A regularized version of the lattice Boltzmann method for efficient simulation of soft materials is introduced. Unlike standard approaches, this method reconstructs the distribution functions from available hydrodynamic variables (density, momentum, and pressure tensor) without storing the full set of discrete populations. This scheme shows significantly lower memory requirements and data access costs. A series of benchmark tests of relevance to soft matter, such as collisions of fluid droplets, is discussed to validate the method. The results can be of particular interest for high-performance simulations of soft matter systems on future exascale computers.