Laird Superfood reported strong financial results for the first quarter ended March 31, 2026, highlighting a transformational period marked by strategic acquisitions, double-digit revenue growth, and the company’s evolution into a larger, diversified multi-brand superfood platform.
The company announced that first-quarter performance was significantly influenced by the completion of its acquisition of Navitas Organics in March 2026, followed shortly after quarter-end by the acquisition of Terrasoul Superfoods in April. Together, these transactions represent a major milestone in Laird Superfood’s long-term growth strategy, positioning the company as a stronger player in the rapidly expanding global superfoods category.
Chief Executive Officer Jason Vieth described the first quarter as a “transformative period” for the company, emphasizing that the acquisitions not only expand the company’s brand portfolio but also significantly strengthen its market presence.
According to Vieth, the addition of Navitas Organics—one of the most recognized and trusted names in the superfood industry—immediately broadened Laird Superfood’s platform, while the Terrasoul Superfoods acquisition further accelerated that momentum. He noted that management is now focused on integrating all three businesses efficiently, capturing operational synergies, and investing in infrastructure that can support scalable and profitable long-term growth.
Despite acknowledging that near-term financial performance may be impacted by integration costs and operational complexities tied to absorbing two acquisitions in rapid succession, company leadership expressed confidence in the strategic value these deals will create for customers, retail partners, and shareholders.
Revenue Climbs 20% in the First Quarter
For the first quarter of 2026, Laird Superfood generated net sales of $13.9 million, representing a 20% increase compared to $11.7 million during the same period in 2025.
A major contributor to that growth was Navitas Organics, which added approximately $1.6 million in sales during the quarter following its acquisition.
The company’s revenue expansion reflected strong performance across multiple sales channels, particularly in wholesale distribution and e-commerce.
E-Commerce Performance Supported by Amazon Strength
Laird Superfood reported that e-commerce sales rose 4% year-over-year and accounted for 46% of total net sales during the quarter.
Growth in the segment was driven primarily by the newly added Navitas Organics sales and continued strong momentum on Amazon, which remains an important sales platform for the company.
However, this was partially offset by weaker performance in the company’s direct-to-consumer (DTC) business, reflecting broader softness in online direct purchasing trends.
Even with that softness, e-commerce remains a vital revenue channel and a strategic growth area for the company.
Wholesale Sales Deliver Strongest Growth
Wholesale sales emerged as the company’s strongest-performing channel in the first quarter.
Sales in the wholesale segment increased 37% year-over-year and accounted for 54% of total revenue.
The increase was fueled by multiple factors, including the inclusion of Navitas Organics products, expanded distribution partnerships, broader product assortments, and stronger sales velocity across grocery and club retail outlets.
Management highlighted wholesale expansion as a key pillar of the company’s long-term strategy, particularly as larger retailers continue increasing shelf space dedicated to health-focused and functional food products.
Gross Margin Declines Amid Cost Pressures
Despite strong top-line growth, Laird Superfood faced margin pressures during the quarter.
Gross margin declined to 33.3%, compared with 41.9% in the prior-year period.
Management attributed the margin contraction primarily to an unfavorable mix of sales channels and products, higher commodity input costs, and the impact of import tariffs affecting certain ingredients and materials.
Approximately 5.4 percentage points of the year-over-year decline were linked to these operational and macroeconomic pressures.
Additionally, the company noted that around 3.2 percentage points of the margin decline resulted from a favorable inventory costing adjustment recorded during the first quarter of 2025 that did not repeat this year.
While margin compression remains a challenge, executives stated they expect operational synergies and scale efficiencies from recent acquisitions to support future improvement.
Net Income Turns Positive
Laird Superfood reported net income of $1.8 million for the quarter, a substantial improvement from a net loss of $0.2 million during the same period last year.
On a per-share basis, the company earned $0.12 per basic share and $0.11 per diluted share, compared with a loss of $0.02 per diluted share in the first quarter of 2025.
The improvement was primarily driven by a one-time income tax benefit related to the release of a valuation allowance on deferred tax liabilities acquired as part of the Navitas transaction.
That benefit helped offset several cost headwinds, including acquisition-related expenses, integration costs, commodity inflation, and tariffs.
Adjusted EBITDA Declines
While net income improved, adjusted EBITDA—a non-GAAP profitability metric used by the company—declined during the quarter.
Adjusted EBITDA was a loss of $1.1 million, compared with positive adjusted EBITDA of $0.4 million in the prior-year period.
The decline was primarily driven by elevated raw material costs, tariff impacts, and increased investments in marketing and selling expenses aimed at supporting long-term brand growth.
Management emphasized that these investments are strategic and intended to accelerate revenue expansion across the broader combined platform.
Strong Balance Sheet Supports Expansion
Laird Superfood ended the first quarter with $10.5 million in cash, cash equivalents, and restricted cash.
Importantly, the company reported no outstanding debt, giving it substantial financial flexibility as it integrates recent acquisitions and continues investing in growth.
Cash used in operating activities totaled $3.8 million during the quarter, compared with $1.3 million in the same period last year.
The increase in cash usage was mainly due to payments related to the Navitas acquisition and higher working capital investments to support business expansion.
Terrasoul Acquisition Further Strengthens Portfolio
On April 21, 2026, shortly after the close of the first quarter, Laird Superfood completed its acquisition of Terrasoul Superfoods.
The transaction was funded in part through a private placement involving an additional 60,000 shares of Series A Convertible Preferred Stock.
Following the completion of the acquisition, the company reported approximately $24 million in cash, cash equivalents, and restricted cash as of April 30, 2026.
Management indicated that these resources will support acquisition-related obligations and provide working capital for the newly combined business.
Building a Larger Superfood Ecosystem
With the addition of Navitas Organics and Terrasoul Superfoods, Laird Superfood is rapidly evolving from a single-brand functional food company into a scaled superfood platform with multiple complementary brands.
This strategy expands the company’s reach across categories such as functional beverages, plant-based creamers, snacks, powders, supplements, and pantry staples—allowing it to serve a broader consumer base and deepen retail relationships.
As health-conscious consumers increasingly seek clean-label, organic, and nutrient-dense foods, Laird Superfood appears well-positioned to benefit from long-term category tailwinds.
Looking ahead, the company’s focus remains on integration execution, synergy realization, margin recovery, and sustained top-line growth—priorities that management believes will drive shareholder value in the years ahead.
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