Laird Superfood, Inc.

Q2 2026 net sales were $41.3 million, up 244% from $12.0 million in Q2 2025. Gross profit was $12.5 million with gross margin of 30.3%, down from $4.8 million and 39.9% last year. Net loss was $1.8 million, or $0.25 per share, versus a net loss of $0.4 million, or $0.03 per share, in the prior-year quarter. Adjusted EBITDA was $3.0 million compared with $0.1 million a year ago. For the first half, net sales were $55.2 million and adjusted EBITDA was $1.8 million. Management reaffirmed full-year 2026 guidance for net sales of $138 million to $148 million and adjusted EBITDA of $8 million to $12 million. On margins, CFO Anya Hamill said low 30s is the appropriate gross margin range going forward, and revenue should accelerate in the back half, with her saying she would be disappointed if results were not closer to the mid- or high end of guidance.

Jason Vieth framed the quarter as proof that the company’s roll-up strategy is working, highlighting that Navitas integration is complete and Terrasoul integration is now next in line. He said the combined platform gives Laird greater scale, stronger sourcing leverage and more growth paths across retail, club, e-commerce and foodservice. His tone was optimistic and expansionary, emphasizing that synergies are already showing up in adjusted EBITDA and that the business is building toward category leadership.

Anya Hamill focused on the drivers of the quarter’s financials: $41.3 million of net sales, $12.5 million of gross profit, 30.3% gross margin, $14.4 million of operating expenses, and $3.0 million of adjusted EBITDA. She said gross margin contracted because the acquired businesses are lower margin and because of unfavorable mix and commodity inflation, while operating expenses rose from acquisition and integration costs, including $3.5 million of business combination and integration expenses and $1.1 million of amortization tied to the deals. She also noted the balance sheet ended with $23.2 million of cash and no debt, and reiterated full-year guidance of $138 million to $148 million in sales and $8 million to $12 million in adjusted EBITDA.

Analysts pressed on gross margin, second-half revenue cadence, and how much Walmart and Target wins would contribute. Management said low 30s is the right gross margin range for now, with Terrasoul confirmed as a lower-margin business than Laird’s average portfolio, and said Walmart’s Q2 impact was minimal with most benefit coming in Q3 and Q4. Questions also focused on integration progress and longer-term margins; Jason Vieth said Navitas is largely finished, Terrasoul is just starting, and the Texas facility could eventually improve gross margin, though more analysis and investment are still needed.