FitLife Brands Announces First Quarter 2026 Results
Rhea-AI Summary
FitLife Brands (NASDAQ: FTLF) reported first quarter 2026 revenue of $25.3 million, up 59% year over year, driven by the Irwin acquisition. Wholesale revenue rose 166% to $14.1 million, while online revenue grew 6% to $11.2 million.
Gross margin declined to 37.6% from 43.1%, mainly due to Irwin’s historically lower margins. Net income was $1.7 million versus $2.0 million, with EPS of $0.18 basic and $0.17 diluted. Adjusted EBITDA was $3.3 million, down 3%. Net debt was about $40.6 million.
AI-generated analysis. Not financial advice.
Positive
- Total revenue $25.3 million, up 59% year over year
- Wholesale revenue $14.1 million, up 166% versus Q1 2025
- Gross profit $9.5 million, up 38% year over year
- Contribution $8.3 million, up 42% versus Q1 2025
- Irwin Q1 2026 revenue $12.8 million with 34.0% gross margin
- Irwin Amazon run-rate about $9.6 million annual revenue
- Term loan and revolver reduced to $37.6 million and $4.2 million
Negative
- Legacy FitLife revenue down 22% versus Q1 2025
- Consolidated gross margin fell to 37.6% from 43.1%
- Net income declined to $1.7 million from $2.0 million
- Adjusted EBITDA down 3% to $3.3 million
- Interest expense rose to $0.7 million from $0.2 million
- Management cites weak consumer demand and Amazon algorithm changes
- Estimated $1.0–$1.5 million Irwin revenue lost to out-of-stocks
News Market Reaction – FTLF
On the day this news was published, FTLF gained 7.45%, reflecting a notable positive market reaction. Argus tracked a peak move of +8.6% during that session. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $7M to the company's valuation, bringing the market cap to $101.89M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
FTLF was up 0.32% pre-news while momentum peers BHST and LFVN showed scanner moves around -3%, pointing to stock-specific rather than broad sector action.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 05 | Q1 call notice | Neutral | -2.3% | Announced timing and access details for Q1 2026 earnings call. |
| Mar 30 | Q4 call notice | Neutral | -0.0% | Set schedule and dial-in information for Q4 2025 earnings call. |
| Nov 13 | Q3 2025 results | Mixed | -2.7% | Reported strong revenue growth from Irwin but lower margins and net income. |
| Nov 07 | Q3 call notice | Neutral | +1.1% | Announced timing and access details for Q3 2025 earnings call. |
| Aug 14 | Q2 2025 results | Negative | -0.4% | Revealed revenue and margin declines plus lower net income ahead of Irwin deal. |
Earnings-related headlines have historically been followed by a modest average move of -0.88%, suggesting a tendency toward slightly negative reactions around results and earnings events.
Over the last several quarters, FitLife has repeatedly highlighted rapid wholesale growth tied to the Irwin acquisition, alongside pressure on gross margins and net income. Prior earnings releases noted revenue expansion but weaker profitability, as integration costs and Irwin’s lower margins weighed on results. Today’s Q1 2026 report continues that theme: strong 59% revenue growth and higher gross profit, offset by lower gross margin and EPS. This fits the ongoing narrative of scaling the business while managing leverage and margin mix.
Historical Comparison
Earnings-related releases for FTLF have averaged a -0.88% move, with past quarters often showing revenue growth but margin and EPS pressure similar to this Q1 2026 update.
Series of earnings updates from Q2 2025 through Q1 2026 shows FitLife absorbing the Irwin acquisition, shifting mix toward wholesale, and trading off margin and EPS to drive top-line expansion.
Market Pulse Summary
The stock moved +7.5% in the session following this news. A strong positive reaction aligns with the report’s robust top-line growth, including Q1 2026 revenue of $25.3M (up 59%) and wholesale expansion. However, margin compression to 37.6% from 43.1%, lower EPS, and reliance on Irwin’s lower-margin profile introduce risks if growth slows. Historical earnings headlines have averaged a mild -0.88% move, so any outsized gain could fade if investors refocus on leverage, integration progress, and Amazon-related headwinds.
Key Terms
adjusted ebitda financial
term loan financial
revolving line of credit financial
non-gaap financial measure financial
stock-based compensation financial
rule 10b5-1 trading plan regulatory
derivative asset financial
AI-generated analysis. Not financial advice.
OMAHA, NE, May 14, 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 first quarter ended March 31, 2026.
Highlights for the first quarter ended March 31, 2026 include:
- Total revenue was
$25.3 million , an increase of59% compared to the first quarter of 2025. - Wholesale revenue was
$14.1 million , or56% of total revenue, an increase of166% compared to the first quarter of 2025. - Online revenue was
$11.2 million , or44% of total revenue, an increase of6% compared to the first quarter of 2025. - Gross margin was
37.6% compared to43.1% during the first quarter of 2025, 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
$1.7 million compared to$2.0 million during the first quarter of 2025, with the decline driven by higher amortization expense and interest expense associated with the acquisition of Irwin. - Basic earnings per share and diluted earnings per share were
$0.18 and$0.17 , respectively, compared to$0.22 and$0.20 during the first quarter of 2025. - Adjusted EBITDA was
$3.3 million , a3% decrease compared to the first quarter of 2025. - The Company ended the quarter with
$37.6 million outstanding on its term loan and$4.2 million outstanding on its revolving line of credit.
For the first quarter ended March 31, 2026, total revenue was
Wholesale revenue for the quarter ended March 31, 2026 was
Online revenue for the quarter was
Gross margin for the quarter ended March 31, 2026 was
Net income for the first quarter of 2026 was
Adjusted EBITDA for the quarter ended March 31, 2026 was
As of March 31, 2026, the Company had
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) | |||||||||||
| 2025 | 2026 | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | |||||||
| Wholesale revenue | 5,306 | 5,696 | 6,686 | 4,238 | 3,798 | ||||||
| Online revenue | 10,630 | 10,431 | 9,978 | 9,028 | 8,678 | ||||||
| Total revenue | 15,936 | 16,127 | 16,664 | 13,266 | 12,476 | ||||||
| Gross profit | 6,874 | 6,904 | 6,542 | 5,395 | 5,143 | ||||||
| Gross margin | 43.1 | % | 42.8 | % | 39.3 | % | 40.7 | % | 41.2 | % | |
| Advertising and marketing | 1,053 | 1,191 | 1,285 | 1,077 | 887 | ||||||
| Contribution | 5,821 | 5,713 | 5,257 | 4,318 | 4,256 | ||||||
| Contribution as % of revenue | 36.5 | % | 35.4 | % | 31.5 | % | 32.5 | % | 34.1 | % | |
For the first quarter of 2026, revenue for Legacy FitLife declined
Gross margin for Legacy FitLife decreased to
| Irwin | |||||||
| (Unaudited) | |||||||
| 2025 | 2026 | ||||||
| Q3 | Q4 | Q1 | |||||
| Wholesale revenue | 6,510 | 11,216 | 10,295 | ||||
| Online revenue | 311 | 1,428 | 2,554 | ||||
| Total revenue | 6,821 | 12,644 | 12,849 | ||||
| Gross profit | 2,194 | 3,544 | 4,374 | ||||
| Gross margin | 32.2 | % | 28.0 | % | 34.0 | % | |
| Advertising and marketing | 72 | 182 | 358 | ||||
| Contribution | 2,122 | 3,362 | 4,016 | ||||
| Contribution as % of revenue | 31.1 | % | 26.6 | % | 31.3 | % | |
During the first quarter of 2026, Irwin generated
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 decreased approximately
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, with a sequential increase in online revenue of
Irwin generated gross margin of
| FitLife Consolidated | |||||||||||
| (Unaudited) | |||||||||||
| 2025 | 2026 | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | |||||||
| Wholesale revenue | 5,306 | 5,696 | 13,196 | 15,454 | 14,093 | ||||||
| Online revenue | 10,630 | 10,431 | 10,289 | 10,456 | 11,232 | ||||||
| Total revenue | 15,936 | 16,127 | 23,485 | 25,910 | 25,325 | ||||||
| Gross profit | 6,874 | 6,904 | 8,736 | 8,939 | 9,517 | ||||||
| Gross margin | 43.1 | % | 42.8 | % | 37.2 | % | 34.5 | % | 37.6 | % | |
| Advertising and marketing | 1,053 | 1,191 | 1,357 | 1,259 | 1,245 | ||||||
| Contribution | 5,821 | 5,713 | 7,379 | 7,680 | 8,272 | ||||||
| Contribution as % of revenue | 36.5 | % | 35.4 | % | 31.4 | % | 29.6 | % | 32.7 | % | |
For the Company overall, revenue for the first quarter of 2026 increased
Gross margin decreased to
Contribution as a percentage of revenue decreased to
Management commentary
Dayton Judd, the Company’s Chairman and Chief Executive Officer, commented, “As previously disclosed, the first quarter of 2026 was a challenging one. The consumer weakness that we initially observed early in the fourth quarter of 2025 accelerated late in the fourth quarter and into the first quarter of 2026. In addition, apparent changes in the Amazon algorithms are causing the Company to alter how it promotes its products.
“In addition to those exogenous challenges, supply chain difficulties at Irwin also negatively impacted revenue as we dealt with a number of out-of-stock situations for some of our high-velocity products. We estimate that out-of-stock situations resulted in lost revenue of
“As has been our practice, we continue to allocate our available free cash flow to debt reduction. During the first quarter, we made a scheduled amortization payment of
“While the macro environment and other variables remain challenging, I am encouraged by some signs of improvement in our business. More specifically, monthly revenue increased sequentially throughout the first quarter. In addition, most of our Amazon selling accounts showed sequential improvement over the course of the quarter. Also, we are pleased to announce the launch of two MusclePharm SKUs in several hundred Kroger stores nationwide beginning in June.
“Last, we remain excited about the growth of Irwin on Amazon. As previously disclosed, monthly revenue for Irwin on Amazon increased from approximately
Earnings Conference Call
The Company will hold an investor conference call on Thursday, May 14, 2026 at 5:00 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 133048. 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.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
| March 31, 2026 | December 31, 2025 | |||||||
| (Unaudited) | ||||||||
| ASSETS: | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 1,192 | $ | 1,646 | ||||
| Accounts receivable, net | 7,778 | 8,765 | ||||||
| Inventories, net | 21,528 | 21,324 | ||||||
| Prepaid expense and other current assets | 1,142 | 1,334 | ||||||
| Total current assets | 31,640 | 33,069 | ||||||
| Property and equipment, net | 106 | 128 | ||||||
| Right of use asset | 581 | 682 | ||||||
| Intangibles, net | 51,196 | 51,440 | ||||||
| Goodwill | 19,363 | 19,393 | ||||||
| Deferred tax asset | 1,222 | 1,525 | ||||||
| Derivative asset | 72 | - | ||||||
| Other assets | 89 | 83 | ||||||
| TOTAL ASSETS | $ | 104,269 | $ | 106,320 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 6,451 | $ | 6,911 | ||||
| Accrued expense | 5,602 | 5,429 | ||||||
| Income taxes payable | 1,494 | 1,704 | ||||||
| Product returns | 830 | 1,039 | ||||||
| Term loan – current portion | 6,094 | 6,094 | ||||||
| Lease liability – current portion | 341 | 433 | ||||||
| Total current liabilities | 20,812 | 21,610 | ||||||
| Revolving line of credit | 4,200 | 5,600 | ||||||
| Term loan, net of current portion and unamortized deferred finance costs | 31,334 | 32,849 | ||||||
| Long-term lease liability, net of current portion | 258 | 272 | ||||||
| Derivative liability | - | 26 | ||||||
| Deferred tax liability | 2,284 | 2,324 | ||||||
| TOTAL LIABILITIES | 58,888 | 62,681 | ||||||
| STOCKHOLDERS’ EQUITY: | ||||||||
| Preferred stock, | - | - | ||||||
| Common stock, | 94 | 94 | ||||||
| Additional paid-in capital | 32,230 | 32,213 | ||||||
| Retained earnings | 13,613 | 11,893 | ||||||
| Accumulated other comprehensive loss | (556 | ) | (561 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY | 45,381 | 43,639 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 104,269 | $ | 106,320 | ||||
FITLIFE BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(Unaudited)
| Three months ended March 31, | |||||||||
| 2026 | 2025 | ||||||||
| Revenue | $ | 25,325 | $ | 15,936 | |||||
| Cost of goods sold | 15,808 | 9,062 | |||||||
| Gross profit | 9,517 | 6,874 | |||||||
| OPERATING EXPENSE: | |||||||||
| Advertising and marketing | 1,245 | 1,053 | |||||||
| Selling, general and administrative | 4,963 | 2,512 | |||||||
| Merger and acquisition related | - | 332 | |||||||
| Depreciation and amortization | 248 | 19 | |||||||
| Total operating expense | 6,456 | 3,916 | |||||||
| OPERATING INCOME | 3,061 | 2,958 | |||||||
| OTHER EXPENSE | |||||||||
| Interest expense, net | 735 | 218 | |||||||
| Foreign exchange (gain) loss | (21 | ) | 21 | ||||||
| Total other expense, net | 714 | 239 | |||||||
| INCOME BEFORE INCOME TAX PROVISION | 2,347 | 2,719 | |||||||
| PROVISION FOR INCOME TAXES | 627 | 701 | |||||||
| NET INCOME | $ | 1,720 | $ | 2,018 | |||||
| NET INCOME PER SHARE | |||||||||
| Basic | $ | 0.18 | $ | 0.22 | |||||
| Diluted | $ | 0.17 | $ | 0.20 | |||||
| Basic weighted average common shares | 9,391 | 9,213 | |||||||
| Diluted weighted average common shares | 9,991 | 9,926 | |||||||
FITLIFE BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
| Three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net income | $ | 1,720 | $ | 2,018 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 248 | 19 | ||||||
| Allowance for credit losses | 58 | (3 | ) | |||||
| Allowance for inventory obsolescence | (105 | ) | (24 | ) | ||||
| Stock-based compensation | 17 | 107 | ||||||
| Amortization of deferred financing costs | 9 | 11 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 921 | (1,062 | ) | |||||
| Inventories | 16 | (1,013 | ) | |||||
| Deferred taxes | 303 | (47 | ) | |||||
| Prepaid expense and other assets | 94 | 362 | ||||||
| Right of use asset | 101 | 27 | ||||||
| Accounts payable | (452 | ) | 1,168 | |||||
| Income taxes payable | (185 | ) | 318 | |||||
| Lease liability | (105 | ) | (20 | ) | ||||
| Accrued expense and other liabilities | 53 | 449 | ||||||
| Product returns | (209 | ) | 18 | |||||
| Net cash provided by operating activities | 2,484 | 2,328 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Purchase of property and equipment | - | (24 | ) | |||||
| Net cash used in investing activities | - | (24 | ) | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from exercise of stock options | - | 259 | ||||||
| Payments on 2025 term loan | (1,524 | ) | - | |||||
| Payments on 2023 term loan | - | (1,125 | ) | |||||
| Payments on line of credit | (1,400 | ) | - | |||||
| Net cash used in financing activities | (2,924 | ) | (866 | ) | ||||
| Foreign currency impact on cash | (14 | ) | 36 | |||||
| CHANGE IN CASH AND CASH EQUIVALENTS | (454 | ) | 1,474 | |||||
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,646 | 4,520 | ||||||
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 1,192 | $ | 5,994 | ||||
| Supplemental cash flow disclosure | ||||||||
| Cash paid for income taxes | $ | 430 | $ | 408 | ||||
| Cash paid for interest | $ | 742 | $ | 238 | ||||
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 exchange gains and losses, income taxes, and depreciation and amortization. Adjusted non-GAAP EBITDA excludes, in addition to interest, foreign exchange gains and losses, income taxes, depreciation and amortization, stock-based compensation and merger and acquisition related expense 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 three months ended March 31, 2026 and 2025 is as follows:
| Three months ended March 31, | |||||||
| 2026 | 2025 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Net income | $ | 1,720 | $ | 2,018 | |||
| Interest expense, net | 735 | 218 | |||||
| Foreign exchange (gain) loss | (21 | ) | 21 | ||||
| Provision for income taxes | 627 | 701 | |||||
| Depreciation and amortization | 248 | 19 | |||||
| EBITDA | 3,309 | 2,977 | |||||
| Non-cash and non-recurring adjustments | |||||||
| Stock-based compensation | 17 | 107 | |||||
| Merger and acquisition related | - | 332 | |||||
| Adjusted EBITDA | $ | 3,326 | $ | 3,416 | |||
investor@fitlifebrands.com