FitLife Brands (NASDAQ: FTLF) grows Q1 2026 sales 59% as margins tighten

Rhea-AI Filing Summary

FitLife Brands reported strong top-line growth but softer profitability for the first quarter ended March 31, 2026. Revenue rose to $25.3 million, up 59% from $15.9 million a year earlier, driven mainly by the Irwin acquisition, which contributed $10.3 million of wholesale revenue.

Legacy FitLife revenue declined 22%, with wholesale down 28% and online down 18%, reflecting weaker sales to key retailers and lower online demand. Consolidated gross margin fell to 37.6% from 43.1% as Irwin carries structurally lower margins, and contribution margin decreased to 32.7% from 36.5%.

Net income declined to $1.7 million from $2.0 million, and diluted EPS fell to $0.17 from $0.20. Adjusted EBITDA was $3.3 million, down 3% year over year. The company ended the quarter with $37.6 million outstanding on its term loan, $4.2 million on its revolver, and cash of $1.2 million, for net debt of about $40.6 million, modestly lower than at year-end 2025.

Insights

Equity analyst – consumer & wellness

Acquisition-fueled growth offsets margin pressure and softer legacy trends.

FitLife Brands posted a $25.3M Q1 2026 revenue figure, up 59%, largely from the Irwin acquisition. Legacy FitLife sales fell 22%, showing underlying pressure from weaker consumer demand and key retail partners, even as the consolidated business scales.

Gross margin compressed from 43.1% to 37.6%, reflecting Irwin’s lower-margin profile and supply chain issues that created out-of-stocks. Net income slipped to $1.7M and adjusted EBITDA edged down 3% to $3.3M, while interest expense rose with higher debt.

Management reduced net debt slightly to about $40.6M as of March 31, 2026 by using free cash flow to pay down a term loan and revolver. They highlighted growing Amazon revenue at Irwin and new Kroger placements beginning in June 2026 as potential supports, but execution will depend on resolving supply constraints and navigating a weaker consumer backdrop.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Revenue: $25.3M Net income: $1.7M Diluted EPS: $0.17/share +5 more

8 metrics

Revenue $25.3M Q1 2026, up 59% vs Q1 2025

Net income $1.7M Q1 2026 vs $2.0M in Q1 2025

Diluted EPS $0.17/share Q1 2026 vs $0.20 in Q1 2025

Gross margin 37.6% Q1 2026 vs 43.1% in Q1 2025

Adjusted EBITDA $3.3M Q1 2026, down 3% vs Q1 2025

Term loan balance $37.6M Outstanding as of March 31, 2026

Revolver balance $4.2M Outstanding as of March 31, 2026

Cash $1.2M Cash and equivalents as of March 31, 2026

Key Terms

Adjusted EBITDA, contribution, term loan, revolving line of credit, +1 more

5 terms

Adjusted EBITDA financial

"The Company’s calculation of Adjusted EBITDA for the three months ended March 31, 2026 and 2025 is as follows"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

contribution financial

"one of the primary metrics used by management to evaluate the performance of the Company’s brands is contribution, a non-GAAP financial measure"

term loan financial

"the Company had $37.6 million outstanding on its term loan and $4.2 million outstanding on the revolver"

A term loan is a type of loan that is borrowed for a set period of time, with a fixed schedule for repaying the money, usually in regular payments. It matters to investors because it represents a company's borrowing costs and financial stability; reliable repayment of these loans can indicate strong financial health, while difficulties may signal potential risks.

revolving line of credit financial

"a $1.4 million paydown on our revolving line of credit"

A revolving line of credit is a flexible borrowing arrangement that allows a person or business to access funds up to a set limit whenever needed, much like a prepaid card. As money is repaid, it becomes available to borrow again, making it a convenient way to manage cash flow or cover ongoing expenses. Investors pay attention to it because it reflects a company’s ability to access quick funds and manage financial flexibility.

non-GAAP financial measures financial

"contain certain financial measures defined as “non-GAAP financial measures” by the SEC, including non-GAAP EBITDA and non-GAAP adjusted EBITDA"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Earnings Snapshot

Revenue: $25.3M

Q1 2026

Revenue $25.3M +59% YoY

Net income $1.7M -$0.3M YoY

Diluted EPS $0.17 vs $0.20 prior-year quarter

Gross margin 37.6% vs 43.1% prior-year quarter

Adjusted EBITDA $3.3M -3% YoY

Understanding 8-K Material Events →

false 0001374328 0001374328 2026-05-14 2026-05-14

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549 

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 14, 2026

Commission File Number: 000-52369

FitLife Brands, Inc.

(Exact name of registrant as specified in its charter.)

Nevada	20-3464383
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

5214 S. 136th Street, Omaha, Nebraska 68137

(Address of principal executive offices)

402-884-1894

(Registrant's Telephone number)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Stock, par value $0.01 per share	FTLF	Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2)

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02     Results of Operations and Financial Condition.

On May 14, 2026, FitLife Brands, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended March 31, 2026. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1.

Item 7.01 Regulation FD Disclosure

See Item 2.02.

Disclaimer.

The information furnished pursuant to Item 2.02 and 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by referenced.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits Index

Exhibit No.		Description
99.1		Press Release issued by FitLife Brands, Inc., dated May 14, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	FitLife Brands, Inc.
Date: May 14, 2026	By:	/s/ Dayton Judd
		Dayton Judd

Exhibit 99.1

FitLife Brands Announces First Quarter 2026 Results

OMAHA, NE – May 14, 2026 – 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 of 59% compared to the first quarter of 2025.

● Wholesale revenue was $14.1 million, or 56% of total revenue, an increase of 166% compared to the first quarter of 2025.

● Online revenue was $11.2 million, or 44% of total revenue, an increase of 6% compared to the first quarter of 2025.

● Gross margin was 37.6% compared to 43.1% 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, a 3% 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 $25.3 million, an increase of 59% compared to $15.9 million during the same period last year.

Wholesale revenue for the quarter ended March 31, 2026 was $14.1 million, a 166% increase from the same period last year. The Company’s recent acquisition of Irwin contributed $10.3 million of wholesale revenue for the quarter ended March 31, 2026, while Legacy FitLife wholesale revenue declined $1.5 million, or 28%, compared to the same period last year.  

1

Online revenue for the quarter was $11.2 million, an increase of 6% compared to the quarter ended March 31, 2025. Online revenue accounted for 44% and 67% of the Company’s total revenue during the quarters ended March 31, 2026 and 2025, respectively.

Gross margin for the quarter ended March 31, 2026 was 37.6% compared to 43.1% during the same period in the prior year. The decrease in gross margin is primarily attributable to the acquisition of Irwin, which historically generated a lower gross margin than Legacy FitLife. 

Net income for the first quarter of 2026 was $1.7 million compared to $2.0 million during the quarter ended March 31, 2025. Basic and diluted earnings per share for the first quarter of 2026 were $0.18 and $0.17, respectively, compared to $0.22 and $0.20 during the first quarter of 2025.

Adjusted EBITDA for the quarter ended March 31, 2026 was $3.3 million, a decrease of 3% compared to the same period in 2025.

As of March 31, 2026, the Company had $37.6 million outstanding on its term loan and $4.2 million outstanding on the revolver, and cash of $1.2 million, or total net debt of approximately $40.6 million, compared to $43.1 million as of December 31, 2025.

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.

2

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 a % of revenue			36.5	%			35.4	%			31.5	%			32.5	%			34.1	%

For the first quarter of 2026, revenue for Legacy FitLife declined 22% compared to the same period last year due to declines in both online and wholesale revenue. Wholesale revenue decreased 28% as compared to the first quarter of 2025 due to lower sales to certain retail partners, primarily GNC. Online revenue decreased by 18% compared to the first quarter of 2025, primarily driven by lower online sales from MRC.

Gross margin for Legacy FitLife decreased to 41.2% during the first quarter of 2026 compared to 43.1% during the first quarter of last year. Contribution as a percentage of revenue decreased to 34.1% compared to 36.5% during the first quarter of last year.

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 80% of its revenue from the wholesale channel and 20% from online sales. Total revenue for Irwin for the first quarter of 2026 increased 2% sequentially from the fourth quarter of 2025.

3

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 13% in the first quarter of 2026 compared to the first quarter of 2025. Management believes that the year-over-year revenue decline for Irwin is primarily a function of a weak consumer environment, a lack of new product launches, and supply chain challenges including inventory out-of-stock situations.

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 79% compared to the fourth quarter of 2025. At the end of the first quarter of 2026, Irwin’s Amazon sales reached a run-rate of approximately $9.6 million in annual revenue.

Irwin generated gross margin of 34.0% and contribution as a percentage of revenue of 31.3% during the first quarter of 2026. Excluding amortization of the inventory step-up during the fourth quarter of 2025, Irwin’s gross margin and contribution as a percentage of revenue would have been 33.2% and 31.8%, respectively.  

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 59%, gross profit increased 38%, and contribution increased 42% compared to the first quarter of 2025.

4

Gross margin decreased to 37.6% compared to 43.1% during the first 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 32.7% compared to 36.5% during the first quarter of last year.

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 $1.0-1.5 million for Irwin during the first quarter, or more than half of the year-over-year organic decline experienced in the first quarter of 2026.

“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 $1.5 million on our term loan in addition to a $1.4 million paydown on our revolving line of credit.

“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 $0.5 million in December of 2025 to approximately $0.8 million in March of 2026. In the month of April, Irwin revenue on Amazon was approximately $0.9 million. Although the growth rate is slowing due to the higher base of sales, we have experienced further sequential growth in the May month-to-date period. Going forward, we expect continued future growth on Amazon for Irwin as we (1) continue to resolve the out-of-stock situations, (2) successfully set up listings for our remaining products that have not yet been available for sale on Amazon, and (3) launch our portfolio of Canadian products on Amazon Canada later in the second quarter.”

5

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.

6

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, $0.01 par value, 10,000 shares authorized, none outstanding as of March 31, 2026 and December 31, 2025			-				-
Common stock, $0.01 par value, 120,000 shares authorized; 9,391 issued and outstanding as of March 31, 2026 and December 31, 2025			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

7

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

8

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

9

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

10

FAQ

How did FitLife Brands (FTLF) perform in Q1 2026?

FitLife Brands grew revenue to $25.3 million in Q1 2026, up 59% year over year. Gross profit increased to $9.5 million, but net income slipped to $1.7 million from $2.0 million as margins compressed and interest expense rose.

What drove FitLife Brands’ revenue growth in the first quarter of 2026?

Most of the 59% revenue growth came from the Irwin acquisition, which contributed $10.3 million of wholesale revenue. In contrast, Legacy FitLife revenue declined 22%, with wholesale down 28% and online down 18% compared to the first quarter of 2025.

How did FitLife Brands’ profitability and margins change in Q1 2026?

FitLife’s gross margin declined to 37.6% from 43.1%, mainly because Irwin historically operates at lower margins. Net income fell to $1.7 million, and adjusted EBITDA was $3.3 million, a 3% decrease versus the first quarter of 2025.

What is FitLife Brands’ debt and cash position as of March 31, 2026?

As of March 31, 2026, FitLife had $37.6 million outstanding on its term loan, $4.2 million on its revolving line of credit, and cash of $1.2 million. This results in net debt of approximately $40.6 million, modestly lower than at December 31, 2025.

How is Irwin performing within FitLife Brands’ portfolio?

Irwin generated $12.8 million in Q1 2026 revenue, about 80% from wholesale and 20% online. Gross margin was 34.0% and contribution margin 31.3%. Irwin’s Amazon sales reached an annualized run-rate of about $9.6 million by quarter-end.

What is the trend in Legacy FitLife’s revenue and margins?

Legacy FitLife’s Q1 2026 revenue fell 22% year over year, with wholesale and online both declining. Its gross margin decreased to 41.2% from 43.1%, and contribution margin fell to 34.1% from 36.5%, indicating pressure on both volume and profitability.

What non-GAAP metrics does FitLife Brands highlight for Q1 2026?

FitLife emphasizes EBITDA and Adjusted EBITDA as non-GAAP measures. For Q1 2026, EBITDA was $3.3 million, and Adjusted EBITDA, which excludes stock-based compensation and merger-related costs, was $3.3 million, slightly below the $3.4 million reported a year earlier.

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