FitLife Brands (FTLF) investor relations material

Executive summary

• Completed the $42.5M acquisition of Irwin Naturals on August 8, 2025, with Irwin contributing $6.8M to Q3 results for 53 days.

• Q3 2025 revenue rose 47% year-over-year to $23.5M, driven by Irwin and 55% MusclePharm growth, partially offset by a 5% decline in Legacy FitLife revenue.

• Net income for Q3 2025 was $0.9M, down from $2.1M, due to acquisition-related expenses, lower gross margin, and higher tax expense.

• Adjusted EBITDA for Q3 2025 was $3.8M, up 6% year-over-year.

• Irwin acquisition funded by new term loan and revolving credit line.

Financial highlights

• Q3 2025 revenue: $23.5M (up 47% YoY); nine-month revenue: $55.5M (up 12% YoY).

• Wholesale revenue surged 156% to $13.2M (56% of total); online revenue fell 5% to $10.3M (44% of total).

• Gross margin dropped to 37.2% from 43.8% last year; excluding Irwin inventory step-up, gross margin was 38.9%.

• Net income for Q3 2025 was $0.9M (down 57% YoY); nine-month net income: $4.7M (down 32% YoY).

• Adjusted EBITDA for Q3 2025: $3.8M; trailing twelve months: $13.6M.

Outlook and guidance

• Expect continued margin pressure in MusclePharm due to rising whey protein costs; price increases planned for January 2026.

• Irwin's gross margin expected to improve as online sales grow and supply chain is optimized.

• Anticipate further non-recurring expenses related to the Irwin acquisition, but at a lower scale than Q3.

• Cash flow from operations, reserves, and credit expected to provide sufficient liquidity for the next twelve months.

• Debt reduction to begin in Q4 as term loan amortization starts.