FitLife Brands Reports 47% Revenue Growth in Q3 2025, Net Income Declines

FitLife Brands, Inc. reported significant financial results for the third quarter and the first nine months of 2025, reflecting a notable increase in revenue driven primarily by the recent acquisition of Irwin Naturals. For the three months ended September 30, 2025, the company generated revenue of $23.5 million, a 47% increase from $16.0 million in the same period of 2024. The nine-month revenue also rose by 12% to $55.5 million compared to $49.5 million in the prior year. However, net income for the third quarter decreased to $921,000, down 57% from $2.1 million in the previous year, while net income for the nine months fell to $4.7 million from $6.9 million.

The increase in revenue was largely attributed to the acquisition of Irwin Naturals, which contributed $6.8 million in revenue during the quarter. MusclePharm also saw a 55% increase in revenue, reaching $3.8 million, although Legacy FitLife revenue declined by 5% to $12.9 million, primarily due to a decrease in online sales. The company reported that online sales accounted for approximately 44% of total revenue in the third quarter, down from 68% in the same period last year, while wholesale revenue increased to 56% of total revenue.

FitLife Brands' cost of goods sold (COGS) rose significantly, increasing 64% to $14.7 million for the third quarter, primarily due to the Irwin acquisition and higher sales from MusclePharm. This led to a gross profit of $8.7 million, a 25% increase from the previous year, but the gross margin decreased to 37.2% from 43.8%, impacted by the lower margins associated with Irwin's products. Operating expenses also increased, with total operating expenses rising 68% to $6.4 million, driven by higher selling, general, and administrative costs related to the acquisition.

In terms of strategic developments, FitLife Brands completed the acquisition of Irwin Naturals on August 8, 2025, for approximately $42.5 million, funded through a combination of a new term loan and a revolving line of credit. This acquisition is expected to enhance the company's product offerings and market presence. The company also reported a stock split in February 2025, which increased the number of authorized shares and adjusted share values accordingly.

Looking ahead, FitLife Brands anticipates that the integration of Irwin Naturals will provide opportunities for growth and synergies within its existing operations. The company is focused on optimizing its product lines and enhancing its market share, particularly in the wholesale channel. However, management acknowledged the challenges posed by increased operational costs and the need to maintain effective marketing strategies to drive sales growth in a competitive market.