FitLife Brands, Inc.

What they do

FitLife Brands develops and sells proprietary nutritional supplements and wellness products across wholesale and online channels. The company is headquartered in Omaha, Nebraska, trades on the Nasdaq Capital Market under FTLF, and employed 9,391,072 shares of common stock outstanding as of August 12, 2026. Its wholesale business sells through retail partners, while its online business sells direct to consumers.

Revenue drivers

• Wholesale — Wholesale revenue was $14.6 million in Q2 2026, 55% of total revenue, up 156% year over year. The Irwin Naturals acquisition contributed $10.7 million of that wholesale revenue, while Legacy FitLife wholesale fell $1.8 million, or 31%, mainly on lower revenue from one large specialty retail partner.
• Online — Online revenue was $11.9 million in Q2 2026, 45% of total revenue, up 14% year over year. It was 65% of total revenue in the prior-year quarter, and the company attributes the lower share to Irwin Naturals having minimal online revenue at acquisition.
• Irwin Naturals — Acquired August 8, 2025, Irwin supplied the bulk of the year-over-year revenue increase but historically generated a lower gross margin than Legacy FitLife. Management tracks acquired brands using contribution, defined as gross profit less advertising and marketing spend.
• Legacy FitLife — The pre-acquisition business includes the online operations and the remaining wholesale base. Its wholesale revenue declined 31% year over year in Q2 2026, and the company cited lower gross profit from Legacy FitLife as partly offsetting acquisition gains.

Recent performance

Q2 2026 total revenue was $26.5 million, up 65% from $16.1 million in Q2 2025, driven by Irwin Naturals. Net income was $2.0 million versus $1.7 million, with basic and diluted EPS of $0.21 and $0.20 versus $0.19 and $0.18. Gross margin fell to 37.0% from 42.8% because Irwin historically carried a lower gross margin than Legacy FitLife. Adjusted EBITDA was $3.7 million, up 10%. Sequentially, total revenue rose 4.8% from Q1 2026, with wholesale up 3.7% and online up 6.3%.

Strategy

The company's direction centers on integrating Irwin Naturals, which it acquired on August 8, 2025, and which now drives most revenue growth. Management is using cash flow to deleverage, paying off roughly $8.6 million of indebtedness since closing plus about $2.0 million of transaction-related expenses. It evaluates brands on contribution, defined as gross profit less advertising and marketing expenditure. The quarter ended with $36.1 million outstanding on the term loan and $2.0 million on the revolver, against $1.1 million of cash, or $37.0 million of total net debt.

Risks

• Legacy wholesale decline — Legacy FitLife wholesale revenue fell 31% year over year in Q2 2026, primarily from lower revenue at one large specialty retail partner.
• Margin dilution from Irwin — Gross margin dropped to 37.0% in Q2 2026 from 42.8% a year earlier, which the company attributes primarily to Irwin's historically lower gross margin.
• Leverage — The company ended Q2 2026 with $36.1 million on its term loan, $2.0 million on its revolver and only $1.1 million of cash, for $37.0 million of net debt.
• Concentration in one retail partner — Management specifically ties the Legacy FitLife wholesale decline to lower revenue from one of its large specialty retail partners, a single-customer exposure.

Outlook

The company's most recent earnings release describes the quarter's growth as driven by the Irwin Naturals acquisition, partially offset by lower Legacy FitLife revenue. It also reports continued debt reduction since the August 2025 close, with roughly $8.6 million of indebtedness repaid plus about $2.0 million of transaction-related expenses. The filings provided do not include specific forward revenue or earnings guidance.