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    LSF
    Earnings call· Jun 2026(Q2 FY26)

    Laird Superfood Q2 FY26 earnings call LSF

    Aug 13, 2026 Source

    Executive summary

    Laird Superfood Q2 FY26 — Integration Progress Drives Adjusted EBITDA Growth

    Laird Superfood delivered a transformative quarter, successfully integrating Navitas and initiating Terrasoul integration, which drove significant top-line growth and a substantial increase in adjusted EBITDA. While gross margins faced pressure from acquisition mix and commodity costs, the company reaffirmed its full-year guidance, confident in accelerating synergy capture and commercial momentum across retail and online channels. The focus remains on leveraging the combined platform for sustainable growth and future acquisitions.

    Highlights

    5

    • Adjusted EBITDA increased to $3.0 million in Q2 FY26 from $0.1 million in Q2 FY25.

    • Net sales grew 244% year-over-year to $41.3 million in Q2 FY26.

    • Navitas integration is complete, operating on a single ERP system.

    • Successfully launched 5 coffee and creamer SKUs into over 1,000 Walmart stores nationwide.

    • Ended the quarter with $23.2 million in cash and no debt.

    Concerns

    3

    • Gross margin compressed by 9.6 percentage points to 30.3% in Q2 FY26 due to mix of lower-margin acquired business and commodity costs.

    • Net loss increased to $1.8 million ($0.25 per share) in Q2 FY26 from $0.4 million ($0.03 per share) in Q2 FY25, driven by acquisition and integration costs.

    • Softness in the direct-to-consumer channel, partially offset by Amazon growth.

    Guidance & targets

    3
    CategoryTargetConfidence
    Consolidated Net Sales
    $138 million to $148 million
    high materiality
    High
    Adjusted EBITDA
    $8 million to $12 million
    high materiality
    High
    Gross Margin
    low 30s
    medium materiality
    Medium

    Segment performance

    2
    SegmentRevenueYoYQoQMargin
    Wholesale
    Driven by the addition of Navitas and Terrasoul acquisitions and organic distribution expansion.
    Percentage of total net sales: 51%
    		$21.3 millionover 2.5x——
    E-commerce
    Led by the addition of Navitas and Terrasoul sales as well as growth on Amazon.com, offset in part by softness in the direct-to-consumer channel.
    Percentage of total net sales: 49%
    		$20.0 millionover 2x——

    Operational metrics

    22
    Net sales
    $41.3 millionup 244% versus prior year
    Q2 FY26

    Primarily driven by the addition of the acquired businesses.

    Net sales
    $12.0 million
    Q2 FY25

    Prior year comparative for Q2 FY26 net sales.

    Net sales
    $55.2 millionup 134% compared to prior year period
    H1 FY26

    Year-to-date net sales.

    Net sales
    $23.6 million
    H1 FY25

    Prior year comparative for H1 FY26 net sales.

    Adjusted EBITDA
    $3.0 millioncompared to $0.1 million in prior year period
    Q2 FY26

    Excludes $1.1 million noncash D&A, $0.3 million noncash stock-based compensation, and $3.5 million business combination and integration costs.

    Adjusted EBITDA
    $0.1 million
    Q2 FY25

    Prior year comparative for Q2 FY26 adjusted EBITDA.

    Adjusted EBITDA
    $1.8 millioncompared to $0.5 million in prior year period
    H1 FY26

    Year-to-date adjusted EBITDA.

    Adjusted EBITDA
    $0.5 million
    H1 FY25

    Prior year comparative for H1 FY26 adjusted EBITDA.

    Gross margin
    30.3%contraction of 9.6 percentage points
    Q2 FY26

    Gross margin as a percentage of net sales.

    Gross margin
    39.9%
    Q2 FY25

    Prior year comparative for Q2 FY26 gross margin.

    Gross margin
    31.1%compared to 40.9% in prior year period
    H1 FY26

    Year-to-date gross margin as a percentage of net sales.

    Gross margin
    40.9%
    H1 FY25

    Prior year comparative for H1 FY26 gross margin.

    Total operating expenses
    $14.4 millionincrease of 178% compared to $5.2 million in prior year period
    Q2 FY26

    Largely driven by costs of bringing the three businesses together and one-time acquisition/integration expenses.

    Sales and marketing expenses
    $7.1 millionincreased 139%
    Q2 FY26

    Reflecting larger scale, variable selling costs, increased people costs, and higher marketing investment.

    General and administrative expenses
    $7.3 millionincreased 229%
    Q2 FY26

    Almost entirely driven by $3.5 million of business combination and integration costs and $1.1 million of amortization expenses.

    Business combination and integration costs
    $3.5 million
    Q2 FY26

    One-time costs directly tied to closing and integrating Navitas and Terrasoul acquisitions.

    Amortization expenses
    $1.1 million
    Q2 FY26

    Related to intangible assets identified in Navitas and Terrasoul acquisitions; noncash in nature.

    Cash, cash equivalents and restricted cash
    $23.2 millioncompared to $5.3 million as of December 31, 2025, and $10.5 million at end of last quarter
    as of June 30, 2026

    Increase primarily from proceeds of Series A preferred stock issuance, offset by acquisition consideration.

    Net loss
    $1.8 millioncompared to $0.4 million in prior year period
    Q2 FY26

    Increased due to costs incurred in connection with acquisition and integration.

    Net loss per share
    $0.25compared to $0.03 in prior year period
    Q2 FY26

    Basic and diluted.

    Net loss
    $0.1 millioncompared to $0.5 million in prior year period
    H1 FY26

    Improvement driven by discrete nonrecurring income tax benefit and contribution of Navitas and Terrasoul, offset by acquisition/integration costs and commodity costs.

    Net loss per share
    $0.10compared to $0.05 in prior year period
    H1 FY26

    Basic and diluted.

    Industry KPIs

    4
    MetricValueDetails
    Gross margin30.3%%
    Brand platform growthnice growth
    Organic net revenue growth244%%
    Adjusted EPS operating income$3.0MUSD

    Product announcements

    1
    ProductTypeDetails
    Coffee and creamer SKUslaunch

    Deals & partnerships

    2
    Terrasoul SuperfoodsAcquisition of a superfood brand to expand the platform.

    Acquisition closed on April 21. Integration is underway, following the completion of Navitas integration. Terrasoul brought significant Amazon expertise.

    NavitasAcquisition of a superfood brand to expand the platform.

    Full integration into processes, organization, and ERP system completed. The team is now operating as part of the Laird Superfood platform.

    Capital programs

    1
    Fort Worth facility utilizationunderway

    Benefit: Drive gross margin improvement for Navitas and Laird volume.

    The company bought a facility in Texas with the expectation that marginal cost to produce Navitas and Laird volume there will drive gross margin improvement. Early analysis is underway, with further work needed on expanding PP&E and staffing.

    Risks & headwinds

    4
    Gross margin compressionQ2 FY26, ongoing impact

    9.6 percentage points contraction to 30.3% in Q2 FY26

    Mitigation: Managing carefully, focused on cost and supply chain synergies.

    Inflationary commodity costsQ2 FY26, ongoing

    Impacted gross margin

    Mitigation: Exiting positions from last year's purchases, focused on supply chain synergies.

    Acquisition and integration costsQ2 FY26, near term

    $3.5 million in Q2 FY26

    Mitigation: These are one-time costs associated with the deals and integration activities.

    Softness in direct-to-consumer channelQ2 FY26

    Offset by Amazon.com growth

    Mitigation: Leveraging Terrasoul's Amazon expertise and expanding to other e-commerce marketplaces.

    What to watch in Q3 FY26

    5

    Terrasoul integration progress

    Next quarter
    CurrentIntegration underway, accounting/finance furthest along.
    TargetSignificant progress on full integration (ERP, operations).

    Why it matters

    Successful integration is key to realizing full synergies and operational efficiency across the platform.

    On Terrasoul, we are -- we started -- as you know🎣, we started with Navitas that was the first company we acquired, and we moved quickly and we had the benefit of a NetSuite to NetSuite integration. On Terrasoul, we'll certainly have a bigger piece of work.

    Q&A highlights

    6

    What are the expectations for gross margins in the second half, and what factors will drive the low versus high end of the revenue guidance range?

    Anya Hamill stated that low 30s is the appropriate range for gross margin in the back half, noting Terrasoul is a lower-margin business. She reaffirmed the revenue guidance of $138M-$148M, implying acceleration in H2, and personally expects results closer to the midrange or higher end.

    “So looking forward, I think low 30s is the appropriate range for our gross margin.”

    asked by Eric Des Lauriers · answered by Anya Hamill

    2 min read6 chapters

    Detailed Narrative

    01

    Platform Strategy and Integration

    Laird Superfood is executing a deliberate roll-up strategy in the Superfoods and positive nutrition space, aiming to consolidate high-quality, mission-aligned brands. The integration of Navitas is largely complete, with the team operating on a single ERP system and shared processes, allowing for a unified market approach. The company plans to apply the same disciplined integration approach to Terrasoul, which is currently underway.

    02

    Synergy Realization and Profitability

    Early synergies from the combined businesses are already visible, contributing to a significant increase in adjusted EBITDA to $3.0 million in Q2 FY26. Efficiencies are being captured in supply chain, shared overhead, and marketing effectiveness, with benefits expected to accelerate in the second half of the year. This rapid realization of savings is an important proof point for the company's future acquisition strategy.

    03

    Commercial Momentum and Retail Expansion

    The company is seeing encouraging commercial trends, particularly in Cacao products and the coffee business across key retail channels. Significant retail expansion includes the successful launch of 5 coffee and creamer SKUs into over 1,000 Walmart stores nationwide and an expanded assortment at Target. This increased scale and broader product offering are enhancing relationships with major retailers.

    04

    E-commerce Capabilities and Growth

    The acquisition of Terrasoul brought significant expertise in Amazon's ecosystem, which is now being leveraged across all brands to refine pages, pricing, and overall strategy, leading to improved TaCoS rates. Navitas's hybrid 1P/3P model on Amazon also provides unique learnings. The company is also expanding its presence on other e-commerce marketplaces like Walmart.com, leveraging its combined portfolio for broader reach.

    05

    Future Growth Initiatives and Marketing Overhaul

    Laird Superfood is building a robust innovation platform and overhauling its marketing approach to drive brand awareness and trial. With new sales and marketing leadership, the company plans a tailored strategy combining social media, influencer marketing, in-store shopper marketing, and long-form content, aiming to modernize brand perception and maximize spend-to-revenue models across diverse categories.

    06

    Balance Sheet Strength and Capital Allocation

    The company ended the quarter with a strong balance sheet, holding $23.2 million in cash, cash equivalents, and restricted cash as of June 30, 2026, with no outstanding debt. This financial position provides a solid foundation for continued integration efforts, investment in future growth initiatives, and the execution of its deliberate roll-up strategy in the superfoods category.

    AI-generated summary of the company’s earnings call. Not investment advice.