10-Q · May 14, 2026
Laird Superfood reported a revenue of $13.9 million in Q1 2026, reflecting a 19.4% increase from $11.7 million in Q1 2025. The company posted an EPS of $0.08, surpassing the estimate of $0.06, while gross margin…
Earnings analysis · 10-Q
LSF earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Laird Superfood delivered strong Q2 revenue of $41.3 million, beating consensus by approximately 19%, and reported $3.0 million of adjusted EBITDA. However, diluted EPS of negative $0.25 missed the negative $0.06…
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Laird Superfood delivered strong Q2 revenue of $41.3 million, beating consensus by approximately 19%, and reported $3.0 million of adjusted EBITDA. However, diluted EPS of negative $0.25 missed the negative $0.06 estimate, net loss was $1.8 million, and gross margin declined to 30.3% from 39.9% a year earlier. The company reaffirmed its $138 million-$148 million 2026 revenue outlook and $8 million-$12 million adjusted EBITDA outlook, but material weaknesses in financial controls—including 2 at Terrasoul—raise reporting and integration risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.25
- Gross margin
- 30.3%
What stood out
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Revenue materially beat consensus
Q2 revenue was $41.3 million, approximately 19% above the $34.8 million consensus estimate and materially above $12 million in Q2 2025 quarterly history.
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Adjusted EBITDA improved
Adjusted EBITDA improved to $3.0 million, despite a net loss of $1.8 million for the quarter.
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Revenue growth came with margin pressure
Gross margin compressed to 30.3%, down from 39.9% in Q2 2025 and 33.3% in Q1 2026, indicating substantial profitability pressure.
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Preferred financing strengthened liquidity
The company raised $110.0 million of gross proceeds through the issuance of 50,000 and 60,000 Series A preferred shares on March 12 and April 21, 2026, respectively.
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Acquisition funding completed
Net proceeds of approximately $109.2 million funded a portion of the Navitas and Terrasoul acquisitions, which closed on March 12 and April 21, 2026, respectively.
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Full-year outlook reaffirmed
The company reaffirmed full-year 2026 net sales guidance of $138 million-$148 million and adjusted EBITDA guidance of $8 million-$12 million.
What to watch
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Significant EPS miss and net loss
Diluted EPS was negative $0.25 versus the negative $0.06 consensus estimate, while the quarter included a net loss of $1.8 million, showing continued bottom-line pressure despite the revenue beat.
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Material gross-margin compression
Gross margin fell to 30.3% from 39.9% in Q2 2025, a 9.6-percentage-point decline that could constrain the path to the $8 million-$12 million full-year adjusted EBITDA target.
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Material weakness in financial controls
Disclosure controls were not effective as of June 30, 2026 because of a material weakness in journal-entry approval workflows; certain personnel could create, post, and edit entries without separate review.
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Acquired-business control deficiencies
Terrasoul had 2 material weaknesses at acquisition: inadequate segregation of duties for manual journal entries and inadequate inventory cycle-count controls. Terrasoul remained on separate systems, and the company did not expect full integration during 2026.
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Potential preferred-stock dilution
The Series A preferred stock is convertible at an initial price of $3.57 per common share, creating potential dilution following the issuance of 110,000 preferred shares for $110.0 million of gross proceeds.
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No formal risk-factor update
The company stated that there were no material changes to the risk factors in the 2025 Form 10-K during the 6 months ended June 30, 2026; however, the newly disclosed control weaknesses remain material execution and reporting risks.
Management's outlook
Full-year 2026 net sales guidance was reaffirmed at $138 million-$148 million, and adjusted EBITDA guidance remained $8 million-$12 million. No numeric EPS guidance was provided.
Earlier filings 4
10-K · March 30, 2026
Laird Superfood reported FY2025 net sales of $49,889,286, up from $43,295,137 in 2024, driven by a 41% increase in wholesale sales and expansion following the Navitas acquisition. While top-line growth and a roughly…
10-Q · November 10, 2025
Laird Superfood reported Q3 2025 net revenue of $12,895,662, up from $11,776,346 in Q3 2024, but margins and profitability deteriorated: gross margin fell to ~36.5% and operating loss widened to $995,582 for the…
10-Q · August 7, 2025
Laird Superfood reported Q2 sales of $11,990,842, up $1,987,188 or ~19.9% versus Q2 2024, but reported a GAAP net loss of $362,178 (EPS $(0.03)). Management increased working capital — inventory rose to $11,027,615 —…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.