR Newswire (US) New Organic Blend Helps Fill Everyday Nutritional Gaps With Prebiotic Fiber And Thoughtfully Sourced Fruits And VegetablesBOULDER, Colo., May 7, 2026 /PRNewswire/ -- Laird Superfood®, Inc. (NYSE: LSF), a leader in functional coffee, creamers, and superfood products made with simple, minimally processed ingredients, relaunches its Prebiotic Daily Greens product to now be made with USDA Certified Organic ingredients, elevating the quality of its 2023 formula as more people look for easy and organic ways to support gut health and incorporate fiber into their daily routines. Laird Superfood Organic Prebiotic Daily Greens is a powder blend of prebiotic fiber, adaptogens, and plant-based ingredients. The newly certified organic formula continues to also be fiber-focused; it includes a clinically studied blend of plant-based fibers, such as sweet potato, apple, blueberry, and carrot, to help nourish beneficial gut bacteria. In addition to fiber, Organic Prebiotic Daily Greens is an excellent source of calcium, vitamin C, D, K, and B12, as well as manganese and magnesium."Most people aren't getting enough fiber or nutrient-dense fruits and vegetables in their daily routines, and the quality of those ingredients matters," said Jason Vieth, CEO of Laird Superfood. "With Organic Prebiotic Daily Greens, we made organic the priority, especially for fruits and vegetables like spinach, blueberries, and kale. This functional blend helps fill nutritional gaps with whole-food sources while also supporting gut health, without anything unnecessary added."Each serving contains 22 superfood ingredients, including functional mushrooms such as maitake, shiitake and oyster, along with a variety of fruits and vegetables. The formula is intentionally made without green grasses or fillers, focusing instead on ingredients the body can recognize and utilize.In addition to being USDA Certified Organic, Organic Prebiotic Daily Greens is Non-GMO Project Verified, gluten-free, vegan, soy-free, and paleo-friendly. It contains no added sugar, with naturally occurring sweetness from real ingredients, and offers a light citrus flavor from pineapple and lemon. The shelf-stable powder requires no refrigeration and provides a convenient way to support gut health in one daily scoop, with plenty of ways to incorporate it into smoothies and other recipes. More recipe ideas using LSF products can be found here.Organic Prebiotic Daily Greens is available for purchase on LairdSuperfood.com and Amazon for a suggested retail price of $69 for a 14.8 oz bag, providing a 30-day supply, and $39 for a 15-day supply of single-serve packets.For more information about new products, follow @LairdSuperfood on Instagram, @LairdSuperfood on TikTok, and visit LairdSuperfood.com.About Laird Superfood®Laird Superfood® is a minimally processed food brand dedicated to fueling active lifestyles with superfood products that support energy, endurance, and overall well-being. Co-founded by world-renowned big wave surfer Laird Hamilton in 2015 and selling its first products in 2016, the brand was born from his personal mission to find a better morning routine that could improve and sustain his performance while out catching waves. Alongside his Co-Founder, wife, former professional beach volleyball legend, bestselling author and fitness icon Gabby Reece, the brand has expanded from superfood creamers to offer instant lattes, coffees, bars, prebiotic daily greens, and more. Laird Superfood is committed to offering simple ingredients and minimally processed foods that can help fuel people from sunrise to sunset.
https://lairdsuperfood.com/PRESS CONTACT
Alafair Hall
alafair @BraveHeartrm-9044 View original content to download multimedia:https://www.prnewswire.com/news-releases/laird-superfood-transforms-its-prebiotic-daily-greens-to-be-usda-certified-organic-302765085.htmlSOURCE Laird Superfood Original: Laird Superfood® Transforms Its Prebiotic Daily Greens to Be USDA Certified Organic

Laird Superfood to Report First Quarter 2026 Financial Results on May 14, 2026May 2, 2026 9:55 AM
Business Wire
Laird Superfood, Inc. (NYSE American: LSF) will report financial results for the first quarter ended March 31, 2026 on Thursday, May 14, 2026 after market close. Management will host a webcast at 5:00 p.m. ET on the same day to discuss the results.


Participants may access the live webcast on the Laird Superfood Investor Relations website at https://investors.lairdsuperfood.com/ under “Events.”


About Laird Superfood (NYSE American: LSF)


Laird Superfood, Inc. creates award-winning, plant-based superfood products that are both delicious and functional. The Company's products are designed to enhance your daily ritual and keep consumers fueled naturally throughout the day. The Company was co-founded in 2015 by the world's most prolific big-wave surfer, Laird Hamilton. Laird Superfood's offerings are environmentally conscientious, responsibly tested and made with real ingredients. Shop all products online at lairdsuperfood.com and join the Laird Superfood community on social media for the latest news and daily doses of inspiration.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260502154706/en/
Laird Superfood, Inc.

investors@lairdsuperfood.com


Original: Laird Superfood to Report First Quarter 2026 Financial Results on May 14, 2026

Laird Superfood Reports Fourth Quarter and Fiscal Year 2025 Financial ResultsMarch 26, 2026 4:05 PM
Business Wire
Record Net Sales of $49.9 million for Fiscal Year 2025, growth of 15% year-over-year.


Laird Superfood, Inc. (NYSE American: LSF) (“Laird Superfood,” the “Company”, “we”, and “our”), today reported financial results for the fourth quarter and fiscal year ended December 31, 2025.


Jason Vieth, Chief Executive Officer, commented, “Fiscal 2025 was a pivotal year for Laird Superfood. We delivered 15% net sales growth driven by strong momentum in our wholesale channel and continued expansion across grocery and club. While margins were impacted by commodity and tariff pressures, we made important progress strengthening our brand, expanding distribution, and improving operational discipline. Importantly, with the recent acquisition of Navitas Organics, we have taken a significant step toward building a scaled superfood platform with complementary brands, expanded product offerings, and greater reach across natural and conventional retail channels. We are excited about the opportunity ahead as we integrate the businesses and focus on driving sustainable growth.”


Fourth Quarter 2025 Highlights



Net Sales of $13.3 million compared to $11.6 million in the corresponding prior year period, representing 15% growth.



E-commerce sales decreased by 6% year-over-year and contributed 48% of total Net Sales, with softness in the direct-to-consumer channel partially offset by growth on Amazon.com.



Wholesale sales increased by 44% year-over-year and contributed 52% of total Net Sales, driven by distribution expansion and velocity improvement in grocery and club outlets.



Gross Margin was 34.1% compared to 38.6% in the corresponding prior year period. This margin contraction was driven primarily by increased product costs driven by commodity prices and tariffs.



Net Loss was $1.8 million, or $0.16 per diluted share, compared to Net Loss of $0.4 million, or $0.04 per diluted share, in the corresponding prior year period. The increased Net Loss in the fourth quarter of 2025, compared to the prior year period, driven primarily by increased professional fees incurred in connection with the Navitas Acquisition, and increased procurement costs related to inflationary commodity and tariff costs.



Adjusted EBITDA, which is a non-GAAP financial measure, was ($0.4) million, compared to ($0.2) million in the corresponding prior year period. The decrease was driven primarily by inflationary commodity costs and tariffs as well as higher marketing expenses. For more details on non-GAAP financial measures, refer to the information in the non-GAAP financial measures section of this press release.



Fiscal Year 2025 Highlights



Net Sales of $49.9 million compared to $43.3 million in the corresponding prior year period, representing 15% growth.



E-commerce sales decreased by 3% year-over-year and contributed 50% of total Net Sales. Softness on our DTC platform was offset in part by strong performance on Amazon.com.



Wholesale sales increased by 41% year-over-year and contributed 50% of total Net Sales, driven by distribution expansion and velocity improvement in grocery and club outlets.



Gross Margin was 37.9% compared to 40.9% in the corresponding prior year period. This margin contraction was driven by settlement recoveries in FY 2024 which did not repeat in FY 2025, as well as increased product costs driven by commodity prices and tariffs.



Net Loss was $3.3 million, or $0.31 per diluted share, compared to Net Loss of $1.8 million, or $0.18 per diluted share, in the corresponding prior year period. The increase was driven primarily by impairment charges on long-lived intangible assets and increased professional fees incurred in connection with the Navitas Acquisition.



Adjusted EBITDA was $0.3 million, compared to ($0.7) million in the corresponding prior year period. This improvement was driven by Net Sales growth and decreased general and administrative costs, offset in part by Gross Margin contraction driven by increased product costs due to commodity prices and tariffs. For more details on non-GAAP financial measures, refer to the information in the non-GAAP financial measures section of this press release.






 



REVENUE DISAGGREGATION




(unaudited)









 



 






 






Three Months Ended December 31,








 






 






2025






 






2024








 






 






$






 






% of Total






 






$






 






% of Total








Coffee creamers






 






$






8,109,428






 






 






61






%






 






$






6,521,777






 






 






56






%








Coffee, tea, and hot chocolate products






 






 






4,425,206






 






 






33






%






 






 






3,196,314






 






 






28






%








Hydration and beverage enhancing products






 






 






1,609,893






 






 






12






%






 






 






2,318,791






 






 






20






%








Snacks and other food items






 






 






1,474,115






 






 






11






%






 






 






1,550,974






 






 






13






%








Other






 






 






47,192






 






 






—






%






 






 






73,179






 






 






1






%








Gross sales






 






 






15,665,834






 






 






117






%






 






 






13,661,035






 






 






118






%








Shipping income






 






 






107,835






 






 






1






%






 






 






132,900






 






 






1






%








Discounts and promotional activity






 






 






(2,425,046






)






 






(18






)%






 






 






(2,187,736






)






 






(19






)%








Sales, net






 






$






13,348,623






 






 






100






%






 






$






11,606,199






 






 






100






%









 






 






Year Ended December 31,








 






 






2025






 






2024








 






 






$






 






% of Total






 






$






 






% of Total








Coffee creamers






 






$






29,324,248






 






 






59






%






 






$






23,088,363






 






 






53






%








Coffee, tea, and hot chocolate products






 






 






15,281,939






 






 






31






%






 






 






11,184,525






 






 






26






%








Hydration and beverage enhancing products






 






 






7,131,460






 






 






14






%






 






 






9,207,964






 






 






21






%








Snacks and other food items






 






 






5,694,789






 






 






11






%






 






 






6,215,989






 






 






14






%








Other






 






 






200,483






 






 






—






%






 






 






172,788






 






 






—






%








Gross sales






 






 






57,632,919






 






 






115






%






 






 






49,869,629






 






 






114






%








Shipping income






 






 






489,352






 






 






1






%






 






 






506,732






 






 






1






%








Discounts and promotional activity






 






 






(8,232,985






)






 






(16






)%






 






 






(7,081,224






)






 






(15






)%








Sales, net






 






$






49,889,286






 






 






100






%






 






$






43,295,137






 






 






100






%









 






 






Three Months Ended December 31,








 






 






2025






 






2024








 






 






$






 






% of Total






 






$






 






% of Total








E-commerce






 






$






6,387,666






 






48






%






 






$






6,788,346






 






58






%








Wholesale






 






 






6,960,957






 






52






%






 






 






4,817,853






 






42






%








Sales, net






 






$






13,348,623






 






100






%






 






$






11,606,199






 






100






%









 






 






Year Ended December 31,








 






 






2025






 






2024








 






 






$






 






% of Total






 






$






 






% of Total








E-commerce






 






$






24,961,486






 






50






%






 






$






25,642,366






 






59






%








Wholesale






 






 






24,927,800






 






50






%






 






 






17,652,771






 






41






%








Sales, net






 






$






49,889,286






 






100






%






 






$






43,295,137






 






100






%



















 


Balance Sheet and Cash Flow Highlights


We had $5.3 million of cash, cash equivalents, and restricted cash as of December 31, 2025, and no outstanding debt.


Cash used in operating activities was $2.8 million for the fiscal year 2025, compared to cash provided by operating activities of $0.9 million in the same period in 2024. The year-over-year change was primarily driven by working capital. Inventory levels increased in the first half of 2025 as the Company purchased additional inventory in advance of anticipated tariff-related cost increases and built safety stock of key products to support growing demand and reduce the risk of out-of-stocks. Inventory levels have decreased since their peak in the second quarter of 2025 consistent with management's strategy. In addition, accounts receivable increased due to the timing of large wholesale shipments at year-end, which were subsequently collected in the first quarter of 2026.


2026 Financial Outlook


On a directional basis, the Company expects fiscal year 2026 Net Sales for the combined business to grow at least in the high single digits compared to the aggregate 2025 combined Net Sales of $95.2 million, and expect Adjusted EBITDA to increase year-over-year, driven by top-line growth and the realization of integration synergies. The Company intends to provide formal fiscal year 2026 financial guidance, including combined company net sales and profitability targets, in connection with its first quarter 2026 earnings release.


Navitas Acquisition and Nexus Capital Investment


On March 12, 2026, Laird Superfood, Inc. completed two concurrent transactions: (i) the acquisition of Global Superfoods Corp. (“GSC”), the parent company of Navitas LLC (“Navitas”), for a purchase price of $38.5 million, subject to post-closing adjustments (the “Navitas Acquisition”), and (ii) the purchase by Gateway Superfood NSSIII Investment, LLC and Gateway Superfood NSSIV Investment, LLC (together, the “Investor”), each an affiliate of Nexus Capital Management LP (“Nexus”), of 50,000 shares of Series A Convertible Preferred Stock (the “Series A Preferred Stock”) at $1,000 per share for gross proceeds of $50.0 million (the “Nexus Investment” and together with the Navitas Acquisition, the “Transactions”), pursuant to that certain investment agreement dated December 21, 2025 (the “Investment Agreement”). The net proceeds from the Nexus Investment were used to complete the Navitas Acquisition. The Transactions were approved by the Company's stockholders at a special meeting held on March 11, 2026. The results of Navitas are not included in the Company's consolidated financial statements for the fiscal year ended December 31, 2025.


Historical Financial Information for Navitas Organics


The following financial information for GSC has been derived from GSC’s consolidated financial statements for the fiscal year ended December 31, 2025, audited by Baker Tilly, GSC’s independent registered accounting firm. This information should not be relied upon as a definitive representation of the combined business’s future financial performance. For informational purposes, for the fiscal year ended December 31, 2025, GSC generated Net Sales of $45.3 million and Gross Profit of $14.4 million, reflecting Gross Margin of approximately 31.8%. GSC reported Net Income of approximately $1.6 million for the period. These results are presented on a historical basis and were not included in Laird Superfood’s consolidated results for fiscal year 2025.


Conference Call and Webcast Details


We will host a conference call and webcast at 5:00 p.m. ET today to discuss our financial results. Participants may access the live webcast on the Laird Superfood Investor Relations website at https://investors.lairdsuperfood.com under “Events”. The webcast will be archived on the Company's website and will be available for replay for at least two weeks.


About Laird Superfood


Laird Superfood, Inc. creates award-winning, plant-based superfood products that are clean, delicious, and functional. Our products are designed to enhance a consumer's daily ritual and keep them fueled naturally throughout the day. Laird Superfood was co-founded in 2015 by the world's most prolific big-wave surfer, Laird Hamilton. Laird Superfood's offerings are environmentally conscientious, responsibly tested and made with real ingredients. Shop all products online at www.lairdsuperfood.com and join the Laird Superfood community on social media for the latest news and daily doses of inspiration.


Forward-Looking Statements


This press release and the conference call referencing this press release contain “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to our 2026 financial outlook and statements regarding Laird Superfood’s anticipated expansion across its platforms, channels, products, and geographies, cash runway, future financial performance, and growth. Such forward-looking statements may be identified by words such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “intends,” “may,” “outlook,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” “would,” or the antonyms of these terms or other comparable terminology. These forward-looking statements are based on Laird Superfood’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Laird Superfood’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. 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.


The risks and uncertainties referred to above include, but are not limited to: (1) volatility regarding our revenue, expenses, including shipping expenses, and other operating results; (2) our ability to acquire new direct and wholesale customers and successfully retain existing customers; (3) our ability to attract and retain our suppliers, distributors and co-manufacturers, and effectively manage their costs and performance; (4) effects of real or perceived quality or health issues with our products or other issues that adversely affect our brand and reputation; (5) our ability to innovate on a timely and cost-effective basis, predict changes in consumer preferences and develop successful new products, or updates to existing products, and develop innovative marketing strategies; (6) adverse developments regarding prices and availability of raw materials and other inputs, a substantial amount of which come from a limited number of suppliers outside the United States, including in areas which may be adversely affected by climate change; (7) effects of changes in the tastes and preferences of our consumers and consumer preferences for natural and organic food products; (8) the financial condition of, and our relationships with, our suppliers, co-manufacturers, distributors, retailers and food service customers, as well as the health of the food service industry generally; (9) the ability of ourselves, our suppliers and co-manufacturers to comply with food safety, environmental or other laws or regulations and the potential impact of policy changes regarding imports, exports, and tariffs; (10) our plans for future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements, including our ability to continue as a going concern; (11) the costs and success of our marketing efforts, and our ability to promote our brand; (12) our reliance on our executive team and other key personnel and our ability to identify, recruit and retain skilled and general working personnel; (13) our ability to effectively manage our growth; (14) our ability to compete effectively with existing competitors and new market entrants; (15) the impact of adverse economic conditions, consumer confidence and spending levels; (16) the growth rates of the markets in which we compete, and (17) the other risks described in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings we make with the Securities and Exchange Commission.





 



LAIRD SUPERFOOD, INC.




CONSOLIDATED STATEMENTS OF OPERATIONS




(unaudited)









 



 






 






Year Ended








 






 






December 31,








 






 






 






2025






 






 






 






2024






 








Sales, net






 






$






49,889,286






 






 






$






43,295,137






 








Cost of goods sold






 






 






(30,978,702






)






 






 






(25,607,556






)








Gross profit






 






 






18,910,584






 






 






 






17,687,581






 








General and administrative






 






 






 






 








Salaries, wages, and benefits






 






 






4,456,236






 






 






 






4,367,976






 








Other general and administrative






 






 






5,770,409






 






 






 






4,931,033






 








Total general and administrative expenses






 






 






10,226,645






 






 






 






9,299,009






 








Sales and marketing






 






 






 






 








Marketing and advertising






 






 






7,436,124






 






 






 






6,484,611






 








Selling






 






 






4,352,110






 






 






 






3,825,992






 








Related party marketing agreements






 






 






309,805






 






 






 






251,061






 








Total sales and marketing expenses






 






 






12,098,039






 






 






 






10,561,664






 








Total operating expenses






 






 






22,324,684






 






 






 






19,860,673






 








Operating loss






 






 






(3,414,100






)






 






 






(2,173,092






)








Other income






 






 






182,635






 






 






 






413,255






 








Loss before income taxes






 






 






(3,231,465






)






 






 






(1,759,837






)








Income tax expense






 






 






(20,746






)






 






 






(60,324






)








Net loss






 






$






(3,252,211






)






 






$






(1,820,161






)








Net loss per share:






 






 






 






 








Basic and diluted






 






$






(0.31






)






 






$






(0.18






)








Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted






 






 






10,554,211






 






 






 






9,946,733






 















 




LAIRD SUPERFOOD, INC.




CONSOLIDATED STATEMENTS OF CASH FLOWS




(unaudited)









 



 






 






Year Ended December 31,








 






 






 






2025






 






 






 






2024






 








Cash flows from operating activities






 






 






 






 








Net loss






 






$






(3,252,211






)






 






$






(1,820,161






)








Adjustments to reconcile net loss to net cash from operating activities:






 






 






 






 








Depreciation and amortization






 






 






253,719






 






 






 






270,271






 








Stock-based compensation






 






 






1,883,513






 






 






 






1,637,788






 








Provision for inventory obsolescence






 






 






699,403






 






 






 






599,902






 








Impairment of long-lived intangible assets






 






 






661,103






 






 






 






—






 








Other operating activities, net






 






 






87,545






 






 






 






132,597






 








Changes in operating assets and liabilities:






 






 






 






 








Accounts receivable






 






 






(2,131,602






)






 






 






(719,445






)








Inventory






 






 






(2,505,896






)






 






 






(253,019






)








Prepaid expenses and other current assets






 






 






227,659






 






 






 






(267,463






)








Operating lease liability






 






 






(105,966






)






 






 






(128,426






)








Accounts payable






 






 






956,819






 






 






 






497,867






 








Accrued expenses






 






 






428,945






 






 






 






888,612






 








Related party liabilities






 






 






11,553






 






 






 






26,979






 








Net cash from operating activities






 






 






(2,785,416






)






 






 






865,502






 








Cash flows from investing activities






 






 






 






 








Purchase of property and equipment






 






 






(76,455






)






 






 






(24,776






)








Net cash from investing activities






 






 






(76,455






)






 






 






(24,776






)








Cash flows from financing activities






 






 






 






 








Common stock issuances, net of taxes






 






 






(352,251






)






 






 






(70,926






)








Common stock issuance costs






 






 






—






 






 






 






(57,475






)








Stock option exercises






 






 






20,570






 






 






 






95,021






 








Net cash from financing activities






 






 






(331,681






)






 






 






(33,380






)








Net change in cash and cash equivalents






 






 






(3,193,552






)






 






 






807,346






 








Cash, cash equivalents, and restricted cash, beginning of period






 






 






8,514,152






 






 






 






7,706,806






 








Cash, cash equivalents, and restricted cash, end of period






 






$






5,320,600






 






 






$






8,514,152






 








Supplemental disclosures of cash flow information






 






 






 






 








Cash paid for interest






 






$






6,660






 






 






$






16,027






 








Cash paid for income taxes






 






$






27,470






 






 






$






63,852






 








Supplemental disclosures of non-cash financing activities






 






 






 






 








Prepaid expenses paid for with a short-term financing arrangement included in accrued expenses






 






$






113,936






 






 






$






165,543






 








Deferred common stock issuance costs included in accrued expenses






 






$






238,517






 






 






$






—






 








Taxes withheld to cover net issuances of incentive stock awards included in accrued expenses






 






$






33,700






 






 






$






—






 















 




LAIRD SUPERFOOD, INC.




CONSOLIDATED BALANCE SHEETS




(unaudited)









 



 






 






As of








 






 






December 31,

2025






 






December 31,

2024








Assets






 






 






 






 








Current assets






 






 






 






 








Cash, cash equivalents, and restricted cash






 






$






5,320,600






 






 






$






8,514,152






 








Accounts receivable, net






 






 






3,899,205






 






 






 






1,762,911






 








Inventory






 






 






7,782,169






 






 






 






5,975,676






 








Prepaid expenses and other current assets






 






 






1,838,683






 






 






 






1,713,889






 








Total current assets






 






 






18,840,657






 






 






 






17,966,628






 








Property and equipment, net






 






 






41,203






 






 






 






58,447






 








Intangible assets, net






 






 






75,000






 






 






 






896,123






 








Related party license agreements






 






 






132,100






 






 






 






132,100






 








Right-of-use assets






 






 






128,877






 






 






 






205,703






 








Total assets






 






$






19,217,837






 






 






$






19,259,001






 








Liabilities and Stockholders’ Equity






 






 






 






 








Current liabilities






 






 






 






 








Accounts payable






 






$






3,094,579






 






 






$






2,137,760






 








Accrued expenses






 






 






4,458,096






 






 






 






3,642,998






 








Related party liabilities






 






 






46,500






 






 






 






34,947






 








Lease liabilities, current portion






 






 






109,145






 






 






 






105,966






 








Total current liabilities






 






 






7,708,320






 






 






 






5,921,671






 








Lease liabilities






 






 






46,730






 






 






 






140,464






 








Total liabilities






 






 






7,755,050






 






 






 






6,062,135






 








Stockholders’ equity






 






 






 






 








Common stock, $0.001 par value, 100,000,000 shares authorized at December 31, 2025 and December 31, 2024; 11,071,096 and 10,694,765 issued and outstanding at December 31, 2025, respectively; and 10,668,705 and 10,292,374 issued and outstanding at December 31, 2024, respectively.






 






 






10,695






 






 






 






10,292






 








Additional paid-in capital






 






 






122,822,613






 






 






 






121,304,884






 








Accumulated deficit






 






 






(111,370,521






)






 






 






(108,118,310






)








Total stockholders’ equity






 






 






11,462,787






 






 






 






13,196,866






 








Total liabilities and stockholders’ equity






 






$






19,217,837






 






 






$






19,259,001






 











 


LAIRD SUPERFOOD, INC.

NON-GAAP FINANCIAL MEASURES

(unaudited)


In this press release, we report Adjusted EBITDA and Adjusted EBITDA per diluted share, which are financial measures not required by, or presented in accordance with, accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses non-GAAP financial measures, both internally and externally, to assess and communicate the financial performance of the Company. The Company defines Adjusted EBITDA as net income (loss), adjusted to exclude: (1) depreciation and amortization expenses, (2) stock-based compensation, (3) income tax expense, (4) other income, (5) expenses related to the impairment of long-lived intangible assets, (6) expenses and recoveries related to a product quality issue, and (7) expenses incurred in connection with the acquisition of Navitas Organics. The Company believes Adjusted EBITDA is useful to investors because it facilitates comparisons of its core business operations, excluding non-cash costs and non-recurring events, across periods on a consistent basis.


Management uses Adjusted EBITDA internally in analyzing the Company’s financial results to assess operational performance and to determine the Company’s future capital requirements. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. The Company believes that both management and investors benefit from referring to Adjusted EBITDA in assessing its performance and when planning, forecasting and analyzing future periods. The Company believes Adjusted EBITDA is useful to investors and others to understand and evaluate the Company’s operating results and it allows for a more meaningful comparison between the Company’s performance and that of competitors. Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider this performance measure in isolation from or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are that Adjusted EBITDA does not reflect, among other things: cash capital expenditures for assets underlying depreciation and amortization expense that may need to be replaced or for new capital expenditures; interest expense; income tax expense from continuing operations; our working capital requirements; the potentially dilutive impact of stock-based compensation; and the provision for income taxes. Other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.


Because of these limitations, you should consider Adjusted EBITDA along with other financial performance measures, including Net Sales, net loss, cash and cash equivalents, restricted cash, net cash used in operating activities and our financial results presented in accordance with GAAP.


The following table presents a reconciliation of net income (loss), the most directly comparable financial measure stated in accordance with GAAP, to adjusted EBITDA, for each of the periods presented:




 






 






Three Months Ended

December 31,






 






Year Ended

December 31,








 






 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Net loss






 






$






(1,758,785






)






 






$






(398,443






)






 






$






(3,252,211






)






 






$






(1,820,161






)








Adjusted for:






 






 






 






 






 






 






 






 








Depreciation and amortization






 






 






67,685






 






 






 






65,852






 






 






 






253,719






 






 






 






270,271






 








Stock-based compensation






 






 






447,077






 






 






 






562,975






 






 






 






1,883,513






 






 






 






1,637,788






 








Income tax expense






 






 






(7,258






)






 






 






12,422






 






 






 






20,746






 






 






 






60,324






 








Other Income






 






 






(34,979






)






 






 






(91,298






)






 






 






(182,635






)






 






 






(413,255






)








Impairment of long-lived intangible assets






 






 






—






 






 






 






—






 






 






 






661,103






 






 






 






—






 








Product quality issue (a)






 






 






—






 






 






 






(349,115






)






 






 






—






 






 






 






(434,329






)








Acquisition costs (b)






 






 






932,856






 






 






 






—






 






 






 






932,856






 






 






 






—






 








Adjusted EBITDA






 






$






(353,404






)






 






$






(197,607






)






 






$






317,091






 






 






$






(699,362






)








(a) In January 2023, we identified a product quality issue with raw material from one vendor and we voluntarily withdrew any affected finished goods. We previously incurred costs associated with product testing, discounts for replacement orders, and inventory obsolescence costs. We reached settlement with a supplier in the third quarter of 2023 and recorded recoveries in 2024.








(b) On December 21, 2025, the Company entered into an agreement to acquire Navitas Organics and Global Superfood Company. The Company incurred professional fees related to this business combination in the year ended December 31, 2025.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260326430474/en/
Investor Relations Contact

Trevor Rousseau

investors@lairdsuperfood.com


Original: Laird Superfood Reports Fourth Quarter and Fiscal Year 2025 Financial Results