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Laird Superfood (LSF) investor relations material
Laird Superfood Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Net sales for Q3 2025 increased 10% year-over-year to $12.9 million, driven by a 39% surge in wholesale distribution, while e-commerce declined 11% but was partially offset by Amazon growth.
Wholesale now represents 53% of Q3 net sales, with Laird Superfood branded products up 14% and Picky Bars down 45%; Picky Bars contributed 3% of Q3 sales.
Gross margin contracted to 36.5% from 43% year-over-year, mainly due to commodity inflation, channel mix, and the absence of a prior-year supplier settlement benefit.
Net loss for Q3 was $1.0 million ($0.09/share), primarily due to a $0.7 million impairment charge related to the planned discontinuation of the Picky Bars brand and higher marketing costs.
Adjusted EBITDA was positive at $0.2 million in Q3, up from near break-even last year.
Financial highlights
Year-to-date net sales rose 15% to $36.5 million, with wholesale up 40% and e-commerce flat; Laird Superfood brand up 20% and Picky Bars down 39%.
Year-to-date gross profit increased 9% to $14.4 million, with gross margin at 39.3%, down from 41.7% last year.
Year-to-date net loss was $1.5 million ($0.14/share), slightly higher than $1.4 million last year.
Year-to-date adjusted EBITDA was $0.7 million, a significant improvement from a loss of $0.8 million last year.
Ended Q3 with $5.3 million in cash and no debt; net working capital was $12.4 million.
Outlook and guidance
Full-year 2025 net sales growth expected at approximately 15%, with wholesale outpacing e-commerce and ongoing investments in retail distribution.
Gross margin anticipated to remain in the upper 30% range for 2025 and beyond, supported by productivity and cost management.
Management targets breakeven adjusted EBITDA for the full year and a net loss on a GAAP basis.
Cash balances expected to normalize and increase by year-end as inventory is sold down.
Cautious approach to Q4 due to timing of large wholesale orders; no long-term impact expected.
Picky Bars brand: Address sales decline and impairment
Inventory build-up impact on cash flow and outlook
Gross margin sustainability given commodity/tariff costs?
Dairy product expansion plans beyond protein coffee
Expected benefits from Picky Bars discontinuation?
Liquid creamer relaunch: distribution and growth?
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Next Laird Superfood earnings date
Q4 202511 Mar, 2026
Next Laird Superfood earnings date
Q4 202511 Mar, 2026
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Frequently asked questions
Laird Superfood Inc. is a company that develops and markets plant-based food products designed to promote health and wellness. Its product lineup includes superfood creamers, coffee, hydration powders, and other functional food items made from natural, nutrient-rich ingredients. Laird Superfood caters to health-conscious consumers seeking clean, sustainable food options for everyday use, focusing on products that support energy and overall well-being. The company is headquartered in Sisters, Oregon, and its shares are listed on the NYSE.
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