Laird Superfood, Inc.

Ladies and gentlemen, thank you for joining us and welcome to Laird Superfood Inc. 4th Quarter 2025 Financial Results. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Trevor Rousseau, Head of Investor Relations. Trevor, please go ahead.

Thank you, and good afternoon. Welcome to Load Superfood's fourth quarter and full year 2025 Earnings Conference Con webcast. On today's call are Jason V, Load 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 market close. It is available on the Investor Relations section of Layered Superfood's website at www.layertuberfood.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. Please refer to today's press release and other filings with the SEC for a detailed discussion of these risks and uncertainties. With that, I'll turn the call over to Jason.

Good afternoon, everyone, and thank you for joining us today. I'm Jason Dietz, CEO of Laird Superfood, and I'm joined by our CFO, Anya Hamel. We appreciate you taking the time as we review our fourth quarter and full year 2025 results, which we released earlier today. Fiscal 2025 was a pivotal and transformative year for Laird Superfood. We delivered record net sales of $49.9 million, up 15% versus the prior year, and in line with our revised guidance. In the fourth quarter alone, net sales rose 15% to $13.3 million. This growth was broad-based and especially strong in our wholesale channel, which surged more than 40% in both Q4 and for the full year. That momentum came from meaningful distribution expansion paired with continued strong velocities in grocery and club outlets. Retail consumption data through the latest quad week ending February 22nd, 2026, confirms the health of that wholesale acceleration. Across measured natural and MULO channels, coffee posted the strongest full-year performance of any Laird Superfood product group, plus 45% dollar growth on plus 18% TDP growth over the last 52 weeks. Shelf-stable creamers delivered plus 15% dollar growth for the year, maintaining the largest share of our portfolio at 28%. I'm also excited to report a very successful relaunch of our refrigerated creamers during late Q4 into early Q1, which included reformulation to what we believe is the cleanest and best tasting liquid creamer product in the market. In addition, we repositioned our creamer to an extended shelf life refrigerated product packed in a post-consumer recycled plastic bottle. We believe that these changes to a cleaner formula and an already recycled bottle improve our positioning with both our retailers and our consumers. And after a challenging 2025 for this product, we are already seeing strong momentum in the latest four weeks, up 7% in the natural channel versus the same period last year. I want to be clear that these results are no accident. They are direct proof that our strategy to win in coffee solutions, which includes coffee, creamers, and lattes, is working. Consumers are responding to our complete ecosystem of functional better-for-you coffee and coffee companions, and that is translating into outsized velocity and distribution gains in our core categories. E-commerce remained resilient at roughly half of total sales in Q4. Softness in our direct-to-consumer platform was partially offset by strong continued growth on Amazon.com, further reinforcing the power of our coffee solutions portfolio with the everyday convenience shopper. While we appreciate the core set of consumers that come to our DTC site to explore and purchase our layered superfood products, we harbor no illusion that Amazon will not continue to win online volume in the future. For this reason, we will continue to leverage Amazon as the growth engine for our e-commerce sales. I also want to give a heartfelt acknowledgement to the entire Laird team for the outstanding job they did of managing through the chaos of sharp commodity inflation, new tariff pressures, and ongoing supply chain volatility. Throughout 2025, they proactively secured strategic inventory ahead of tariff increases, built safety stock to protect service levels and avoid out of stocks, and maintained tight operational discipline across procurement, logistics, and cost control. That level of foresight and agility under pressure is exactly what allowed us to deliver top-line growth while keeping the business running smoothly, and I couldn't be more proud of how this team showed up every day. Now on to the other big news that we have shared over the last couple of months. Just two weeks ago on March 12th, we closed the acquisition of Navitas Organics, funded by the $50 million investment that we completed with Nexus Capital. This transaction is perfectly on strategy and represents a major step in our vision of building a scaled superfood platform. Navitas brings to Laird Superfood a premium, purpose-driven brand with more than 20 years of history, $45.3 million in 2025 net sales, and a 31.8% gross margin. It adds complimentary products, stronger reach in conventional grocery and club channels, new customers, and greater geographic diversity. Together, Laird and Navitas instantly become a larger, more diversified platform with enhanced scale, cross-selling opportunities, and supply chain efficiencies we expect will drive both revenue growth and profit expansion in the years to come. The financing structure itself underscores our confidence in this path. Nexus invested $50 million upfront through the purchase of Series A preferred stock. Importantly, the investment agreement also gives us the option to call an additional $60 million from Nexus anytime within the next 270 days after closing or up to 360 days if we're actively in discussions on another strategic transaction. These proceeds are earmarked for an acquisition or other growth initiative with any remainder available for general corporate purposes. This financial structure gives us tremendous flexibility to move on additional opportunities should they arise. Of course, this investment did result in meaningful dilution to our common equity. On an as-converted basis, Nexus' stake represents approximately 56.2% of the company today. We are very transparent about that dilution because it is being exchanged for something that we believe is far more valuable. The immediate addition of a profit accretive business that we expect will strengthen our overall earnings power and cash flow generation going forward. In short, we expect to be trading some ownership percentage today for a much larger, higher quality earnings stream tomorrow. We are genuinely excited about the potential for additional acquisitions as we build out the leading superfood business in the country. With the capital access provided by Nexus and the integration playbook we now have, we see a clear runway to continue consolidating within the superfood and functional food space. Our goal is to keep building scale, broaden our product portfolio, deepen our retailer partnerships, and ultimately create a category leader that delivers sustainable, profitable growth for years to come. Looking ahead, our priorities remain clear. Drive continued wholesale momentum, protect and expand gross margins through synergies with Navitas, and execute a seamless integration while staying opportunistic on further M&A. With our strengthened balance sheet, expanded platform, and talented combined team, I have never been more optimistic about Laird Superfoods' future. Before I turn it over to Anya for the detailed financial review, I want to thank every single Laird teammate, our retail partners, our consumers, and now our new Navitas Organics colleagues. 2025 proved we can grow through turbulence, and 2026 is going to be the year that we show what a true, scaled superfood platform can achieve. Anya, over to you.