Third quarter revenue increases 225% to $42.0 million.

Net Income of $1.7 million; Adjusted EBITDA of $2.1 million.

Company Website: https://lairdsuperfood.com/
BOULDER, Colo. -- (Business Wire)

Laird Superfood, Inc. (NYSE American: LSF) (“Laird Superfood,” the “Company”, “we”, and “our”), today reported financial results for the third quarter ended September 30, 2026.

Jason Vieth, Chief Executive Officer, commented, “Q3 was our first full quarter operating Laird Superfood, Navitas Organics, and Terrasoul Superfoods as one platform. Net sales grew 225% to $42.0 million, and Adjusted EBITDA reached $2.1 million as we began capturing synergies. We remain excited by the consumer opportunities in front of us and are increasing our marketing activity to capture and sustain growth from the health and wellness trends that continue to play into the strenghts of our brands. Our new executive team is now in place and, with $17.3 million in cash and no debt, we are well positioned for continued, profitable growth.”

Third Quarter 2026 Highlights

• Net sales increased by 225% to $42.0 million compared to $12.9 million in the corresponding prior year period. The increase was primarily attributable to the contribution of Navitas and Terrasoul acquisition and distribution expansion in retail channel.
• E-commerce sales increased by 268% year-over-year and contributed 54% 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 187% year-over-year and contributed 46% of total Net sales, driven by the addition of Navitas and Terrasoul sales.
• Gross profit increased 164% to $12.4 million, or 29.6% of net sales as compared to $4.7 million, or 36.5% of net sales in the corresponding prior year period. The margin compression was primarily due to inflationary commodity costs, fuel and freight charges, and lower margins associated with the Terrasoul brand and its lower brand investment business model.
• Net income was $1.7 million, or $0.03 per basic and diluted share attributable to common shareholders, compared to net loss of ($1.0) million, or ($0.09) per basic and diluted share, in the corresponding prior year period. The improvement was driven by adjustments to the fair value of contingent consideration related to the acquisitions, and the first full-quarter contributions of Navitas and Terrasoul. This was offset in part by a discrete income tax expense related to goodwill arising from the acquisitions.
• Adjusted EBITDA, which is a non-GAAP financial measure, was $2.1 million, compared to $0.2 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 166% to $97.2 million compared to $36.5 million in the corresponding prior year period. The increase was primarily attributable to the contributions of Navitas and Terrasoul, and distribution expansion in retail channel.
• E-commerce sales increased by 158% 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 174% year-over-year and contributed 51% of total Net sales, driven by the addition of Navitas and Terrasoul sales, as well as new and existing item expansion in the wholesale channel.
• Gross profit increased by 106% to $29.6 million, or 30.4% of net sales, compared to $14.4 million, or 39.3% of net sales, in the corresponding prior year period. The margin compression was primarily due to inflationary commodity costs, fuel and freight charges, and lower margins associated with the Terrasoul brand and its lower brand investment business model.
• Net income was $1.7 million, or $0.00 per basic share attributable to common shareholders, compared to net loss of ($1.5) million, or ($0.14) per basic and diluted share, in the corresponding prior year period. The improvement was driven by adjustments to the fair value of contingent consideration related to the acquisitions, 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 contributions of Navitas and Terrasoul, 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 $3.9 million, compared to $0.7 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.

Balance Sheet and Cash Flow Highlights

Cash, cash equivalents, and restricted cash as of September 30, 2026, totaled $17.3 million, as compared to $5.3 million as of December 31, 2025. 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, as well as due to the timing of working capital investments. There was no outstanding debt as of September 30, 2026.

2026 Financial Outlook

For fiscal year 2026, the Company continues to expect consolidated Net sales in the range of $135 to $140 million, reflecting a full year of Laird Superfood and the post-acquisition contributions of Navitas and Terrasoul. Adjusted EBITDA is now expected to be in the range of $5 to $6 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 income (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.
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, (5) expenses incurred in connection with the acquisition and integration of Navitas and Terrasoul, (6) changes in fair value of contingent consideration in relation to the Terrasoul acquisition, and (7) other non-recurring costs. 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:

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Contacts:

Investor Relations Contact
Trevor Rousseau
investors@lairdsuperfood.com

Source: Laird Superfood, Inc.