Laird Superfood Earnings: Wholesale Strength, Innovation Drive Growth Amid Margin Pressure
- Hardik Shah
- Nov 10, 2025
- 4 min read
TL;DR
Revenue Strength: Net sales up 10% YoY to $12.9M, driven by 39% growth in wholesale.
Margin Trends: Gross margin compressed to 36.5% due to higher input costs and prior-year one-time benefit.
Forward Outlook: Management reaffirmed full-year 15% sales growth and breakeven Adjusted EBITDA, supported by cost control and innovation.
Business Overview
Laird Superfood, Inc. (NYSE American: LSF) develops and markets plant-based functional foods designed to enhance daily wellness routines. Its core portfolio includes coffee creamers, hydration enhancers, coffee, tea, and hot chocolate products, emphasizing clean, nutrient-dense ingredients. The company operates primarily through two channels—wholesale (53% of sales) and e-commerce (47%), with growing presence in grocery and club retailers such as Whole Foods. Founded in 2015 by big-wave surfer Laird Hamilton, the company’s mission centers on functional nutrition for active lifestyles.
Laird Superfood Earnings
Revenue and Mix
Third-quarter net sales rose 10% YoY to $12.9 million, led by strong wholesale gains (+39%) offsetting softness in e-commerce (-11%).
Laird Superfood branded products grew 14%, now comprising 97% of total revenue.
Picky Bars, the acquired snack line, declined 45% and will be discontinued in 2026 to sharpen focus on the core brand.
By product:
Coffee creamers: $7.7M (60% of total)
Coffee, tea & hot chocolate: $4.0M (31%)
Hydration products: $1.6M (12%)
Margins and Profitability
Gross margin contracted to 36.5% (vs. 43% a year ago), impacted by commodity inflation, tariffs, and the absence of a supplier settlement benefit that lifted prior-year results by ~3 percentage points.Operating loss widened to $1.0M, reflecting the $0.7M impairment on Picky Bars’ intangible assets and increased marketing spend.Still, Adjusted EBITDA turned positive at $0.2M, marking progress toward profitability.
Cash Flow and Balance Sheet
The company reported $1.1M in positive operating cash flow and ended the quarter with $5.3M in cash and no debt. Inventory was reduced by over $1M after prior strategic build-ups to mitigate tariff risk.
Forward Guidance
Management reaffirmed full-year 2025 net sales growth of ~15% and expects gross margins in the upper 30% range, supported by productivity initiatives.CEO Jason Vieth emphasized that while retail order timing has created near-term variability, “underlying demand trends remain strong and we’re confident in achieving breakeven adjusted EBITDA for the full year.”
Operational Performance
Wholesale expansion remains the key growth driver, with distribution gains across grocery and club channels yielding strong velocity improvements. Vieth highlighted the company’s operational progress, noting:
“We’re continuing to add distribution points at major retailers, and our velocities in core categories like shelf-stable creamers continue to outperform expectations.”
E-commerce softness was tied to weaker new customer acquisition, though offset by strength on Amazon.com, now a central pillar of the company’s digital strategy. CFO Anya Hamill stated that the company is “refining its digital marketing approach and leveraging its loyal repeat customer base, which accounted for about 88% of DTC sales in the quarter.”
Market Insights
Laird continues to benefit from the macro trend toward functional, clean-label foods. Consumer interest in mushroom-based ingredients and low-sugar alternatives supports its premium positioning. Despite tariff headwinds and commodity inflation, the company avoided price hikes, opting to capture share through value-based pricing—particularly in coffee and creamers.
Vieth remarked on pricing discipline:
“By holding price through rising coffee costs, we’ve been able to capture volume and expand distribution while remaining a premium yet accessible brand.”
Consumer Behavior & Sentiment
Demand is anchored in health-conscious consumers seeking natural energy and functional nutrition. While DTC new-customer growth slowed, engagement among existing customers remains robust. Seasonal launches—like Pumpkin Spice Creamer—sold out early at several retailers, signaling strong brand resonance.
Strategic Initiatives
Laird Superfood is doubling down on innovation and portfolio focus:
Launching Protein Coffee, its first dairy-based product, blending freeze-dried coffee with 10g of dairy protein—targeting health-conscious consumers, including those using GLP-1 medications.
Relaunching liquid creamers with organic coconut cream, coconut sugar, and recycled plastic packaging, enhancing taste and sustainability appeal.
Phasing out Picky Bars to streamline focus and improve brand efficiency.
Vieth described the Protein Coffee launch as “a market changer with great taste and a clean nutritional profile, aligned with today’s wellness trends.”
Capital Allocation
Laird maintains a debt-free balance sheet, prioritizing inventory optimization and disciplined cash management. The company aims to rebuild cash reserves into early 2026 as inventory converts back into cash. No share repurchases or dividends were announced, reflecting a reinvestment focus on innovation and growth initiatives.
The Bottom Line
Laird Superfood continues its transformation into a wholesale-led, innovation-driven functional food company. Despite short-term headwinds from tariffs and input inflation, management’s disciplined cost control and product pipeline reinforce its path to profitability.
Investors should watch for:
Adoption of Protein Coffee and subsequent dairy launches,
Margin recovery trajectory amid easing tariffs, and
Wholesale channel velocity as the key determinant of scalability.
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