Laird Superfood (NYSEAMERICAN:LSF) executives highlighted record revenue, a sharp acceleration in wholesale growth, and a transformative acquisition during the company’s fourth-quarter and full-year fiscal 2025 earnings call. Management also discussed margin pressure from commodity and tariff dynamics, a relaunch of its refrigerated creamer line, and early expectations for the combined business following the purchase of Navitas Organics.
Fiscal 2025 sales hit a record as wholesale surged
President and CEO Jason Vieth said fiscal 2025 was a “pivotal and transformative year,” with record net sales of $49.9 million, up 15% versus the prior year and in line with revised guidance. Fourth-quarter net sales increased 15% to $13.3 million.
E-commerce revenue was $6.4 million in Q4, or 48% of net sales, down 6% year over year. For the full year, e-commerce contributed $25.0 million, or 50% of sales, down 3% from 2024. Vieth said softness on the direct-to-consumer site was partially offset by continued growth on Amazon, adding that the company plans to keep leveraging Amazon as the primary growth engine online.
Product trends: coffee strength and a refrigerated creamer relaunch
Vieth pointed to retail consumption data (through the quad-week ending Feb. 22, 2026) to support the strength of wholesale momentum. He said coffee was the strongest-performing product group over the last 52 weeks, with 45% dollar growth alongside 18% TDP growth across measured natural and MULO channels. He added that shelf-stable creamers generated 15% dollar growth for the year and remained the largest portion of the portfolio at 28%.
Vieth also described a “very successful relaunch” of refrigerated creamers in late Q4 into early Q1. The company reformulated the product and repositioned it as an extended shelf-life refrigerated creamer in a post-consumer recycled plastic bottle. After what he called a challenging year for the product, Vieth said momentum improved in the latest four weeks, with the product up 7% in the natural channel versus the same period last year.
In Q&A, Vieth said the company believes it now has the “cleanest formula” it has ever offered for the refrigerated creamer, noting the product moved away from aseptic processing and removed stabilizers, with “every ingredient” intended to be recognizable to consumers. He said the company expects the relaunch to support distribution gains over time.
Vieth also referenced a recently launched protein coffee product, saying it debuted with exclusivity at a natural retailer and is now being taken to additional retailers. He said the product targets the protein trend with 10 grams per serving. On the Navitas side, he pointed to a trail mix item that entered club and is expanding online, as well as “bites” products that he said are seeing uplift with retailers.
Margins pressured by commodities and tariffs; adjusted EBITDA turns positive
Hamill said fourth-quarter gross margin was 34.1%, down from 38.6% a year earlier. For the full year, gross margin was 37.9% versus 40.9% in 2024. She attributed the declines primarily to higher product costs from commodity inflation and the residual impact of tariffs, as well as settlement recoveries recognized in 2024 that did not recur in 2025.
Total operating expenses for fiscal 2025 were $22.3 million, up from $19.9 million in the prior year, reflecting planned investments in sales and marketing, partially offset by continued discipline in general and administrative costs.
Net loss in Q4 was $1.8 million, or $0.16 per diluted share, compared with a net loss of $0.4 million, or $0.04 per diluted share, in the year-ago period. Hamill said the increase was driven primarily by $0.9 million in professional fees related to the Navitas acquisition and higher commodity and tariff-related procurement costs.
For the full year, net loss was $3.3 million, or $0.31 per diluted share, compared with $1.8 million, or $0.18 per diluted share, in 2024. Hamill said the year-over-year change was largely explained by two items: $0.9 million in acquisition-related fees and a $0.7 million impairment charge tied to Picky Bars intangible assets. Excluding those items, she said core business net loss was “essentially flat” despite inflation and tariff headwinds.
Hamill also highlighted adjusted EBITDA, which was positive $0.3 million for fiscal 2025, improving from a $0.7 million loss in 2024. She characterized the improvement as evidence of operating leverage as revenue scales.
Balance sheet details and operating cash flow expectations
The company ended fiscal 2025 with $5.3 million in cash and no debt, according to Hamill. Accounts receivable increased to $3.9 million from $1.8 million at year-end 2024, which she said reflected timing of large wholesale shipments late in the year that were collected in the first quarter of 2026.
Inventory finished at $7.8 million, down from a peak of about $11 million in the second quarter of 2025. Hamill said the company drew down forward purchases made earlier in the year to mitigate tariff-related cost increases.
Cash used in operating activities was $2.8 million in 2025, compared with $0.9 million provided in 2024, driven mainly by working capital dynamics, including the inventory build in the first half and the timing of year-end receivables. Hamill said operating cash flow is expected to improve through 2026 as receivables convert to cash and inventory normalizes.
Navitas acquisition and Nexus financing reshape the company
Vieth said the company closed its acquisition of Navitas Organics on March 12, funded by a $50 million investment from Nexus Capital. He called the deal aligned with a broader goal of building a scaled “superfood platform.” Vieth said Navitas brings more than 20 years of brand history and reported $45.3 million in 2025 net sales with a 31.8% gross margin.
Hamill added that Navitas reported standalone net income of approximately $1.6 million for fiscal 2025, and emphasized that Navitas results were not included in Laird Superfood’s consolidated 2025 financial statements.
Management said the Nexus agreement provides additional flexibility: the company has the option to call an additional $60 million within 270 days after closing (or up to 360 days if actively discussing another strategic transaction), with proceeds earmarked for acquisitions or growth initiatives and any remainder for general corporate purposes. Vieth also acknowledged the resulting dilution, saying Nexus’ stake is approximately 56.2% of the company on an as-converted basis.
During Q&A, Vieth said Laird and Navitas have meaningful retailer crossover, particularly in natural channels, and that the strategy is to operate a “house of brands” rather than consolidate items. He said the combined sales organization should enable a more impactful go-to-market approach and support distribution gains.
On synergies, Vieth said both businesses use an asset-light model with co-packers and third-party distributors, and that the combined scale—he described the platform as “suddenly” around a $100 million business—should create opportunities in sourcing and supply chain. When asked about commodity costs, Vieth said the company had seen only small cost increases so far and that fuel and distribution impacts had not yet shown up meaningfully in the cost structure.
Looking ahead, management did not provide formal fiscal 2026 guidance but offered directional expectations. Hamill said the combined business is expected to grow net sales by at least high single digits in 2026 and to increase adjusted EBITDA, driven by growth and integration synergies across procurement, supply chain, and operations. The company expects to provide specific full-year 2026 guidance with its first-quarter 2026 earnings release.
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.
