FitLife Brands (FTLF) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 revenue rose 73% year-over-year to $25.9 million, driven by the Irwin Naturals acquisition and strong wholesale growth.

• Fourth quarter 2025 was the first full quarter including Irwin Naturals, with separate reporting for Irwin and Legacy FitLife brands.

• Full-year 2025 revenue increased 26% to $81.5 million, with wholesale revenue up 84% and online revenue down 3% year-over-year.

• All brand groupings except MRC experienced organic growth in 2025; Legacy FitLife (excluding MRC and MusclePharm) grew revenue 6% and online revenue 16% year-over-year.

• Irwin's normalized net revenue was flat at $54 million from 2024 to 2025, excluding discontinued Costco U.S., Rite Aid, and CBD sales.

Financial highlights

• Q4 2025 revenue: $25.9 million (+73% year-over-year); wholesale revenue $15.5 million (+213%), online revenue $10.5 million (+4%).

• Net income for Q4 2025 was $1.6 million, down from $2.1 million in Q4 2024, due to transaction expenses and inventory step-up amortization; full-year net income was $6.3 million, down from $9.0 million.

• Adjusted EBITDA for Q4 2025 was $3.5 million, up 14% year-over-year; full-year Adjusted EBITDA was $14.0 million, nearly flat year-over-year.

• Q4 2025 gross margin was 34.5% (41.4% prior year); excluding Irwin inventory step-up, gross margin was 37.0%.

• Basic EPS for Q4 2025 was $0.17 (vs. $0.23 prior year); full-year basic EPS was $0.68 (vs. $0.98 prior year).

Outlook and guidance

• No formal 2026 guidance provided due to ongoing revenue softness and macro uncertainty.

• Q1 2026 is tracking similar to or slightly below Q4 2025, with continued weakness across most brands and channels.

• Five key initiatives underway: improving Irwin's supply chain, new product development, off-Amazon demand generation, cross-selling, and SG&A reduction.

• Irwin's Amazon revenue run rate reached $0.8 million/month in Q1 2026, with potential for further growth.

• Online growth at Irwin is encouraging, with run-rate annualized revenue of $9–10 million, but unclear if it will offset declines elsewhere.