Revenue growth remains highly volatile, swinging from a 74.5% contraction in 2025Q3 to a 19.6% expansion in 2026Q1, while operating income has remained negative in nine of the last ten quarters.
| Sales/Revenue | 42.28M | 49.89M | 43.3M | 34.22M | 35.83M | 36.81M | 25.78M | 13.1M | 8.29M |
| Revenue Growth % | -6.13% | 15.23% | 26.5% | -4.48% | -2.67% | 42.77% | 96.76% | 58.05% | - |
| Cost of Goods Sold | 23.64M | 30.98M | 25.61M | 23.91M | 30.64M | 27.38M | 19.2M | 8.02M | 5.63M |
| COGS % of Revenue | - | 62.09% | 59.15% | 69.87% | 85.52% | 74.38% | 74.48% | 61.2% | 67.88% |
| Gross Profit | 18.64M | 18.91M | 17.69M | 10.31M | 5.19M | 9.43M | 6.58M | 5.08M | 2.66M |
| Gross Margin % | 44.08% | 37.91% | 40.85% | 30.13% | 14.48% | 25.62% | 25.52% | 38.8% | 32.12% |
| Gross Profit Growth % | - | 6.91% | 71.5% | 98.82% | -45% | 43.37% | 29.38% | 90.94% | - |
| Operating Expenses | 26.56M | 22.32M | 19.86M | 21.01M | 45.55M | 33.38M | 19.51M | 13.84M | 11.09M |
| OpEx % of Revenue | - | 44.75% | 45.87% | 61.4% | 127.14% | 90.69% | 75.66% | 105.59% | 133.79% |
| Selling, General & Admin | 12.78M | 13.21M | 15.49M | 20.79M | 28.71M | 32.35M | 19M | 13.51M | 10.97M |
| SG&A % of Revenue | - | 26.47% | 35.78% | 60.75% | 80.14% | 87.87% | 73.69% | 103.12% | 132.35% |
| Research & Development | 0 | 0 | 0 | 219.72K | 427.54K | 1.03M | 508.17K | 324.28K | 119.49K |
| R&D % of Revenue | - | - | - | 0.64% | 1.19% | 2.8% | 1.97% | 2.47% | 1.44% |
| Other Operating Expenses | 2.97M | 9.12M | 4.37M | 0 | 16.41M | 8.32K | 0 | 0 | 0 |
| Operating Income | -7.92M | -3.41M | -2.17M | -10.7M | -40.36M | -23.95M | -12.93M | -8.75M | -8.43M |
| Operating Margin % | -18.74% | -6.84% | -5.02% | -31.26% | -112.66% | -65.07% | -50.15% | -66.79% | -101.67% |
| Operating Income Growth % | - | -57.11% | 79.69% | 73.49% | -68.52% | -85.26% | -47.73% | -3.83% | - |
| EBITDA | -7.56M | -3.16M | -1.9M | -10.39M | -39.25M | -22.97M | -12.44M | -8.45M | -8.29M |
| EBITDA Margin % | -17.89% | -6.33% | -4.4% | -30.37% | -109.54% | -62.4% | -48.27% | -64.5% | -100% |
| EBITDA Growth % | -629.1% | -66.09% | 81.69% | 73.52% | -70.85% | -84.59% | -47.25% | -1.94% | - |
| D&A (Non-Cash Add-back) | 358.87K | 253.72K | 270.27K | 306.18K | 1.12M | 981.6K | 484.77K | 300.56K | 138.8K |
| EBIT | -6.14M | -3.41M | -2.17M | -10.7M | -23.95M | -23.94M | -12.93M | -8.46M | -8.41M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 48.7K | 64.94K | 190.36K | -29.94K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 48.7K | 64.94K | 239.18K | 18.29K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48.82K | 48.23K |
| Other Income/Expense | 1.86M | 182.63K | 413.25K | 551.06K | 47.09K | 99.7K | 78.87K | 248.02K | -29.94K |
| Pretax Income | -6.06M | -3.23M | -1.76M | -10.15M | -40.32M | -23.85M | -12.85M | -8.5M | -8.46M |
| Pretax Margin % | -14.34% | -6.48% | -4.06% | -29.65% | -112.53% | -64.8% | -49.84% | -64.9% | -102.03% |
| Income Tax | 4.73M | 20.75K | 60.32K | 15.2K | 20.27K | 17.83K | 0 | 0 | 18.29K |
| Effective Tax Rate % | -78.08% | -0.64% | -3.43% | -0.15% | -0.05% | -0.07% | 0% | 0% | -0.22% |
| Net Income | -1.35M | -3.25M | -1.82M | -10.16M | -40.34M | -23.87M | -12.85M | -8.5M | -8.46M |
| Net Margin % | -3.18% | -6.52% | -4.2% | -29.7% | -112.58% | -64.85% | -49.84% | -64.9% | -102.03% |
| Net Income Growth % | -40.14% | -78.68% | 82.09% | 74.8% | -68.98% | -85.76% | -51.11% | -0.53% | - |
| Net Income (Continuing) | -1.35M | -3.25M | -1.82M | -10.16M | -40.34M | -23.87M | -12.85M | -8.5M | -8.46M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.12 | -0.31 | -0.18 | -1.09 | -4.41 | -2.66 | -2.61 | -0.97 | -1.57 |
| EPS Growth % | -104.89% | -72.22% | 83.49% | 75.28% | -65.79% | -1.92% | -169.07% | 38.22% | - |
| EPS (Basic) | - | -0.31 | -0.18 | -1.09 | -4.41 | -2.66 | -2.61 | -0.97 | -1.57 |
| Diluted Shares Outstanding | 11.61M | 10.55M | 9.95M | 9.3M | 9.15M | 8.98M | 5.55M | 8.77M | 5.37M |
| Basic Shares Outstanding | 10.78M | 10.55M | 9.95M | 9.3M | 9.15M | 8.98M | 5.55M | 8.77M | 5.37M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Persistent negative operating margins
As reported in recent financial filings, Laird Superfood's revenue growth has exhibited significant volatility, swinging from a 74.5% contraction in 2025Q3 to a 19.6% expansion in 2026Q1, suggesting that the company's top-line trajectory remains highly sensitive to channel-specific performance and potential inventory pipeline fluctuations.
The erratic quarterly revenue figures indicate that the company has yet to establish a predictable, sustainable growth cadence. Investors should monitor whether the recent return to positive growth in 2026Q1 represents a durable recovery or merely a temporary rebound from the anomalous 2025Q3 period.
Based on the provided income statement data, Laird Superfood has maintained gross margins generally within the 33% to 42% range, excluding the 2025Q3 outlier, which suggests a degree of pricing power despite the inflationary pressures inherent in the premium functional food category.
While the ability to sustain these margins appears positive, the lack of consistent expansion suggests that the company may be struggling to achieve meaningful economies of scale in its supply chain. The margin profile warrants further investigation into whether rising input costs are being effectively offset by premium pricing or if competitive pressures are beginning to limit upside potential.
According to the company's historical income statements, operating income has remained consistently negative, with the exception of 2023Q4, indicating that Laird Superfood has not yet successfully scaled its revenue base to cover the fixed costs associated with its corporate and operational overhead.
The persistent gap between gross profit and operating income suggests that SG&A expenses are scaling in tandem with, or faster than, revenue growth. This lack of operating leverage implies that the business model may require a significant shift in cost structure or a substantial increase in volume to reach a sustainable break-even point.
As evidenced by the fluctuating net income figures, Laird Superfood's bottom-line performance is frequently impacted by non-operating items and significant quarterly swings, such as the $1.8M net income reported in 2026Q1 compared to the $1.8M net loss in the preceding quarter.
The inconsistency in net income suggests that investors should exercise caution when evaluating the company's profitability, as these results may be influenced by one-time adjustments or accounting timing rather than core operational improvements. The reliance on stock-based compensation, which remains a recurring line item, further complicates the assessment of true economic earnings.
Based on the reported figures, the company's reliance on high-touch DTC channels and the persistent negative operating margins raise concerns regarding the long-term sustainability of its current growth strategy, particularly as cash reserves appear limited relative to the ongoing burn rate.
Short-sellers might focus on the company's inability to achieve consistent profitability despite its premium positioning in the functional food market. The risk remains that the brand's niche appeal may be insufficient to drive the scale required to overcome the high fulfillment and marketing costs inherent in its current business model.
Quick answers to the most common questions about buying LSF stock.
For fiscal year 2025, Laird Superfood, Inc. (LSF) reported total revenue of $49.9M. This represents a 501.7% increase compared to $8.3M in 2018.
Laird Superfood, Inc. (LSF) reported a net loss of $3.3M for the fiscal year ending 2025.
Laird Superfood, Inc. (LSF) reported an operating income of $-3.4M, resulting in an operating profit margin of -6.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Laird Superfood, Inc. (LSF) generated $18.9M in gross profit for the year, representing a gross profit margin of 37.9%. This demonstrates the company's core pricing power and production efficiency.