US Market News
3週前
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
US Market News
2月前
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