Laird Superfood — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net sales increased 225% year-over-year to $42.0 million for the quarter ended September 30, 2026, compared to $12.9 million in the prior year period; year-to-date sales rose 166% to $97.2 million from $36.5 million.
• Gross profit increased 164% to $12.4 million (29.6% of net sales) for the quarter, up from $4.7 million (36.5% of net sales) in the prior year; year-to-date gross profit grew 106% to $29.6 million (30.4% of net sales) from $14.4 million (39.3% of net sales).
• Net income was $1.7 million ($0.03 per share) for the quarter, a turnaround from a net loss of $1.0 million ($0.09 per share) in the prior year; year-to-date net income was $1.7 million ($0.00 per share) compared to a net loss of $1.5 million ($0.14 per share).
• Adjusted EBITDA reached $2.1 million for the quarter, up from $0.2 million in the prior year; year-to-date Adjusted EBITDA was $3.9 million, compared to $0.7 million in the prior year.
• Cash, cash equivalents, and restricted cash totaled $17.3 million as of September 30, 2026, an increase from $5.3 million as of December 31, 2025.
• The company reported no outstanding debt as of September 30, 2026.
• Net cash used in operating activities for the nine months ended September 30, 2026, was $9.98 million, compared to $2.85 million in the prior year period.

Guidance and Future Outlook:

• The Company reaffirmed its full-year 2026 consolidated Net sales guidance range of $135 million to $140 million.
• Adjusted EBITDA guidance for fiscal 2026 is now expected to be in the range of $5 million to $6 million.
• Management stated it will provide updated guidance as integration milestones are achieved and visibility into the full-year outlook improves.

Business Segments and Product Lines:

• The quarter marked the first full quarter of operating Laird Superfood, Navitas Organics, and Terrasoul Superfoods as a single platform.
• E-commerce sales grew 268% year-over-year to contribute 54% of total net sales for the quarter, driven by Navitas and Terrasoul contributions and strong Amazon.com growth, offset by softness in the direct-to-consumer channel.
• Wholesale sales increased 187% year-over-year to contribute 46% of total net sales, driven by the addition of Navitas and Terrasoul sales.
• Revenue by product category for the quarter: Functional foods ($15.95 million, 38%), Superfood ingredients ($18.63 million, 44%), and Coffee solutions ($11.64 million, 28%).
• Year-to-date, Superfood ingredients contributed 42% of sales, Functional foods 34%, and Coffee solutions 37%.

Market and Competitive Landscape:

• Growth was primarily attributable to the contribution of the Navitas and Terrasoul acquisitions and distribution expansion in the retail channel.
• The company noted continued consumer opportunities in health and wellness trends.

Risks and Challenges:

• Gross margin compression was driven by inflationary commodity costs, fuel and freight charges, and lower margins associated with the Terrasoul brand's business model.
• Net income improvement was partially offset by a discrete income tax expense related to goodwill arising from acquisitions.
• Year-to-date net income was offset by costs incurred in connection with the acquisition and integration of Navitas and Terrasoul.
• The company faces risks related to volatility in revenue, expenses, customer retention, supplier management, raw material prices, and consumer preferences.

Management Commentary and Tone:

• CEO Jason Vieth stated the company is "well positioned for continued, profitable growth" with a new executive team in place.
• Management expressed excitement about capturing synergies from the combined platform and plans to increase marketing activity to sustain growth.
• The tone reflected confidence in growth trends and the pace of synergy capture achieved to date.

Other Key Points:

• The company acquired Navitas Organics in the first quarter of 2026 and Terrasoul Superfoods in the second quarter of 2026.
• Proceeds from the issuance of Series A Preferred Stock contributed to the increase in cash, offset by acquisition consideration payments.
• The company recorded a change in fair value of contingent consideration related to acquisitions, which impacted net income.
• A voluntary withdrawal of products that did not meet quality standards resulted in non-recurring costs included in the Adjusted EBITDA reconciliation.
• The company has not provided a reconciliation between forecasted Adjusted EBITDA and net income due to the unavailability of reliable estimates for stock-based compensation and state/local income taxes without unreasonable effort.