Mannatech Incorporated (MTEX) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 were $29.2M, down 8.1% year-over-year, but higher than the first two quarters of 2025, with nine-month sales at $81.4M, down 8.4% from 2024, mainly due to slowing demand in certain regions.

• Q3 2025 net income was $1.9M ($1.01 per diluted share), compared to a net loss of $0.3M in Q3 2024; nine-month net loss was $3.9M, compared to net income of $0.2M in the prior year period.

• Income from operations increased to $2.0M from $0.9M year-over-year.

• Foreign currency losses of $2.6M contributed significantly to the nine-month net loss.

Financial highlights

• Gross profit for Q3 2025 was $22.3M (76.4% margin), up from 74.5% year-over-year, driven by higher sales prices and lower inventory reserves.

• Operating expenses for Q3 2025 were $20.3M, down 10.9% year-over-year, driven by lower commissions, incentives, and selling/admin costs.

• Commissions and incentives for Q3 2025 were $11.2M, down 13.2% year-over-year; as a percentage of sales, commissions decreased to 37.5%.

• Selling and administrative expenses for Q3 2025 were $9.1M, down 7.8% year-over-year.

• Cash and cash equivalents at September 30, 2025, were $7.1M, down from $11.4M at year-end 2024.

Outlook and guidance

• Management believes existing liquidity and cash flows from operations are adequate to fund normal business operations for the next twelve months.

• A business reorganization plan is underway, focusing on revenue growth, margin improvement, and cost control, including price increases and compensation plan adjustments.

• Management notes that changes in trade policies and tariffs could impact cost structure and profitability, with mitigation efforts limited by operational and supply chain constraints.

• Forward-looking statements highlight risks related to associate retention, competition, regulatory changes, and international expansion.