Q3 FY2026
Filed Nov 12, 2026Q3 2026 net sales rose 225% to $41,954,481 with Navitas and Terrasoul consolidated, while gross margin fell to 29.6% from 36.5%
Revenue scale rose sharply with the Navitas and Terrasoul acquisitions and Q3 GAAP net income turned positive, but gross margin compressed by about seven points versus the prior-year quarter as printed, the company reported a nine-month operating loss, nine-month operating cash flow was negative at $(9,978,756), and Q3 net income relied on a $4,117,000 fair value change in contingent consideration and a tax item the filing describes as discrete.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net sales (Q3 2026)GAAP | $41,954,481 | – | 225% |
| E-commerce sales (Q3 2026)GAAP | $22,509,093 | – | 268% |
| Wholesale sales (Q3 2026)GAAP | $19,445,388 | – | 187% |
| Cost of goods sold (Q3 2026)GAAP | $(29,521,912) | – | – |
| Gross profit (Q3 2026)GAAP | $12,432,569 | – | 164% |
| Gross margin (Q3 2026)GAAP | 29.6% | – | – |
| Change in fair value of contingent consideration (Q3 2026, General and administrative)GAAP | $(4,117,000) | – | – |
| Total general and administrative expenses (Q3 2026)GAAP | $2,445,788 | – | – |
| Total sales and marketing expenses (Q3 2026)GAAP | $7,731,378 | – | – |
| Marketing and advertising (Q3 2026)GAAP | $4,077,359 | – | – |
| Selling expenses (Q3 2026)GAAP | $3,654,019 | – | – |
| Total operating expenses (Q3 2026)GAAP | $10,177,166 | – | – |
| Operating income (loss) (Q3 2026)GAAP | $2,255,403 | – | – |
| Other income (Q3 2026)GAAP | $133,406 | – | – |
| Income tax benefit (expense) (Q3 2026)GAAP | $(662,753) | – | – |
| Net income (loss) (Q3 2026)GAAP | $1,726,056 | – | – |
| Net income (loss) attributable to common stockholders (Q3 2026)GAAP | $309,330 | – | – |
| Net income (loss) per share, basic and diluted (Q3 2026)GAAP | $0.03 | – | – |
| Adjusted EBITDA (Q3 2026)non-GAAP | $2,078,697 | – | – |
| Net sales (nine months 2026)GAAP | $97,190,217 | – | 166% |
| E-commerce sales (nine months 2026)GAAP | $47,997,733 | – | 158% |
| Wholesale sales (nine months 2026)GAAP | $49,192,484 | – | 174% |
| Cost of goods sold (nine months 2026)GAAP | $(67,599,409) | – | – |
| Gross profit (nine months 2026)GAAP | $29,590,808 | – | 106% |
| Gross margin (nine months 2026)GAAP | 30.4% | – | – |
| Total general and administrative expenses (nine months 2026)GAAP | $13,327,727 | – | – |
| Total sales and marketing expenses (nine months 2026)GAAP | $18,939,425 | – | – |
| Total operating expenses (nine months 2026)GAAP | $32,267,152 | – | – |
| Operating income (loss) (nine months 2026)GAAP | $(2,676,344) | – | – |
| Other income (nine months 2026)GAAP | $283,713 | – | – |
| Income tax benefit (expense) (nine months 2026)GAAP | $4,064,536 | – | – |
| Net income (loss) (nine months 2026)GAAP | $1,671,905 | – | – |
| Net income (loss) attributable to common stockholders (nine months 2026)GAAP | $(5,290) | – | – |
| Net income (loss) per share, basic (nine months 2026)GAAP | $(0.00) | – | – |
| Net income (loss) per share, diluted (nine months 2026)GAAP | $(0.00) | – | – |
| Adjusted EBITDA (nine months 2026)non-GAAP | $3,926,648 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Coffee solutions (Q3 2026)Gross sales line in the revenue disaggregation, shown as 28% of Q3 2026 total. Prior-year Q3 figure was $11,777,299 (91% of prior-year total). Filing gives no explanation for this line. | $11,639,610 | – | – |
| Functional foods (Q3 2026)Gross sales line, shown as 38% of Q3 2026 total. Prior-year Q3 figure was $2,965,785 (23% of prior-year total). Filing gives no explanation for this line. | $15,951,720 | – | – |
| Superfood ingredients (Q3 2026)Gross sales line, shown as 44% of Q3 2026 total. Prior-year Q3 figure was $3,270. Filing gives no explanation for this line. | $18,625,534 | – | – |
| E-commerce channel (Q3 2026)Company says growth was led by the addition of Navitas and Terrasoul sales and strong sales growth on Amazon.com, offset in part by softness in the direct-to-consumer channel. Shown as 54% of Q3 2026 net sales. | $22,509,093 | – | 268% |
| Wholesale channel (Q3 2026)Company says growth was driven by the addition of Navitas and Terrasoul sales. Shown as 46% of Q3 2026 net sales. | $19,445,388 | – | 187% |
| Coffee solutions (nine months 2026)Gross sales line, shown as 37% of nine-month total. Prior-year nine-month figure was $32,091,213 (88% of prior-year total). Filing gives no explanation for this line. | $36,245,974 | – | – |
| Functional foods (nine months 2026)Gross sales line, shown as 34% of nine-month total. Prior-year nine-month figure was $9,752,434 (27% of prior-year total). Filing gives no explanation for this line. | $32,684,295 | – | – |
| Superfood ingredients (nine months 2026)Gross sales line, shown as 42% of nine-month total. Prior-year nine-month figure was $123,438. Filing gives no explanation for this line. | $40,751,040 | – | – |
| E-commerce channel (nine months 2026)Company says growth was led by the addition of Navitas and Terrasoul sales and strong sales growth on Amazon.com, offset in part by softness in the direct-to-consumer channel. Shown as 49% of nine-month net sales. | $47,997,733 | – | 158% |
| Wholesale channel (nine months 2026)Company says growth was driven by the addition of Navitas and Terrasoul sales, as well as new and existing item expansion in the wholesale channel. Shown as 51% of nine-month net sales. | $49,192,484 | – | 174% |
FY2026 outlook
- Revenue$135 to $140 million
- NoteFiling states the company 'continues to expect' consolidated Net sales in the range of $135 to $140 million, reflecting a full year of Laird Superfood and the post-acquisition contributions of Navitas and Terrasoul.
- NoteFiling states Adjusted EBITDA 'is now expected to be in the range of $5 to $6 million for fiscal 2026'. No prior Adjusted EBITDA range is printed in the filing.
- NoteCompany says the reaffirmed guidance reflects its continued confidence in growth trends and the pace of synergy capture achieved to date.
- NoteCompany will provide updated guidance as integration milestones are achieved and visibility into the full-year outlook improves.
- NoteNo reconciliation of forecast Adjusted EBITDA to net income (loss) is provided. The company cites unavailability of reliable estimates for stock-based compensation, stock price volatility and state and local income taxes.
Capital returns
- No share repurchase or common dividend is printed in the filing.
- Series A Preferred Stock issuance proceeds of $110,000,000 in the nine months 2026 (preferred stock issuance costs of $(825,775)).
- Accretion of paid-in-kind preferred dividends of $1,677,195 in the nine months 2026 (supplemental non-cash disclosure).
What drove it
- Company says net sales growth was primarily attributable to the contribution of Navitas and Terrasoul and distribution expansion in the retail channel.
- Company says gross margin compression was primarily due to inflationary commodity costs, fuel and freight charges, and lower margins associated with the Terrasoul brand and its lower brand investment business model.
- Company says the Q3 net income improvement was driven by adjustments to the fair value of contingent consideration related to the acquisitions and the first full-quarter contributions of Navitas and Terrasoul, offset in part by a discrete income tax expense related to goodwill arising from the acquisitions.
- Company says nine-month net income improvement was driven by contingent consideration fair value adjustments, a discrete income tax benefit related to the release of valuation allowance on deferred tax liabilities acquired with Navitas, and the contributions of Navitas and Terrasoul, offset in part by acquisition and integration costs and, to a lesser degree, inflationary commodity costs.
- Company says Adjusted EBITDA growth was driven primarily by the addition of Navitas and Terrasoul and early synergy realization, offset in part by inflationary commodity costs and higher marketing and selling expenses.
- Company says e-commerce growth was led by Navitas and Terrasoul sales and Amazon.com growth, offset in part by softness in the direct-to-consumer channel.
Concerns
- Gross margin fell to 29.6% in Q3 2026 from 36.5% in Q3 2025, and to 30.4% for the nine months from 39.3%, as printed.
- Nine-month operating loss of $(2,676,344) and nine-month operating cash outflow of $(9,978,756).
- Q3 net income of $1,726,056 includes a $(4,117,000) change in fair value of contingent consideration within General and administrative expenses, a line the company's Adjusted EBITDA reconciliation excludes.
- Q3 income tax expense of $(662,753) is described by the company as including a discrete tax expense related to goodwill from the acquisitions.
- Sales and marketing expenses rose to $7,731,378 in Q3 2026 from $2,998,175, and the company cites higher marketing and selling expenses as an offset to Adjusted EBITDA.
- Direct-to-consumer channel softness is cited by the company in both the Q3 and nine-month e-commerce commentary.
- Forward-looking statement risk factors include 'our ability to continue as a going concern'.
- Company withdrew products that did not meet quality standards; the reconciliation footnote lists $147,000 of other non-recurring costs related to this voluntary withdrawal.
What to watch
- Whether the company delivers the FY2026 net sales range of $135 to $140 million against the nine-month reported figure of $97,190,217.
- Whether Adjusted EBITDA reaches the $5 to $6 million range against the nine-month reported figure of $3,926,648.
- Gross margin trajectory as the company cites inflationary commodity costs, fuel and freight, and Terrasoul's lower-margin model.
- Operating cash flow after the nine-month outflow of $(9,978,756), and working capital investment in inventory and receivables.
- Synergy capture from the Navitas and Terrasoul integration, and the level of marketing and selling spend.
- Updated guidance the company says it will provide as integration milestones are achieved.
- Direct-to-consumer channel trends alongside Amazon.com growth.
Balance sheet and cash flow
- Cash, cash equivalents and restricted cash: $17,325,329 as of September 30, 2026, versus $5,320,600 as of December 31, 2025 (text: $17.3 million versus $5.3 million).
- Company attributes the cash increase to Series A Preferred Stock proceeds, offset by consideration paid for Navitas in the first quarter and Terrasoul in the second quarter, and the timing of working capital investments.
- Filing states there was no outstanding debt as of September 30, 2026.
- Net cash from operating activities, nine months 2026: $(9,978,756), versus $(2,853,831) in the nine months 2025.
- Purchase of property and equipment, nine months 2026: $(100,679), versus $(76,454) in the nine months 2025.
- Acquisition of a business, net of cash acquired, nine months 2026: $(87,244,900). Net cash from investing activities: $(87,345,579).
- Net cash from financing activities, nine months 2026: $109,329,064, versus $(301,635) in the nine months 2025.
- Total assets: $145,078,640 as of September 30, 2026, versus $19,217,837 as of December 31, 2025. Goodwill $30,197,784, intangible assets, net $41,001,047, inventory $31,804,726 (September 30, 2026).
- Series A preferred stock (mezzanine equity): $110,851,420 as of September 30, 2026. Total stockholders' equity: $14,132,229 versus $11,462,787 as of December 31, 2025.
- Accumulated deficit: $(109,698,616) as of September 30, 2026, versus $(111,370,521) as of December 31, 2025.
Analysis
Laird Superfood's third quarter 2026 is the first full quarter with Laird Superfood, Navitas Organics and Terrasoul Superfoods reported together. Net sales were $41,954,481 against $12,895,662 in the prior-year quarter, a 225% increase that the company attributes primarily to the Navitas and Terrasoul contribution and retail distribution expansion. Both channels grew sharply: e-commerce reached $22,509,093 (54% of net sales), up 268%, and wholesale reached $19,445,388 (46%), up 187%. Among the product lines, superfood ingredients ($18,625,534), functional foods ($15,951,720) and coffee solutions ($11,639,610) are printed as gross sales lines, but the filing gives no prior-year growth rates for them, so their change is left unreported.
Profitability moved in the opposite direction from revenue. Gross profit was $12,432,569, up 164%, but the gross margin of 29.6% compares with 36.5% a year earlier. The company cites inflationary commodity costs, fuel and freight charges, and lower margins at Terrasoul, which runs a lower brand investment model. Operating expenses rose to $10,177,166 from $5,697,764, with marketing and advertising at $4,077,359 and selling at $3,654,019. Operating income was $2,255,403 against a prior-year loss of $(995,582). Adjusted EBITDA was $2,078,697 versus $165,108, a non-GAAP measure that excludes, among other items, a $(4,117,000) change in the fair value of contingent consideration that sits inside GAAP general and administrative expenses.
GAAP net income of $1,726,056 and EPS of $0.03 basic and diluted are reported for the quarter. The company attributes the improvement to the contingent consideration fair value adjustment and the first full quarter of the acquisitions, offset by a discrete income tax expense related to goodwill from the acquisitions. For the nine months, net income was $1,671,905 but net income attributable to common stockholders was $(5,290), with EPS printed as $(0.00). The nine-month operating loss was $(2,676,344), and the nine-month income tax line of $4,064,536 is a benefit that the company ties to the release of valuation allowance on acquired deferred tax liabilities.
On the balance sheet, cash was $17,325,329 at September 30, 2026, up from $5,320,600 at year end, following $110,000,000 of Series A Preferred Stock issuance and $(87,244,900) of acquisition consideration. Net cash from operating activities was $(9,978,756) for the nine months, against $(2,853,831) a year earlier, and the company states it had no outstanding debt. Total assets rose to $145,078,640, with goodwill of $30,197,784 and intangible assets of $41,001,047. The company did not print any share repurchase or common dividend.
On guidance, the filing states that the company continues to expect FY2026 net sales of $135 to $140 million and that Adjusted EBITDA is now expected to be $5 to $6 million. The filing does not print a prior Adjusted EBITDA range, so whether that figure was raised, lowered or held cannot be determined from the document. The company also says it will update guidance as integration milestones are reached. The figures that deserve the most attention are the 29.6% gross margin, the nine-month operating cash outflow, and the reliance of quarterly GAAP net income on non-operating and tax items.
Management, verbatim
Q3 was our first full quarter operating Laird Superfood, Navitas Organics, and Terrasoul Superfoods as one platform. Net sales grew 225% to $42.0 million, and Adjusted EBITDA reached $2.1 million as we began capturing synergies.
Jason Vieth, Chief Executive Officer
Our new executive team is now in place and, with $17.3 million in cash and no debt, we are well positioned for continued, profitable growth.
Jason Vieth, Chief Executive Officer
Not in the filing
stated, not guessed- Prior-year gross margin change in basis points or percentage points for Q3 2026 and nine months 2026 (not printed).
- Year-over-year percentage change for Adjusted EBITDA in Q3 2026 and nine months 2026 (not printed; text says only 'increase').
- Year-over-year percentage change for COGS, operating expenses, operating income, net income and EPS (not printed).
- Year-over-year percentage change for coffee solutions, functional foods and superfood ingredients revenue lines (not printed).
- Prior-year nine-month cash flow comparatives for Q3 standalone cash flow (the cash flow statement covers nine months only).
- Free cash flow (not printed).
- Operating margin (not printed).
- Prior Adjusted EBITDA guidance range for FY2026 (not printed; filing says 'now expected').
- Prior guidance for gross margin, operating expenses and tax rate (not given in filing).
- Quarter-level (Q2 2026) comparatives for sequential changes (not printed in this filing).
- Consensus estimates and share price reaction (not in documents).
- Shipping income and discounts and promotional activity amounts by quarter are printed but are not revenue segments; their year-over-year changes are not printed.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.