フィットライフ・ブランズ（FTLF）2026年第2四半期決算説明会：アーウィンの成長により売上高が65%増加

FitLife Brands (FTLF) は、Irwinの買収により卸売およびオンライン売上が拡大したことから、2026年第2四半期の売上高および調整後EBITDAの増加を報告しました。しかし、利益率の低いIrwinの売上およびレガシーFitLife事業の継続的な不振により、連結売上総利益率は低下しました。

要点

• 2026年第2四半期の売上高は、主にIrwinの買収により前年同期比65%増の2,650万ドルとなりましたが、レガシーFitLifeの売上減少により一部相殺されました。
• 卸売売上高は156%増の1,460万ドル、オンライン売上高は14%増の1,190万ドルとなりました。
• 売上総利益率は、主にIrwinの利益率が従来レガシーFitLifeよりも低い水準で推移していたため、前年同期の42.8%から37.0%に低下しました。
• 当期純利益は前年同期の170万ドルから200万ドルに増加しました。調整後EBITDAは10%増の370万ドルとなりました。
• 売上高は前四半期比で4.8%増加し、このうち卸売が3.7%増、オンラインが6.3%増となりました。希薄化後1株当たり利益（EPS）は3四半期連続で前四半期比増となりました。
• 経営陣は、消費者需要の減退、Amazonのアルゴリズム変更、一部の小売パートナーにおける売上減少、およびMRCでの運営上の課題による継続的なリスクを挙げました。

主要財務データ

事業および業績動向

レガシーFitLife事業は依然として圧迫要因に

レガシーFitLife事業の第2四半期売上高は前年同期比23%減の1,240万ドルでした。全体の68%をオンライン売上が占め、卸売は32%を占めました。

卸売売上高は主にGNC向けの売上減少により31%減少しました。オンライン売上高は主にMRCの影響で19%減少しました。前四半期比では、卸売の3.0%増がオンラインの2.0%減を一部相殺し、レガシーFitLife全体の売上高は0.5%未満の減少にとどまり、ほぼ横ばいとなりました。

レガシーFitLifeの売上総利益率は41.7%となり、前年同期の42.8%、2026年第1四半期の41.2%と比較して上昇し、3四半期連続で前四半期比での利益率改善を記録しました。限界利益は25.9%減の420万ドルとなり、限界利益率は前年同期の35.4%から34.1%に低下しました。

Irwinが成長を牽引しAmazonでの事業を拡大

Irwinの売上高は1,410万ドルとなりました。卸売顧客が全体の76%に相当する1,070万ドルを貢献し、オンライン売上高は24%を占めました。売上総利益率は32.8%、限界利益率は29.2%でした。

IrwinのAmazonにおける月間売上高は、2025年12月の約50万ドルから2026年3月には約80万ドル、6月には100万ドル弱まで増加しました。6月はプライムデーの恩恵を受けましたが、7月の売上高はそのイベントがなくても同水準を維持しました。

経営陣は、IrwinのAmazonでのパフォーマンスが当初の予想を上回っていると述べました。オンライン売上の一部が卸売購入を代替した可能性があることを認めつつも、その影響を数値化することはできないとしています。

サプライチェーンの改善が進展

FitLifeはIrwin製品の85%に対して3年間の有効期限の処方を承認しました。現在、3年の有効期限を持つ在庫は製品の12%で提供可能であり、さらに22%について発注済みとなっています。

この取り組みは、販売期間を延長し、在庫の陳腐化を抑制することを目的としています。Irwinは従来、年間約200万ドルの在庫評価損および処分を発生させていました。在庫切れによる機会損失額は、第2四半期に前四半期比で50%以上減少しました。

MusclePharmがより高品質な売上へのシフトを推進

MusclePharmの売上高は前年同期比でわずかに減少したものの、第1四半期からは大幅に増加しました。経営陣は、前年同期比での減少の多くについて、価格感応度が高く利益率の低い海外向けプロテインの販売から撤退するという決定によるものだとしています。

利益率は、2025年第3四半期、第4四半期、および2026年第1四半期と比較して数百ベーシスポイント改善しました。第2四半期末には、MusclePharmの新製品2種類がクローガー（Kroger）の700店舗以上に展開されました。また経営陣は、第2四半期後半から7月および8月現在にかけて、Amazonで2桁の成長を記録したと報告しました。

貸借対照表のデレバレッジが継続

FitLifeは約150万ドルのタームローン定期返済を実施し、残高を3,610万ドルに減らしました。またリボルビング信用枠で220万ドルを返済し、残高は200万ドルとなりました。

Irwinの買収完了から2026年第2四半期までに、FitLifeは約860万ドルの負債を返済し、約200万ドルの取引関連費用を支払いました。同社の加重平均金利6.5%において、経営陣はこの負債削減により年間約60万ドルの支払利息が節減されると述べています。

経営陣の見通し

経営陣は、製品の有効期限延長や物流管理の向上を含むIrwinのサプライチェーン改善が、今後数四半期の利益率を支えると見込んでいます。この移行作業にはさらに数か月を要する見通しです。

第3四半期後半または第4四半期前半の投入に向けてIrwinの3製品が生産中ですが、その大半は依然として男性向けヘルスケアまたは減量を対象としています。2027年以降、同社は四半期あたり少なくとも4つの新製品を投入し、経営陣がより魅力的で成長が見込まれるとみなすカテゴリーに重点を置くことを目指しています。

FitLifeはまた、2026年の残りの期間でさらなる販管費の削減を計画しています。経営陣は、第2四半期の前四半期比での減少は年換算で約80万ドルに相当し、さらなる削減の機会も特定されていると述べました。

同社は余剰フリー・キャッシュ・フローを活用して負債をさらに削減する方針です。経営陣は、返済が進むにつれて年間の利息削減効果が大きくなると見込んでいます。

リスクと注目点

• レガシーFitLife事業では、GNC向け卸売売上高の低下とMRCのオンラインパフォーマンスの低下が続いています。
• 経営陣は、米国の専門店リテール市場について、店舗閉鎖、既存店売上高の減少、客足の鈍化により厳しい状況にあると説明しました。
• Amazonのアルゴリズム変更が同社のオンライン事業に影響を与えており、Amazon外での広告支出の増加を促しています。
• 経営陣によると、Irwinがこれまで強みとしてきた最大のカテゴリーである減量および男性向けヘルスケアが大幅に減少しています。
• Irwinのサプライチェーン移行は、製品の有効期限設定、在庫切れ問題、物流コストを含め、未完了のままとなっています。
• FitLifeがAmazon外での認知度向上により多くの支出を振り向けたことで、広告宣伝費は前四半期比で16.4%増加しましたが、経営陣はその成果を評価するには時間がかかると述べました。

アナリスト質疑応答のハイライト

経営陣は、Irwinのオンライン拡大が期待を上回っており、Amazonでの売上高はサードパーティ・セラーが以前扱っていた規模を大幅に超えて成長していると述べました。同社は、卸売取引から直接販売へのシフトにより売上高と売上総利益が増加するためこれを好意的に捉えていますが、オンラインでの成長は依然として小売パートナーシップへの上乗せとなることを目指しています。

GNCに関しては、業績が予想を下回ったと経営陣は述べました。2025年第1四半期および第2四半期との比較については、過去の出荷紛争後にGNCが配送センターの在庫を補充していたため、比較対象が異例に高い水準であったと指摘しました。

MusclePharmに関して、経営陣は表面上の売上不振の大部分が、より利益率の低い海外向け取引からの撤退を反映したものであると強調しました。これらの顧客を除けば、利益率の改善、クローガーでの初期段階の進展、Amazonでの良好な傾向とともに、事業は成長していると述べました。

FitLife全ブランドにおけるAmazonの有効定期購入者数は、4月中旬に9万人をわずかに超える水準で底を打ち、その後ほぼ毎週増加して約9万4,000人に達しました。

決算説明会 文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good day, and welcome to the FitLife Brands Second Quarter 2026 Earnings Call. [Operator Instructions]

It is now my pleasure to turn the floor over to your host, Dayton Judd, CEO of FitLife Brands. Sir, please go ahead.

Dayton Judd

Good afternoon. I'd like to welcome everyone to FitLife's Second Quarter 2026 Earnings Call. We appreciate you taking the time to join us this afternoon. Joining me on the call is FitLife's President, Ryan Hansen; and FitLife's CFO, Jakob York.

For the second quarter of 2026, total revenue was $26.5 million, an increase of 65% compared to the same quarter last year. with the increase driven primarily by the acquisition of Irwin, partially offset by lower revenue for Legacy Fitlife. Wholesale revenue was $14.6 million or 55% of revenue, an increase of 156% compared to the second quarter of 2025.

Online revenue was $11.9 million or 45% of total revenue, an increase of 14% compared to the second quarter of 2025.

Gross margin was 37.0% compared to 42.8% during the second quarter of 2025. The decline in gross margin is primarily due to the acquisition of Irwin, which has historically operated at a lower gross margin than legacy Fit life. -- contribution, which we define as gross profit less advertising and marketing expense increased 46%, driven primarily by the addition of Irwin, partially offset by lower contribution from Legacy FitLife.

Net income for the second quarter of 2026 was $2.0 million compared to $1.7 million during the second quarter of 2025.

Adjusted EBITDA was $3.7 million, a 10% increase compared to the second quarter of 2025. In addition to the year-over-year numbers, I would like to highlight some sequential comparisons. Total revenue increased 4.8% sequentially compared to the first quarter of 2026, with wholesale revenue increasing 3.7% and online revenue increasing 6.3%.

And diluted earnings per share has increased sequentially in each of the past 3 quarters. So although we have been working through a number of challenges in the business over the past 3 quarters, we are pleased with the progress the team is making.

With regard to brand level performance, I'll start with Legacy FitLife. Total Legacy FitLife revenue for the second quarter of 2026 was $12.4 million, of which 68% was from online sales and 32% was from wholesale customers. This represents a 31% year-over-year decrease in wholesale revenue and a 19% year-over-year decrease in online revenue, or a 23% decrease in total revenue. The online revenue decline was primarily attributable to MRC, and the wholesale revenue decline was primarily attributable to reduced sales to GNC.

Sequentially, total revenue for Legacy FitLife for the second quarter of 2026 declined less than 0.5% compared to the first quarter of 2026, with wholesale revenue increasing 3.0% and online revenue declining 2.0%. So although the year-over-year declines are still high, we were happy to see the sequential stability during the quarter.

Gross margin for Legacy FitLife declined from 42.8% in the second quarter of 2025 to 41.7% in the second quarter of 2026. However, gross margin for Legacy FitLife increased sequentially from 41.2% in the first quarter of 2026 to 41.7% in the second quarter of 2026. In fact, the second quarter of 2026 represents the third quarter in a row that gross margin for Legacy FitLife has increased sequentially. So we are encouraged by that trend.

Contribution for Legacy FitLife in the second quarter of 2026 declined 25.9% to $4.2 million, and contribution as a percentage of revenue decreased to 34.1% compared to 35.4% in the same quarter of 2025. Sequentially, contribution and contribution as a percentage of revenue were approximately flat from the first quarter of 2026 to the second quarter of 2026.

Moving on now to Irwin. Total Irwin revenue for the second quarter was $14.1 million, of which $10.7 million or 76% came from wholesale customers and 24% came from online sales. Gross margin for Irwin for the second quarter was 32.8% and contribution as a percentage of revenue was 29.2%. As previously mentioned, we began selling Irwin products on Amazon in mid-October, and the business has scaled nicely for the past several months. Monthly revenue for Irwin on Amazon reached approximately $0.5 million in December of 2025, approximately $0.8 million in March of 2026 and just under $1 million in June of 2026. Although June revenue was helped by Prime Day, which took place June 23 through the 26.

Sales for Irwin on Amazon have remained strong since the end of the second quarter with July revenue comparable to June, but without the benefit of Prime Day.

In early April on our fourth quarter earnings call, I outlined 5 initiatives we were focused on to drive improved performance in our business. I thought it would be productive to provide a brief update on our progress against each of those. The first initiative was to significantly improve Irwin's supply chain. This is a project that will take several more months before we can declare victory, but I'm pleased with the tangible progress we have made.

More specifically, the biggest opportunity was to transition as many of our products as possible to 3-year dating compared to the 2-year dating the products had at the time of the acquisition. As a reminder, Irwin has historically written off and disposed off approximately $2 million worth of inventory each year, largely because of a combination of high MOQs and a short 12-month selling window since retail partners required 12 months of shelf life on incoming products. Increasing the shelf life to 3 years doubles the selling period, resulting in lower inventory obsolescence.

As of today, we have approved 3-year formulas for 85% of Irwin's products. We have inventory on hand with 3-year dating for 12% of Irwin's products with POs outstanding for an additional 22%. We will continue to transition more and more of our formulas to 3 years as we reach reorder points.

Another supply chain improvement opportunity is to reduce the number of out-of-stock situations. While we don't have this fully behind us yet, I am pleased that lost revenue due to out-of-stock declined over 50% in the second quarter of 2026 compared to the first quarter of 2026.

Additionally, we are working on other supply chain initiatives around better managing logistics expense, which we expect to favorably impact cost of goods sold. Bottom line, we are making progress improving Irwin supply chain, which we expect to translate into improved margins in the coming quarters.

The second initiative was to improve new product development at Irwin. New product launches are important to maintaining relevance in the nutritional supplement industry. When we bought Irwin, the new product pipeline was almost nonexistent. A related problem was that Irwin has historically focused on the nutritional supplement categories where it was the strongest. Unfortunately, its 2 strongest categories, weight loss and men's health, are declining significantly. In other words, Irwin was previously focused primarily on defending share in declining categories rather than strengthening its presence in growing categories.

We have 3 new products currently in production and slated for launch late during the third quarter or early in the fourth quarter, although, unfortunately, most of those are in men's health or weight loss. For future product launches, however, we have a robust pipeline of products in development that are more focused on attractive and growing nutritional supplement categories. Our goal is to launch at least 4 of these new products each quarter beginning in 2027.

The third initiative was to drive off Amazon awareness for our products, which we expect to translate into strength on Amazon as well. This strategic shift is in response to the Amazon algorithm changes that we have previously highlighted. During the second quarter, we increased our advertising and marketing expense by 16.4% sequentially compared to the first quarter of 2026. And importantly, off Amazon spend is a much higher percentage of that number than it has ever been.

Like many of our other initiatives, it is going to take some time before we know the outcome, but we are beginning to see some recent encouraging metrics. For example, average weekly sessions on Amazon for our portfolio of brands, including Dr. Tobias, is higher in the last 5 weeks compared to the 13-week period prior to Prime Day at the end of June.

The fourth initiative was to leverage Irwin's sales team to cross-sell other FitLife products into the wholesale channel. The sales process in wholesale is long with many retailers resetting planograms only once or potentially twice a year. We previously announced the 2 muscle farm SKUs that were added to over 700 Kroger locations late during the second quarter. We also previously announced the placement of 6 muscle farm SKUs in a regional grocery chain, which was supposed to happen in the second quarter, but has been delayed until later this year. We continue to have productive discussions with a number of retailers and hope to have other updates on this initiative in the coming quarters.

The fifth initiative was to operate more efficiently with regard to SG&A. SG&A for the second quarter of 2026 was approximately $4.8 million, down 3.8% sequentially from approximately $5.0 million in the first quarter of 2026. On an annualized basis, this improvement is equivalent to approximately $0.8 million. In addition, since the end of the second quarter, we have acted on other SG&A reductions and have identified other improvement opportunities we intend to implement over the remainder of this year. As previously indicated, we don't believe any individual SG&A reduction opportunity will be material on its own. But in total, we expect them to be compelling.

Now let me provide a few additional high-level comments, and then we can move into Q&A. We have previously fielded questions and provided commentary about subscriber counts on Amazon, particularly when subscriber count started declining after Amazon made onetime purchase, the default buying option about a year ago rather than subscribe and safe. Following this change, our subscriber counts declined for several months with our weakness on Amazon over the past several months, probably contributing to the decline. Our total subscriber count on Amazon across all brands bottomed in mid-April, a little above 90,000 subscribers before starting to grow again, and it has increased almost every week since then. Currently, we have approximately 94,000 active subscribers on Amazon across all of our brands.

Regarding the balance sheet, we made a scheduled amortization payment of approximately $1.5 million during the second quarter, bringing our term loan balance to $36.1 million. We also paid down an additional $2.2 million on our revolving line of credit during the second quarter, bringing the balance to $2.0 million. Since closing the Irwin acquisition through the end of the second quarter of 2026, we have paid off approximately $8.6 million of indebtedness in addition to paying approximately $2.0 million of transaction-related expenses.

At the company's current 6.5% weighted average interest rate, this $8.6 million debt reduction over a period of roughly 3 quarters saves us approximately $0.6 million in annual interest expense. We intend to continue to deploy excess free cash flow to further reduce indebtedness. So on a full year basis, we expect the interest savings to be even greater.

To conclude, we've been dealing with a number of challenges over the past 3 quarters. Some of these challenges such as general consumer weakness and changes in the Amazon algorithms are out of our control, and we have to figure out how to adapt. Other challenges such as supply chain difficulties and new product development are largely within our control. And although these challenges persist, we believe we are focused on the right priorities, and we are encouraged by the sequential improvements in revenue and profitability during the second quarter.

So that concludes my opening commentary, and we can go ahead and open it up for questions.

Operator

[Operator Instructions] And the first question today is coming from Sean McGowan from ROTH Capital Partners.

質疑応答

Sean McGowan

My first question is about the priority you placed on getting -- growing the share of Irwin sales online relative to wholesale. Has that met your expectations so far? I know -- I would imagine that you have further to go. But so far, has that met your expectations? And I guess related to that, has it eaten into Irwin's wholesale sales? Or is it been largely incremental?

Dayton Judd

Yes. Sean, thanks for the questions. In terms of expectations, I think it's exceeded our expectations. I think early in the process, we -- shortly after the acquisition, I can't remember the number off the top of my head, but you all may remember that we sold products wholesale to a third party that was kind of like the exclusive seller on Amazon. But that was kind of in the range of $2 million to $3 million a year. And if you looked at the total kind of dollars paid for those products, it was quite a bit lower than what we're getting right now, right? So an easy expectation would have been for us just to take over what they were selling. In a matter of a few months, we not only did that, but we've grown it significantly. And there's a number of products that have a lot of momentum and continue to grow.

We've got kind of one product in particular that we're having a hard time keeping in stock, and it's -- I mean, just one product on its own out of 250, 300 that we sell on Amazon under the Irwin brands that's probably $1.5 million to $2 million a year kind of pacing right now. So we're pleased, right, with the results, and it certainly exceeded our expectations.

As far as your second question, it's really hard to determine how much that is cannibalized wholesale, although I think it would be indefensible to argue that it hasn't at all that it's entirely incremental, like certainly some of those sales that we're getting on Amazon are people that used to buy the products in the store. So unfortunately, that we can't quantify it. We're obviously very happy to trade a wholesale unit for a retail unit, right? That's higher revenue for us, it's higher gross profit for us. And so it's a trade we're happy to make. But that said, we wouldn't be where we are without our wholesale partners. And so we want to grow with them. We're not looking to take volumes out of the wholesale channels and move them to online. We want it to be incremental.

Sean McGowan

And a follow-up then on GNC. This has been a subject for every conference call, it seems like. But relative to your expectations, how is that situation evolving?

Dayton Judd

Yes. So that one, I would say, is lower than our expectations. It's not -- I'm probably not -- it would not be appropriate for me to comment on other -- someone else's business. But suffice it to say, specialty retail is quite challenged in the U.S. right now. There is significant store closures that are happening. And for the stores that remain open, there are significant drops in kind of comp store sales, traffic, however you want to look at it.

So as we kind of try and get a sense for what those numbers are, we think our declines are in excess of that right now. Another thing to remember though, if you go back and look historically, Q1 and Q2 of 2025 was very strong for the Legacy FitLife wholesale channel, in particular, GNC. You may recall, we had a dispute with them late '24 that resulted in us stopping shipments to them. And Q1 in particular, and it probably bled a little bit into Q2, they were kind of restocking their DCs. So it's a little bit of a not apples-to-apples comp.

But that said, I mean, this is -- if you look at -- as I look at my business, right, the things I worry the most about are, number one, declining sales with some of those retail partners where we really can't do much about it, right? There's nothing I can do that's going to reverse course for a GNC or any of our other retail partners that are struggling. So that's kind of ONE thing where in some ways, we're along for the ride.

The second is, and we've talked about this quite a bit, is MRC where we have been struggling for about 1.5 years. And we think we are -- I don't want to say we even inflected or we're nearing an inflection point, but we're certainly seeing some positive indications. So both of those now roll up into Legacy FitLife and GNC for the most part, explains the declines on the wholesale side. And MRC, for the most part, explains the declines on the online side. The rest of the business, I'm quite content with how things are going.

Operator

[Operator Instructions] We did have another question coming from Sean from ROTH Capital Partners.

Sean McGowan

It just might be the first car headway haven't mentioned muscle farm we any kind of details. So what are you seeing in that line?

Dayton Judd

Yes. Yes. Happy to talk about that. It's -- I think it's -- I mean, things -- look, I'm happy about MusclePharm right now. Revenue, I would say, is down a bit year-over-year, but up significantly Q1 to Q2. We've talked about the challenges with protein pricing in the past. If you look at our -- the numbers we historically reported for MusclePharm, of course, it now rolls into Legacy FitLife, but we started discounting significantly in the third quarter of last year and investing in advertising to try and kind of grow the brand. We got a lot of uptake with very margin-sensitive primarily international protein companies or people that wanted to take the protein internationally. And then when protein prices went up and we tried raising our prices, all of a sudden they went away.

So the bulk of the decline for MuscleFarm revenue has been there in those types of customers. If you take those out, the business is actually growing very nicely. And the other benefit is margins are up significantly, like Q2, for example, relative to Q3, Q4, Q1, margins are several hundred basis points higher for MuscleFarm, right, as we've moved away from the very price-sensitive large kind of international customers.

We launched the 2 new SKUs in Kroger stores or in Kroger as well as a number of their other banners. Those didn't hit the shelves until late during the second quarter, but for the first several weeks, kind of every week was an uptick. So we're continuing to see decent growth there, and we're pleased with where we are and have some additional marketing initiatives to try and continue to drive volume there. So all things considered, pretty happy.

I'll also add MusclePharm on Amazon. It may be right now our best performing Amazon account, right? So where Dr. Tobias is struggling and declining double digits. MusclePharm right now is growing double -- it was growing in 2025, kind of flip negative like a lot of our accounts did late '25, early '26 and was probably down a bit even for Q2 overall. But late in Q2 and then in July and thus far in August, we're seeing kind of some very nice double-digit growth.

So all things considered -- the numbers might look bad on a headline basis or on a revenue basis because we're walking away from less profitable volume. But in terms of profitability, margins and all the other accounts, right, we're seeing everything going in the right direction.

Sean McGowan

Which is consistent with what you've said.

Operator

[Operator Instructions] As there were no other questions from the lines at this time, I will now hand the call back to Dayton Judd for closing remarks.

Dayton Judd

All right. Thank you all for your participation in the call. If any of you have additional questions, feel free to reach out to me or to our investor@fitlifebrands.com e-mail. And we look forward to talking to you on our next earnings call in November. Thank you.

Operator

Thank you. This concludes today's conference. You may disconnect at this time, and have a wonderful day. Thank you for your participation.