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Fitlife Brands, Inc. Common Stock
FitLife Brands Announces Second Quarter 2025 Results
Business
Aug 14 2025
18 min read

FitLife Brands Announces Second Quarter 2025 Results

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OMAHA, NE, Aug. 14, 2025 (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 second quarter ended June 30, 2025.

Highlights for the second quarter ended June 30, 2025 include:

  • Total revenue was $16.1 million, 5% lower than the second quarter of 2024.

  • Online revenue was $10.4 million, representing 65% of total revenue and down 7% compared to the second quarter of 2024.

  • Gross margin was 42.8% compared to 44.8% during the second quarter of 2024.

  • Net income for the second quarter of 2025 was $1.7 million compared to $2.6 million during the same period last year, with merger and acquisition related expense associated with the Irwin Naturals transaction accounting for most of the decline.

  • Basic earnings per share and diluted earnings per share were $0.19 and $0.18, respectively, compared to $0.29 and $0.27 for the second quarter of 2024.

  • Adjusted EBITDA was $3.3 million, a 13% decrease compared to the second quarter of 2024.

  • The Company ended the quarter with $10.9 million outstanding on its term loans and cash of $6.6 million (including the $5.0 million deposit related to the Irwin acquisition), or total net debt of $4.3 million.

For the second quarter ended June 30, 2025, total revenue decreased 5% to $16.1 million compared to $16.9 million during the same period last year. Online revenue for the quarter was $10.4 million, down 7% compared to the quarter ended June 30, 2024. Online revenue accounted for 65% and 66% of the Company’s total revenue during the quarters ended June 30, 2025 and 2024, respectively.   Wholesale revenue remained the same, at $5.7 million, for the quarters ended June 30, 2025 and 2024.

Gross margin for the quarter ended June 30, 2025 was 42.8% compared to 44.8% during the same period in the prior year, with MRC being the primary driver of the decline.

Net income for the second quarter of 2025 was $1.7 million compared to $2.6 million during the quarter ended June 30, 2024. Basic earnings per share and diluted earnings per share were $0.19 and $0.18, respectively, compared to $0.29 and $0.27 for the second quarter of 2024. Elevated merger and acquisition-related expense relating to the Irwin acquisition accounted for most of the decline in net income and earnings per share for the second quarter of 2025 compared to the second quarter of 2024.

Adjusted EBITDA for the quarter ended June 30, 2025 was $3.3 million, a decrease of 13% compared to the same period in 2024, bringing adjusted EBITDA for the trailing twelve months to $13.4 million.

The Company ended the quarter with $10.9 million outstanding on its term loans, no outstanding balance on its line of credit, and cash of $6.6 million (including the $5.0 million deposit related to the Irwin Naturals acquisition), or total net debt of $4.3 million, equivalent to approximately 0.3x adjusted EBITDA.

Performance of Acquired 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 expense incurred by the Company is generally not allocable to a specific brand or collection of brands.

Management intends to provide this level of disclosure for acquired brands for approximately two years following a transaction, after which the performance of acquired brands will be reported as part of Legacy FitLife results. Other than for MusclePharm, the numbers in the contribution tables presented below in the body of this press release represent the performance of a collection of brands. Legacy FitLife consists of nine brands and MRC 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

 

Q2

Q3

Q4

 

Q1

Q2

Wholesale revenue

4,224

 

3,859

 

3,210

 

 

4,585

 

4,282

 

Online revenue

2,578

 

2,443

 

2,112

 

 

2,714

 

3,021

 

Total revenue

6,802

 

6,302

 

5,322

 

 

7,299

 

7,303

 

Gross profit

3,006

 

2,684

 

2,115

 

 

3,254

 

3,200

 

Gross margin

44.2

%

42.6

%

39.7

%

 

44.6

%

43.8

%

Advertising and marketing

94

 

70

 

59

 

 

85

 

130

 

Contribution

2,912

 

2,614

 

2,056

 

 

3,169

 

3,070

 

Contribution as a % of revenue

42.8

%

41.5

%

38.6

%

 

43.4

%

42.0

%

For the second quarter of 2025, Legacy FitLife revenue increased 7% compared to the same period last year, driven by a 17% increase in online revenue and a 1% increase in wholesale revenue.

Gross profit and contribution increased by 7% and 5%, respectively, for Legacy FitLife. Gross margin decreased slightly from 44.2% during the second quarter of 2024 to 43.8% during the second quarter of 2025. Contribution as a percentage of revenue decreased from 42.8% to 42.0% over the same time period.

Mimi's Rock (MRC)

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

2024

 

2025

 

Q2

Q3

Q4

 

Q1

Q2

Wholesale revenue

90

 

71

 

40

 

 

63

 

103

 

Online revenue

7,371

 

7,139

 

6,832

 

 

6,611

 

6,166

 

Total revenue

7,461

 

7,210

 

6,872

 

 

6,674

 

6,269

 

Gross profit

3,597

 

3,441

 

3,350

 

 

3,030

 

2,916

 

Gross margin

48.2

%

47.7

%

48.7

%

 

45.4

%

46.5

%

Advertising and marketing

1,071

 

929

 

803

 

 

794

 

823

 

Contribution

2,526

 

2,512

 

2,547

 

 

2,236

 

2,093

 

Contribution as % of revenue

33.9

%

34.8

%

37.1

%

 

33.5

%

33.4

%

 

 

 

 

 

 

 

For the second quarter of 2025, MRC revenue decreased 16% compared to the same period in 2024. Revenue for the largest MRC brand, Dr. Tobias, decreased 16% while revenue for the skin care brands, Maritime Naturals and All Natural Advice, declined 20% for the second quarter of 2025 compared to the same period in 2024.

For MRC, gross profit declined 19% and contribution declined 17%. Gross margin declined to 46.5% compared to 48.2% in the second quarter of 2024. Contribution as a percentage of revenue decreased to 33.4% compared to 33.9% during the second quarter of 2024.

The revenue decline for the Dr. Tobias brand is primarily due to a drop in traffic to our product listing pages, and not a decline in conversion rate. The gross margin decline is partially due to tariffs impacting the two skin care brands. Both brands were subject to a 25% tariff applied to the full product cost on the majority of the brands’ revenue during the second quarter of 2025. The gross margin for the Dr. Tobias brand declined slightly due to product mix.

MusclePharm

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

2024

 

2025

 

Q2

Q3

Q4

 

Q1

Q2

Wholesale revenue

1,388

 

1,231

 

1,689

 

 

658

 

1,311

 

Online revenue

1,279

 

1,234

 

1,130

 

 

1,305

 

1,244

 

Total revenue

2,667

 

2,465

 

2,819

 

 

1,963

 

2,555

 

Gross profit

977

 

876

 

747

 

 

590

 

788

 

Gross margin

36.6

%

35.5

%

26.5

%

 

30.1

%

30.8

%

Advertising and marketing

161

 

94

 

117

 

 

174

 

238

 

Contribution

816

 

782

 

630

 

 

416

 

550

 

Contribution as % of revenue

30.6

%

31.7

%

22.3

%

 

21.2

%

21.5

%

 

 

 

 

 

 

 

For the second quarter of 2025, MusclePharm revenue decreased 4% compared to the same period last year, with wholesale revenue decreasing 6% and online revenue decreasing 3%. As previously disclosed, in an effort to drive revenue growth, the Company is making targeted investments in advertising and promotion in both the wholesale and online channels. During the fourth quarter of 2024, the Company offered additional promotional incentives to certain wholesale partners in an effort to drive incremental growth for the MusclePharm brand.  The decrease in wholesale revenue that occurred during the first quarter was primarily due to one wholesale customer that took advantage of the Company’s promotional investment during the fourth quarter of 2024 without increasing their sell-through of the product, which affected their reorder volumes during the first quarter of 2025.

In mid-March 2025, the Company launched the new MusclePharm Pro Series, a collection of premium sports nutrition products, in a pilot in high-volume Vitamin Shoppe stores (consisting of approximately 60% of Vitamin Shoppe’s nationwide store base). Certain items from the MusclePharm Pro Series line will remain in Vitamin Shoppe stores beyond conclusion of the pilot. The MusclePharm Pro Series line has begun to be sold online as well as through other partners internationally.

FitLife Consolidated

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

2024

 

2025

 

Q2

Q3

Q4

 

Q1

Q2

 

 

 

 

 

 

 

Wholesale revenue

5,702

 

5,161

 

4,939

 

 

5,306

 

5,696

 

Online revenue

11,228

 

10,816

 

10,074

 

 

10,630

 

10,431

 

Total revenue

16,930

 

15,977

 

15,013

 

 

15,936

 

16,127

 

Gross profit

7,580

 

7,001

 

6,212

 

 

6,874

 

6,904

 

Gross margin

44.8

%

43.8

%

41.4

%

 

43.1

%

42.8

%

Advertising and marketing

1,326

 

1,093

 

979

 

 

1,053

 

1,191

 

Contribution

6,254

 

5,908

 

5,233

 

 

5,821

 

5,713

 

Contribution as % of revenue

36.9

%

37.0

%

34.9

%

 

36.5

%

35.4

%

 

 

 

 

 

 

 

For the Company overall, revenue decreased 5%, gross profit decreased 9%, and contribution decreased 9% compared to the second quarter of 2024. Gross margin declined to 42.8% compared to 44.8% during the second quarter last year. Contribution as a percentage of revenue decreased to 35.4% compared to 36.9% during the second quarter last year.

Acquisition of Irwin Naturals

Subsequent to the end of the second quarter, on August 8, 2025, the Company completed the acquisition of Irwin Naturals and its related affiliates. Through the asset purchase transaction under Section 363 of the US Bankruptcy Code, the Company acquired substantially all of the assets and assumed minimal liabilities of Irwin. Total consideration for the acquisition was $42.5 million. Of this amount, $35.75 million was funded using proceeds from a new term loan and revolving line of credit provided by First Citizens Bank, with the remainder funded from the Company’s available cash balances.

Management Commentary

Dayton Judd, the Company’s Chairman and CEO commented, “As previously disclosed, the second quarter of 2025 was strong for our Legacy FitLife business, but somewhat challenged for MRC.   With regard to Legacy FitLife, we benefitted from a slight increase in wholesale revenue and strong growth in online revenue.

“Among our existing brands, the performance of the Dr. Tobias brand is our primary concern, primarily due to reduced session counts on Amazon. However, once customers get to the brand’s product pages, they are converting at the same or higher percentages. We are focused on a number of initiatives to increase session counts, including targeted increases in advertising spend, optimizing SEO for our listings, and driving external traffic to our Amazon product pages. For many of our products, the decline in sessions started during the third quarter of 2024, and session counts have been fairly stable sequentially throughout 2025. As long as session counts continue to remain stable, the year-over-year comparison should be more favorable beginning later this year.

“With regard to MusclePharm, the efforts of our sales team continue to bear fruit. We continue to gain new distribution for a number of products, including the RTDs. Wholesale revenue for this brand is somewhat lumpy, so quarter-to-quarter wholesale revenue may not accurately reflect our progress. Monthly wholesale revenue for MusclePharm in July was the highest it has ever been since we bought the brand.

“Last, we are very excited about Irwin Naturals. For the trailing twelve months as of June 30, 2025, adjusting for the loss of distribution in Costco’s U.S. stores in early 2025, Irwin generated revenue of approximately $60 million at a gross margin of approximately 35%. We expect to generate improved gross margins over time as we increase the percentage of revenue generated from online sales and as we focus on making our supply chain more efficient.

“Irwin’s SG&A for the trailing twelve months as of June 30, 2025 was approximately $14.5 million. As previously announced, we expect annual SG&A to be approximately $1.5 million lower based on the number of employees rehired by FitLife as part of the transaction. And we expect to identify further cost-savings opportunities as we become more familiar with Irwin’s operations.

“Irwin has an incredible brand with strong distribution. And we are equally excited about the Irwin team and are delighted to welcome them to the FitLife family. We look forward to updating our investors on Irwin’s progress during our third quarter earnings call.”

Earnings Conference Call

The Company will hold an investor conference call on Thursday, August 14, 2025 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 759665. 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 250 different products primarily online, but also through domestic and international GNC® franchise locations as well as 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, the Company's ability to continue to achieve positive cash flow given the Company's existing and anticipated operating and other costs, and the Company’s ability to service its debt. 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 data)

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS:

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,530

 

 

$

4,468

 

Restricted cash

 

 

55

 

 

 

52

 

Accounts receivable, net of allowance of doubtful accounts of $19 and $41, respectively

 

 

2,488

 

 

 

1,626

 

Inventories, net of allowance for obsolescence of $78 and $100, respectively

 

 

11,722

 

 

 

11,074

 

Deposit for Irwin acquisition

 

 

5,000

 

 

 

-

 

Prepaid expense and other current assets

 

 

1,382

 

 

 

923

 

Total current assets

 

 

22,177

 

 

 

18,143

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

81

 

 

 

75

 

Right of use asset

 

 

367

 

 

 

412

 

Intangibles, net of amortization of $162 and $152, respectively

 

 

26,285

 

 

 

26,235

 

Goodwill

 

 

13,116

 

 

 

13,022

 

Deferred tax asset

 

 

821

 

 

 

644

 

TOTAL ASSETS

 

$

62,847

 

 

$

58,531

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY:

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Accounts payable

 

$

4,940

 

 

$

4,067

 

Accrued expense

 

 

1,409

 

 

 

684

 

Income taxes payable

 

 

1,521

 

 

 

1,415

 

Product returns

 

 

524

 

 

 

564

 

Term loan – current portion

 

 

4,500

 

 

 

4,500

 

Lease liability - current portion

 

 

74

 

 

 

81

 

Total current liabilities

 

 

12,968

 

 

 

11,311

 

 

 

 

 

 

 

 

 

 

Term loan, net of current portion and unamortized deferred finance costs

 

 

6,321

 

 

 

8,550

 

Long-term lease liability, net of current portion

 

 

299

 

 

 

331

 

Deferred tax liability

 

 

2,340

 

 

 

2,213

 

TOTAL LIABILITIES

 

 

21,928

 

 

 

22,405

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, 10,000 shares authorized, none outstanding as of June 30, 2025 and December 31, 2024

 

 

-

 

 

 

-

 

Common stock, $0.01 par value, 120,000 shares authorized; 9,391 and 9,210 issued and outstanding as of June 30, 2025 and December 31, 2024

 

 

94

 

 

 

92

 

Additional paid-in capital

 

 

32,015

 

 

 

31,129

 

Retained earnings (accumulated deficit)

 

 

9,332

 

 

 

5,567

 

Foreign currency translation adjustment

 

 

(522

)

 

 

(662

)

TOTAL STOCKHOLDERS' EQUITY

 

 

40,919

 

 

 

36,126

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

62,847

 

 

$

58,531

 

FITLIFE BRANDS, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(In thousands, except per share data)
(Unaudited)

 

 

Three months ended June 30

 

 

Six months ended June 30

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

16,127

 

 

$

16,930

 

 

$

32,063

 

 

$

33,479

 

Cost of goods sold

 

 

9,223

 

 

 

9,350

 

 

 

18,285

 

 

 

18,612

 

Gross profit

 

 

6,904

 

 

 

7,580

 

 

 

13,778

 

 

 

14,867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising and marketing

 

 

1,191

 

 

 

1,326

 

 

 

2,244

 

 

 

2,554

 

Selling, general and administrative

 

 

2,485

 

 

 

2,528

 

 

 

4,997

 

 

 

5,036

 

Merger and acquisition related

 

 

696

 

 

 

24

 

 

 

1,028

 

 

 

158

 

Depreciation and amortization

 

 

14

 

 

 

27

 

 

 

33

 

 

 

63

 

Total operating expense

 

 

4,386

 

 

 

3,905

 

 

 

8,302

 

 

 

7,811

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME

 

 

2,518

 

 

 

3,675

 

 

 

5,476

 

 

 

7,056

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER EXPENSE (INCOME)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(50

)

 

 

(17

)

 

 

(76

)

 

 

(22

)

Interest expense

 

 

225

 

 

 

345

 

 

 

469

 

 

 

759

 

Foreign exchange (gain) loss

 

 

(35

)

 

 

(10

)

 

 

(14

)

 

 

(5

)

Total other expense

 

 

140

 

 

 

318

 

 

 

379

 

 

 

732

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAX PROVISION

 

 

2,378

 

 

 

3,357

 

 

 

5,097

 

 

 

6,324

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROVISION FOR INCOME TAXES

 

 

631

 

 

 

729

 

 

 

1,332

 

 

 

1,536

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

$

1,747

 

 

$

2,628

 

 

$

3,765

 

 

$

4,788

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.19

 

 

$

0.29

 

 

$

0.40

 

 

$

0.52

 

Diluted

 

$

0.18

 

 

$

0.27

 

 

$

0.38

 

 

$

0.49

 

Basic weighted average common shares

 

 

9,389

 

 

 

9,196

 

 

 

9,301

 

 

 

9,196

 

Diluted weighted average common shares

 

 

9,961

 

 

 

9,900

 

 

 

9,944

 

 

 

9,862

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FITLIFE BRANDS, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(In thousands)
(Unaudited)

 

 

Six months ended June 30,

 

 

 

2025

 

 

2024

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

3,765

 

 

$

4,788

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

33

 

 

 

63

 

Allowance for doubtful accounts

 

 

(22

)

 

 

1

 

Allowance for inventory obsolescence

 

 

(22

)

 

 

(93

)

Stock-based compensation

 

 

206

 

 

 

203

 

Amortization of deferred financing costs

 

 

21

 

 

 

19

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable - trade

 

 

(809

)

 

 

(480

)

Inventories

 

 

(507

)

 

 

(641

)

Deferred tax asset

 

 

(177

)

 

 

110

 

Prepaid expense and other current assets

 

 

(450

)

 

 

770

 

Right-of-use asset

 

 

46

 

 

 

45

 

Accounts payable

 

 

828

 

 

 

1,064

 

Income taxes payable

 

 

26

 

 

 

830

 

Lease liability

 

 

(41

)

 

 

(53

)

Accrued expense

 

 

641

 

 

 

21

 

Product returns

 

 

(15

)

 

 

(41

)

Net cash provided by operating activities

 

 

3,523

 

 

 

6,606

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Cash deposit paid for Irwin acquisition

 

 

(5,000

)

 

 

-

 

Purchase of property and equipment

 

 

(29

)

 

 

(10

)

Net cash used in investing activities

 

 

(5,029

)

 

 

(10

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Payments on term loans

 

 

(2,250

)

 

 

(4,750

)

Proceeds from exercise of stock options

 

 

682

 

 

 

-

 

Net cash used in financing activities

 

 

(1,568

)

 

 

(4,750

)

 

 

 

 

 

 

 

 

 

Foreign currency impact on cash

 

 

139

 

 

 

(9

)

 

 

 

 

 

 

 

 

 

CHANGE IN CASH AND RESTRICTED CASH

 

 

(2,935

)

 

 

1,837

 

CASH AND RESTRICTED CASH, BEGINNING OF PERIOD

 

 

4,520

 

 

 

1,898

 

CASH AND RESTRICTED CASH, END OF PERIOD

 

$

1,585

 

 

$

3,735

 


Supplemental cash flow disclosure

 

 

 

 

 

 

 

 

Cash paid for income taxes

 

$

1,934

 

 

$

517

 

Cash paid for interest, net of amounts capitalized

 

$

458

 

 

$

761

 

Non-GAAP Measures

The financial presentation below contains certain financial measures not in accordance with GAAP, defined by the SEC as “non-GAAP financial measures”, including EBITDA and 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 this Quarterly Report in accordance with GAAP.

As presented below, EBITDA excludes interest, foreign exchange gains and losses, income taxes, and depreciation and amortization. Adjusted EBITDA excludes—in addition to interest, foreign exchange losses, taxes, depreciation and amortization—stock-based compensation and merger and acquisition related expense. 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.

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

Net income

 

$

1,747

 

 

$

2,628

 

 

$

3,765

 

 

$

4,788

 

Interest expense

 

 

225

 

 

 

345

 

 

 

469

 

 

 

759

 

Interest income

 

 

(50

)

 

 

(17

)

 

 

(76

)

 

 

(22

)

Foreign exchange (gain) loss

 

 

(35

)

 

 

(10

)

 

 

(14

)

 

 

(5

)

Provision for income taxes

 

 

631

 

 

 

729

 

 

 

1,332

 

 

 

1,536

 

Depreciation and amortization

 

 

14

 

 

 

27

 

 

 

33

 

 

 

63

 

EBITDA

 

 

2,532

 

 

 

3,702

 

 

 

5,509

 

 

 

7,119

 

Non-cash and non-recurring adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

99

 

 

 

101

 

 

 

206

 

 

 

203

 

Merger and acquisition related

 

 

696

 

 

 

24

 

 

 

1,028

 

 

 

158

 

Adjusted EBITDA

 

$

3,327

 

 

$

3,827

 

 

$

6,743

 

 

$

7,480

 

CONTACT: investor@fitlifebrands.com