Laird Superfood (NYSEAMERICAN:LSF) reported second-quarter 2026 net sales of $41.3 million, up 244% from $12.0 million a year earlier, as contributions from the Navitas and Terrasoul acquisitions significantly expanded the company’s business. The company reaffirmed its full-year outlook for net sales of $138 million to $148 million and adjusted EBITDA of $8 million to $12 million.
President and Chief Executive Officer Jason Vieth described the quarter as transformative, citing the April 21 closing of the Terrasoul Superfoods acquisition and the completion of Navitas’ integration into Laird’s processes, organization and enterprise resource planning system.
Acquisitions Drive Sales Growth
Wholesale sales rose more than 2.5 times year over year to $21.3 million, accounting for 51% of second-quarter sales. E-commerce sales more than doubled to $20.0 million, representing the remaining 49% of revenue. Chief Financial Officer Anya Hamill said both channels benefited from the additions of Navitas and Terrasoul, while e-commerce also received support from growth on Amazon.com. That growth was partly offset by softness in the company’s direct-to-consumer channel.
For the first six months of 2026, Laird reported net sales of $55.2 million, up 134% from $23.6 million in the prior-year period. Wholesale represented 52% of first-half sales, while e-commerce accounted for 48%.
Vieth said cacao products continued to perform well and the coffee business showed momentum in key retail channels. During the quarter, Laird launched five coffee and creamer stock-keeping units in more than 1,000 Walmart stores nationwide. He said the rollout is expected to position the company for sequential growth as the Walmart reset is fully implemented during the third quarter.
Hamill said Walmart had little material impact on second-quarter sales, with the bulk of the contribution expected during the second half. Laird also expanded its assortment at Target and is working to build its presence across Amazon and other online marketplaces.
Margins Decline as Business Mix Changes
Second-quarter gross profit increased to $12.5 million from $4.8 million a year earlier, but gross margin declined to 30.3% from 39.9%. Hamill attributed the 9.6-percentage-point contraction primarily to the addition of recently acquired businesses, unfavorable channel and product mix, and inflationary commodity costs.
Management said Terrasoul has a lower-margin business model than Laird’s historical portfolio. During the question-and-answer session, Hamill said a low-30% gross-margin range is the appropriate expectation looking ahead.
Total operating expenses increased 178% to $14.4 million. Sales and marketing expenses rose 139% to $7.1 million, reflecting the larger organization, variable selling costs associated with higher sales, increased staffing and higher marketing investment. General and administrative expenses rose 229% to $7.3 million, driven largely by $3.5 million in business combination and integration costs and $1.1 million of amortization related to acquired intangible assets.
Laird posted a net loss of $1.8 million, or $0.25 per basic and diluted share, compared with a net loss of $0.4 million, or $0.03 per share, in the second quarter of 2025. The company said the wider loss primarily reflected acquisition and integration costs.
Adjusted EBITDA rose to $3.0 million from $0.1 million a year earlier. Hamill said the measure excludes $1.1 million of non-cash depreciation and amortization, $0.3 million of stock-based compensation, and $3.5 million in transaction and integration expenses. The improvement reflected acquired-business contributions and early synergies, partially offset by commodity inflation and higher selling and marketing costs.
Integration and Growth Strategy
Vieth said Navitas is largely integrated, with a unified sales team, consolidated operations and a completed enterprise resource planning implementation. Terrasoul’s integration is now beginning in earnest, although accounting and finance integration are already progressing.
The company is seeking procurement, supply-chain and shared-overhead efficiencies across the combined platform. Vieth also said Laird acquired a facility in Fort Worth, Texas, with the expectation that producing Navitas and Laird volume there could improve gross margins over time. He said the company still needs to complete additional analysis, determine investment needs and establish an implementation timeline.
On e-commerce, Vieth said Terrasoul brought significant Amazon marketplace knowledge that Laird is applying across its other brands. The company is refining product pages and pricing and has seen improvement in advertising cost metrics, according to Vieth. He also pointed to opportunities on Walmart.com and other online marketplaces.
Laird plans to expand its sales and marketing capabilities following the addition of new commercial leadership, including a chief marketing officer and chief sales officer. Vieth said the company is evaluating different approaches by brand and category, potentially including social media, influencer activity, in-store shopper marketing and long-form editorial content.
As of June 30, Laird held $23.2 million in cash equivalents and restricted cash, up from $10.5 million at the end of the first quarter. The company had no outstanding debt. Hamill said the cash increase primarily reflected proceeds from the issuance of Series A Preferred Stock, partly offset by consideration paid for the Navitas and Terrasoul acquisitions.
Vieth also announced that Hamill will depart Laird Superfood at the end of August.
About Laird Superfood (NYSEAMERICAN:LSF)
Laird Superfood, Inc (NYSE American: LSF) is a consumer wellness company specializing in plant-based superfood and functional beverage products. Founded in 2015 by big-wave surfer and entrepreneur Laird Hamilton, the company develops creamers, coffees, hydration mixes and culinary superfood blends designed to deliver energy, focus and nutritional support. Laird Superfood’s offerings leverage premium ingredients such as coconut milk, aquamin sea minerals, functional mushrooms and adaptogens to address growing consumer demand for clean-label, nutrient-rich alternatives.
The company’s core product lines include coconut-based coffee creamers, plant-based creamers, instant coffee blends combined with superfood ingredients, hydration mixes and culinary seasonings.
