FitLife Brands Announces Fourth Quarter and Full-Year 2025 Results

OMAHA, NE, April 01, 2026 (GLOBE NEWSWIRE) -- FitLife Brands, Inc. ("FitLife" or the "Company") (NASDAQ:FTLF), a provider of innovative and proprietary nutritional supplements and wellness products, today announced financial results for the fourth quarter and full year ended December 31, 2025.

Highlights for the fourth quarter ended December 31, 2025 include:

• Total revenue was $25.9 million, an increase of 73% compared to the fourth quarter of 2024.  
• Wholesale revenue was $15.5 million, or 60% of total revenue, an increase of 213% compared to the fourth quarter of 2024.
• Online revenue was $10.5 million, or 40% of total revenue, an increase of 4% compared to the fourth quarter of 2024.
• Excluding the amortization of the inventory step-up related to the Irwin acquisition, gross margin was 37.0% compared to 41.4% during the fourth quarter of 2024, with the decline in gross margin primarily attributable to the acquisition of Irwin, which historically operated at a lower gross margin than Legacy FitLife.
• Net income was $1.6 million compared to $2.1 million during the fourth quarter of 2024, with the decline driven primarily by transaction expense and amortization of the inventory step-up associated with the acquisition of Irwin.
• Basic earnings per share and diluted earnings per share were $0.17 and $0.16, respectively, compared to $0.23 and $0.21 during the fourth quarter of 2024.
• Adjusted EBITDA was $3.5 million, a 14% increase compared to the fourth quarter of 2024.
• Sales of Irwin products on Amazon scaled from zero at the beginning of the quarter to approximately $0.5 million in the month of December; subsequent to the end of the fourth quarter, Irwin revenue on Amazon has continued to scale to approximately $0.8 million monthly.

Highlights for the year ended December 31, 2025 include:

• The Company completed the acquisition of Irwin Naturals ("Irwin") on August 8, 2025
• Total revenue was $81.5 million, an increase of 26% compared to the prior year.
• Wholesale revenue was $39.7 million, or 49% of total revenue, an increase of 84% compared to the prior year.
• Online revenue was $41.8 million, or 51% of total revenue, a decrease of 3% compared to the prior year.
• Excluding the amortization of the inventory step-up related to the Irwin acquisition, gross margin was 39.9% compared to 43.6% during 2024, with the decline in gross margin primarily attributable to the acquisition of Irwin, which historically operated at a lower gross margin than Legacy FitLife
• Net income was $6.3 million compared to $9.0 million during 2024.
• Basic earnings per share and diluted earnings per share were $0.68 and $0.63, respectively, compared to $0.98 and $0.91 during the prior year.
• Adjusted EBITDA was $14.0 million compared to $14.1 million in the prior year.
• The Company ended the year with $39.1 million outstanding on its term loan and $5.6 million outstanding on its revolving line of credit.
  
  
  
  

For the fourth quarter ended December 31, 2025, total revenue was $25.9 million, an increase of 73% compared to $15.0 million during the same period last year. Online revenue for the quarter was $10.5 million, an increase of 4% compared to the quarter ended December 31, 2024. Online revenue accounted for 40% and 67% of the Company's total revenue during the quarters ended December 31, 2025 and 2024, respectively.

Wholesale revenue for the quarter ended December 31, 2025 was $15.5 million, more than tripling the $4.9 million from the same period last year. The Company's recent acquisition of Irwin contributed $11.2 million of wholesale revenue for the quarter ended December 31, 2025, while Legacy FitLife wholesale revenue declined $0.7 million, or 14%, compared to the same period last year.  

For the year ended December 31, 2025, total revenue was $81.5 million, an increase of 26% compared to $64.5 million in the prior year. Online revenue for the full year was $41.8 million, a 3% decrease compared to $43.0 million in the prior year. Wholesale revenue for the full year was $39.7 million, an increase of 84% compared to $21.5 million in the prior year.

Gross margin for the quarter ended December 31, 2025 was 34.5% compared to 41.4% during the same period in the prior year. Gross margin for the quarter was adversely affected by $0.7 million of amortization of the inventory step-up related to the inventory acquired in the Irwin transaction. Excluding the amortization of the inventory step-up, gross margin for the quarter would have been 37.0%.  

Gross margin for the full year ended December 31, 2025 was 38.6% compared to 43.6% during the prior year. Gross margin was adversely affected by $1.0 million of amortization of the inventory step-up related to the inventory acquired in the Irwin transaction. Excluding the amortization of the inventory step-up, gross margin for fiscal 2025 would have been 39.9%

Net income for the fourth quarter of 2025 was $1.6 million compared to $2.1 million during the quarter ended December 31, 2024. Basic and diluted earnings per share were $0.17 and $0.16 respectively, compared to $0.23 and $0.21 during the fourth quarter of 2024.  

Net income for the year ended December 31, 2025 was $6.3 million compared to $9.0 million during the prior year. Basic and diluted earnings per share decreased 31% to $0.68 and $0.63 earnings per share, respectively, when compared to the prior year.

Adjusted EBITDA for the quarter ended December 31, 2025 was $3.5 million, an increase of 14% compared to the same period in 2024. Adjusted EBITDA for the year ended December 31, 2025 was $14.0 million, a 1% decrease compared to $14.1 million during the prior year.

As of December 31, 2025, the Company had $39.1 million outstanding on its term loan and $5.6 million outstanding on the revolver, and cash of $1.6 million, or total net debt of approximately $43.1 million.

Performance of Brands

One of the primary metrics used by management to evaluate the performance of the Company's brands is contribution, a non-GAAP financial measure which management defines as gross profit less advertising and marketing expenditures.   Other companies may also report contribution as a performance metric, but their definition or calculation of contribution may differ from the Company's. Management believes that contribution, as defined by the Company, is a particularly relevant performance metric since it incorporates the gross profit associated with a specific brand or collection of brands as well as the advertising and marketing expenditures associated with the same brand or brands. With limited exceptions, other operating expenses incurred by the Company are generally not allocable to a specific brand or collection of brands.

Legacy FitLife consists of thirteen brands, and Irwin consists of three brands. These collections of brands do not meet the definition of operating segments and are not managed as such.

Legacy FitLife
(Unaudited)
	2024			2025
	Q4			Q1		Q2		Q3		Q4
Wholesale revenue	4,939			5,306		5,696		6,686		4,238
Online revenue	10,074			10,630		10,431		9,978		9,028
Total revenue	15,013			15,936		16,127		16,664		13,266
Gross profit	6,212			6,874		6,904		6,542		5,395
Gross margin	41.4	%		43.1	%	42.8	%	39.3	%	40.7	%
Advertising and marketing	979			1,053		1,191		1,285		1,077
Contribution	5,233			5,821		5,713		5,257		4,318
Contribution as a % of revenue	34.9	%		36.5	%	35.4	%	31.5	%	32.5	%

For the fourth quarter of 2025, revenue for Legacy FitLife (which now includes MusclePharm as well as MRC) declined 12% compared to the same period last year due to declines in both online and wholesale revenue.

Online revenue decreased by 10% compared to the fourth quarter of 2024, primarily driven by lower online sales from MRC and MusclePharm, partially offset by higher online revenue from the other Legacy FitLife brands.  Wholesale revenue decreased 14% as compared to the fourth quarter of 2024.

Gross margin for Legacy FitLife decreased to 40.7% during the fourth quarter of 2025 compared to 41.4% during the fourth quarter of last year. Contribution as a percentage of revenue decreased to 32.5% compared to 34.9% during the fourth quarter of last year.

Irwin
(Unaudited)
	2025
	Q3		Q4
Wholesale revenue	6,510		11,216
Online revenue	311		1,428
Total revenue	6,821		12,644
Gross profit	2,194		3,544
Gross margin	32.2	%	28.0	%
Advertising and marketing	72		182
Contribution	2,122		3,362
Contribution as % of revenue	31.1	%	26.6	%

The fourth quarter of 2025 is the first full quarter of Irwin's operating results since the Company acquired Irwin in August 2025. During the quarter, Irwin generated 89% of its revenue from the wholesale channel and 11% from online sales.

Online revenue during the quarter represents transactions through Irwin's websites as well as through Amazon and other e-commerce platforms. The Company began selling Irwin products on Amazon in mid-October, and sales increased rapidly throughout the quarter to approximately $0.5 million in the month of December.

Normalizing for loss of the customers that occurred prior to the acquisition of Irwin by the Company, as well as for the results of Irwin's CBD business, which the Company is in the process of exiting, total revenue for Irwin increased approximately 6% in the fourth quarter of 2025 compared to the fourth quarter of 2024.

Irwin generated gross margin of 28.0% and contribution as a percentage of revenue of 26.6% during the fourth quarter of 2025. Excluding amortization of the inventory step-up, Irwin's gross margin and contribution as a percentage of revenue would have been 33.2% and 31.8%, respectively.  

FitLife Consolidated
(Unaudited)
	2024			2025
	Q4			Q1		Q2		Q3		Q4
Wholesale revenue	4,939			5,306		5,696		13,196		15,454
Online revenue	10,074			10,630		10,431		10,289		10,456
Total revenue	15,013			15,936		16,127		23,485		25,910
Gross profit	6,212			6,874		6,904		8,736		8,939
Gross margin	41.4	%		43.1	%	42.8	%	37.2	%	34.5	%
Advertising and marketing	979			1,053		1,191		1,357		1,259
Contribution	5,233			5,821		5,713		7,379		7,680
Contribution as % of revenue	34.9	%		36.5	%	35.4	%	31.4	%	29.6	%

For the Company overall, revenue for the fourth quarter of 2025 increased 73%, gross profit increased 44%, and contribution increased 47% compared to the fourth quarter of 2024.

Gross margin decreased to 34.5% compared to 41.4% during the fourth quarter of last year, with the decline in gross margin primarily attributable to the acquisition of Irwin, which historically operated at a lower gross margin than Legacy FitLife.  

Contribution as a percentage of revenue decreased to 29.6% compared to 34.9% during the fourth quarter of last year. Excluding the impact of the amortization of the inventory step-up at Irwin, gross margin and contribution margin as a percentage of revenue would have been 37.0% and 32.2%, respectively, during the fourth quarter of 2025.

Management commentary



Dayton Judd, the Company's Chairman and Chief Executive Officer, commented, "Other than at MRC, where revenue declined 15% over the course of the year, 2025 was a strong year for all of our brand groupings. Excluding MRC and MusclePharm, the other Legacy FitLife brands delivered organic growth of 6%. MusclePharm delivered organic growth of 5%, with growth in both the online and wholesale channels. And in its first full quarter of ownership, Irwin delivered organic growth of 6%.

"We began paying down debt during the fourth quarter, with a scheduled amortization payment of $1.5 million on the term loan and an additional $0.4 million reduction on our revolver. During the first quarter, we reduced the outstanding balance on the revolver further by approximately $1.4 million in addition to a scheduled amortization payment on the term loan of $1.5 million on March 31. We intend to continue allocating our available free cash flow to debt reduction.

"During our previous earnings call in November, I provided commentary about emerging weakness we were observing across our brand portfolio. During the first quarter of 2026, this weakness has persisted across most brands and channels.   From a macro environment perspective, given the backdrop of economic and political volatility, we know there are broad-based consumer confidence concerns, particularly for discretionary products. Consumer sentiment remains near all-time lows, and consumer discretionary spending has been declining since late last year and is at the lowest level it has been in the past four years. However, we know there are some things we should be doing regardless of the economic environment to improve our performance.

"The Company is focused on five key initiatives that we anticipate will favorably impact revenue and cost in the future. These priorities are to (1) drive meaningful improvement in Irwin's supply chain, (2) increase focus on new product development at Irwin, (3) drive awareness and demand generation for our products off-Amazon, (4) leverage Irwin's sales team to cross-sell other FitLife products into the wholesale channel, and (5) reduce SG&A through operating efficiencies.

"Despite the weakness late in the fourth quarter and into the first quarter, I am encouraged by the continued growth of online revenue for Irwin, particularly on Amazon. We ended the fourth quarter at a run rate of approximately $0.5 million of revenue on Amazon from Irwin's products. I am encouraged that growth has continued throughout the first quarter, with monthly revenue now approximately $0.8 million. In other words, in a few short months, this has become a business with roughly $9-10 million of annual revenue on a run rate basis, with margins higher than our traditional wholesale business. In addition, for a number of reasons, we believe there is the potential for additional long-term revenue and profit growth for Irwin products in this channel. The online growth we are experiencing at Irwin is encouraging, but at this point we are not able to determine whether it will fully or only partially offset the weakness we are experiencing elsewhere in our business."

Earnings Conference Call

The Company will hold an investor conference call on Wednesday, April 1, 2026 at 4:30 pm ET. Investors interested in participating in the live call can dial (833) 492-0064 from the U.S. and provide the conference identification code of 115536. International participants can dial (973) 528-0163 and provide the same code.

About FitLife Brands

FitLife Brands is a developer and marketer of innovative and proprietary nutritional supplements and wellness products for health-conscious consumers. FitLife markets more than 500 different products online and through various retail locations. FitLife is headquartered in Omaha, Nebraska. For more information, please visit our website at www.fitlifebrands.com.

Forward-Looking Statements

Statements in this release that are forward-looking involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to be materially different from any future performance that may be suggested in this news release. Such factors may include, but are not limited to, the ability of the Company to continue to grow revenue, and the Company's ability to continue to achieve positive cash flow given the Company's existing and anticipated operating and other costs. Many of these risks and uncertainties are beyond the Company's control. Reference is made to the discussion of risk factors detailed in the Company's filings with the Securities and Exchange Commission including its reports on Form 10-K and 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

FITLIFE BRANDS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

		December 31, 2025				December 31, 2024
ASSETS:
CURRENT ASSETS
Cash and cash equivalents		$	1,646			$	4,468
Restricted cash			-				52
Accounts receivable, net of allowance for credit losses of $9 and $41, respectively			8,765				1,626
Inventories, net of allowance for obsolescence of $247 and $100, respectively			21,324				11,074
Prepaid expense and other current assets			1,334				923
Total current assets			33,069				18,143
Property and equipment, net			128				75
Right of use asset			682				412
Intangibles, net of amortization of $499 and $152, respectively			51,440				26,235
Goodwill			19,393				13,022
Deferred tax asset			1,525				644
Other assets			83				-
TOTAL ASSETS		$	106,320			$	58,531
LIABILITIES AND STOCKHOLDERS' EQUITY:
CURRENT LIABILITIES:
Accounts payable		$	6,911			$	4,067
Accrued expense			5,429				684
Income taxes payable			1,704				1,415
Product returns			1,039				564
Term loan – current portion			6,094				4,500
Lease liability – current portion			433				81
Total current liabilities			21,610				11,311
Revolving line of credit			5,600				-
Term loan, net of current portion and unamortized deferred finance costs			32,849				8,550
Long-term lease liability, net of current portion			272				331
Derivative liability			26				-
Deferred tax liability			2,324				2,213
TOTAL LIABILITIES			62,681				22,405
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value, 10,000 shares authorized, none outstanding as of December 31, 2025 and 2024			-				-
Common stock, $0.01 par value, 120,000 shares authorized; 9,391 and 9,210 issued and outstanding as of December 31, 2025 and 2024			94				92
Additional paid-in capital			32,213				31,129
Retained earnings			11,893				5,567
Accumulated other comprehensive loss			(561	)			(662	)
TOTAL STOCKHOLDERS' EQUITY			43,639				36,126
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	106,320			$	58,531

FITLIFE BRANDS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

		Years ended December 31,
		2025				2024
Revenue		$	81,458			$	64,469
Cost of goods sold			50,005				36,389
Gross profit			31,453				28,080
OPERATING EXPENSE:
Advertising and marketing			4,860				4,626
Selling, general and administrative			14,036				9,972
Merger and acquisition related			2,075				255
Depreciation and amortization			420				108
Total operating expense			21,391				14,961
OPERATING INCOME			10,062				13,119
OTHER EXPENSE (INCOME)
Interest income			(98	)			(69	)
Interest expense			1,863				1,367
Other expense			49				-
Foreign exchange loss (gain)			19				(50	)
Total other expense, net			1,833				1,248
INCOME BEFORE INCOME TAX PROVISION			8,229				11,871
PROVISION FOR INCOME TAXES			1,903				2,887
NET INCOME		$	6,326			$	8,984
NET INCOME PER SHARE
Basic		$	0.68			$	0.98
Diluted		$	0.63			$	0.91
Basic weighted average common shares			9,347				9,197
Diluted weighted average common shares			9,977				9,898

FITLIFE BRANDS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

		Years ended December 31,
		2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	6,326			$	8,984
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			420				108
Allowance for credit losses			(32	)			24
Allowance for inventory obsolescence			147				(62	)
Stock-based compensation			404				459
Amortization of deferred finance costs			40				41
Write-off of deferred financing costs			49				-
Amortization of inventory step-up			1,045				-
Changes in operating assets and liabilities:
Accounts receivable - trade			210				361
Inventories			(582	)			(2,109	)
Deferred taxes			(881	)			148
Prepaid expense and other assets			200				692
Right of use asset			242				90
Accounts payable			743				866
Income taxes payable			(54	)			634
Lease liability			(223	)			(107	)
Accrued liabilities and other liabilities			(582	)			(512	)
Product returns			(33	)			(7	)
Net cash provided by operating activities			7,439				9,610
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for Irwin acquisition			(42,500	)			-
Purchase of property and equipment			(42	)			(10	)
Net cash used in investing activities			(42,542	)			(10	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options			682				17
Borrowings on 2025 term loan			40,452				-
Payments on 2025 term loan			(1,523	)			-
Payoff of 2023 term loans			(10,875	)			-
Payments on 2023 term loans			(2,250	)			(7,000	)
Borrowings on line of credit			5,600				-
Net cash provided by (used in) financing activities			32,086				(6,983	)
Foreign currency impact on cash			143				5
CHANGE IN CASH AND RESTRICTED CASH			(2,874	)			2,622
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD			4,520				1,898
CASH AND CASH EQUIVALENTS, END OF PERIOD		$	1,646			$	4,520
Supplemental cash flow disclosure
Cash paid for income taxes		$	2,362			$	2,498
Cash paid for interest, net of amounts capitalized		$	1,748			$	1,361
Non-cash investing and financing activities
Addition to right-of-use assets from new operating lease liabilities		$	-			$	386

Non-GAAP Financial Measures

The financial information included in this release and the presentation below contain certain financial measures defined as "non-GAAP financial measures" by the SEC, including non-GAAP EBITDA and non-GAAP adjusted EBITDA. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. 

  

As presented below, non-GAAP EBITDA excludes interest, foreign currency gain/loss, income taxes, and depreciation and amortization. Adjusted non-GAAP EBITDA excludes, in addition to interest, foreign currency gain/loss, taxes, depreciation and amortization, equity-based compensation, M&A/integration expense, restructuring and non-recurring gains or losses. The Company believes the non-GAAP measures provide useful information to both management and investors by excluding certain expense and other items that may not be indicative of its core operating results and business outlook. The Company believes that the inclusion of non-GAAP measures in the financial presentation below allows investors to compare the Company's financial results with the Company's historical financial results and is an important measure of the Company's comparative financial performance. 

The Company's calculation of Adjusted EBITDA for the year ended December 31, 2025 and 2024 is as follows:

		Year ended December 31,
		2025				2024
		(Unaudited)				(Unaudited)
Net income		$	6,326			$	8,984
Interest expense			1,863				1,367
Interest income			(98	)			(69	)
Foreign exchange (gain) loss			19				(50	)
Provision for income taxes			1,903				2,887
Depreciation and amortization			420				108
EBITDA			10,433				13,227
Non-cash and non-recurring adjustments
Stock-based compensation			404				459
Merger and acquisition related			2,075				255
Amortization of inventory step-up			1,045				-
Writeoff of deferred financing costs			49				-
Restructuring costs			-				184
Adjusted EBITDA		$	14,006			$	14,125

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