Laird Superfood (LSF) 2026财年第二季度业绩电话会议：销售额增长244%，重申业绩指引

核心要点

• 2026财年第二季度净销售额同比增长244%至4130万美元，主要反映了对Navitas和Terrasoul的收购以及有机批发分销渠道的拓展。
• 调整后EBITDA从上年同期的10万美元增至300万美元，主要得益于收购业务的贡献和初期协同效应抵消了大宗商品通胀以及营销和销售费用的增加。
• 毛利率下降9.6个百分点至30.3%，主要由于收购业务的毛利率较低、不利的渠道和产品组合以及通胀导致的大宗商品成本上升。
• Laird Superfood重申了其2026财年的业绩指引，预计净销售额为1.38亿美元至1.48亿美元，调整后EBITDA为800万美元至1200万美元。
• Navitas的整合已基本完成，而Terrasoul的整合尚处于早期阶段。截至本季度末，该公司拥有2320万美元的现金、现金等价物及受限资金，且无未偿还债务。
• 五款咖啡和奶精SKU已在1000多家沃尔玛门店上架。管理层表示，此次铺货对第二季度的影响微乎其微，预计大部分贡献将在第三和第四季度体现。

核心财务业绩

运营费用中包含了350万美元的企业合并与整合成本，以及110万美元与并购无形资产相关的摊销。调整后EBITDA还扣除了30万美元的股权激励费用以及总计110万美元的非现金折旧与摊销。

业务与运营表现

Navitas已迁移至Laird Superfood的统一ERP平台，实现了销售、组织架构及订单到收款流程的整合。管理层表示，Terrasoul的整合现在将采用类似的循序渐进方式推进，不过由于两家业务目前在不同系统上运行，整合工作会更为复杂。

可可和咖啡产品领跑品类增长动能。该公司扩大了在塔吉特（Target）的选品规模，并在全国1000多家沃尔玛门店上架了五款咖啡和奶精SKU。管理层预计，随着第三季度货架调整全面落地，沃尔玛的铺货将助力环比增长。

电商业务受益于新收购品牌以及Amazon.com的增长，但部分被DTC（直面消费者）渠道的疲软所抵消。管理层正在将Terrasoul在亚马逊市场的运营能力推广应用于Laird和Navitas品牌，同时也在扩大Walmart.com及其他在线市场的布局。

在新的销售和营销领导层带领下，该公司还在制定更广泛的营销与创新战略。潜在渠道包括社交媒体、网红/KOL、门店购物者营销以及长篇深度内容，但管理层尚未敲定支出计划。

管理层业绩指引

Laird Superfood重申了以下2026财年展望：

该展望包含了Laird Superfood的全年表现以及Navitas和Terrasoul收购后的贡献。它还假设将继续释放协同效应，并在下半年（尤其是第四季度）实现销售加速。

管理层表示，鉴于Terrasoul毛利率较低的业务模式，下半年毛利率维持在30%出头的水平是恰当的。首席财务官（CFO）补充称，如果收入未能接近指引区间的中位数或上限，她会感到失望，同时指出随着整合推进，可见度应当会提升。

风险与关注领域

• Terrasoul的毛利率低于Laird Superfood的产品组合平均水平，拉低了合并盈利能力。
• 通胀导致的大宗商品成本以及上年度采购大宗商品的消化动销，继续对毛利率施加压力。
• Terrasoul的整合在很大程度上尚未完成，且涉及不同的ERP系统和运营平台。
• 全年收入展望要求下半年相比上半年实现加速增长。
• 直面消费者（DTC）销售表现疲软，部分抵消了亚马逊以及并购电商业务的增长。
• 在新任商业领导者任命之后，营销计划和支出水平仍处于制定中。

分析师问答环节要点

管理层表示，由于第二季度的影响微乎其微，沃尔玛铺货带来的绝大部分收入贡献预计将发生在第三和第四季度。

该公司不计划按单个品牌来管理或报告预期的有机增长。相反，它正按产品品类来组织合并后的业务，目前可可和咖啡构成了最强劲的增长驱动力。

管理层预计，随Terrasoul一同收购的沃斯堡（Fort Worth）工厂将创造以更低边际成本生产Navitas和Laird产品产量的机会。然而，在能够量化潜在毛利率提升幅度之前，该公司还需要进行进一步分析、资本投资和人员配置决策。

公司未提供长期毛利率或EBITDA利润率目标。管理层表示，预计将在完成更多整合和工厂规划后提供更多细节。

业绩电话会议完整文本

完整财报电话会议逐字稿

管理层陈述

Operator

Hello, and welcome to the Laird Superfood, Inc. Quarterly Conference Earnings Call. [Operator Instructions] I will now hand the conference call over for opening remarks. Please go ahead.

Trevor Rousseau

Thank you, and good afternoon. Welcome to Laird Superfood's second quarter 2026 earnings conference call and webcast. On today's call are Jason Vieth, Laird Superfood's President and Chief Executive Officer; and Anya Hamill, our Chief Financial Officer. By now, everyone should have access to our earnings release, which was filed today after market close. It's available on the Investor Relations section of our website at 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. Please refer to today's press release and other filings with the SEC for a detailed discussion of these risks and uncertainties. And with that, I'll turn the call over to Jason.

Jason Vieth

Good afternoon, everyone, and thank you for joining us. I'm Jason Vieth, President and CEO of Laird Superfood, and I'm joined today by our CFO, Anya Hamill. We released our second quarter results and filed the 10-Q after the close and both are now available on our IR site. Q2 was another transformative quarter for the company. We closed the Terrasoul Superfoods acquisition on April 21 and importantly, completed the full integration of Navitas into our processes, organization and ERP system. That work is done.

The team is now operating as part of the Laird Superfood platform, and we're already running the combined business on a single system with shared processes and accountability and are now able to present a unified face to the market, including to our customers, distributors, brokers and partners. And now that we have progressed Navitas to this point, we will begin to apply the same disciplined integration approach to Terrasoul as well.

When we set out to build this platform, the goal is to create something more powerful than any single brand could be on its own. Our functional coffee and creamer leadership, trusted organic superfoods and vertically integrated ingredient and marketplace capabilities now sit under one roof. Together, they give us greater scale, broader distribution, stronger sourcing leverage and a wide set of growth levers across retail, club, e-commerce and foodservice. These 2 acquisitions represent the first steps in our deliberate roll-up strategy in the Superfoods and positive nutrition space. We have been clear that this is just the beginning.

Our intention is to continue to consolidate high-quality mission-aligned brands that fit the close to the earth, minimally processed profile that consumers are increasingly seeking and to do so thoughtfully over the coming years as we scale the platform into a true category leader. The early synergies from this combination are already visible in our results. Adjusted EBITDA came in at $3 million for the quarter, a meaningful step up from the $0.1 million that we reported a year ago. And that number reflects both the contribution of the acquired businesses and the cost and operational synergies that are beginning to flow through to the bottom line. We're capturing efficiencies in supply chain, shared overhead and marketing effectiveness and we expect those benefits to build as we move through the second half of the year.

Completing the systems and organizational integration so quickly has allowed us to start realizing those savings earlier than we might have expected, which is an important proof point for how we intend to approach future opportunities. On the commercial side, we're seeing encouraging trends in some of our most important categories. Cacao products continue to perform very well, and our coffee business is also showing solid momentum in key retail channels. In the second quarter, we successfully launched 5 coffee and creamer SKUs into more than 1,000 Walmart stores nationwide, a significant expansion that positions us for sequential growth as the reset fully executes in the third quarter.

We also expanded our assortment at Target and we're building real momentum across Amazon and other online marketplaces. These wins are the result of focused innovation, a stronger supply chain and deeper partnerships with the largest retailers in the country. The added scale of the platform is already changing the nature of those conversations. We're able to bring a broader, more compelling assortment to the table, which we believe will help us to earn incremental space and stronger support from our customers in the future. Net sales for the quarter were $41.3 million, up 244% versus the prior year period driven primarily by the addition of the acquired businesses. Gross margin compressed due to the mix of the lower-margin acquired business and some ongoing commodity positions that we continue to exit as we sell through purchases made last year.

We're managing those pressures carefully and remain focused on the cost and supply chain synergies that will help expand margins over time. We ended the quarter with $23.2 million in cash and no debt, which gives us a solid foundation as we continue to integrate and invest in future growth. Looking at the first half overall, we generated $55.2 million in net sales and $1.8 million of adjusted EBITDA. The platform is performing as we hoped it would at this stage of the integration. What encourages us most is not just the top-line step up but the fact that we are already seeing the operational and commercial benefits of bringing these businesses together show up in our adjusted profitability.

I am also pleased to report that we are reaffirming the full year guidance that we shared last quarter. Net sales of $138 million to $148 million and adjusted EBITDA of $8 million to $12 million. That outlook reflects the full year of the combined platform, along with the synergy capture we're already seeing and expect to accelerate. We'll update you as integration milestones are reached and our visibility into the back half improves. We're excited by the white space that we see for all 3 of our brands across the retail and online marketplaces. And with the addition of new sales and marketing leadership, we'll be working through the best opportunities to expand each of them.

To that end, we are building out a robust innovation platform, and we'll be overhauling our marketing approach in order to drive growth in brand awareness and trial of our products. We will also share more on these topics in future calls. The near term still includes remaining integration work and some associated costs, but the longer-term picture is becoming clear. We've assembled a scaled, diversified superfood company with complementary capabilities, stronger economics and multiple paths to sustainable growth. The integration of Navitas is complete, the synergies are beginning to show up in our adjusted EBITDA and the commercial momentum, particularly in categories like Cacao and coffee and with our expanded retail footprint gives us confidence as we look ahead.

With the capital and strategic support of our partners at Nexus, we remain well positioned to continue executing our roll-up strategy and building what we believe can become the leading platform in this category. I'll turn it over to Anya now for more details on the numbers, and then we'll open it up for questions.

Anya Hamill

Thank you, Jason, and good afternoon, everyone. As Jason highlighted, second quarter was a transformational quarter for our business. Now I will walk you through what drove our Q2 results and then spend some time on how we're thinking about the full year picture for the combined 3 brands business. Net sales for the second quarter of 2026 were $41.3 million, up 244% compared to $12 million in the second quarter of 2025. The increase in sales was primarily due to the contribution of the Navitas and Terrasoul acquisitions as well as organic distribution expansion in our wholesale channel. Wholesale was our largest channel this quarter, growing over 2.5x year-over-year to $21.3 million and representing 51% of total net sales, driven by the addition of Navitas and Terrasoul.

E-commerce sales grew over 2x year-over-year to $20.0 million and made up 49% of total net sales, led by the addition of Navitas and Terrasoul sales as well as growth on Amazon.com, offset in part by softness in our direct-to-consumer channel. For the first 6 months of the year, net sales were $55.2 million, up 134% compared to $23.6 million in the prior year period with wholesale contributing 52% of total net sales and e-commerce channel contributing 48%. Gross profit in the second quarter was $12.5 million and gross margin of 30.3% of net sales compared to $4.8 million or 39.9% of net sales in the prior year period, a contraction of 9.6 percentage points.

The margin compression was primarily due to addition of the recent acquisitions, along with some continued impact from unfavorable channel and product mix and inflationary commodity costs. On a year-to-date basis, gross profit was $17.2 million or 31.1% of net sales compared to $9.7 million or 40.9% of net sales in the prior year period, reflecting the same underlying drivers as in the second quarter. Total operating expenses were $14.4 million in Q2 2026 compared to $5.2 million in the prior year period, an increase of 178%, largely driven by the cost of bringing the 3 businesses together as well as onetime acquisition and integration expenses. Sales and marketing expenses increased 139% to $7.1 million, reflecting the larger scale of the business following the acquisitions, variable selling costs on higher sales volume, increased people costs as we build out the team to support the broader organization and higher marketing investment across both online and retail channels.

General and administrative expenses increased 229% to $7.3 million. The increase was almost entirely driven by $3.5 million of business combination and integration costs and $1.1 million of amortization expenses related to intangible assets identified in the Navitas and Terrasoul acquisitions. Both of these types of expenses are either onetime or noncash in nature tied specifically to the deals and integration activities. Net loss for the second quarter of 2026 was $1.8 million or $0.25 per basic and diluted share compared to a net loss of $0.4 million or $0.03 per share in the prior year period. The increased net loss was driven primarily by the costs incurred in connection with the acquisition and integration of Navitas and Terrasoul that I just described.

Adjusted EBITDA was $3.0 million in the second quarter of 2026 compared to $0.1 million in the prior year period. We view adjusted EBITDA as a more representative measure of our underlying operating performance because it excludes items that do not reflect the ongoing cash economics of the business. Specifically, $1.1 million of noncash depreciation and amortization expenses, $0.3 million of noncash stock-based compensation and $3.5 million of business combination and integration costs directly tied to closing and integrating Navitas and Terrasoul acquisitions. Stripping those out, the increase in adjusted EBITDA was driven primarily by the addition of Navitas and Terrasoul and early synergy realization, partially offset by inflationary commodity costs and higher marketing and selling expenses.

On a year-to-date basis, net loss was $0.1 million or $0.10 per basic and diluted share compared to a net loss of $0.5 million or $0.05 per share in the prior year period. That improvement was driven by discrete nonrecurring income tax benefit related to the release of deferred tax valuation allowance acquired in connection with the Navitas transaction, as well as contribution of Navitas and Terrasoul, offset in part by acquisition and integration costs and inflationary commodity costs. Year-to-date adjusted EBITDA was $1.8 million compared to $0.5 million in the prior year period.

As we integrate Navitas and Terrasoul businesses and begin to realize procurement and operational synergies, we expect adjusted EBITDA to improve meaningfully through the balance of the year. Now turning to our balance sheet. As of June 30, 2026, we had $23.2 million of cash, cash equivalents and restricted cash compared to $5.3 million as of December 31, 2025, and $10.5 million at the end of last quarter. The increase was primarily the result of proceeds from the issuance of Series A preferred stock, offset by the consideration paid for Navitas and Terrasoul acquisitions. We continue to carry no outstanding debt.

Now turning to 2026 financial outlook. We are reaffirming the full year 2026 guidance we provided last quarter. For fiscal year 2026, we continue to expect consolidated net sales in the range of $138 million to $148 million, reflecting full year of Laird Superfood and post-acquisition contributions of Navitas and Terrasoul. We expect adjusted EBITDA to be in the range of $8 million to $12 million for fiscal 2026. This reaffirmed guidance reflects our continued confidence in the growth trends across the business and the pace of synergy capture achieved to date. We will provide updated guidance as integration milestones are achieved and visibility into the full year outlook improves. With that, I'll turn the call back to Jason for closing remarks. And then we will open it up for questions.

Operator

[Operator Instructions] Our first question comes from the line of Eric Des Lauriers with Craig-Hallum Capital Group.

分析师问答

Eric Des Lauriers

First one for me, just on guidance. So as I look to the back half, can you just walk us through how to think about gross margins? I think last quarter, you mentioned low to mid-30s in the second half. Just wondering if that's how we should be thinking about that? And then just as we think about the revenue guidance range, maybe just help us think about the sort of outcomes of the low end versus the high end, what factors might drive that?

Anya Hamill

Eric, this is Anya. Thank you for the question. So I guess I'll start with margin. So you may know that we completed the audit of Terrasoul business that we acquired in Q2. That company has not been audited to GAAP standards before. So we've got more visibility into what GAAP financial statements look like on that business. And so as a result of that, it is a lower margin business. They do run a different business model. But nevertheless, on a gross margin basis, it is lower than Laird's average portfolio. So looking forward, I think low 30s is the appropriate range for our gross margin.

And then the second part of your question is about revenue guidance. So we are reaffirming our range -- guidance range of net sales, which is $138 million to $148 million for the fiscal 2026 for the ownership period. That does imply some acceleration that's going to be happening in the back half relative to the first half. And that's -- as we get more visibility to how the businesses integrate and we'll update that guidance as we move through the back half of the year. But I'd say I would be personally disappointed if it's not closer to midrange or higher end of the range.

Eric Des Lauriers

All right. That's helpful. And then just on the Walmart and Target wins, congrats on those. How much of this was impacted in Q2 versus Q3? I know you mentioned -- I think it sounds like the bulk of the Walmart win might be in Q3. How to think about the sort of revenue cadence of these wins going forward? And is there an established path to continued door expansion? Or just how to think about the expansion opportunities beyond these great initiatives?

Anya Hamill

Thanks, Eric. Yes, I'll start with the impact on the quarters and then Jason can add on, on the forward path to expansion. So we're very excited about bringing Laird to Walmart and about that win. There's barely any impact in Q2. So most of that -- I'd say all of that impact will be in the back half, Q3 and Q4. So very, very little in Q2, not material.

Operator

Our next question comes from the line of George Kelly with ROTH Capital Partners.

George Kelly

A couple for you. First, on your guide for the year, if we were to break it down by each business, what kind of organic growth are you expecting just sort of a range, I think the last quarter, it was somewhere around 10% for each business. I'm just wondering if that's still the case.

Anya Hamill

George, yes, I'll start here and then Jason can jump in and add. We don't really break it out by brand. So we think about our business, especially as we try to put them together and integrate them as really running one Superfood platform with a portfolio of products and brands. So I think our revenue guidance is -- reflects accelerating net sales in Q3 and particularly in Q4 and then to next year as we put those businesses together. So we don't really look at it by brand. We really manage it as an integrated platform.

Jason Vieth

Yes. George, just for a little more to break it down. The way we are structuring the business is by category, essentially as we go to market. So I will tell you, what we're seeing is we're working through those consolidations now we have Terrasoul still to come in and that will help drive ultimately how we do segregate the business. But we're seeing really nice growth in, I would tell you, being led right now by the Cacao products and the coffee products. And so it's our core products that are driving the bulk of the growth on the brands right now. And that Cacao goes across, obviously, Navitas and Terrasoul very similar businesses. So the view that we're looking at is really the category management view and we feel like we've got good drivers behind the key products now.

George Kelly

Okay. Okay. Understandable. Second question for me is just more on the integration process. So I guess it's sort of a multipart question. What's still left with respect to integration? What have been the biggest challenges so far that are ongoing? And then the third part -- sorry, this is a sort of a long question, but the third part is, if I understand, you talk to your expectations on gross margin in the back half of the year. But if we were to look a little bit longer term, what are your expectations about gross margin and EBITDA margin? And does your full year back half guide this year not really reflect all the stuff that you're working on? And if we were to look to '27 or '28, like what kind of EBITDA margin do you think you could ultimately get to?

Jason Vieth

Yes. Thanks, George. Great question. So we're really excited about where we are on the integration of the Navitas business. I'll tell you, we are mostly done with Navitas, and we are mostly not done with Terrasoul at this point. So the way to think about that is on the Navitas side, we have fully folded in the organization. We are now on a common ERP platform. We have one sales team calling on customers. Operations are fully consolidated on the back end in terms of everything from order all the way to cash. And so that business, we finished the ERP implementation, we're monitoring. Could there still be some stray dogs out there that we need to fix? There could be. But I think we've largely checked the box on that integration.

On Terrasoul, we are -- we started -- as you know, we started with Navitas that was the first company we acquired, and we moved quickly and we had the benefit of a NetSuite to NetSuite integration. On Terrasoul, we'll certainly have a bigger piece of work. We had really kind of cordoned it off as we were working on Navitas integration. We've got a great founder and General Manager in the business down there, and he's got a great team around him. So we've been able to really lean on them with them continuing to run their business while we've integrated that management structure into our executive team, we have accounting and finance probably the furthest along in integration at this point, but on 2 different systems, 2 different platforms.

And so we'll start that work in earnest. Now that we've finished Navitas, we always intended to go sequential from one to the next, so that we weren't overlapping and trying to digest too much at the same time. So I would tell you we're right where we want to be on that and excited to start the work with the Terrasoul team. And then your question on gross margins, a very insightful one. We bought a facility down in Texas, and our expectation is that the marginal cost to produce Navitas and Laird volume down in Fort Worth will drive gross margin improvement. And we've done some early analysis on that. We need to do quite a bit more. Obviously, we're talking about expanding PP&E, and we have to make the right investments and then there's an investment time line.

And we need to crew those staff so there's a lot to figure out, but we certainly bought this with the expectation that we'd be able to expand our gross margin. And as we get a little bit further down the road, we'll be able to come back and share more on that.

Operator

Our next question comes from the line of Nicholas Sherwood with Maxim Group.

Nicholas Sherwood

Kind of starting for me on e-commerce. In the press release, you talked about some momentum on Amazon.com. Can you talk about what the combination of the 3 businesses has done to sort of improve your e-commerce capabilities? Are there any expected or unexpected benefits from the larger portfolio? Are you able to bundle the products? Are people able to click through to your storefront and then see the wider range of products and have more incremental buys? Can you kind of just walk through how the evolution of that should look?

Jason Vieth

Yes. Nicholas, thanks for the question. So I would tell you that when we bought Terrasoul, we had been understanding that we were buying a significant Amazon capability, significant understanding capability. And that certainly has played out. That is a business that really got to the forefront of understanding the Amazon algorithm, what it rewards and how to satisfy Amazon. I mean essentially, what I'm saying in that is how to build a business that Amazon likes that works really well for Amazon and then it becomes symbiotic. And that's where they are. And so I'd tell you, I don't want to say it's completely one way, but it is a much more one-way road than the other with what we're taking away from Terrasoul applying back to our other 2 brands. The Laird business had done quite well on Amazon also and I think we've learned how to refine and kind of restructure our pages, our pricing. We still have some work to do, but it's underway and already paying off really handsomely in TaCoS rates and other key metrics.

And then on Navitas. Navitas is a really interesting business on Amazon in that it was 1P and then it was becoming more 3P and now it's a combination of 1P and 3P, and it's really been able to play across a number of vectors that the other 2 brands weren't. And so we've got -- it's really interesting in the 3 businesses that we have 3 very distinct opportunities and a lot of expertise to help build and kind of mold and build those businesses. So we're having a lot of fun with that right now, learning each other's business. We've already been able to grab some low-hanging fruit. I'll say that the team that's managing that is doing a great job. But it's not just Amazon, Walmart.com is creating a marketplace. And really, I'm sure you guys know really driving adoption of that marketplace as well.

So we've enjoyed good success on that with our Terrasoul business as we're acquiring it, and now we're moving other categories of our business to that and leveraging that again, across brands and categories. So we think that there are a number of categories that can be highly successful on Amazon. We think our brands show up really well in those categories. And so I expect that we'll see a nice growth path for the next years to come across Amazon, Walmart and other e-com marketplaces as well.

Nicholas Sherwood

Yes. And then you mentioned this new marketing investment push that you're planning through the end of this year into next year. Can you kind of just give us a better shape of what you're thinking there? Is it refining the channel mix, more social media, more click-throughs kind of other product activations? Is there going to be some sort of a rebranding or influencer partnerships, Kind of how should we be thinking about what that's going to look like and what the spend of that's going to be?

Jason Vieth

Yes. Great question. So we're -- again, something we're working through in more detail right now. But what we know is that we have a great opportunity to invest into these brands and these categories and those combinations, the brand and the category. We have a couple of nascent categories that not only for us are nascent, but really not a lot of competition and significant opportunity and no one's been marketing to them. No one's been talking to consumers. And so we're working through all of that right now.

I would tell you that we'll come back to you when we have more details. But I would expect to come back and tell you that it's a combination of social and influencer for maybe some of the brands, some of the categories. And then in others, that there are other vehicles that we're going to be leveraging, including in-store shopper marketing vehicles and/or long-form content, editorial type of content. So you'll see it's not a one-size-fits-all. We do look at the opportunities to be very different, and we're working through what that spend and revenue model maximization ought to be. We don't have a lot of visibility to it at this point. In fact, we're just in the midst, you probably recall, we just hired a new CMO and a new Chief Sales Officer as well.

So between the 2 of them, a brand-new commercial-facing team that I think has proven themselves across a number of previous experiences, including most recently at Poppi and are coming in with some really smart ideas about how to bring these brands to be a little bit more modern and a little bit more forward in the minds of consumers.

Nicholas Sherwood

Understood. I'm looking forward to seeing how this evolves.

Trevor Rousseau

We have no further questions at this time. I will now turn the call back to Jason Vieth for closing remarks.

Jason Vieth

Thanks, Trevor. And thank you all for the great questions and for joining us again today. Before we conclude, I do want to take a moment to recognize Anya Hamill. As many of you know, Anya will be departing Laird Superfood at the end of August. Anya, it's been a great run. On behalf of the entire team here at Laird, thank you for all your efforts, accomplishments and dedication to the business. We wish you every success in all your future endeavors.

Looking ahead, I'm incredibly excited about the future of Laird Superfood. With the Navitas integration complete, Terrasoul integration underway and the early synergies already showing up in our results, we are building real momentum. The platform that we've assembled combining functional coffee and creamers, organic superfoods and vertically integrated capabilities gives us greater scale, stronger distribution and multiple levers for growth across retail club, e-com and foodservice. Supported by our partners at Nexus, we are well positioned to continue executing our deliberate roll-up strategy and to create lasting value as we work toward becoming a true category leader in this space. With that, thank you again for your time and interest in Laird Superfood. We look forward to updating you on our progress next quarter. Operator, that concludes today's call.

Trevor Rousseau

Thank you very much. You may now disconnect.