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FitLife Brands acquired Irwin Naturals in August 2025, expanding into complementary product categories and distribution channels. The Irwin Naturals acquisition drove a 59% year-over-year revenue increase in Q1 2026, offsetting legacy business weakness. FTLF's diversified brand portfolio spans multiple niche markets within vitamins and nutrition, supporting a robust acquisition-led growth strategy.

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, 2025Total 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 FitLifeNet 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 Q1Q2Q3Q4 Wholesale revenue4,939  5,306 5,696 6,686 4,238  Online revenue10,074  10,630 10,431 9,978 9,028  Total revenue15,013  15,936 16,127 16,664 13,266  Gross profit6,212  6,874 6,904 6,542 5,395 Gross margin41.4% 43.1%42.8%39.3%40.7%Advertising and marketing979  1,053 1,191 1,285 1,077 Contribution5,233  5,821 5,713 5,257 4,318 Contribution as a % of revenue34.9% 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    Q3Q4 Wholesale revenue6,510 11,216  Online revenue311 1,428  Total revenue6,821 12,644  Gross profit2,194 3,544 Gross margin32.2%28.0%Advertising and marketing72 182 Contribution2,122 3,362 Contribution as % of revenue31.1%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 Q1Q2Q3Q4        Wholesale revenue4,939  5,306 5,696 13,196 15,454  Online revenue10,074  10,630 10,431 10,289 10,456  Total revenue15,013  15,936 16,127 23,485 25,910  Gross profit6,212  6,874 6,904 8,736 8,939 Gross margin41.4% 43.1%42.8%37.2%34.5%Advertising and marketing979  1,053 1,191 1,357 1,259 Contribution5,233  5,821 5,713 7,379 7,680 Contribution as % of revenue34.9% 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 

FitLife Brands (NASDAQ:FTLF) executives said the company’s fourth quarter and full-year fiscal 2025 results were shaped by the August 2025 acquisition of Irwin Naturals, while also acknowledging broad-based demand softness that intensified late in the fourth quarter and has persisted into the first quarter of 2026.

CEO Dayton Judd said the fourth quarter was the first full quarter to include Irwin Naturals’ financial results. CFO Jakob York joined the call; EVP Ryan Hansen was on vacation.

Full-year 2025: Growth in most brand groupings, except MRC Judd said 2025 was “a strong year for all of our brand groupings other than MRC.” He reported that Legacy FitLife (excluding MRC and MusclePharm) delivered approximately 6% organic revenue growth, with wholesale revenue flat and online revenue up about 16% for the year. MusclePharm delivered about 5% organic revenue growth in 2025, with growth in both wholesale and online channels, while MRC revenue declined approximately 15%.

Judd also provided historical context for Irwin Naturals, noting that the brand’s results prior to FitLife’s ownership were affected by several factors that no longer reflect the go-forward business, including the discontinuation of the final Irwin product at Costco U.S. in early 2025, Rite Aid’s bankruptcy and liquidation, and FitLife’s post-acquisition decision to exit CBD.

Judd said Irwin historically generated meaningful CBD revenue, totaling about $4.8 million in gross revenue in the 12 months prior to the acquisition, but FitLife decided to discontinue all CBD products after the deal. The company expects to be fully out of CBD inventory “later in 2026,” he said.

After adjusting for Costco U.S., Rite Aid, and CBD, Judd said Irwin’s net revenue would have been $54 million for full-year 2024 and $54 million for full-year 2025—flat year over year on a normalized basis.

Fourth quarter results: Revenue jumps on Irwin acquisition, margins pressured For the fourth quarter of 2025, FitLife reported total revenue of $25.9 million, up 73% year over year, “primarily as a result of the acquisition of Irwin,” Judd said, partially offset by weakness in Legacy FitLife. Wholesale revenue rose to $15.5 million, or 60% of revenue, up 213%, while online revenue was $10.5 million, or 40% of revenue, up 4%.

Excluding amortization of the inventory step-up related to the Irwin acquisition, gross margin was 37.0%, down from 41.4% a year earlier. Judd attributed the decline primarily to Irwin’s historically lower margin profile, while adding that management expects improvement over time. Contribution (gross profit less advertising and marketing expense) increased 47%, driven mainly by Irwin, but was partially offset by lower contribution from Legacy FitLife.

Net income was $1.6 million, down from $2.1 million in the year-ago quarter, which Judd said was driven primarily by transaction-related expenses and the inventory step-up amortization. Adjusted EBITDA was $3.5 million, up 14% year over year.

During Q&A, Judd said the inventory step-up amortization ended in the fourth quarter: “In the Q1 numbers and beyond, you will not see any amortization of inventory step-up.”

Brand performance: Legacy FitLife softness; Irwin shows early Amazon momentum Judd said the company began seeing “broad-based weakness across our portfolio of brands” around mid-November, and that weakness accelerated late in the fourth quarter and into the first quarter. He pointed to consumer confidence concerns and weaker discretionary spending, adding that consumer sentiment “remains near all-time lows.”

Total Legacy FitLife revenue in the fourth quarter was $13.3 million, with 68% from online sales and 32% from wholesale customers. Judd said wholesale revenue declined 14% year over year and online revenue fell 10%, for a total decline of 12%. The declines were primarily attributable to MRC and MusclePharm; excluding those two, the other Legacy FitLife brands delivered 4% organic growth in the quarter, he said.

Legacy FitLife gross margin declined to 40.7% from 41.4%, and contribution fell 18% to $4.3 million. Excluding MRC and MusclePharm, Judd said the remaining brands delivered higher revenue, higher gross margin, and higher contribution as a percentage of revenue compared with the prior-year quarter.

Irwin produced $12.6 million of revenue in the quarter, with $11.2 million (89%) from wholesale and 11% from online. Reported gross margin was 28.0% and contribution margin was 26.6%. Adjusting for the inventory step-up amortization, Judd said Irwin gross margin would have been 33.2% and contribution margin would have been 31.8%.

Judd highlighted accelerating momentum on Amazon after FitLife began selling Irwin products there in mid-October. He said Amazon revenue for Irwin scaled from about $60,000 in October to $300,000 in November and nearly $500,000 in December. He added that growth continued into the first quarter of 2026, with Irwin’s monthly Amazon revenue now approximately $0.8 million, implying a $9 million to $10 million annualized run rate.

Judd also said Irwin’s subscriber growth has been strong, with subscribers increasing from about 500 at the beginning of 2026 to over 3,600 “today,” contrasting that with declines in subscriber counts across most other brands. He attributed the broader subscriber declines to an Amazon change made around late September that switched the default buy box from Subscribe & Save to one-time purchase.

Balance sheet and 2026 priorities: Supply chain fixes, marketing shift, and no guidance On the balance sheet, Judd said FitLife began scheduled amortization on its term loan in the fourth quarter and paid down about $1.9 million of debt during the quarter, ending with a $44.7 million debt balance. He added that the company reduced its revolver balance by $1.4 million during the first quarter and made another scheduled term-loan amortization payment of about $1.5 million “yesterday,” saying FitLife is “ahead of schedule” on debt reduction and intends to continue using excess free cash flow to pay down debt.

Judd said management has identified five priorities to address weak performance and improve revenue and costs over time:

Improve Irwin’s supply chain, including reducing roughly $2 million of annual obsolete inventory disposal. Judd said moving products from two-year to three-year dating could potentially lift Irwin gross margin by 300 to 400 basis points, with a “dollar-for-dollar impact on EBITDA.” FitLife hired a new VP of operations for Irwin in February and expects meaningful supply chain improvements through 2026. Increase Irwin new product development, with three new products currently in production that FitLife expects to launch in the third quarter. Drive off-Amazon awareness and demand generation, as Judd said FitLife believes Amazon’s evolving algorithms increasingly reward listings that bring external traffic. He cited Irwin as the fastest-growing FitLife Amazon account and described efforts to build off-Amazon presence for Dr. Tobias, including TikTok brand ambassadors and a partnership with competitive eater Joey Chestnut tied to Dr. Tobias’s Hero Colon Cleanse product. Cross-sell into wholesale using Irwin’s sales team, noting FitLife recently gained placement of six MusclePharm SKUs in a regional grocery chain beginning in the second quarter, with additional retailer conversations underway. Continue SG&A efficiency efforts, including exiting MRC’s Toronto-area office lease and expecting Irwin’s lease renewal later in the year to be for a smaller space at a lower cost per square foot. Asked about the relative impact of macro pressure versus Amazon-specific headwinds, Judd said he could not confidently bifurcate the two. He noted that point-of-sale data shows supplement category growth has been declining for about six months and recently turned negative, but he also pointed to additional variables such as out-of-stocks that are “hard to quantify.”

On gross margin expectations, Judd said returning to 40% may be difficult given Irwin’s historical margin profile, but he expects improvement. He told one analyst that a consolidated gross margin “closer to high 30s% is reasonable” over time as supply chain issues are addressed.

FitLife declined to provide formal guidance for 2026. Judd said the company is holding off due to continued weakness in the first quarter and uncertainty about how long exogenous challenges will persist and how quickly internal initiatives will translate into results. He told investors that “Q1 looks a whole lot like Q4,” indicating the company is not seeing a typical seasonal lift so far.

Judd also addressed questions about MusclePharm, noting the brand continues to face elevated protein input costs and broader protein category dynamics. He said FitLife declined a roughly $1.5 million purchase order from an international customer in the first quarter due to what would have been the lowest gross margin the company had ever sold at, emphasizing the company’s intent to protect profitability rather than chase revenue.

On Irwin and Costco U.S., Judd said FitLife has held discussions but does not expect to regain Costco U.S. distribution “anytime soon.” He noted Irwin continues to sell in Costco Canada and said there have been no SKU losses there since FitLife acquired the business.

About FitLife Brands (NASDAQ:FTLF) FitLife Brands, Inc provides nutritional supplements for health-conscious consumers in the United States and internationally. The company provides weight loss, sports nutrition, and general health products; sports nutrition products; weight loss and sports nutrition products; sports nutrition and general wellness formulations with an emphasis on natural, vegan, and organic ingredients; and male health and weight loss products, as well as other diet, health, and sports nutrition supplements and related products; and value-oriented sports nutrition and weight loss products.

Read More Five stocks we like better than FitLife Brands

OMAHA, NE, May 05, 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 that it plans to report its financial performance for the first quarter of fiscal 2026 on Thursday, May 14, 2026.

In addition, the Company announced that it will hold an investor conference call after market close on 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 over 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.

FitLife Brands Inc. (FTLF - Free Report) came out with quarterly earnings of $0.17 per share, beating the Zacks Consensus Estimate of $0.14 per share. This compares to earnings of $0.2 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +21.43%. A quarter ago, it was expected that this company would post earnings of $0.25 per share when it actually produced earnings of $0.25, delivering no surprise.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

FitLife Brands , which belongs to the Zacks Medical - Products industry, posted revenues of $25.33 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 1.61%. This compares to year-ago revenues of $15.94 million. The company has not been able to beat consensus revenue estimates over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

FitLife Brands shares have lost about 41.4% since the beginning of the year versus the S&P 500's gain of 8.8%.

What's Next for FitLife Brands ?While FitLife Brands has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for FitLife Brands was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.20 on $27.14 million in revenues for the coming quarter and $0.86 on $110.74 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Products is currently in the bottom 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Medtronic (MDT - Free Report) , another stock in the same industry, has yet to report results for the quarter ended April 2026. The results are expected to be released on June 3.

This medical device company is expected to post quarterly earnings of $1.58 per share in its upcoming report, which represents a year-over-year change of -2.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Medtronic's revenues are expected to be $9.66 billion, up 8.2% from the year-ago quarter.

FitLife Brands, Inc. (FTLF) Q1 2026 Earnings Call Transcript