Laird Superfood (LSF) Q4 2025 earnings summary

Executive summary

• Achieved record net sales of $49.9 million in 2025, up 15% year-over-year, driven by wholesale channel momentum and expanded distribution.

• Wholesale channel drove growth, surging 44% in Q4 and 41% for the full year, now representing half of total sales.

• Successfully relaunched refrigerated creamers and expanded distribution, especially in natural and club channels.

• Completed the acquisition of Navitas Organics in March 2026, creating a scaled superfood platform with complementary brands and expanded reach.

• Secured $50 million investment from Nexus Capital, with an option for an additional $60 million.

Financial highlights

• Gross margin for 2025 was 37.9%, down from 40.9% in 2024, due to commodity inflation and non-recurrence of prior year settlement benefits.

• Net loss for 2025 was $3.3 million ($0.31 per diluted share), compared to $1.8 million ($0.18 per share) in 2024; increase driven by $0.9 million in acquisition fees and $0.7 million in impairment charges.

• Adjusted EBITDA turned positive at $0.3 million, a $1.0 million improvement year-over-year.

• Ended 2025 with $5.3 million in cash and no debt.

Outlook and guidance

• Expects FY 2026 net sales for the combined business to grow at least in the high single digits over the aggregate 2025 combined net sales of $95.2 million.

• Adjusted EBITDA anticipated to increase in 2026, driven by top-line growth and integration synergies.

• Gross margin expected to return to the upper 30% range by end of 2026 as synergies are realized.

• Specific 2026 guidance to be provided with Q1 2026 results.