Every 10-Q that Laird Superfood, Inc. (LSF) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow LSF and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full LSF filings page.
Laird Superfood, Inc. reported sharply higher scale in the quarter and six months ended June 30, 2026, driven by the acquisitions of Navitas Organics and Terrasoul Superfoods. Net sales rose to $41.3 million in Q2 2026 from $12.0 million a year earlier, and to $55.2 million year-to-date from $23.6 million, with Navitas and Terrasoul contributing $29.4 million in Q2 and $31.1 million year-to-date.
Despite integration and transaction costs, operating loss was modest at $1.9 million in Q2 and $4.9 million year-to-date, while a discrete tax benefit related to acquired deferred tax liabilities reduced the year-to-date net loss to only $54 thousand. Adjusted EBITDA improved to $3.0 million in Q2 and $1.8 million year-to-date.
Total assets increased to $145.7 million, including $31.8 million of goodwill and $42.1 million of intangible assets from the acquisitions, and cash, cash equivalents, and restricted cash rose to $23.2 million. To fund the acquisitions, the company issued 110,000 shares of Series A Preferred Stock for $110.0 million, classified as mezzanine equity and accreting toward a maximum redemption value of $140.6 million, with $1.1 million of accretion year-to-date.
Laird Superfood’s quarter to March 31, 2026 centers on acquisitions and new preferred equity. Net sales rose to $13.9 million, up 20% year over year, but gross margin fell to 33.3% from 41.9%, and the business posted an operating loss of $3.0 million.
A discrete tax benefit of $4.7 million tied to the Navitas acquisition turned that operating loss into reported net income of $1.8 million, while adjusted EBITDA was a loss of $1.1 million. Laird bought Navitas for about $40.9 million in cash, recording $20.0 million of intangible assets and $16.7 million of goodwill, and funded the deal with a $50.0 million private placement of Series A Preferred Stock classified as mezzanine equity.
Cash, cash equivalents, and restricted cash increased to $10.5 million, helped by financing inflows, while operating activities used $3.8 million and investing activities used $40.2 million, mainly for Navitas. After quarter-end, Laird agreed to acquire Terrasoul for $48.0 million in cash plus up to $5.0 million in contingent consideration, funded by an additional $60.0 million Series A Preferred issuance to Nexus affiliates, who now effectively control the company.
Management also disclosed a material weakness in internal control over financial reporting related to journal-entry approval workflows, though it believes the financial statements are fairly presented and has begun remediation.
Laird Superfood reported Q3 2025 results with sales of $12,895,662, up from $11,776,346 a year ago, as wholesale growth offset softer e‑commerce. The company posted an operating loss of $995,582 and a net loss of $975,066 (basic and diluted $(0.09) per share). Gross profit was $4,702,182, slightly below last year’s $5,064,132.
Channel mix shifted toward wholesale: Q3 wholesale net sales increased 39% year over year, while e‑commerce declined 11%. Cash, cash equivalents, and restricted cash were $5,282,232 at quarter‑end, with net cash used in operating activities of $2,853,831 year‑to‑date, driven by a planned inventory build to $9,978,913 (from $5,975,676 at December 31, 2024) to support demand and anticipate potential tariffs.
The company recorded a $661,103 impairment tied to a decision to discontinue the Picky Bars brand in the second quarter of 2026. Adjusted EBITDA was $165,108 for Q3 2025 and $670,495 year‑to‑date.