Jamieson Wellness (JWEL) Q3 2025 earnings summary

Executive summary

• Achieved record revenue of $733.8M in 2024 and 13.2% year-over-year revenue growth in Q3 2025, driven by 16.5% branded growth and strong performance across Canada, U.S., China, and international markets.

• Youtheory revenue grew nearly 17% in Q3, with innovation and digital channel expansion supporting momentum.

• International expansion, especially in the Middle East and China, contributed to double-digit growth, with China revenue up over 60% in Q3.

• Marketing and product innovation campaigns led to high consumer engagement and market share gains.

• Appointed Gayle Tait to the Board, bringing digital and CPG expertise to support ongoing digital transformation.

Financial highlights

• Q3 2025 consolidated revenue reached $199.3 million, up 13.2% year-over-year; 2024 full-year revenue was $733.8M, with a 5-year CAGR of 16.3%.

• Gross profit margin rose by 350 basis points to 41.9%, driven by higher branded sales, especially in China.

• Adjusted EBITDA increased to $38 million in Q3 and $141.0M in 2024; 2025 guidance is $158–$162 million.

• Adjusted net earnings were $17.7 million in Q3; adjusted diluted EPS was $0.41 in Q3 and $1.61 in 2024, with 2025 guidance of $1.82–$1.88.

• SG&A expenses rose 24.7% in Q3, mainly due to variable compensation and increased marketing spend in China.

Outlook and guidance

• Fiscal 2025 consolidated revenue expected between $810–$830 million (10.4%–13.1% growth); adjusted EBITDA of $158–$162 million (12%–15% growth); adjusted diluted EPS of $1.82–$1.88 (13%–17% growth).

• Q4 2025 guidance: consolidated revenue of $263–$283 million; Jamieson Brands revenue of $218–$238 million; Strategic Partners revenue up to $45 million.

• Growth targets by region for 2025: Canada +5–7%, U.S. +8–12%, China +45–50%, International +20–25%.

• Strategic Partners segment expected to decline by approximately 5% in 2025.

• Guidance reflects higher expectations for China and Youtheory, and lower for Strategic Partners due to planned reductions.