LSF · Laird Superfood, Inc.

Laird Superfood delivered strong top-line growth in Q1 2026 with net sales reaching $13.9 million, a 20% increase from $11.7 million in the prior year, fueled by robust wholesale channel expansion (up 37% YoY, 54% of sales) and the $1.6 million contribution from the March acquisition of Navitas Organics. E-commerce sales grew more modestly at 4% YoY (46% of total), supported by Amazon strength but offset by direct-to-consumer softness. CEO Jason Vieth highlighted the transformative impact of Navitas and the subsequent April acquisition of Terrasoul Superfoods, positioning the company as a scaled multi-brand superfood platform focused on integration synergies and infrastructure for profitable growth. Gross margin contracted to 33.3% from 41.9%, pressured by 5.4 points from unfavorable mix, commodity inflation, and tariffs, plus 3.2 points from a non-recurring prior-year inventory benefit. Despite operating loss of $3.0 million, net income swung to $1.8 million ($0.11 diluted EPS) from a $0.2 million loss, driven by a $4.7 million discrete tax benefit tied to Navitas deferred tax liabilities, partially offset by acquisition costs. Adjusted EBITDA deteriorated to ($1.1) million from $0.4 million, reflecting higher marketing/selling expenses alongside cost pressures. Cash position stood at $10.5 million at quarter-end (no debt), with operating cash use of $3.8 million versus $1.3 million prior year, due to Navitas-related payments and working capital investments; post-Terrasoul closing and Nexus $60 million preferred stock investment, cash reached $24 million by April 30. FY2026 outlook projects consolidated net sales of $138-148 million and Adjusted EBITDA of $8-12 million, baking in full-year Navitas/Terrasoul contributions and early synergies, excluding one-time transaction costs. Near-term integration complexities may weigh on results, but management expresses confidence in long-term value creation amid strong momentum.