Laird Superfood (LSF) Q2 2026 earnings summary

Executive summary

• Q2 2026 net sales surged 244% year-over-year to $41.3 million, driven by acquisitions of Navitas and Terrasoul and retail expansion, with $29.4 million in incremental sales from acquisitions.

• Integration of Navitas is complete and Terrasoul integration is underway, with early synergies visible and a unified platform established.

• Net loss for Q2 was $1.8 million ($0.25 per share), primarily due to acquisition and integration costs, compared to $0.4 million in Q2 2025.

• Adjusted EBITDA for Q2 was $3.0 million, up from $0.1 million in the prior year period.

• Expanded retail presence with new SKUs in over 1,000 Walmart stores and an expanded assortment at Target, driving category momentum.

Financial highlights

• Q2 2026 net sales were $41.3 million, up 244% year-over-year; YTD net sales were $55.2 million, up 134% year-over-year.

• Q2 gross profit was $12.5 million (30.3% margin), up 162%, but gross margin declined from 39.9% due to lower-margin acquisitions and inflation.

• Q2 adjusted EBITDA was $3.0 million; YTD adjusted EBITDA was $1.8 million, up from $0.5 million prior year.

• Q2 net loss was $1.8 million; YTD net loss was $0.1 million.

• Cash and equivalents at June 30, 2026 were $23.2 million, up from $5.3 million at year-end 2025, with no outstanding debt.

Outlook and guidance

• Full-year 2026 net sales guidance reaffirmed at $138–$148 million, with adjusted EBITDA expected at $8–$12 million.

• Gross margin expected to remain in the low 30% range for the second half of the year.

• Anticipates acceleration in net sales in the back half of the year, with most Walmart expansion impact in Q3 and Q4.

• Management expects continued growth from expanded retail distribution and integration of acquired brands.

• Existing cash and anticipated cash flow are expected to cover operations for at least the next twelve months.