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Laird Superfood (LSF) investor relations material
Laird Superfood Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net sales grew 20% year-over-year to $12M in Q2 2025, driven by 47% wholesale growth and steady e-commerce performance, with wholesale now 48% of sales.
Gross margin contracted to 39.9% from 41.8% due to higher trade spend, channel mix, and commodity inflation.
Adjusted EBITDA was positive $0.1M in Q2 2025, with year-to-date adjusted EBITDA at $0.5M, marking three consecutive positive quarters.
Net loss for Q2 2025 was $0.4M ($0.03/share), with year-to-date net loss at $0.5M, improved from the prior year.
Cash on hand was $4.2M at June 30, 2025, with no debt, after strategic inventory investments to support demand and mitigate tariff risks.
Financial highlights
Q2 2025 net sales: $12.0M (+20% YoY); H1 2025 net sales: $23.6M (+19% YoY).
Q2 2025 gross margin: 39.9% (down from 41.8% YoY); H1 2025 gross margin: 41%.
Adjusted EBITDA: $0.1M in Q2 2025; $0.5M in H1 2025.
Q2 2025 net loss: $0.4M ($0.03/share); H1 2025 net loss: $0.5M ($0.05/share), improved from $1.3M prior year.
Cash used in operations YTD: $4.1M, mainly for inventory build and working capital.
Outlook and guidance
Full-year 2025 net sales growth guidance reaffirmed at 20% to 25%.
Gross margin expected to remain in the high 30% range, with breakeven adjusted EBITDA targeted.
Full-year operating cash usage projected at $2M, mainly for inventory investment.
Management expects cash balance to normalize as inventory is sold through and accounts receivable timing evens out.
Projected to exit 2025 with over $6M in cash, with no current debt and an asset-backed line of credit available.
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