Record Net Sales of $49.9 million for Fiscal Year 2025, growth of 15% year-over-year.
BOULDER, Colo.--(BUSINESS WIRE)--March 26, 2026--
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 % of
$ Total $ 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 % of
$ Total $ 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
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