How much of the Walmart and Target wins impacted Q2 versus Q3, and what is the established path for continued door expansion?

Anya Hamill clarified that there was barely any impact from the Walmart launch in Q2, with most of the impact expected in Q3 and Q4. Jason Vieth will elaborate on expansion opportunities. “There's barely any impact in Q2. So most of that -- I'd say all of that impact will be in the back half, Q3 and Q4.”

What kind of organic growth is expected for each business, given previous mentions of around 10% for each?

Anya Hamill stated they do not break out growth by brand, as they manage the business as one integrated Superfood platform. Jason Vieth added that growth is currently led by Cacao and coffee products across the platform, focusing on a category management view. “We don't really break it out by brand. So we think about our business, especially as we try to put them together and integrate them as really running one Superfood platform with a portfolio of products and brands.”

What integration work remains, what have been the biggest challenges, and what are the long-term gross margin and EBITDA margin expectations beyond FY26?

Jason Vieth detailed that Navitas integration is mostly complete (organization, ERP, sales, operations). Terrasoul integration is next, starting in earnest now that Navitas is done. He expects gross margin improvement from utilizing the Texas facility for production, but long-term EBITDA margin targets are not yet quantified. “We are mostly done with Navitas, and we are mostly not done with Terrasoul at this point.”

LSF

Laird Superfood (LSF) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Consumer Staples· Aug 13, 2026

Source: earnings call transcript

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

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

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

Category	Target	Timeline	Confidence
Consolidated Net Sales	$138 million to $148 million high materiality	Full Year · FY26	High
Adjusted EBITDA	$8 million to $12 million high materiality	Full Year · FY26	High
Gross Margin	low 30s medium materiality	Second Half · FY26	Medium

Segment performance

Segment	Revenue	YoY	QoQ	Margin
Wholesale Driven by the addition of Navitas and Terrasoul acquisitions and organic distribution expansion. Percentage of total net sales: 51%	$21.3 million	over 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 million	over 2x	—	—

Product announcements

Product	Type	Timeline	Details
Coffee and creamer SKUs	launch	Q2 FY26 (launched), Q3 FY26 (full execution)

Deals & partnerships

Terrasoul Superfoods Acquisition 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.

Navitas Acquisition 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

Fort Worth facility utilization underway

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

Gross margin compression Q2 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 costs Q2 FY26, ongoing

Impacted gross margin

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

Acquisition and integration costs Q2 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 channel Q2 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

Terrasoul integration progress

Next quarter

Current Integration underway, accounting/finance furthest along.

Target Significant 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.

Find out whether LSF delivers this. Inve re-checks your case every morning.

Q&A highlights

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 read 6 chapters

Detailed narrative

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.

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.

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.

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.

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.

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.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.