Laird Superfood, Inc. (NYSE American: LSF) has reported its financial results for the fourth quarter and full fiscal year ended December 31, 2025, highlighting a year of solid revenue growth, strategic expansion, and ongoing margin pressures driven by external cost factors. The company, known for its plant-based superfood products, emphasized that 2025 marked a transformative period as it strengthened its market presence and advanced its long-term growth strategy.
Chief Executive Officer Jason Vieth described fiscal 2025 as a pivotal year for the company. He noted that Laird Superfood achieved 15% net sales growth, supported by strong performance in its wholesale segment and continued expansion into grocery and club retail channels. Despite facing headwinds from commodity inflation and tariffs, the company made meaningful progress in reinforcing its brand, widening distribution, and improving operational discipline. A key milestone during the year was the acquisition of Navitas Organics, which Vieth said significantly enhances Laird Superfood’s ability to build a scaled and diversified superfood platform. The addition of Navitas Organics brings complementary product lines, broader consumer reach, and increased penetration across both natural and conventional retail markets.
Fourth Quarter 2025 Performance
Laird Superfood delivered net sales of $13.3 million in the fourth quarter, representing a 15% increase compared to $11.6 million in the same period of the prior year. This growth was largely fueled by strong momentum in the wholesale channel, which continues to benefit from expanded distribution and improved product velocity in grocery and club outlets.
E-commerce sales declined by 6% year-over-year and accounted for 48% of total net sales. While the company experienced softness in its direct-to-consumer (DTC) channel, this was partially offset by improved performance on Amazon. Wholesale sales, on the other hand, grew significantly by 44% and contributed 52% of total revenue, underscoring the company’s successful shift toward retail-driven growth.
Gross margin for the quarter stood at 34.1%, down from 38.6% in the prior-year period. The decline was primarily attributed to rising input costs, including higher commodity prices and tariff-related expenses. These external pressures continued to weigh on profitability despite the company’s efforts to manage costs.
The company reported a net loss of $1.8 million, or $0.16 per diluted share, compared to a net loss of $0.4 million, or $0.04 per diluted share, in the fourth quarter of 2024. The increased loss was largely due to higher professional fees associated with the Navitas acquisition, along with elevated procurement costs driven by inflation and tariffs.
Adjusted EBITDA for the quarter was negative $0.4 million, compared to negative $0.2 million in the prior-year period. The decline reflects ongoing cost pressures as well as increased marketing investments aimed at supporting brand growth and customer acquisition.
Full-Year 2025 Results
For the full fiscal year, Laird Superfood reported net sales of $49.9 million, up 15% from $43.3 million in 2024. This consistent growth highlights the company’s ability to expand its footprint and capture demand across multiple sales channels.
E-commerce sales decreased slightly by 3% year-over-year and represented 50% of total revenue. Similar to the quarterly trend, weaker performance on the company’s DTC platform was partially offset by strong sales through Amazon. Wholesale sales increased by an impressive 41% and also accounted for 50% of total revenue, reflecting continued success in retail distribution and in-store performance.
Gross margin for the year was 37.9%, compared to 40.9% in the previous year. The decline was driven in part by one-time settlement recoveries that benefited fiscal 2024 but did not recur in 2025. Additionally, rising commodity prices and tariffs contributed to higher product costs, further compressing margins.
The company reported a net loss of $3.3 million, or $0.31 per diluted share, compared to a net loss of $1.8 million, or $0.18 per diluted share, in 2024. The increase in net loss was primarily due to impairment charges related to long-lived intangible assets, along with higher professional fees tied to the Navitas acquisition.
Despite these challenges, adjusted EBITDA improved to $0.3 million, compared to negative $0.7 million in the prior year. This improvement was driven by higher net sales and reduced general and administrative expenses, although partially offset by margin compression resulting from elevated input costs.
Balance Sheet and Cash Flow
As of December 31, 2025, Laird Superfood maintained a solid financial position with $5.3 million in cash, cash equivalents, and restricted cash, and no outstanding debt. This debt-free status provides the company with financial flexibility as it continues to invest in growth initiatives and integrate its recent acquisition.
Cash used in operating activities totaled $2.8 million for fiscal 2025, compared to cash provided by operating activities of $0.9 million in 2024. The shift was largely driven by changes in working capital. During the first half of the year, the company increased inventory levels in anticipation of tariff-related cost increases and to ensure product availability amid growing demand. These inventory levels peaked in the second quarter and subsequently declined as part of management’s inventory optimization strategy.
Additionally, accounts receivable rose toward the end of the year due to the timing of large wholesale shipments. These receivables were collected in the first quarter of 2026, indicating that the increase was largely timing-related rather than a deterioration in payment performance.
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