Highlights for the third quarter ended September 30, 2025 include:
On August 8, 2025, the Company completed the acquisition of substantially all of the assets of Irwin Naturals ("Irwin"), and Irwin's operating results for the period of August 9 through September 30 are included in FitLife's consolidated financials for the third quarter of 2025.
Total revenue was $23.5 million, an increase of 47% compared to the third quarter of 2024.
Wholesale revenue was $13.2 million, representing 56% of revenue and an increase of 156% compared to the third quarter of 2024.
Excluding the amortization of the inventory step-up related to the Irwin acquisition, gross margin was 38.9% compared to 43.8% during the third quarter of 2024.
Net income was $0.9 million compared to $2.1 million during the third quarter of 2024, with the decline driven primarily by transaction expense associated with acquisition of Irwin, lower gross margin, and higher income tax expense.
Basic earnings per share and diluted earnings per share were $0.10 and $0.09, respectively, compared to $0.23 and $0.21 during the third quarter of 2024.
Adjusted EBITDA was $3.8 million, a 6% increase compared to the third quarter of 2024.
For the third quarter ended September 30, 2025, total revenue was $23.5 million, an increase of 47% compared to $16.0 million during the same period last year. Revenue from Irwin accounted for $6.8 million of the $7.5 million increase.
Wholesale revenue for the quarter was $13.2 million, an increase of 156% compared to the third quarter of 2024. Excluding the $6.5 million of wholesale revenue contributed by Irwin, wholesale revenue for the Company's other brands increased 30% compared to the third quarter of 2024, with wholesale revenue for Legacy FitLife (excluding MRC), MRC, and MusclePharm increasing 3%, 20%, and 112% respectively. Wholesale revenue accounted for 56% and 32% of the Company's total revenue during the quarters ended September 30, 2025 and 2024, respectively.
Online revenue for the quarter was $10.3 million, a decrease of 5% compared to the third quarter of 2024. Excluding the $0.3 million of online revenue contributed by Irwin, online revenue for the Company's other brands declined 8% compared to the third quarter of 2024. Online revenue for Legacy FitLife (excluding MRC) increased by 14% during the quarter, while MRC declined by 16% and MusclePharm declined by 3%. Online revenue accounted for 44% and 68% of the Company's total revenue during the quarters ended September 30, 2025 and 2024, respectively.
Gross margin for the quarter ended September 30, 2025, was 37.2% compared to 43.8% during the same period in the prior year. Excluding the amortization of the inventory step-up related to the Irwin acquisition, gross margin was 38.9% for the third quarter of 2025.
Net income for the third quarter of 2025 was $0.9 million compared to $2.1 million during the quarter ended September 30, 2024. Basic and diluted earnings per share were $0.10 and $0.09, respectively, compared to $0.23 and $0.21 during the third quarter of 2024. The decline in net income and earnings per share is primarily due to transaction expense associated with the Irwin acquisition, lower gross margin, and increased income tax expense.
Adjusted EBITDA for the quarter ended September 30, 2025, was $3.8 million, a 6% increase compared to the same period in 2024. Adjusted EBITDA for the trailing twelve months, which includes less than eight weeks of Irwin's results, was $13.6 million.
Performance of Acquired Brands
One of the primary metrics used by management to evaluate the performance of the Company's brands is contribution, a non-GAAP financial measure which management defines as gross profit less advertising and marketing expenditures. Other companies may also report contribution as a performance metric, but their definition or calculation of contribution may differ from the Company's. Management believes that contribution, as defined by the Company, is a particularly relevant performance metric since it incorporates the gross profit associated with a specific brand or collection of brands as well as the advertising and marketing expenditures associated with the same brand or brands. With limited exception, other operating expense incurred by the Company is generally not allocable to a specific brand or collection of brands.
Management intends to provide this level of disclosure for acquired brands for approximately two years following a transaction, after which the performance of acquired brands will be reported as part of Legacy FitLife results. Other than for MusclePharm, the numbers in the contribution tables presented below in the body of the press release represent the performance of a collection of brands. Legacy FitLife consists of twelve brands, and Irwin consists of three brands. These collections of brands do not meet the definition of operating segments and are not managed as such.
Legacy FitLife
(Unaudited)
2024
2025
Q3
Q4
Q1
Q2
Q3
Wholesale revenue
3,930
3,250
4,648
4,385
4,076
Online revenue
9,582
8,944
9,325
9,187
8,779
Total revenue
13,512
12,194
13,973
13,572
12,855
Gross profit
6,125
5,465
6,284
6,116
5,788
Gross margin
45.3
%
44.8
%
45.0
%
45.1
%
45.0
%
Advertising and marketing
999
862
879
953
1,135
Contribution
5,126
4,603
5,405
5,163
4,653
Contribution as a % of revenue
37.9
%
37.7
%
38.7
%
38.0
%
36.2
%
For the third quarter of 2025, Legacy FitLife revenue declined 5% compared to the same period last year, driven by an 8% decrease in online revenue due to a drop in traffic to MRC product listing pages, partially offset by a 4% increase in wholesale revenue. Excluding MRC, Legacy FitLife wholesale revenue increased 3%, online revenue increased 14%, and total revenue increased 8% in the third quarter of 2025 compared to the same quarter last year.
Gross profit and contribution decreased by 6% and 9%, respectively, for Legacy FitLife. Gross margin decreased slightly from 45.3% during the third quarter of 2024 to 45.0% during the third quarter of 2025. Contribution as a percentage of revenue decreased from 37.9% to 36.2% over the same time period. Excluding MRC, Legacy FitLife gross margin increased from 42.6% during the third quarter of 2024 to 45.7% during the third quarter of 2025, and contribution as a percentage of revenue increased from 41.5% to 43.1% over the same time period.
MusclePharm
(Unaudited)
2024
2025
Q3
Q4
Q1
Q2
Q3
Wholesale revenue
1,231
1,689
658
1,311
2,610
Online revenue
1,234
1,130
1,305
1,244
1,199
Total revenue
2,465
2,819
1,963
2,555
3,809
Gross profit
876
747
590
788
754
Gross margin
35.5
%
26.5
%
30.1
%
30.8
%
19.8
%
Advertising and marketing
94
117
174
238
150
Contribution
782
630
416
550
604
Contribution as % of revenue
31.7
%
22.3
%
21.2
%
21.5
%
15.9
%
MusclePharm revenue increased 55% from the third quarter of 2024 to the third quarter of 2025, with wholesale revenue increasing 112%, partially offset by a 3% decrease in online revenue. As previously disclosed, in an effort to drive revenue growth, the Company is making targeted investments in advertising and promotion, primarily in the wholesale channel. Beginning in the fourth quarter of 2024, the Company offered additional promotional incentives to certain wholesale partners in an effort to drive incremental growth for the MusclePharm brand. The decrease in wholesale revenue that occurred during the first quarter was primarily due to one of our wholesale customers that took advantage of the Company's promotional investment during the fourth quarter of 2024 without increasing their sell-through of the product, which affected their reorder volumes during the first quarter of 2025.
The Company anticipates that the increased promotional efforts will continue for the foreseeable future. As a result of these investments, gross margin and contribution margin as a percent of revenue may fluctuate materially from quarter to quarter.
Gross margin and contribution as a percentage of revenue for MusclePharm were also adversely affected during the quarter by increasing whey protein costs. In an effort to gain market share, the Company has thus far absorbed these cost increases without raising prices to its customers. As protein costs continue to increase, the Company may implement price increases to offset at least a portion of the increased cost.
Irwin
(Unaudited)
2025
Q3
Wholesale revenue
6,510
Online revenue
311
Total revenue
6,821
Gross profit
2,194
Gross margin
32.2
%
Advertising and marketing
72
Contribution
2,122
Contribution as % of revenue
31.1
%
Irwin's performance for the third quarter of 2025 includes the results of operations for the period from August 9 through September 30. During this period, Irwin generated 95% of its revenue from the wholesale channel and 5% from online sales. Wholesale revenue during the quarter was adversely affected by approximately $0.6 million of sales that were pulled forward by the previous owner prior to closing the transaction. Online revenue during the third quarter of 2025 represents transactions through Irwin's websites only. The Company did not begin selling Irwin products on Amazon until subsequent to the end of the third quarter.
Irwin generated gross margin of 32.2% and contribution as a percentage of revenue of 31.1% during the third quarter of 2025. Excluding amortization of the inventory step-up, Irwin's gross margin and contribution as a percentage of revenue would have been 37.9% and 36.9%, respectively. For comparison, Irwin's gross margin prior to the acquisition by FitLife was 32.3% and 35.7% for 2024 and the first six months of 2025, respectively.
FitLife Consolidated
(Unaudited)
2024
2025
Q3
Q4
Q1
Q2
Q3
Wholesale revenue
5,161
4,939
5,306
5,696
13,196
Online revenue
10,816
10,074
10,630
10,431
10,289
Total revenue
15,977
15,013
15,936
16,127
23,485
Gross profit
7,001
6,212
6,874
6,904
8,736
Gross margin
43.8
%
41.4
%
43.1
%
42.8
%
37.2
%
Advertising and marketing
1,093
979
1,053
1,191
1,357
Contribution
5,908
5,233
5,821
5,713
7,379
Contribution as % of revenue
37.0
%
34.9
%
36.5
