Laird Superfood Earnings: Wholesale Momentum Drives 20% Growth Amid Inflation Pressures
- Hardik Shah
- Aug 6
- 3 min read
TL;DR
• Revenue Strength:Net sales rose 20% YoY to $12M, led by 47% growth in the wholesale channel, now nearly half of total sales.
• Margin Trends:Gross margin came in at 39.9%, down slightly YoY due to tariffs and commodity inflation but still among the best in the industry.
• Forward Outlook:Management reaffirmed full-year guidance with 20–25% sales growth and breakeven adjusted EBITDA, despite tariff-related uncertainties.
Business Overview
Laird Superfood, Inc. (NYSE American: LSF) creates plant-based functional foods and beverages inspired by surfing legend Laird Hamilton. Its portfolio includes coffee creamers, coffee, teas, hydration mixes, and snacks—all designed to enhance daily wellness routines. The brand is anchored in the health and wellness movement and has exposure across wholesale, e-commerce, and club channels, with strong traction in natural grocery, Sprouts, Amazon, and Costco regions.
Laird Superfood Earnings Q2'25
Revenue:
Net sales grew 19.9% YoY to $12.0M in Q2, up from $10.0M in the prior year. Wholesale sales surged 47%, driven by expanded distribution in club and grocery channels, while e-commerce sales edged up 2%, buoyed by Amazon.
By Product Category:
🥥 Coffee Creamers: +44% YoY; 56% of gross sales
☕ Coffee, Tea & Hot Chocolate: +44% YoY
💧 Hydration Products: Down YoY, impacted by soft category demand
Margins and Profitability:
Gross Margin: 39.9%, down ~2 points YoY due to higher trade spend, tariffs, and cost inflation in coconut milk and coffee
Net Loss: $0.4M or $0.03/share, driven by increased marketing and stock-based compensation
Adjusted EBITDA: Positive $0.1M, a $0.2M improvement YoY
Cash: $4.2M with no debt
“We are proud to not have taken any tariff-related price increases while still delivering gross margin targets, giving us a strategic advantage versus many of our competitors.” — CEO Jason Vieth
Forward Guidance
Full-year net sales growth: 20%–25%
Gross margin: Upper 30s
Adjusted EBITDA: Breakeven
Cash usage: ~$2M, tied to strategic inventory investments
Risks & Opportunities:
⚠️ Tariffs remain a wildcard on key inputs from Southeast Asia
📈 New distribution and stabilized velocity expected to boost back-half performance
💡 Innovation pipeline in functional dairy and protein-based coffee poised to expand reach in 2026
Operational Performance
Maintained supply chain agility despite global shipping headwinds
Proactive inventory buildup helped avoid out-of-stocks, though it led to higher working capital use
Managed cost inflation without resorting to price hikes
Adjusted EBITDA margin flipped positive on strong cost discipline
Segment Performance Snapshot:
Wholesale: 48% of sales; up 47%
E-commerce: 52% of sales; up 2%
Amazon Prime Day delivered as expected, but broader e-commerce remains pressured
Market Insights
📊 Retailers increasingly favor Laird's differentiated offerings; expanded listings at club and regional grocery chains
🛒 Club business footprint expanded in California, Colorado, and the Southeast
🧃 Liquid creamer relaunch with new formula, better packaging, and value positioning is gaining traction
“Our strategy is to let consumers shop where they want—our model is channel-agnostic and margin-neutral across retail, Amazon, and DTC.” — CEO Jason Vieth
Consumer Behavior & Sentiment
🔁 Consumers are increasingly price sensitive, but Laird has held pricing steady
💸 No promotional overextension—flat trade spend despite competitive channel dynamics
🛍️ Continued shift toward value-seeking in brick-and-mortar; grocery and club preferred over DTC
Brand equity remains strong in wellness-forward households
Strategic Initiatives
🚀 Innovation pipeline includes:
Reformulated liquid creamer (organic, coconut-based, recyclable bottle)
Protein-enhanced coffee—first entry into dairy segment
Future expansion in functional dairy with mushrooms and clean-label positioning
“We’re applying lessons learned and launching a fully optimized creamer with organic ingredients and sustainable packaging. Retailers are excited.” — CEO Jason Vieth
Capital Allocation
🏦 No debt; $4.2M in cash
🏗️ ~$5.5M invested into inventory YTD to secure raw materials and avoid disruptions
📉 Operating cash burn of $4.1M expected to normalize as inventory converts to sales
💳 Maintains asset-backed credit facility for optional liquidity
The Bottom Line
Laird Superfood continues to punch above its weight in the better-for-you Consumer Packaged Goods (CPG) segment. With a balanced channel mix, disciplined margin execution, and well-timed innovations, the company is positioning itself for long-term profitability. Key watch items include tariff escalation, Q3 distribution ramp timing, and traction of upcoming dairy SKUs.
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