Laird Superfood Reports Second Quarter 2026 Financial Results

Laird Superfood Reports Second Quarter 2026 Financial Results August 13, 2026 Second quarter revenue increases 244% to $41.3 million. Net Loss of $1.8 million; Adjusted EBITDA of $3.0 million. Cash increases to $23.2 million. Laird Superfood, Inc. (NYSE American: LSF) (“Laird Superfood,” the “Company,” “we,” and “our”), today reported financial results for the second quarter ended June 30, 2026. Jason Vieth, Chief Executive Officer, commented, “Q2 was another transformational quarter for Laird Superfood as we closed the acquisition of Terrasoul Superfoods and completed the integration of Navitas into the Company’s processes, organization and ERP system. During the second quarter, we successfully launched Laird’s coffees and coffee creamers at approximately 1,000 Wal-Marts nationwide and expanded our assortment of Navitas products at retailers including Target. These wins are the direct result of our continued investment in product innovation, our robust supply chain and our deepening partnerships with the largest retailers in the country. We're also building real momentum on Amazon.com and other online marketplaces across all three of our brands. As we look to the second half of the year, we will continue to build on our sales momentum and unlocking synergies across our platforms, which gives us confidence in our ability to deliver sustained, profitable growth and long-term value for our shareholders.” Second Quarter 2026 Highlights Net sales increased by 244% to $41.3 million compared to $12.0 million in the corresponding prior year period. The increase was primarily attributable to distribution expansion in our retail channel, continued strength in club stores, and the contribution of the Navitas and Terrasoul acquisitions.E-commerce sales increased by 221% year-over-year and contributed 49% of total Net sales, led by the addition of Navitas and Terrasoul sales and strong sales growth on Amazon.com, offset in part by softness in the direct-to-consumer channel.Wholesale sales increased by 269% year-over-year and contributed 51% of total Net sales, driven by the addition of Navitas and Terrasoul sales.Gross profit increased 162% to $12.5 million, or 30.3% of net sales as compared to $4.8 million, or 39.9% of net sales in the corresponding prior year period. The gross margin compression was attributable to unfavorable channel and product mix, inflationary commodity costs, and lower margins associated with the Terrasoul brand.Net loss was ($1.8) million, or ($0.25) per basic and diluted share, compared to net loss of ($0.4) million, or ($0.03) per basic and diluted share, in the corresponding prior year period. The increased net loss relative to the prior year period was driven primarily by costs incurred in connection with the acquisition and integration of Navitas and Terrasoul.Adjusted EBITDA, which is a non-GAAP financial measure, was $3.0 million, compared to $0.1 million in the corresponding prior year period. The increase was driven primarily by the addition of Navitas and Terrasoul acquisitions early synergies realization, offset in part by inflationary commodity costs and 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. Year-to-Date 2026 Highlights Net sales increased by 134% to $55.2 million compared to $23.6 million in the corresponding prior year period. The increase was primarily driven by distribution expansion in retail and Club channels and the contribution of the Navitas and Terrasoul acquisitions.E-commerce sales increased by 114% year-over-year and contributed 48% of total Net sales, led by the addition of Navitas and Terrasoul sales and strong sales growth on Amazon.com, offset in part by softness in the direct-to-consumer channel.Wholesale sales increased by 156% year-over-year and contributed 52% of total Net sales, driven by the addition of Navitas and Terrasoul sales, as well as new and existing items expansion in the wholesale channel.Gross profit increased by 78% to $17.2 million, or 31.1% of net sales, compared to $9.7 million, or 40.9% of net sales, in the corresponding prior year period. The margin compression was attributable to unfavorable channel and product mix, inflationary commodity costs, as well as lower margins associated with the Terrasoul brand.Net loss was ($0.1) million, or ($0.10) per basic and diluted share, compared to net loss of ($0.5) million, or ($0.05) per basic and diluted share, in the corresponding prior year period. The improvement 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, and the contribution of Navitas and Terrasoul acquisitions, offset in part by costs incurred in connection with the acquisition and integration of Navitas and Terrasoul, and, to a lesser degree, by inflationary commodity costs.Adjusted EBITDA, which is a non-GAAP financial measure, was $1.8 million, compared to $0.5 million in the corresponding prior year period. The increase was attributable primarily to addition of Navitas and Terrasoul brands, offset in part by inflationary commodity costs and 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 June 30, 2026 2025 $ % of Total $ % of Total Coffee solutions $ 12,913,036 31 % $ 10,378,014 87 % Functional foods 13,818,958 33 % 3,238,903 27 % Superfood ingredients 20,249,242 49 % 61,681 1 % Gross sales 46,981,236 113 % 13,678,598 115 % Shipping income 130,551 0 % 138,073 1 % Discounts and promotional activity (5,817,603 ) (13 )% (1,825,829 ) (16 )% Sales, net $ 41,294,184 100 % $ 11,990,842 100 % Three Months Ended June 30, 2026 2025 $ % of Total $ % of Total E-commerce $ 20,036,590 49 % $ 6,237,344 52 % Wholesale 21,257,594 51 % 5,753,498 48 % Sales, net $ 41,294,184 100 % $ 11,990,842 100 % Six Months Ended June 30, 2026 2025 $ % of Total $ % of Total Coffee solutions $ 24,606,365 45 % $ 20,313,914 86 % Functional foods 16,732,575 30 % 6,786,649 29 % Superfood ingredients 22,125,508 40 % 120,168 1 % Gross sales 63,464,448 115 % 27,220,731 116 % Shipping income 245,630 0 % 260,347 1 % Discounts and promotional activity (8,474,342 ) (15 )% (3,836,077 ) (17 )% Sales, net $ 55,235,736 100 % $ 23,645,001 100 % Six Months Ended June 30, 2026 2025 $ % of Total $ % of Total E-commerce $ 26,587,499 48 % $ 12,450,460 53 % Wholesale 28,648,237 52 % 11,194,541 47 % Sales, net $ 55,235,736 100 % $ 23,645,001 100 % Balance Sheet and Cash Flow Highlights Cash, cash equivalents, and restricted cash as of June 30, 2026, totaled $23.2 million, as compared to $5.3 million as of December 31, 2025, and $10.5 million as of March 31, 2026. The increase in cash was primarily a result of proceeds from the issuance of Series A Preferred Stock, offset by the consideration paid in the acquisitions of Navitas in the first quarter and Terrasoul in the second quarter. There was no outstanding debt as of June 30, 2026. 2026 Financial Outlook We are reaffirming the full year 2026 guidance we provided last quarter. For fiscal year 2026, the Company continues to expect 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. This reaffirmed guidance reflects the Company's continued confidence in growth trends across its business and the pace of synergy capture achieved to date. 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. 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 Six Months Ended June 30, June 30, 2026 2025 2026 2025 Sales, net $ 41,294,184 $ 11,990,842 $ 55,235,736 $ 23,645,001 Cost of goods sold (28,779,184 ) (7,209,839 ) (38,077,497 ) (13,982,458 ) Gross profit 12,515,000 4,781,003 17,158,239 9,662,543 General and administrative Salaries, wages, and benefits 1,352,799 1,185,639 2,952,370 2,343,794 Other general and administrative 5,898,949 1,017,124 8,178,110 2,102,733 Total general and administrative expenses 7,251,748 2,202,763 11,130,480 4,446,527 Sales and marketing Marketing and advertising 3,247,989 1,903,250 5,733,959 3,703,475 Selling 3,879,068 1,074,467 5,178,547 2,130,037 Total sales and marketing expenses 7,127,057 2,977,717 10,912,506 5,833,512 Total operating expenses 14,378,805 5,180,480 22,042,986 10,280,039 Operating loss (1,863,805 ) (399,477 ) (4,884,747 ) (617,496 ) Other income 56,474 45,561 103,307 120,009 Loss before income taxes (1,807,331 ) (353,916 ) (4,781,440 ) (497,487 ) Income tax benefit (expense) 2,250 (8,262 ) 4,727,289 (20,873 ) Net loss $ (1,805,081 ) $ (362,178 ) $ (54,151 ) $ (518,360 ) Less: Accretion of paid-in-kind preferred dividends (974,319 ) — (1,072,627 ) — Net loss attributable to common stockholders $ (2,779,400 ) $ (362,178 ) $ (1,126,778 ) $ (518,360 ) Net loss per share: Basic $ (0.25 ) $ (0.03 ) $ (0.10 ) $ (0.05 ) Diluted $ (0.25 ) $ (0.03 ) $ (0.10 ) $ (0.05 ) Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted 11,019,387 10,517,528 10,904,337 10,431,987 LAIRD SUPERFOOD, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2026 2025 Cash flows from operating activities Net loss $ (54,151 ) $ (518,360 ) Adjustments to reconcile net loss to net cash from operating activities: Depreciation and amortization 1,281,398 125,897 Stock-based compensation 652,489 996,986 Provision for inventory obsolescence 84,087 401,938 Deferred income tax benefit (release of valuation allowance) (4,745,333 ) — Other operating activities, net 331,029 58,296 Changes in operating assets and liabilities, net of acquisition: Accounts receivable (1,023,948 ) (1,000,807 ) Inventory (338,634 ) (5,453,877 ) Prepaid expenses and other current assets 1,577,096 460,631 Operating lease liability (220,988 ) (52,984 ) Accounts payable (1,594,552 ) 588,835 Accrued expenses 1,687,221 268,079 Related party liabilities (17,000 ) 23,000 Net cash from operating activities (2,381,286 ) (4,102,366 ) Cash flows from investing activities Purchase of property and equipment (46,074 ) (80,638 ) Acquisition of a business, net of cash acquired (Note 2) (88,871,765 ) — Net cash from investing activities (88,917,839 ) (80,638 ) Cash flows from financing activities Common stock issuances, net of taxes 5,514 (146,373 ) Preferred stock issuances 110,000,000 — Preferred stock issuance costs (825,775 ) — Net cash from financing activities 109,179,739 (146,373 ) Net change in cash, cash equivalents, and restricted cash 17,880,614 (4,329,377 ) Cash, cash equivalents, and restricted cash, beginning of period 5,320,600 8,514,152 Cash, cash equivalents, and restricted cash, end of period $ 23,201,214 $ 4,184,775 Supplemental disclosures of non-cash activities Accretion of paid-in-kind preferred dividends $ 1,072,627 $ — Fair value of contingent consideration liability established in the acquisition of a business (Note 2) $ 4,070,000 $ — Deferred common stock issuance costs included in accrued expenses at the beginning of the year $ 238,517 $ — Change in taxes withheld to cover net issuances of incentive stock awards included in accrued expenses at the beginning of the year $ 33,700 $ 155,178 LAIRD SUPERFOOD, INC. CONSOLIDATED BALANCE SHEETS (unaudited) As of June 30, 2026 December 31, 2025 Assets Current assets Cash, cash equivalents, and restricted cash $ 23,201,214 $ 5,320,600 Accounts receivable, net 10,783,385 3,899,205 Inventory 28,268,002 7,782,169 Prepaid expenses and other current assets 3,082,104 1,838,683 Total current assets 65,334,705 18,840,657 Property and equipment, net 2,722,198 41,203 Intangible assets, net 42,131,047 207,100 Goodwill 31,824,649 — Right-of-use assets 3,703,181 128,877 Total assets $ 145,715,780 $ 19,217,837 Liabilities, Mezzanine Equity, and Stockholders’ Equity Current liabilities Accounts payable $ 8,517,899 $ 3,094,579 Accrued expenses 8,018,984 4,458,096 Related party liabilities 29,500 46,500 Contingent consideration 4,117,000 — Lease liabilities, current portion 769,016 109,145 Total current liabilities 21,452,399 7,708,320 Lease liabilities 2,988,817 46,730 Total liabilities 24,441,216 7,755,050 Mezzanine equity Series A preferred stock, $0.001 par value, 110,000 shares authorized and 110,000 shares issued and outstanding at June 30, 2026. 110,246,852 — Total mezzanine equity 110,246,852 — Stockholders’ equity Common stock, $0.001 par value, 100,000,000 shares authorized at June 30, 2026 and December 31, 2025; 11,483,127 issued and 11,106,796 outstanding at June 30, 2026; and 11,071,096 issued and 10,694,765 outstanding at December 31, 2025. 11,107 10,695 Additional paid-in capital 122,441,277 122,822,613 Accumulated deficit (111,424,672 ) (111,370,521 ) Total stockholders’ equity 11,027,712 11,462,787 Total liabilities, mezzanine equity, and stockholders’ equity $ 145,715,780 $ 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 and Terrasoul. 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net loss $ (1,805,081 ) $ (362,178 ) $ (54,151 ) $ (518,360 ) Adjusted for: Depreciation and amortization 1,109,731 59,376 1,281,398 125,897 Stock-based compensation 280,537 488,576 652,489 996,986 Income tax (benefit) expense (2,250 ) 8,262 (4,727,289 ) 20,873 Other income (56,474 ) (45,561 ) (103,307 ) (120,009 ) Business combination and integration (a) 3,465,356 — 4,798,811 — Adjusted EBITDA $ 2,991,819 $ 148,475 $ 1,847,951 $ 505,387 (a) The Company incurred professional fees related to business combination and integration activities in the three and six months ended June 30, 2026. Source: Laird Superfood, Inc.