Laird Superfood (NYSEAMERICAN:LSF) said its first quarter of 2026 was defined by acquisitions that significantly expanded the company’s scale and reshaped its strategy in the superfoods and “positive nutrition” category.
President and Chief Executive Officer Jason Vieth said the company completed its acquisition of Navitas Organics on March 12 and closed its acquisition of Terrasoul Superfoods shortly after quarter-end, on April 21. He described the deals as “the beginning” of a broader roll-up strategy focused on superfoods and positive nutrition.
Revenue rises 20% with Navitas contributing partial-quarter sales
Laird reported first-quarter net sales of $13.9 million, up 20% from $11.7 million in the same period last year. Chief Financial Officer Anya Hamill said Navitas Organics contributed $1.6 million in net sales during the quarter, reflecting only the period after the March 12 acquisition close.
Wholesale remained the company’s largest growth driver. The channel grew 37% year over year to $7.5 million and represented 54% of total net sales. Hamill attributed the growth to the addition of Navitas wholesale revenue, distribution expansion, product assortment wins in grocery and club channels, and strong shelf velocities.
E-commerce revenue increased 4% to $6.5 million, representing 46% of total net sales. Hamill said the increase reflected Navitas e-commerce revenue and continued strength on Amazon.com, partly offset by softness in Laird’s direct-to-consumer channel.
Margins pressured by commodities, tariffs and mix
Gross margin fell to 33.3% in the first quarter from 41.9% a year earlier. Hamill said about 3.2 percentage points of the decline reflected a prior-year timing-related inventory cost benefit that did not recur in 2026. The remaining 5.4 percentage points came from unfavorable channel and product mix, inflationary commodity costs, especially coffee, and import tariffs on certain inputs.
Vieth said the company expects some of the margin pressure to ease over the balance of the year because commodity prices have come down and tariffs have been removed from its products.
Total operating expenses rose 50% to $7.7 million from $5.1 million a year earlier. General and administrative expenses increased 73% to $3.9 million, driven primarily by $1.3 million in one-time Navitas acquisition and integration-related professional fees, as well as planned personnel investments to support a larger multi-brand platform. Sales and marketing expenses increased 33% to $3.8 million because of higher media spend, agency fees and selling costs tied to higher sales volume.
GAAP net income was $1.8 million, or $0.12 per basic share, compared with a net loss of $0.2 million in the prior-year quarter. Hamill noted that the result included a $4.7 million non-recurring income tax benefit related to the Navitas transaction. Adjusted EBITDA was a loss of $1.1 million, compared with positive adjusted EBITDA of $0.4 million a year earlier.
Acquisitions funded by Nexus Capital
Vieth said both acquisitions were funded through the company’s partnership with Nexus Capital Management. Laird issued $50 million of Series A preferred stock in March to fund the Navitas acquisition and issued another $60 million in April to fund the Terrasoul acquisition.
Following the transactions, Nexus holds approximately 73.8% of Laird’s common stock on a fully diluted as-converted basis, and the company is operating as a controlled company under NYSE American rules.
As of March 31, Laird had $10.5 million of cash, cash equivalents and restricted cash, with no outstanding debt. After the Terrasoul acquisition and related preferred stock issuance, Hamill said the combined company had approximately $24 million of cash and restricted cash as of April 30.
Terrasoul adds manufacturing and food service capabilities
Vieth said Terrasoul brings vertical integration, including in-house processing, packaging and distribution capabilities, along with a product line spanning nuts, seeds, dried fruits, powders, baking ingredients and functional beverage mix-ins.
In response to analyst questions, Vieth said Terrasoul’s manufacturing facility is currently running “really, just 1 shift throughout the week,” leaving room to add shifts or production lines over time. He said Laird plans to integrate Navitas first while allowing Terrasoul to continue operating its facility, then evaluate moving more Navitas and Laird production into Terrasoul’s operation.
Vieth also highlighted Terrasoul’s food service business and online marketplace capabilities. He said the acquisition brings more than 3,000 distribution points that are drop-shipped from Terrasoul’s facility. He identified health-and-wellness-oriented shops, coffee shops, hospitals, and college and university channels as potential opportunities for the combined portfolio, while noting that food service remains an early-stage area for Laird.
Company issues 2026 guidance for combined platform
For fiscal 2026, Laird expects consolidated net sales of $138 million to $148 million. The guidance reflects a full year of Laird Superfood and the post-acquisition contributions of Navitas and Terrasoul, but excludes periods before the company owned those businesses.
The company expects adjusted EBITDA of $8 million to $12 million for the year, excluding one-time transaction and integration costs. Hamill said adjusted EBITDA improvement is expected to be driven by top-line growth and early synergy realization.
On a pro forma full-year basis, assuming Navitas and Terrasoul had been acquired on Jan. 1, Hamill said Laird would expect 2026 net sales growth of 8% to 12% compared with 2025, using the same accounting methodology each company used in 2025. She noted that Terrasoul has not yet been audited under GAAP principles.
During the question-and-answer session, Hamill said gross margin is expected to improve in the balance of the year to the low- to mid-30% range, driven by top-line growth, reduced promotional spend, lower slotting charges, commodity favorability, more favorable mix, tariff refunds and the addition of Terrasoul. Asked whether a 10% adjusted EBITDA margin in the back half of the year was realistic, Hamill said mid-single digits would be more appropriate, while Vieth said high single digits could be possible but that reaching more than 10% would be aggressive before full synergies are realized.
Vieth said Laird remains interested in additional acquisitions, especially brands in the $40 million to $80 million revenue range that fit the company’s focus on minimally processed, “close to the earth” health and wellness products. He said one to two acquisitions per year would be a “pretty safe assumption,” though the company would consider another deal sooner if the right opportunity became available.
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.
