FitLife Brands (FTLF) 2026财年第二季度业绩电话会：受Irwin增长推动营收增长65%

FitLife Brands (FTLF)公布2026财年第二季度营收和调整后EBITDA均有所增长，这主要得益于对Irwin的收购扩大了批发及线上销售额。然而，毛利率较低的Irwin业务营收以及传统FitLife业务的持续疲软，拉低了综合毛利率。

核心要点

• 2026财年第二季度营收同比增长65%至2650万美元，主要归因于对Irwin的收购，但被传统FitLife业务营收下滑部分抵消。
• 批发业务营收增长156%至1460万美元，而线上业务营收增长14%至1190万美元。
• 毛利率从42.8%降至37.0%，主要是由于Irwin历史上的毛利率低于传统FitLife业务。
• 净利润从170万美元增至200万美元。调整后EBITDA增长10%至370万美元。
• 营收环比增长4.8%，其中批发业务环比增长3.7%，线上业务环比增长6.3%。稀释后每股收益连续第三个季度实现环比增长。
• 管理层提到，消费者需求趋弱、亚马逊算法调整、部分零售合作伙伴销售额下滑以及MRC面临的运营挑战仍带来持续风险。

关键财务数据

业务与运营表现

传统FitLife业务持续承压

传统FitLife业务第二季度实现营收1240万美元，同比下降23%。线上销售额占总额的68%，批发业务占32%。

批发业务营收下降31%，主要是由于对GNC的销售额减少。线上业务营收下降19%，主要归因于MRC。环比来看，传统FitLife业务总营收保持基本稳定，仅微跌不到0.5%，其中批发业务3.0%的增长部分抵消了线上业务2.0%的下滑。

传统FitLife业务的毛利率为41.7%，而上年同期为42.8%，2026财年第一季度为41.2%。这标志着毛利率已连续第三个季度实现环比改善。贡献边际额下降25.9%至420万美元，贡献边际率从35.4%降至34.1%。

Irwin推动增长并在亚马逊扩展业务

Irwin实现营收1410万美元。其中批发客户贡献1070万美元，占76%；线上销售占24%。毛利率为32.8%，贡献边际率为29.2%。

Irwin在亚马逊的月度营收从2025年12月的约50万美元增长至2026年3月的约80万美元，并在6月接近100万美元。6月得益于Prime Day促销活动，但在没有该活动的情况下，7月营收仍保持相近水平。

管理层表示，Irwin在亚马逊的表现超出了最初预期。管理层承认，部分线上销售可能替代了批发采购，但公司目前无法量化这一影响。

供应链改进工作稳步推进

FitLife已为85%的Irwin产品批准了三年期保质期配方。目前有12%的产品拥有三年保质期库存，另有22%的产品已下采购订单。

该举措旨在延长销售周期并减少库存报废。Irwin历史上每年冲销和处置约200万美元的库存。第二季度因缺货导致的营收损失较上一季度减少了50%以上。

MusclePharm转向更高质量的营收

MusclePharm营收同比小幅下降，但较第一季度大幅增长。管理层将同比下降的主要原因归咎于其决定削减对价格敏感且毛利率较低的国际蛋白粉业务。

与2025财年第三季度、第四季度及2026财年第一季度相比，利润率改善了数百个基点。第二季度末，两款新MusclePharm产品上架了超过700家Kroger门店。管理层还报告称，第二季度末以及截至目前的7月和8月，亚马逊销售额实现了两位数增长。

资产负债表去杠杆持续推进

FitLife按计划偿还了约150万美元的定期贷款，使余额降至3610万美元。公司还偿还了220万美元的循环信贷，剩余余额为200万美元。

从收购Irwin交割完成至2026财年第二季度，FitLife共偿还了约860万美元的债务，并支付了约200万美元的交易相关费用。按照公司6.5%的加权平均利率计算，管理层表示，债务减少每年可节省约60万美元的利息支出。

管理层展望

管理层预计，Irwin供应链的改进（包括延长产品保质期和优化物流管理）将在未来几个季度对利润率提供支撑。这一过渡过程还将持续数月。

正在生产三款Irwin产品，计划于第三季度末或第四季度初推出，不过大部分产品仍集中于男性健康或减肥领域。从2027年开始，公司的目标是每季度至少推出四款新产品，并更加注重管理层认为更具吸引力和增长潜力的品类。

FitLife还计划在2026财年剩余时间内进一步缩减SG&A费用。管理层表示，第二季度发生的环比缩减按年化计算约为80万美元，并已发现进一步节省开支的机会。

公司打算利用过剩的自由现金流进一步偿还债务。管理层预计，随着还款的持续进行，由此带来的全年初步利息节省额将随之增加。

风险与关注要点

• 传统FitLife业务仍面临对GNC批发销售额下滑以及MRC线上表现疲软的困境。
• 管理层指出，美国专业零售业正面临关店、同店销售额下降以及客流量减弱的挑战。
• 亚马逊算法的变更影响了公司的线上业务，并促使其增加了亚马逊平台之外的广告投入。
• 据管理层透露，Irwin历史上优势最强的品类（减肥与男性健康）正出现大幅下滑。
• Irwin的供应链过渡尚未完成，涉及产品保质期、缺货问题以及物流成本等方面。
• 由于FitLife将更多预算转向提升亚马逊平台外的品牌知名度，广告与营销费用环比增长了16.4%，但管理层表示其成效仍需时间检验。

分析师问答要点

管理层表示，Irwin的线上扩张超出了预期，亚马逊销售额的增长远超此前第三方卖家所承接的规模。公司对从批发销量转向直营零售销量的趋势持积极态度，因为这能带来更高的营收和毛利润；但公司仍希望线上增长是对零售商合作伙伴关系的一种增量补充。

关于GNC，管理层指出其表现低于预期。管理层提到，2025财年第一和第二季度的基数异常偏高，原因是GNC在先前发生的出货纠纷解决后对配送中心进行了补货。

针对MusclePharm，管理层强调账面营收疲软主要反映了公司退出了盈利能力较低的国际业务。若扣除这些客户，该业务处于增长状态，且拥有更高的利润率、在Kroger渠道取得初步进展以及亚马逊销售趋势改善。

FitLife旗下各品牌在亚马逊上的活跃订阅用户数在4月中旬触底（略高于9万），此后几乎每周都在增长，达到约9.4万。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.