Laird Superfood, Inc.

Good afternoon. Thank you for attending today's LOD Superfood, Inc. Second Quarter 2025 Financial Results. My name is Jayla and I'll be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I would now like to turn the conference over to our host, Trevor Russo. Please proceed.

Thank you and good afternoon. Welcome to LOD Superfood's Second Quarter 2025 Earnings Conference Call and Webcast. On today's call are Jason Veep, LOD Superfood's President and Chief Executive Officer, and Ani Hamel, our Chief Financial Officer. By now, everyone should have access to the company's earnings release, which was filed today after markets closed. It is available on the Investor Relations section of LOD Superfood's website at .lodsuperfood.com. Before we begin, please note that during this call, mention it may make forward-looking statements in the context of federal securities laws. These statements are based on management's current expectations and involve risks and uncertainties that could cause actual results if they're materially familiarly described. Please refer to today's press release and other filings with the FAC for a detailed discussion of these risks and uncertainties. And with that, I'll turn the call over to Jason.

Thank you, Trevor, and good afternoon, everyone. Welcome to LOD Superfood's Second Quarter 2025 Earnings Conference Call. I'm Jason Veep, CEO of LOD Superfood, and I'm joined today by our CFO, Ani Hamel. Let me start by saying how proud I am of our team's performance this quarter. In a challenging environment with ongoing economic pressures, commodity inflation, and shifting consumer preferences, we once again delivered impressive financial results that underscore the resilience and appeal of the LARC Superfood brand. Net sales grew 20% year over year to $12 million in Q2, marking another quarter of robust top-line expansion. This growth was fueled by our strategic focus on wholesale, which surged 47% and now represents just under half of our total net sales, driven by distribution gains and velocity growth and grocery and club channels. Our e-commerce channel also held steady with positive 2% growth in a very challenging digital market, contributing 52% of total sales, thanks to continued strength on Amazon. This quarter obviously marked an acceleration in our stated strategy to intentionally grow wholesale to become the largest percentage of our total business, and I am proud that we are succeeding in making that transition. Looking at our product categories, coffee creamers led the way with 44% growth, making up 56% of growth sales in Q2 as consumers increasingly seek out our plant-based functional creamer options. Coffee, tea, and hot chocolate products grew 44% as well, driven by strong growth in our coffee products. This is in line with our intent to become a powerhouse in functional coffee solutions and speaks to consumers' interests in turning their morning ritual into a healthy and nutritious way to start their day. On the profitability front, we achieved a gross margin of 39.9%. While slightly down from last year due to higher trade spend, commodity costs, and some small tariff impacts, our margin level remains among the best in the industry. Operationally, we've demonstrated agility in managing our supply chain, even amid tariff pressures, allowing us to deliver positive adjusted EBITDA of nearly $150,000 this quarter, a meaningful improvement from prior year's flight loss. This marks our continued progress towards sustainable profitability with -to-date adjusted EBITDA at just over $500,000. Our balance sheet remains solid with $4.2 million in cash and no debt, though we strategically invested in inventory this quarter to support demand and mitigate tariff costs and supply chain risks, leading to $4.1 million in cash use from operations -to-date. We expect to normalize this in the coming quarters as we convert our inventory to the cash. These results position us as one of the fastest growing food companies in the public markets, outpacing many peers in the healthy nutrition space. For context, we've seen mixed performances across the industry this quarter, and these announcements reflect a sector that's navigating inflation and softer demand in certain channels, yet rewarding brands with innovation and execution, brands like ours. We expect tariffs to remain a wild card for the back half of this year and beyond, but our team continues to make headway in our cost structure through key strategies, such as direct sourcing of our materials and freight optimization. We are proud to not have taken any tariff-related price increases while still delivering our gross margin targets, thereby delivering our highest quality health and knowledge food products to consumers at the best value possible. We believe that this gives us a strategic advantage versus many of our competitors, while also leaving open the opportunity to increase our price at a later date if the conditions necessitate it. The economic environment may feel overall shaky right now, but we are building on tremendous momentum and are cautiously optimistic as we head into the second half. The consumer landscape is dynamic, but our focus on clean, plant-based superfoods, backed by Laird Hamilton's legacy and our commitment to quality, positions us to capture share. Going forward, we'll continue to invest in brand building, innovation, and operational efficiency to drive long-term value. With that, I'll turn it over to Anya for more financial details. Anya.