Laird Superfood (LSF) Q1 2026 earnings summary

Executive summary

• Net sales rose 20% year-over-year to $13.9 million in Q1 2026, driven by wholesale growth, Amazon strength, and the inclusion of Navitas Organics.

• Completed transformative acquisitions of Navitas Organics in March and Terrasoul Superfoods in April, expanding the product portfolio and establishing a multi-brand superfood platform.

• Nexus Capital Management funded acquisitions and now holds 73.8% of common stock, making the company a controlled entity under NYSE American rules.

• Integration of acquired businesses is underway, with early synergies realized and a focus on aligning supply chain, finance, and commercial operations.

• Leveraging AI across forecasting, planning, and execution to drive efficiency with minimal headcount increase.

Financial highlights

• Q1 2026 net sales were $13.9 million, up 20% year-over-year; Navitas contributed $1.6 million post-acquisition.

• Wholesale channel grew 37% to $7.5 million, representing 54% of total net sales; e-commerce grew 4% to $6.5 million, led by Amazon.

• Gross margin contracted to 33.3% from 41.9% year-over-year, mainly due to unfavorable mix, commodity inflation, tariffs, and absence of prior year inventory benefit.

• Operating expenses rose 50% to $7.7 million, driven by one-time acquisition costs and increased personnel.

• GAAP net income was $1.8 million, including a $4.7 million non-recurring tax benefit; adjusted EBITDA was a $1.1 million loss versus $0.4 million profit last year.

Outlook and guidance

• FY 2026 consolidated net sales expected between $138 million and $148 million, reflecting full-year contributions from all brands.

• Adjusted EBITDA guidance for FY 2026 is $8 million–$12 million, excluding one-time transaction and integration costs.

• Pro forma full-year 2026 net sales growth projected at 8%–12% if all acquisitions had closed January 1.

• Gross margin expected to improve to low-to-mid 30s% in the back half of 2026, with EBITDA margin in the mid-to-high single digits.

• Guidance reflects prudent synergy capture assumptions; updates to be provided as integration progresses.