Laird Superfood, Inc. (LSF): Business Model Canvas [Dec-2025 Updated]

You're looking for the blueprint behind Laird Superfood, Inc.'s current strategy, and what we see is a company executing a sharp pivot while staying true to its functional food roots. Honestly, the near 50/50 split between wholesale (53%) and e-commerce (47%) of its $36.5 million in nine-month sales shows a balanced channel attack, especially as they push into dairy to capture 90% of the market. This disciplined approach finally delivered positive Adjusted EBITDA of $0.2 million in Q3 2025, setting the stage for that projected 15% full-year growth. Check out the full Business Model Canvas below for the precise mechanics driving these results.

Laird Superfood, Inc. (LSF) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Laird Superfood, Inc. (LSF) relies on to get its functional products to market and maintain its brand identity as of late 2025.

The Key Partnerships block is where the company formalizes its reliance on external entities for scale, production, and market access. For Laird Superfood, Inc., this involves major retailers, specialized manufacturers, and high-profile brand ambassadors.

The strategic pivot to a wholesale-led model is evident in the numbers, showing a significant reliance on club and grocery partners.

Here's the quick math on how these partnerships are shaping the revenue mix:

Partnership Category	Metric	Latest Reported Value (2025)
Major Wholesale Retailers (e.g., Costco)	Wholesale Sales Contribution (Q3 2025)	53% of Net Sales
Major Wholesale Retailers (e.g., Costco)	Wholesale Sales Growth (YoY, Q2 2025)	47%
E-commerce Channel (Amazon.com)	E-commerce Sales Contribution (Q3 2025)	47% of Net Sales
Bluestone Lane Partnership	Laird Superfood Latte Price	$7.45
Bluestone Lane Partnership	Number of U.S. Locations	50+

The reliance on third-party manufacturing remains a critical, though sometimes margin-impacting, element of the operational structure. The shift to this model previously delivered a 1,071 basis points margin expansion in Q4 2024.

The raw material side shows sensitivity to input costs, as commodity cost inflation, especially for coffee and coconut milk powder, contributed to the Q3 2025 Gross Margin compression to 36.5%.

The company's operational dependency is summarized by the need to manage these external relationships effectively:

• Ability to Manage Co-Manufacturer and Third-Party Logistics Relationships.
• Reliance on the renewed strategic partnership with Smirk's LTD, a supplier of organic and natural ingredients, as of late 2024.

The lifestyle partnerships are designed to drive trial and reinforce the brand's functional positioning. The June 2025 collaboration with Bluestone Lane introduced specific co-branded drinks:

• Laird Superfood Latte (with Functional Mushrooms).
• Laird Superfood Mocha (with Functional Mushrooms).

The company also confirmed high-profile alliances with the athletic club chain, Lifetime Fitness (under Life Time Group Holdings Inc.), as part of its growth strategy.

The e-commerce channel shows a divergence in performance across its components. While overall e-commerce sales decreased by 11% year-over-year in Q3 2025, this was partially offset by continued growth on Amazon.com.

For context, in Q2 2025, e-commerce sales grew 2% year-over-year, with Amazon.com strength leading that segment.

The founders, Laird Hamilton and Gabby Reece, are integral to the brand's authenticity and endorsement. Their philosophy, which looked to Whole Foods Market Quality Standards to help shape product development strategy, is a key non-financial asset.

Gabby Reece actively supports the brand through her media presence, including 'The Gabby Reece Show' podcast, which encourages better health habits.

Finance: draft 13-week cash view by Friday.

Laird Superfood, Inc. (LSF) - Canvas Business Model: Key Activities

Wholesale distribution expansion to drive velocity

The strategic intent is transitioning Laird Superfood to being a wholesale-led company, showing significant growth in this channel throughout 2025.

For the nine months ended September 30, 2025, wholesale sales increased by 40% year-over-year, contributing 49% of total Net Sales for that period. Laird Superfood branded product sales, excluding Picky Bars, grew 20% year-to-date.

Looking at the quarterly performance:

• Wholesale sales increased 39% year-over-year in Q3 2025, representing 53% of total Net Sales for the quarter.
• Wholesale sales increased 47% year-over-year in Q2 2025, representing 48% of total Net Sales for the quarter.

This growth is directly attributed to distribution gains and velocity acceleration at the shelf in grocery and club stores.

Metric	Q2 2025 Contribution	Q3 2025 Contribution	YTD Q3 2025 Contribution
Wholesale Sales Percentage of Total Net Sales	48%	53%	49%
Wholesale Sales YoY Growth	47%	39%	40%
E-commerce Sales YoY Change	+2%	-11%	Relatively flat

Supply chain optimization and cost management

The operations team demonstrated agility in managing the supply chain, even with tariff pressures. The company is confident in holding full-year 2025 Gross Margin in the upper 30% range.

Gross Margin figures:

• Q2 2025 Gross Margin was 39.9%.
• Q3 2025 Gross Margin was 36.5%.

Cost management involves directly partnering with key raw material suppliers and co-packing partners to find cost savings to offset rising commodity costs, such as coffee and coconut milk powder. The company strategically invested in inventory to mitigate anticipated tariff costs and supply chain risks.

New product development (e.g., protein coffee, dairy line)

The strategy involves focusing investments on the core Laird Superfood brand, which saw its branded products grow 14% in Q3 2025, while the Picky Bars brand declined 45% in Q3 2025. The company announced the decision to discontinue the Picky Bars brand in the second quarter of 2026.

Innovation includes the planned launch of its first dairy product, a protein coffee, which contains 10 grams of dairy protein per serving.

Brand marketing and digital advertising investment

Operating expenses in Q2 2025 increased by $0.7 million compared to the prior year, driven primarily by increased marketing and selling expenses. E-commerce sales showed mixed results; Q2 2025 saw a 2% increase year-over-year, while Q3 2025 saw an 11% decrease year-over-year due to softening DTC new-customer sales, partially offset by growth on Amazon.com.

Core product manufacturing and quality control

The company worked to build a more flexible and adaptive Supply Chain after experiencing out-of-stocks earlier in the year. This included a decision to bolster inventory to minimize out-of-stocks and support top-line growth, leading to $4.1 million in cash used from operations year-to-date in Q2 2025. Core products like creamers are being relaunched as organic formulations and packaged in post-consumer recycled plastic bottles.

Laird Superfood, Inc. (LSF) - Canvas Business Model: Key Resources

You're looking at the core assets Laird Superfood, Inc. (LSF) relies on to operate and grow as of late 2025. These aren't just line items; they are the actual engines running the business.

Brand Equity and Authenticity

The founders, Laird Hamilton and Gabrielle Reece, are central to the brand's identity and product development. LSF is reliant on both to market the brand, with many current and planned products stemming directly from their lifestyle. Laird Hamilton, the big-wave surfer, is the originator of the core recipe, which started as an experiment to improve his coffee performance. Gabrielle Reece, the volleyball legend and health expert, drives awareness for better health habits. The company operates under an exclusive license agreement granting them the right to use their respective images, signatures, and voices. This authenticity is key; people buy into the performance-driven ethos they represent.

Proprietary Superfood and Functional Ingredient Formulations

Laird Superfood, Inc. obsesses over what goes into its products, focusing on real, whole, and bioavailable ingredients. The research and development team ensures premium, plant-based components are used. Key ingredients frequently cited across their product lines include:

• Coconut milk, providing naturally occurring Medium Chain Triglycerides (MCTs).
• Functional mushrooms like Organic Chaga, Lion's Mane, Maitake, and Cordyceps extracts for immune and cognitive support.
• Traceable, slow-roasted, high-altitude Organic Peruvian coffee beans, packaged using a proprietary inert gas process that reduces oxygen content to less than 1% (compared to the normal industry standard aim of 5% O2 levels).
• Plant proteins from pea, hemp, and pumpkin seed, as seen in the Protein Instant Latte, which delivers 10 grams of protein per serving.

Lean, Expert Operational Team

The company maintains a focused operational structure, relying on a lean, expert team. As of late 2025, the operational team size is approximately 26 employees. This lean structure is supported by the positive cash flow generated in the most recent quarter, which helps manage personnel costs.

Financial Position as of Q3 2025

The balance sheet strength provides a near-term buffer. Laird Superfood, Inc. reported a cash position of $5.3 million as of September 30, 2025, and importantly, held no outstanding debt. This financial footing is supported by recent operating performance. For the third quarter ended September 30, 2025, the company achieved a positive cash flow of $1.1 million from operating activities. However, for the nine months ended September 30, 2025, the company used $2.9 million in cash from operations, primarily due to strategic inventory build-up to mitigate anticipated tariff costs and address prior out-of-stocks. The Q3 2025 Net Sales were $12.9 million, with Year-to-Date 2025 Net Sales reaching $36.5 million.

Here's a quick look at the Q3 2025 financial snapshot:

Metric	Amount/Percentage
Net Sales (Q3 2025)	$12.9 million
Gross Margin (Q3 2025)	36.5%
Net Loss (Q3 2025)	$1.0 million
Adjusted EBITDA (Q3 2025)	Positive $0.2 million

Distribution Network Access

Access to major club and grocery stores is a critical resource, evidenced by the shift in sales mix. Wholesale sales accelerated, increasing 39% year-over-year in Q3 2025, making up 53% of total Net Sales for the quarter. E-commerce sales, conversely, decreased 11% year-over-year, contributing the remaining 47%.

The physical distribution network has seen major recent enhancements:

• Secured permanent placement of the Sweet and Creamy Superfood Creamer in Costco warehouses across key regions, including Los Angeles, San Diego, Hawaii, Arizona, Colorado, and Southeastern states plus Puerto Rico.
• Gained limited-time placement for Perform Superfood Coffee in Los Angeles and Hawaii Costco locations.
• Partnered with Bluestone Lane to offer Laird Superfood Latte and Mocha iced coffee drinks across all 50+ United States locations.
• The company is not currently partnering with any online retailers for reselling, focusing wholesale efforts on brick-and-mortar locations.

This retail expansion is a direct lever for future revenue growth.

Laird Superfood, Inc. (LSF) - Canvas Business Model: Value Propositions

You're looking at the core offerings Laird Superfood, Inc. (LSF) is using to capture consumer spend as of late 2025. The value is rooted in clean inputs and strategic market expansion.

Clean, functional food products with minimally processed ingredients

Laird Superfood, Inc. creates plant-based functional foods, including coffee creamers, hydration supplements, and beverages enriched with adaptogens. Consumers are actively seeking out these clean, functional ingredients that align with healthier lifestyles. The company is focusing its investment on the core Laird Superfood brand, which now comprises 97% of total revenue, following the decision to discontinue the Picky Bars brand in 2026. The Q3 2025 Gross Margin stood at 36.5%.

Focus on the high-growth Coffee Solutions category

The Coffee Solutions category is central to the current strategy. For the third quarter of 2025, Net Sales reached $12.9 million. The breakdown by product category for that quarter clearly shows the concentration in coffee-related items. Here's the quick math on the Q3 2025 revenue mix:

Product Category	Q3 2025 Net Sales Amount	Percentage of Total Q3 Net Sales
Coffee Creamers	$7.7M	60%
Coffee, Tea & Hot Chocolate	$4.0M	31%
Hydration Products	$1.6M	12%

The upcoming launch of its protein coffee is a strategic move intended to capture a share of the $6 billion market opportunity in that space. The wholesale channel is the primary driver, contributing 53% of Q3 2025 Net Sales, up 39% year-over-year.

Strategic pivot to include dairy/animal-based products for 90% market reach

Laird Superfood, Inc. is strategically moving beyond its strictly vegan identity to include dairy and animal-based products. This expansion is projected to open the company to 90% of the consumer market. This shift acknowledges that vegetarians represent about 10% of the population and true vegans only 2%. This pivot is part of an aggressive turnaround strategy that has seen top-line revenue grow from approximately $35 million to $55 million under the current CEO, while the workforce was reduced from 140 people to a team of 26.

Convenience of instant lattes and superfood creamers

The product line emphasizes ease of use, offering instant lattes and superfood creamers. The company reported $1.1 million of positive operating cash flow for the quarter, and as of September 30, 2025, it held $5.3 million in cash and cash equivalents with no outstanding debt. The loyal repeat customer base accounted for about 88% of Direct-to-Consumer (DTC) sales in the quarter, showing strong retention for convenient products.

Products designed to fuel sustained energy and performance

The functional beverages and creamers are designed with performance in mind, aligning with the founders' background as elite athletes. The Year-to-Date 2025 Net Sales reached $36.5 million, a 15% increase compared to the corresponding prior year period. Management reaffirmed full-year 2025 Net Sales growth of approximately 15%.

• Products include functional beverages.
• Hydration supplements are a core offering.
• Focus on ingredients for wellness.
• Protein coffee launch planned.

If onboarding takes 14+ days, churn risk rises, so the convenience factor is defintely important for the DTC channel, which saw an 11% decrease in sales in Q3 2025.

Finance: draft 13-week cash view by Friday.

Laird Superfood, Inc. (LSF) - Canvas Business Model: Customer Relationships

You're looking at how Laird Superfood, Inc. (LSF) connects with its buyers as of the third quarter of 2025. The relationship mix shows a clear strategic shift toward retail partners.

Automated direct-to-consumer (DTC) e-commerce platform

The automated DTC platform saw a contraction in the third quarter of 2025. E-commerce sales represented 47% of total net sales for the quarter, which was a year-over-year decrease of 11%. This softness was tied to lower new customer acquisition on the proprietary direct-to-consumer platform. However, the platform retains a highly loyal base; repeat customers accounted for about 88% of DTC sales in the quarter. Growth within the broader e-commerce channel was partially maintained by Amazon.com performance.

Here's the quick math on the channel split for Q3 2025 net sales of $12.9 million:

Channel	Q3 2025 Sales Contribution	YoY Growth/Decline (Q3 2025)
Wholesale	53%	Up 39%
E-commerce (Total)	47%	Down 11%

The year-to-date picture for the first nine months of 2025 shows e-commerce was relatively flat, while wholesale represented 49% of total net sales. Management expects full-year 2025 net sales growth of approximately 15%.

Community building and engagement via social media

The strategy involves refining digital marketing to leverage the loyal repeat customer base, which is critical given the slowdown in new customer acquisition on the DTC site. The focus is on building a tribe and turning content into a sales funnel through authentic, platform-specific creative.

• Fostering community is essential for driving engagement and loyalty in 2025.
• Focus on metrics like saves and shares over vanity metrics like likes.

Dedicated wholesale account management for key retailers

The wholesale channel is the primary growth driver, reflecting a strategic intent to transition Laird Superfood, Inc. to being a wholesale-led company. Wholesale sales increased by 39% year-over-year in Q3 2025, contributing 53% of total net sales. This growth is driven by ongoing distribution gains in both grocery and club channels.

High-touch, personal connection through founder story

The brand leverages its origin story, co-founded by big-wave surfer Laird Hamilton, to anchor its premium positioning in functional, clean-label foods. The connection is built by showing behind-the-scenes operations and emphasizing brand values like integrity.

• The Laird Superfood branded products grew 14% in Q3 2025, making up 97% of total revenue.
• The company is focused on core coffee solutions, where creamers grew 44% in H1 2025.

Finance: review inventory conversion timeline for Q4 2025 cash flow forecast by next Tuesday.

Laird Superfood, Inc. (LSF) - Canvas Business Model: Channels

You're looking at how Laird Superfood, Inc. (LSF) gets its products into the hands of customers as of late 2025. The channel strategy is clearly bifurcated, with a significant, and growing, emphasis on traditional retail.

The wholesale retail channel, covering Grocery and Club stores, is now the majority contributor to the top line. For the third quarter of 2025, this channel accounted for 53% of Net Sales. That's a big jump, reflecting a 39% increase year-over-year in wholesale sales. This momentum is driven by focused efforts on expanding distribution, especially in club stores and grocery chains, where they are seeing robust velocity gains and increased shelf space. To be fair, the year-to-date picture shows wholesale at 49% of total Net Sales, indicating the Q3 shift was significant.

The E-commerce segment, which includes the Direct-to-Consumer (DTC) website and Amazon.com, made up the remaining 47% of Q3 2025 Net Sales. This channel saw a year-over-year decrease of 11%. The primary drag here was softness in new-customer sales on the DTC platform. Still, growth on Amazon.com provided a partial offset to that decline. Year-to-date, e-commerce sales were relatively flat, contributing 51% of total Net Sales for the first nine months of 2025.

Here's a quick look at the Q3 2025 channel performance:

Channel Type	Q3 2025 Net Sales Contribution	Year-over-Year Sales Change (Q3 2025)
Wholesale Retail (Grocery and Club)	53%	Increased 39%
E-commerce (DTC and Amazon.com)	47%	Decreased 11%

When you look at strategic retail placement, the focus is on deepening presence in high-volume locations. For example, Laird Superfood announced expanded availability at Costco locations across key U.S. regions starting in July 2025. This included making the Perform Superfood Coffee and Sweet and Creamy Superfood Creamer available in specific regions like Los Angeles, San Diego, Hawaii, Arizona, Colorado, and the Southeast. This kind of placement solidifies the brand in the functional food and beverage space.

The Direct-to-consumer subscription model is definitely a key focus area, even with the recent softness Laird Superfood experienced on its DTC platform. The company is actively working to refine its digital marketing strategy to reignite new customer acquisition there. This focus is sharpened by the strategic decision to discontinue the Picky Bars brand, which resulted in a $0.7 million impairment charge in Q3 2025, allowing the company to redirect investments toward the core Laird Superfood brand and its digital channels heading into 2026. The company is also innovating its core offerings, such as relaunching creamers as organic formulations and planning the launch of its first dairy-based protein coffee.

• Wholesale sales growth of 39% in Q3 2025 drove the channel mix shift.
• Total Q3 2025 Net Sales reached $12.9 million.
• Year-to-date Net Sales through Q3 2025 totaled $36.5 million.
• The company is aiming for breakeven Adjusted EBITDA for the full year 2025.

Finance: draft 13-week cash view by Friday.

Laird Superfood, Inc. (LSF) - Canvas Business Model: Customer Segments

You're looking at how Laird Superfood, Inc. is segmenting its buyers as of late 2025. The data shows a clear pivot toward high-volume retail, which shapes who they are selling to right now.

Health-conscious consumers seeking functional food benefits

This segment is heavily targeted through the core product offerings, which emphasize clean, plant-based ingredients and functional benefits like MCTs and functional mushrooms. The concentration of sales in daily ritual products strongly suggests this is the primary, loyal customer base.

• Coffee creamers represented 60% of total Q3 2025 net sales, totaling $7.7 million.
• Coffee, tea, and hot chocolate products accounted for 31% of Q3 2025 net sales, or $4.0 million.
• Combined, these core functional food/beverage categories made up 91% of Q3 2025 net sales.
• The company is relaunching core creamers as organic formulations, appealing to consumers seeking transparency.

Active lifestyle individuals and athletes (original core segment)

While the brand was founded on this base, the data shows a strategic divestment from a product line historically associated with this segment, redirecting investment to the core brand.

• Net Sales from the Picky Bars branded products declined by 45% in Q3 2025 compared to the prior year period.
• Laird Superfood, Inc. made the decision to discontinue the Picky Bars brand in the second quarter of 2026.
• Sales of hydration powders and beverage enhancers dropped by 21.0% in Q2 2025 year-over-year.

Broader omnivorous market seeking high-quality protein and clean labels

Laird Superfood, Inc. is actively moving to capture a wider audience by introducing products that appeal to general health goals, like protein intake, outside of the strictly plant-based niche.

• The company is launching its first dairy product, a protein coffee, which contains 10 grams of dairy protein per serving.
• Year-to-date (9 months 2025), Net Sales for Laird Superfood branded products increased by 20%.
• The company reaffirmed its full-year 2025 Net Sales growth expectation of approximately 15%.

Costco members and club store shoppers

This group is being targeted through a major wholesale channel expansion, leveraging the high-volume nature of club stores to increase accessibility.

The shift to wholesale is a key strategic intent for Laird Superfood, Inc., as evidenced by the channel's contribution to total revenue.

Metric	Q3 2025 Value	Year-to-Date 2025 Value
Wholesale Sales Contribution to Net Sales	53%	49%
Wholesale Sales YoY Growth	39%	40%

The expansion into Costco became effective in July 2025, placing the Sweet and Creamy Superfood Creamer in warehouses across regions including Los Angeles, San Diego, Hawaii, Arizona, Colorado, and the Southeast states plus Puerto Rico.

Perform Superfood Coffee was made available for a limited time in Los Angeles and Hawaii Costco locations starting July 2025.

The e-commerce channel, which includes Amazon.com, contributed 47% of total Net Sales in Q3 2025.

For the DTC platform specifically, new-customer sales softened, contributing to an 11% year-over-year decrease in e-commerce sales for Q3 2025.

Loyal repeat customers accounted for about 88% of DTC sales in Q3 2025.

Finance: draft 13-week cash view by Friday.

Laird Superfood, Inc. (LSF) - Canvas Business Model: Cost Structure

You're looking at the cost side of Laird Superfood, Inc.'s (LSF) operations as of late 2025, which is heavily influenced by commodity pressures and strategic investment in growth channels. Honestly, the cost structure reflects a company balancing top-line acceleration with margin defense.

Cost of Goods Sold (COGS) Drivers

The cost of raw materials is a major pressure point, directly impacting the Gross Margin. For the third quarter of 2025, the Gross Margin contracted significantly to 36.5%, down from 43.0% in the corresponding prior year period. Management explicitly cited commodity cost inflation and tariffs as the primary drivers for this compression.

The definition of COGS for Laird Superfood, Inc. is comprehensive, covering more than just the ingredients. Here's what that cost bucket includes, based on their Q1 2025 reporting:

COGS Component	Description
Raw Materials & Packaging	Costs for ingredients like coffee and coconut milk powder, which have seen inflation.
Tolling Fees	Co-packing fees paid to third-party manufacturers.
Freight Costs	Both inbound and outbound shipping expenses.
Labor & Overhead	Indirect labor and overhead costs tied to storing and distributing products sold during the period.

Marketing and Selling Costs for Growth

Driving that 10% year-over-year net sales increase in Q3 2025 required a deliberate spend increase in sales and marketing activities. Operating expenses, overall, increased by $0.4 million in Q3 2025 compared to the same quarter last year, with this rise being driven by increased marketing investment, advertising costs, and higher selling costs associated with the higher sales volume. To give you a sense of the scale of marketing investment, Q1 2025 saw marketing and advertising expenditures hit $1.8 million. The company is actively trying to improve the efficacy of future customer acquisition costs, signaling a focus on return on ad spend.

Wholesale Trade Spend and Promotional Costs

The shift in channel mix towards wholesale-which accounted for 53% of total net sales in Q3 2025-is a major factor in the cost structure, even if specific trade spend numbers aren't isolated for the quarter. While Q2 2025 data indicated that total trade spend remained nearly flat year-over-year, the year-to-date performance for the first nine months of 2025 showed that wholesale sales growth was partially offset by increased promotional spend. This suggests that securing and maintaining shelf space in grocery and club stores involves ongoing promotional investment.

Operating Expenses and Strategic Charges

Beyond direct selling costs, the general and administrative (G&A) expenses were relatively flat in Q3 2025. This stability was achieved because the impact of the major impairment charge was largely offset by decreases in personnel costs and professional fees. You asked about the impairment charge; Laird Superfood recorded a charge of $0.7 million in Q3 2025 related to the long-lived intangible assets of the Picky Bars brand, as part of the strategic decision to discontinue that brand in Q2 2026. The specific charge recorded was $661,000. This charge was a primary driver in the net loss widening to $1.0 million in Q3 2025 from $0.2 million in the prior year period.

Logistics and Fulfillment Costs

Logistics and fulfillment costs are embedded within the COGS calculation. The company's definition of COGS clearly includes the costs necessary to get the product ready for sale and into the distribution network. You can expect these costs to fluctuate based on the channel mix. For instance, the wholesale channel, which is volume-heavy, will drive inbound and outbound freight costs differently than the direct-to-consumer (DTC) e-commerce channel.

The company actively worked to manage these costs, reducing inventory by over $1 million in Q3 2025, partly to mitigate the impact of tariffs on imported raw materials.

• Logistics costs are part of COGS, including inbound/outbound freight.
• Third-party labor for storage and shipping is included in COGS.
• Inventory reduction in Q3 2025 helped manage supply chain costs.

Finance: draft 13-week cash view by Friday.

Laird Superfood, Inc. (LSF) - Canvas Business Model: Revenue Streams

You see the revenue streams for Laird Superfood, Inc. clearly flowing through two primary channels, reflecting a strategic shift toward retail presence as of late 2025. For the third quarter of 2025, the split shows a strong preference for the physical shelf.

The breakdown of Net Sales for the third quarter of 2025 highlights this channel dynamic:

Channel	Q3 2025 % of Net Sales	Year-to-Date (Nine Months) 2025 % of Net Sales
Product sales via Wholesale channel	53%	49%
Product sales via E-commerce channel	47%	51%

This mix shows the wholesale channel is now the larger contributor to quarterly revenue, though the year-to-date figures suggest a more balanced split overall for the first nine months. The wholesale channel saw a significant year-over-year increase of 39% in Q3 2025, while e-commerce sales decreased by 11% year-over-year in the same period.

Looking at the top-line performance across the year so far, the total Net Sales for the first nine months of 2025 reached $36.5 million. Based on this year-to-date performance, Laird Superfood, Inc. management updated its full-year 2025 Net Sales growth projection to approximately 15%.

On the profitability side of the revenue equation, the company achieved a positive milestone in the third quarter of 2025. Adjusted EBITDA was positive $0.2 million in Q3 2025, which management points to as evidence of progress toward full-year breakeven expectations.

Key figures driving the revenue narrative include:

• Wholesale sales increased by 40% year-over-year for the first nine months of 2025.
• Net Sales of Laird Superfood branded products increased by 20% year-to-date.
• Net Sales from Picky Bars branded products declined by 39% year-to-date.