FitLife Brands Announces Fourth Quarter and Full-Year 2025 Results
Rhea-AI Summary
FitLife Brands (NASDAQ: FTLF) reported Q4 2025 revenue of $25.9M, up 73% year-over-year, and full-year 2025 revenue of $81.5M, up 26% year-over-year. The company completed the Irwin Naturals acquisition on August 8, 2025, which drove wholesale growth and weighed on gross margins.
Q4 gross margin was 34.5% (37.0% excluding inventory step-up amortization); FY net income was $6.3M and adjusted EBITDA was $14.0M. Net debt was ~$43.1M.
Positive
- Q4 revenue +73% to $25.9M
- FY revenue +26% to $81.5M
- Wholesale surge Q4 wholesale $15.5M, driven by Irwin acquisition
- Adjusted EBITDA Q4 increased 14% to $3.5M
Negative
- Gross margin Q4 declined to 34.5% (37.0% ex. inventory step-up amortization)
- Net income FY decreased to $6.3M from $9.0M prior year
- Net debt approximately $43.1M as of December 31, 2025
Key Figures
Market Reality Check
Peers on Argus
Peers show mixed moves: BYND up 13.11%, HAIN up 6.62%, LFVN down 2.92%, BRCC down 0.49%, BHST up 1.87%. With FTLF modestly down 0.53% pre-release, action appears stock-specific rather than a clear sector trend.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 30 | Earnings call notice | Neutral | -0.0% | Announced timing and access details for Q4 2025 earnings call. |
| Nov 13 | Quarterly earnings | Neutral | -2.7% | Reported Q3 2025 revenue growth from Irwin with lower margins and earnings. |
| Nov 07 | Earnings call notice | Neutral | +1.1% | Set date and time for Q3 2025 earnings call with dial-in details. |
Recent earnings-related communications have produced relatively modest price reactions, even around the Irwin acquisition integration.
Over the past several months, FitLife’s news flow centered on earnings and the Irwin Naturals acquisition. A March 2026 call announcement and a November 2025 Q3 call notice both triggered minimal price moves. The November 13, 2025 Q3 results showed strong revenue growth from Irwin but lower margins and earnings, with a -2.74% reaction. Today’s full-year 2025 results continue that theme: higher revenue and adjusted EBITDA stability alongside margin compression and lower net income as Irwin is integrated and leverage remains elevated.
Market Pulse Summary
This announcement details FitLife’s Q4 and full-year 2025 performance, showing strong revenue growth to $81.5 million but lower gross margin of 38.6% and net income of $6.3 million as the Irwin acquisition weighs on profitability. Adjusted EBITDA of $14.0 million was essentially flat, while debt finished at $39.1 million on the term loan and $5.6 million on the revolver. Investors may monitor Amazon traction for Irwin, Legacy FitLife trends, margin recovery, and ongoing debt reduction efforts.
Key Terms
adjusted EBITDA financial
term loan financial
revolving line of credit financial
non-GAAP financial measure financial
AI-generated analysis. Not financial advice.
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 of73% compared to the fourth quarter of 2024. - Wholesale revenue was
$15.5 million , or60% of total revenue, an increase of213% compared to the fourth quarter of 2024. - Online revenue was
$10.5 million , or40% of total revenue, an increase of4% 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 to41.4% 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 , a14% 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 of26% compared to the prior year. - Wholesale revenue was
$39.7 million , or49% of total revenue, an increase of84% compared to the prior year. - Online revenue was
$41.8 million , or51% of total revenue, a decrease of3% compared to the prior year. - Excluding the amortization of the inventory step-up related to the Irwin acquisition, gross margin was
39.9% compared to43.6% 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
Wholesale revenue for the quarter ended December 31, 2025 was
For the year ended December 31, 2025, total revenue was
Gross margin for the quarter ended December 31, 2025 was
Gross margin for the full year ended December 31, 2025 was
Net income for the fourth quarter of 2025 was
Net income for the year ended December 31, 2025 was
Adjusted EBITDA for the quarter ended December 31, 2025 was
As of December 31, 2025, 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) | |||||||||||
| 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
Online revenue decreased by
Gross margin for Legacy FitLife decreased to
| 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
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
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
Irwin generated gross margin of
| 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
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, “Other than at MRC, where revenue declined
“We began paying down debt during the fourth quarter, with a scheduled amortization payment of
“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
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 | 8,765 | 1,626 | ||||||
| Inventories, net of allowance for obsolescence of | 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 | 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, | - | - | ||||||
| Common stock, | 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 | ||||
investor@fitlifebrands.com
FAQ
What were FitLife Brands (FTLF) Q4 2025 revenue and growth?
How did the Irwin acquisition affect FitLife Brands' 2025 results (FTLF)?
What was FitLife Brands' full-year 2025 profitability and EBITDA (FTLF)?
What happened to FitLife Brands' gross margin in Q4 2025 (FTLF)?
What is FitLife Brands' leverage position after 2025 (FTLF)?
Is FitLife Brands (FTLF) seeing online growth for Irwin products?
