Laird Superfood, Inc.

and third quarter 2025 financial results call. My name is Matt, and I'll be your moderator for today's call. All lines be muted during the presentation portion of the call for opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I now have to pass the conference over to our host, Trevor Rousseau, head of investor relations with Laird Superfood. Trevor, please go ahead. Thank you, and good afternoon.

Welcome to Laird Superfood's third quarter 2025 earnings conference call and webcast. On today's call are Jason Veit, Laird Superfood's President and Chief Executive Officer, and Anya Hamel, our Chief Financial Officer. By now, everyone should have access to the company's earnings release, which is filed today after market close. It is available in the Investor Relations section of Laird Superfood's website at www.LairdSuperfood.com. Before we begin, please note that during this call, management may make forward-looking statements within 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 to differ materially from those described. These refer to today's press release and other violence with the SEC for a detailed discussion of these risks and uncertainties. And with that, I'll turn it over to Jason.

Thank you, Trevor, and good afternoon, everyone. Thank you for joining us today for our third quarter 2025 earnings call. I'm pleased to report another quarter of solid top line growth As we continue to execute on our strategy to build Laird Superfood into a leading player in the premium plant-based functional food space. Net sales for the third quarter increased 10% year over year to $12.9 million driven primarily by strong performance in our wholesale channel. For the first nine months of 2025, net sales were up 15% to $36.5 million. Our wholesale channel continues to be a standout with Met sales up 39% in the quarter and 40% year to date. This growth reflects our focused efforts on expanding distribution, particularly in grocery and club stores, where we've seen robust velocity gains and increased shelf space. We're seeing strong consumer demand for our core products like coffee creamers, hydration enhancers, and functional beverages, As shoppers increasingly seek out clean functional ingredients that align with healthier lifestyles. The wholesale channel contributed 53% of net sales during Q3 and through the first three quarters of 2025 represented 49% of our total net sales. This is well aligned to our strategic intent of transitioning Laird Superfood to being a wholesale led company. In our e-commerce channel, which represented 47% of net sales in the quarter, we experienced an 11% decline year over year, primarily due to softness in our direct-to-consumer platform from lower new customer acquisition. However, this was partially offset by continued growth on Amazon.com. Year-to-date, e-commerce was relatively flat, and we remain optimistic about this channel's potential as we refine our digital marketing strategy and leverage our loyal repeat customer base, which accounted for about 88% of DTC sales in the quarter. Gross profit for the quarter was $4.7 million, down 7% from the prior year, with gross margin contracting to 36.5% from 43% last year. This was fully expected and largely due to commodity cost inflation and channel mix shifts towards wholesale, but also due to the non-recurrence of a one-time supplier settlement benefit that we recorded in Q3 of last year, which impacted margin by about three points. Year-to-date, gross profit increased 9% to $14.4 million, as we have managed to offset a good portion of the commodity and tariff impacts that have swept the national headlines. Anya will provide more details on our financials in a moment, but overall, These results demonstrate the progress that we're making in scaling our business while navigating a dynamic market environment. Turning to business highlights. We're excited about the momentum in our wholesale expansion. We've continued to add distribution points that major retailers and our velocities and core categories like shelf stable creamers continue to outperform our expectations. This validates our focus on premium, functional ingredients that resonate with consumers shifting away from sugar-laden and artificial options. On the innovation front, we're continuing to invest in product development to diversify our portfolio and drive repeat usage. We are excited to be launching our new protein coffee in the next month, and we have already begun shipping our new liquid creamer products. On liquid creamers, This marks an enormous improvement to our existing formulation. We've now replaced the coconut oil with organic coconut cream, increased the level of adaptogenic mushrooms, and replaced cane sugar with lower glycemic index coconut sugar. The resulting taste and texture are far superior to our previous products, and I would dare say the best tasting and healthiest products on the market. We are relaunching these creamers as organic formulations and packaging them in a post-consumer recycled plastic bottle that will be really attractive on the retailer shelves. Now back to protein coffee, we have high expectations for this launch. This marks Laird Superfood's first foray into dairy products, a market which is somewhere around 10 times as large as the plant-based market that we have been participating in to date. And the product that we are launching is dynamite, It's a high-quality, freeze-dried coffee blended with 10 grams of dairy protein per serving. Perfect for anyone looking to add protein to their diet. And with low calories and no sugar, it's also a perfect fit with today's health and wellness trends and great support for anyone taking GLP-1s. As part of our strategy to streamline operations and focus resources on our highest growth opportunities and Laird Superfood brand, we've made the decision to discontinue the Picky Bars brand in the second quarter of 2026. This will allow us to redirect investments toward the core Laird Superfood brand, which we believe has the strongest potential for scale. In connection with this, we recorded a $661,000 impairment charge in the quarter related to Picky Bars and tangible assets. From an operational standpoint, we were able to reduce our inventory by more than $1 million in the third quarter. You'll recall that we had strategically built our inventory through the first half of 2025 in order to meet rising demand without the out-of-stocks that we experienced last year and to mitigate the impact of tariffs on imported raw materials, particularly from Southeast Asia. As we continue to sell through this inventory in the coming quarters, we expect cash flows to improve as a result. And speaking of tariffs, I am also pleased to be able to report that we recently were informed that our coconut milk products will not be subject to additional tariffs, reducing the impact on our go-forward costs and improving our 2026 financials by more than $1 million. For the balance of 2025, we're focused on optimizing our supply chain, managing costs, and driving efficiencies to expand margins over time. We'll also continue to monitor the macroeconomic factors like commodity inflation and potential trade policies, but we're well positioned to navigate them as we close out this year and head into 2026. Q3 was another step forward in our journey to build a scalable, profitable business. We're executing on our plan, and I'm excited about the opportunities ahead. With that, I'll turn it over to Anya for a more detailed review of our financials.