Laird Superfood (NYSE: LSF) surges in Q2 2026 with 244% sales growth

Rhea-AI Filing Summary

Laird Superfood, Inc. reported a very strong second quarter for 2026, driven by recent acquisitions and retail expansion. Net sales for the quarter ended June 30, 2026 rose 244% to $41.3 million from $12.0 million, helped by distribution gains in retail and club channels and contributions from the Navitas and Terrasoul brands. E‑commerce sales grew 221% year-over-year and represented 49% of net sales, while wholesale sales increased 269% and accounted for 51% of net sales.

Gross profit increased to $12.5 million, but gross margin declined to 30.3% from 39.9% due to channel mix, commodity inflation and lower margins at Terrasoul. The company recorded a quarterly net loss of $1.8 million, or $0.25 per share, versus a $0.4 million loss a year earlier, largely reflecting acquisition and integration costs. However, Adjusted EBITDA improved to $3.0 million from $0.1 million.

For the first half of 2026, net sales grew 134% to $55.2 million. A discrete tax benefit tied to the Navitas acquisition contributed to a year-to-date net loss of only $0.1 million. Cash, cash equivalents, and restricted cash increased to $23.2 million as of June 30, 2026, with no outstanding debt, supported by a $110.0 million Series A preferred stock issuance and offset by acquisition spending. Management reaffirmed full-year 2026 guidance for net sales of $138–$148 million and Adjusted EBITDA of $8–$12 million.

Positive

• Net sales grew 244% in Q2 2026 to $41.3 million, driven by retail expansion and the Navitas and Terrasoul acquisitions.
• Adjusted EBITDA improved sharply in Q2 2026 to $3.0 million from $0.1 million in the prior-year quarter.
• Cash, cash equivalents, and restricted cash rose to $23.2 million at June 30, 2026 from $5.3 million at December 31, 2025, with no outstanding debt.
• The company reaffirmed full-year 2026 guidance for net sales of $138–$148 million and Adjusted EBITDA of $8–$12 million.
• Year-to-date 2026 net sales increased 134% to $55.2 million, supported by strong growth across e-commerce and wholesale channels.

Negative

• Gross margin compressed in Q2 2026 to 30.3% of net sales from 39.9% a year earlier, reflecting mix shifts and lower Terrasoul margins.
• Net loss widened in Q2 2026 to $1.8 million from $0.4 million, with net loss attributable to common stockholders at $2.8 million after preferred dividends.
• Operating activities used $2.4 million of cash in the first half of 2026, following a $4.1 million use in the prior-year period.
• The company spent $88.9 million of cash on an acquisition in the first half of 2026 and recorded $4.1 million of contingent consideration, increasing balance sheet complexity.

Filing Explained

Preferred-stock dividends increased Q2 loss attributable to common stockholders from $1,805,081 to $2,779,400.

This Form 8-K furnishes the company’s completed financial results for the quarter ended June 30, 2026 under Item 2.02. At that date, Laird Superfood reported 110,000 Series A preferred shares issued and outstanding; a $974,319 paid-in-kind preferred dividend increased the quarterly loss attributable to common stockholders to $2,779,400, compared with a $1,805,081 net loss.

The supplied filing does not state conversion mechanics for the preferred shares or a resulting common-share amount, so any ownership effect from conversion cannot be sized from this disclosure.

Cash-flow detail shows $110,000,000 of preferred-stock issuance proceeds and $88,871,765 paid for acquisitions. Cash, cash equivalents, and restricted cash stood at $23,201,214 on June 30, 2026, with no outstanding debt.

The balance sheet reports 11,483,127 common shares issued and 11,106,796 outstanding on June 30, 2026, compared with 11,071,096 issued and 10,694,765 outstanding on December 31, 2025.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Net Sales: $41.3 million Q2 2026 Gross Margin: 30.3% Q2 2026 Net Loss: $1.8 million +5 more

8 metrics

Q2 2026 Net Sales $41.3 million Net sales increased 244% from $12.0 million in the corresponding prior year period

Q2 2026 Gross Margin 30.3% Gross profit of $12.5 million represented 30.3% of net sales versus 39.9% a year earlier

Q2 2026 Net Loss $1.8 million Net loss was ($1.8) million, or ($0.25) per basic and diluted share

Q2 2026 Adjusted EBITDA $3.0 million Adjusted EBITDA was $3.0 million compared to $0.1 million in the prior-year quarter

Cash at June 30, 2026 $23.2 million Cash, cash equivalents, and restricted cash as of June 30, 2026, compared to $5.3 million at December 31, 2025

Acquisition Cash Outflow H1 2026 $88,871,765 Acquisition of a business, net of cash acquired, in cash flows from investing activities

Series A Preferred Issuance $110,000,000 Preferred stock issuances in cash flows from financing activities during six months ended June 30, 2026

2026 Net Sales Guidance $138 to $148 million Expected consolidated net sales for fiscal year 2026

Key Terms

Adjusted EBITDA, business combination and integration, contingent consideration, mezzanine equity, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA, which is a non-GAAP financial measure, was $3.0 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

business combination and integration financial

"The Company incurred professional fees related to business combination and integration activities"

contingent consideration financial

"Fair value of contingent consideration liability established in the acquisition of a business"

Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.

mezzanine equity financial

"Total mezzanine equity 110,246,852"

Mezzanine equity is a layer of financing that sits between bank loans and full ownership, combining elements of borrowed money and equity. It often gives lenders higher potential returns in exchange for taking more risk, sometimes with the option to convert into ownership or receive extra payments; think of it as a middle seat that pays more because it’s less secure than front-row debt. Investors watch it because it affects a company’s debt risk, potential dilution of ownership, and expected returns.

accretion of paid-in-kind preferred dividends financial

"Accretion of paid-in-kind preferred dividends 1,072,627"

Earnings Snapshot

Q2 2026 Net Sales: $41.3 million · Guidance included

Quarter and six months ended June 30, 2026

Q2 2026 Net Sales $41.3 million Net sales increased 244% compared to $12.0 million in the corresponding prior year period

Q2 2026 Net Loss $1.8 million Net loss of ($1.8) million versus ($0.4) million in the corresponding prior year period

Q2 2026 Adjusted EBITDA $3.0 million Adjusted EBITDA increased from $0.1 million in the corresponding prior year period

H1 2026 Net Sales $55.2 million Net sales increased by 134% compared to $23.6 million in the corresponding prior year period

H1 2026 Net Loss $0.1 million Net loss was ($0.1) million versus ($0.5) million in the corresponding prior year period

H1 2026 Adjusted EBITDA $1.8 million Adjusted EBITDA increased to $1.8 million from $0.5 million in the corresponding prior year period

Guidance

For fiscal year 2026, consolidated net sales are expected to be $138 to $148 million and Adjusted EBITDA is expected to be $8 to $12 million.

FAQ

How did Laird Superfood (LSF) perform in Q2 2026 on revenue?

Laird Superfood reported Q2 2026 net sales of $41.3 million, a 244% increase from $12.0 million in the prior-year quarter. Growth was driven by retail and club expansion and contributions from the Navitas and Terrasoul acquisitions.

Was Laird Superfood (LSF) profitable in Q2 2026?

Laird Superfood posted a net loss of $1.8 million in Q2 2026, or $0.25 per share, compared to a $0.4 million net loss a year earlier. The higher loss mainly reflected acquisition and integration costs related to Navitas and Terrasoul.

What was Laird Superfood’s (LSF) Adjusted EBITDA in Q2 2026?

Adjusted EBITDA for Q2 2026 was $3.0 million, up from $0.1 million in the prior-year quarter. The improvement was mainly driven by contributions and early synergies from the Navitas and Terrasoul acquisitions, partially offset by higher marketing and commodity costs.

How strong is Laird Superfood’s (LSF) cash position after Q2 2026?

As of June 30, 2026, Laird Superfood held $23.2 million in cash, cash equivalents, and restricted cash, up from $5.3 million at December 31, 2025. The increase was primarily from $110.0 million in Series A preferred stock proceeds, net of acquisition payments, with no debt outstanding.

What 2026 financial guidance did Laird Superfood (LSF) reaffirm?

For fiscal 2026, Laird Superfood reaffirmed net sales guidance of $138–$148 million and Adjusted EBITDA of $8–$12 million. This outlook reflects a full year of Laird Superfood plus post-acquisition contributions from Navitas and Terrasoul.

How did Laird Superfood’s (LSF) gross margin change in Q2 2026?

Q2 2026 gross profit was $12.5 million, or 30.3% of net sales, compared with $4.8 million and 39.9% a year earlier. The margin decline reflected unfavorable channel and product mix, inflationary commodity costs, and lower margins associated with the Terrasoul brand.

What major acquisitions affected Laird Superfood (LSF) in 2026?

In 2026 Laird Superfood completed the Navitas and Terrasoul acquisitions. Cash paid for a business acquisition totaled $88.9 million in the first half, and the company recorded $4.1 million of contingent consideration and incurred business combination and integration expenses.

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Available on EDGAR 08/13/2026 - 04:11 PM Accepted by SEC EDGAR 08/13/2026 - 04:10 PM Learn about SEC filing dates

false 0001650696 0001650696 2026-08-13 2026-08-13

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 13, 2026

Laird Superfood, Inc.

(Exact name of registrant as specified in its charter)

Nevada		1-39537		81-1589788
(State or other jurisdiction of incorporation)		(Commission File Number		(IRS Employer Identification No.)

5303 Spine Road, Suite 204, Boulder, Colorado		80301
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (541) 588-3600

________________________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Name of each exchange
Common Stock, $0.001 par value		LSF		NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 13, 2026, Laird Superfood, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2026. The press release is being furnished as Exhibit 99.1 hereto and is incorporated by reference herein.

The information contained in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press release dated August 13, 2026 (furnished pursuant to Item 2.02).
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 13, 2026				Laird Superfood, Inc.
				By:		/s/ Anya Hamill
				Name:		Anya Hamill
				Title:		Chief Financial Officer

Exhibit 99.1

Laird Superfood Reports Second Quarter 2026 Financial Results

Second quarter revenue increases 244% to $41.3 million.

Net Loss of $1.8 million; Adjusted EBITDA of $3.0 million.

Cash increases to $23.2 million.

Boulder, Colorado – August 13, 2026 – Laird Superfood, Inc. (NYSE American: LSF) (“Laird Superfood,” the “Company”, “we”, and “our”), today reported financial results for the second quarter ended June 30, 2026. 

Jason Vieth, Chief Executive Officer, commented, “Q2 was another transformational quarter for Laird Superfood as we closed the acquisition of Terrasoul Superfoods and completed the integration of Navitas into the Company’s processes, organization and ERP system. During the second quarter, we successfully launched Laird’s coffees and coffee creamers at approximately 1,000 Wal-Marts nationwide and expanded our assortment of Navitas products at retailers including Target. These wins are the direct result of our continued investment in product innovation, our robust supply chain and our deepening partnerships with the largest retailers in the country. We're also building real momentum on Amazon.com and other online marketplaces across all three of our brands. As we look to the second half of the year, we will continue to build on our sales momentum and unlocking synergies across our platforms, which gives us confidence in our ability to deliver sustained, profitable growth and long-term value for our shareholders.”

Second Quarter 2026 Highlights

	●	Net sales increased by 244% to $41.3 million compared to $12.0 million in the corresponding prior year period. The increase was primarily attributable to distribution expansion in our retail channel, continued strength in club stores, and the contribution of the Navitas and Terrasoul acquisitions.
	●	E-commerce sales increased by 221% year-over-year and contributed 49% of total Net sales, led by the addition of Navitas and Terrasoul sales and strong sales growth on Amazon.com, offset in part by softness in the direct-to-consumer channel.
	●	Wholesale sales increased by 269% year-over-year and contributed 51% of total Net sales, driven by the addition of Navitas and Terrasoul sales.
	●	Gross profit increased 162% to $12.5 million, or 30.3% of net sales as compared to $4.8 million, or 39.9% of net sales in the corresponding prior year period. The gross margin compression was attributable to unfavorable channel and product mix, inflationary commodity costs, and lower margins associated with the Terrasoul brand.
	●	Net loss was ($1.8) million, or ($0.25) per basic and diluted share, compared to net loss of ($0.4) million, or ($0.03) per basic and diluted share, in the corresponding prior year period. The increased net loss relative to the prior year period was driven primarily by costs incurred in connection with the acquisition and integration of Navitas and Terrasoul.
	●	Adjusted EBITDA, which is a non-GAAP financial measure, was $3.0 million, compared to $0.1 million in the corresponding prior year period. The increase was driven primarily by the addition of Navitas and Terrasoul acquisitions early synergies realization, offset in part by inflationary commodity costs and higher marketing and selling expenses. For more details on non-GAAP financial measures, refer to the information in the non-GAAP financial measures section of this press release.

Year-to-Date 2026 Highlights

	●	Net sales increased by 134% to $55.2 million compared to $23.6 million in the corresponding prior year period. The increase was primarily driven by distribution expansion in retail and Club channels and the contribution of the Navitas and Terrasoul acquisitions.
	●	E-commerce sales increased by 114% year-over-year and contributed 48% of total Net sales, led by the addition of Navitas and Terrasoul sales and strong sales growth on Amazon.com, offset in part by softness in the direct-to-consumer channel.
	●	Wholesale sales increased by 156% year-over-year and contributed 52% of total Net sales, driven by the addition of Navitas and Terrasoul sales, as well as new and existing items expansion in the wholesale channel.
	●	Gross profit increased by 78% to $17.2 million, or 31.1% of net sales, compared to $9.7 million, or 40.9% of net sales, in the corresponding prior year period. The margin compression was attributable to unfavorable channel and product mix, inflationary commodity costs, as well as lower margins associated with the Terrasoul brand.
	●	Net loss was ($0.1) million, or ($0.10) per basic and diluted share, compared to net loss of ($0.5) million, or ($0.05) per basic and diluted share, in the corresponding prior year period. The improvement was driven by a discrete income tax benefit related to the release of valuation allowance on deferred tax liabilities acquired in connection with the Navitas acquisition, and the contribution of Navitas and Terrasoul acquisitions, offset in part by costs incurred in connection with the acquisition and integration of Navitas and Terrasoul, and, to a lesser degree, by inflationary commodity costs.
	●	Adjusted EBITDA, which is a non-GAAP financial measure, was $1.8 million, compared to $0.5 million in the corresponding prior year period. The increase was attributable primarily to addition of Navitas and Terrasoul brands, offset in part by inflationary commodity costs and higher marketing and selling expenses. For more details on non-GAAP financial measures, refer to the information in the non-GAAP financial measures section of this press release.

REVENUE DISAGGREGATION

(unaudited)

		Three Months Ended June 30,
		2026								2025
		$				% of Total				$				% of Total
Coffee solutions		$	12,913,036				31	%		$	10,378,014				87	%
Functional foods			13,818,958				33	%			3,238,903				27	%
Superfood ingredients			20,249,242				49	%			61,681				1	%
Gross sales			46,981,236				113	%			13,678,598				115	%
Shipping income			130,551				0	%			138,073				1	%
Discounts and promotional activity			(5,817,603	)			(13	)%			(1,825,829	)			(16	)%
Sales, net		$	41,294,184				100	%		$	11,990,842				100	%

		Three Months Ended June 30,
		2026								2025
		$				% of Total				$				% of Total
E-commerce		$	20,036,590				49	%		$	6,237,344				52	%
Wholesale			21,257,594				51	%			5,753,498				48	%
Sales, net		$	41,294,184				100	%		$	11,990,842				100	%

		Six Months Ended June 30,
		2026								2025
		$				% of Total				$				% of Total
Coffee solutions		$	24,606,365				45	%		$	20,313,914				86	%
Functional foods			16,732,575				30	%			6,786,649				29	%
Superfood ingredients			22,125,508				40	%			120,168				1	%
Gross sales			63,464,448				115	%			27,220,731				116	%
Shipping income			245,630				0	%			260,347				1	%
Discounts and promotional activity			(8,474,342	)			(15	)%			(3,836,077	)			(17	)%
Sales, net		$	55,235,736				100	%		$	23,645,001				100	%

		Six Months Ended June 30,
		2026								2025
		$				% of Total				$				% of Total
E-commerce		$	26,587,499				48	%		$	12,450,460				53	%
Wholesale			28,648,237				52	%			11,194,541				47	%
Sales, net		$	55,235,736				100	%		$	23,645,001				100	%

Balance Sheet and Cash Flow Highlights

Cash, cash equivalents, and restricted cash as of June 30, 2026, totaled $23.2 million, as compared to $5.3 million as of December 31, 2025, and $10.5 million as of March 31, 2026. The increase in cash was primarily a result of proceeds from the issuance of Series A Preferred Stock, offset by the consideration paid in the acquisitions of Navitas in the first quarter and Terrasoul in the second quarter. There was no outstanding debt as of June 30, 2026. 

2026 Financial Outlook

We are reaffirming the full year 2026 guidance we provided last quarter. For fiscal year 2026, the Company continues to expect consolidated Net sales in the range of $138 to $148 million, reflecting a full year of Laird Superfood and the post-acquisition contributions of Navitas and Terrasoul. Adjusted EBITDA is expected to be in the range of $8 to $12 million for fiscal 2026. This reaffirmed guidance reflects the Company's continued confidence in growth trends across its business and the pace of synergy capture achieved to date. The Company will provide updated guidance as integration milestones are achieved and visibility into the full-year outlook improves.

Laird Superfood has not provided a reconciliation between its forecasted Adjusted EBITDA and net loss, its most directly comparable GAAP measure, because applicable information for future periods, on which this reconciliation would be based, is not available without unreasonable effort due to the unavailability of reliable estimates for stock-based compensation, due to volatility in our stock price, and state and local income taxes, among other items. These items may vary greatly over periods and could significantly impact future financial results.

Conference Call and Webcast Details

We will host a conference call and webcast at 5:00 p.m. ET today to discuss our financial results. Participants may access the live webcast on the Laird Superfood Investor Relations website at https://investors.lairdsuperfood.com under “Events”. The webcast will be archived on the Company's website and will be available for replay for at least two weeks. 

About Laird Superfood

Laird Superfood, Inc. creates award-winning, plant-based superfood products that are clean, delicious, and functional. Our products are designed to enhance a consumer's daily ritual and keep them fueled naturally throughout the day. Laird Superfood was co-founded in 2015 by the world's most prolific big-wave surfer, Laird Hamilton. Laird Superfood's offerings are environmentally conscientious, responsibly tested and made with real ingredients. Shop all products online at www.lairdsuperfood.com and join the Laird Superfood community on social media for the latest news and daily doses of inspiration.

Forward-Looking Statements

This press release and the conference call referencing this press release contain “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to our 2026 financial outlook and statements regarding Laird Superfood’s anticipated expansion across its platforms, channels, products, and geographies, cash runway, future financial performance, and growth. Such forward-looking statements may be identified by words such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “intends,” “may,” “outlook,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” “would,” or the antonyms of these terms or other comparable terminology. These forward-looking statements are based on Laird Superfood’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Laird Superfood’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. We expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

The risks and uncertainties referred to above include, but are not limited to: (1) volatility regarding our revenue, expenses, including shipping expenses, and other operating results; (2) our ability to acquire new direct and wholesale customers and successfully retain existing customers; (3) our ability to attract and retain our suppliers, distributors and co-manufacturers, and effectively manage their costs and performance; (4) effects of real or perceived quality or health issues with our products or other issues that adversely affect our brand and reputation; (5) our ability to innovate on a timely and cost-effective basis, predict changes in consumer preferences and develop successful new products, or updates to existing products, and develop innovative marketing strategies; (6) adverse developments regarding prices and availability of raw materials and other inputs, a substantial amount of which come from a limited number of suppliers outside the United States, including in areas which may be adversely affected by climate change; (7) effects of changes in the tastes and preferences of our consumers and consumer preferences for natural and organic food products; (8) the financial condition of, and our relationships with, our suppliers, co-manufacturers, distributors, retailers and food service customers, as well as the health of the food service industry generally; (9) the ability of ourselves, our suppliers and co-manufacturers to comply with food safety, environmental or other laws or regulations and the potential impact of policy changes regarding imports, exports, and tariffs; (10) our plans for future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements, including our ability to continue as a going concern; (11) the costs and success of our marketing efforts, and our ability to promote our brand; (12) our reliance on our executive team and other key personnel and our ability to identify, recruit and retain skilled and general working personnel; (13) our ability to effectively manage our growth; (14) our ability to compete effectively with existing competitors and new market entrants; (15) the impact of adverse economic conditions, consumer confidence and spending levels; (16) the growth rates of the markets in which we compete, and (17) the other risks described in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings we make with the Securities and Exchange Commission. 

Investor Relations Contact

Trevor Rousseau

investors@lairdsuperfood.com

LAIRD SUPERFOOD, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
Sales, net		$	41,294,184			$	11,990,842			$	55,235,736			$	23,645,001
Cost of goods sold			(28,779,184	)			(7,209,839	)			(38,077,497	)			(13,982,458	)
Gross profit			12,515,000				4,781,003				17,158,239				9,662,543
General and administrative
Salaries, wages, and benefits			1,352,799				1,185,639				2,952,370				2,343,794
Other general and administrative			5,898,949				1,017,124				8,178,110				2,102,733
Total general and administrative expenses			7,251,748				2,202,763				11,130,480				4,446,527
Sales and marketing
Marketing and advertising			3,247,989				1,903,250				5,733,959				3,703,475
Selling			3,879,068				1,074,467				5,178,547				2,130,037
Total sales and marketing expenses			7,127,057				2,977,717				10,912,506				5,833,512
Total operating expenses			14,378,805				5,180,480				22,042,986				10,280,039
Operating loss			(1,863,805	)			(399,477	)			(4,884,747	)			(617,496	)
Other income			56,474				45,561				103,307				120,009
Loss before income taxes			(1,807,331	)			(353,916	)			(4,781,440	)			(497,487	)
Income tax benefit (expense)			2,250				(8,262	)			4,727,289				(20,873	)
Net loss		$	(1,805,081	)		$	(362,178	)		$	(54,151	)		$	(518,360	)
Less: Accretion of paid-in-kind preferred dividends			(974,319	)			—				(1,072,627	)			—
Net loss attributable to common stockholders		$	(2,779,400	)		$	(362,178	)		$	(1,126,778	)		$	(518,360	)
Net loss per share:
Basic		$	(0.25	)		$	(0.03	)		$	(0.10	)		$	(0.05	)
Diluted		$	(0.25	)		$	(0.03	)		$	(0.10	)		$	(0.05	)
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted			11,019,387				10,517,528				10,904,337				10,431,987

LAIRD SUPERFOOD, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

		Six Months Ended June 30,
		2026				2025
Cash flows from operating activities
Net loss		$	(54,151	)		$	(518,360	)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization			1,281,398				125,897
Stock-based compensation			652,489				996,986
Provision for inventory obsolescence			84,087				401,938
Deferred income tax benefit (release of valuation allowance)			(4,745,333	)			—
Other operating activities, net			331,029				58,296
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable			(1,023,948	)			(1,000,807	)
Inventory			(338,634	)			(5,453,877	)
Prepaid expenses and other current assets			1,577,096				460,631
Operating lease liability			(220,988	)			(52,984	)
Accounts payable			(1,594,552	)			588,835
Accrued expenses			1,687,221				268,079
Related party liabilities			(17,000	)			23,000
Net cash from operating activities			(2,381,286	)			(4,102,366	)
Cash flows from investing activities
Purchase of property and equipment			(46,074	)			(80,638	)
Acquisition of a business, net of cash acquired (Note 2)			(88,871,765	)			—
Net cash from investing activities			(88,917,839	)			(80,638	)
Cash flows from financing activities
Common stock issuances, net of taxes			5,514				(146,373	)
Preferred stock issuances			110,000,000				—
Preferred stock issuance costs			(825,775	)			—
Net cash from financing activities			109,179,739				(146,373	)
Net change in cash, cash equivalents, and restricted cash			17,880,614				(4,329,377	)
Cash, cash equivalents, and restricted cash, beginning of period			5,320,600				8,514,152
Cash, cash equivalents, and restricted cash, end of period		$	23,201,214			$	4,184,775
Supplemental disclosures of non-cash activities
Accretion of paid-in-kind preferred dividends		$	1,072,627			$	—
Fair value of contingent consideration liability established in the acquisition of a business (Note 2)		$	4,070,000			$	—
Deferred common stock issuance costs included in accrued expenses at the beginning of the year		$	238,517			$	—
Change in taxes withheld to cover net issuances of incentive stock awards included in accrued expenses at the beginning of the year		$	33,700			$	155,178

LAIRD SUPERFOOD, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

		As of
		June 30, 2026				December 31, 2025
Assets
Current assets
Cash, cash equivalents, and restricted cash		$	23,201,214			$	5,320,600
Accounts receivable, net			10,783,385				3,899,205
Inventory			28,268,002				7,782,169
Prepaid expenses and other current assets			3,082,104				1,838,683
Total current assets			65,334,705				18,840,657
Property and equipment, net			2,722,198				41,203
Intangible assets, net			42,131,047				207,100
Goodwill			31,824,649				—
Right-of-use assets			3,703,181				128,877
Total assets		$	145,715,780			$	19,217,837
Liabilities, Mezzanine Equity, and Stockholders’ Equity
Current liabilities
Accounts payable		$	8,517,899			$	3,094,579
Accrued expenses			8,018,984				4,458,096
Related party liabilities			29,500				46,500
Contingent consideration			4,117,000				—
Lease liabilities, current portion			769,016				109,145
Total current liabilities			21,452,399				7,708,320
Lease liabilities			2,988,817				46,730
Total liabilities			24,441,216				7,755,050
Mezzanine equity
Series A preferred stock, $0.001 par value, 110,000 shares authorized and 110,000 shares issued and outstanding at June 30, 2026.			110,246,852				—
Total mezzanine equity			110,246,852				—
Stockholders’ equity
Common stock, $0.001 par value, 100,000,000 shares authorized at June 30, 2026 and December 31, 2025; 11,483,127 issued and 11,106,796 outstanding at June 30, 2026; and 11,071,096 issued and 10,694,765 outstanding at December 31, 2025.			11,107				10,695
Additional paid-in capital			122,441,277				122,822,613
Accumulated deficit			(111,424,672	)			(111,370,521	)
Total stockholders’ equity			11,027,712				11,462,787
Total liabilities, mezzanine equity, and stockholders’ equity		$	145,715,780			$	19,217,837

LAIRD SUPERFOOD, INC.

NON-GAAP FINANCIAL MEASURES

(unaudited)

In this press release, we report adjusted EBITDA, which is a financial measure not required by, or presented in accordance with, accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses non-GAAP financial measures, both internally and externally, to assess and communicate the financial performance of the Company. The Company defines adjusted EBITDA as net income (loss), adjusted to exclude: (1) depreciation and amortization, (2) stock-based compensation, (3) income taxes, (4) other income, and (5) expenses incurred in connection with the acquisition and integration of Navitas and Terrasoul. The Company believes adjusted EBITDA is useful to investors because it facilitates comparisons of its core business operations, excluding non-cash costs and non-recurring events, across periods on a consistent basis.

Management uses adjusted EBITDA internally in analyzing the Company’s financial results to assess operational performance and to determine the Company’s future capital requirements. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. The Company believes that both management and investors benefit from referring to adjusted EBITDA in assessing its performance and when planning, forecasting and analyzing future periods. The Company believes adjusted EBITDA is useful to investors and others to understand and evaluate the Company’s operating results and it allows for a more meaningful comparison between the Company’s performance and that of competitors. Our use of adjusted EBITDA has limitations as an analytical tool, and you should not consider this performance measure in isolation from or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are that adjusted EBITDA does not reflect, among other things: cash capital expenditures for assets underlying depreciation and amortization expense that may need to be replaced or for new capital expenditures; interest expense; income tax expense from continuing operations; our working capital requirements; the potentially dilutive impact of stock-based compensation; and the provision for income taxes. Other companies, including companies in our industry, may calculate adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

Because of these limitations, you should consider adjusted EBITDA along with other financial performance measures, including Net Sales, net loss, cash and cash equivalents, restricted cash, net cash used in operating activities and our financial results presented in accordance with GAAP.

The following table presents a reconciliation of net income (loss), the most directly comparable financial measure stated in accordance with GAAP, to adjusted EBITDA, for each of the periods presented:

		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Net loss		$	(1,805,081	)		$	(362,178	)		$	(54,151	)		$	(518,360	)
Adjusted for:
Depreciation and amortization			1,109,731				59,376				1,281,398				125,897
Stock-based compensation			280,537				488,576				652,489				996,986
Income tax (benefit) expense			(2,250	)			8,262				(4,727,289	)			20,873
Other income			(56,474	)			(45,561	)			(103,307	)			(120,009	)
Business combination and integration (a)			3,465,356				—				4,798,811				—
Adjusted EBITDA		$	2,991,819			$	148,475			$	1,847,951			$	505,387
(a) The Company incurred professional fees related to business combination and integration activities in the three and six months ended June 30, 2026.

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