(NASDAQ:FTLF),
OMAHA, NE, Aug. 14, 2025 (GLOBE NEWSWIRE) — FitLife Brands, Inc. (“FitLife” or the “Company“) (NASDAQ: FTLF), a provider of innovative and proprietary nutritional supplements and wellness products, today announced financial results for the second quarter ended June 30, 2025.
Highlights for the second quarter ended June 30, 2025 include:
- Total revenue was $16.1 million, 5% lower than the second quarter of 2024.
- Online revenue was $10.4 million, representing 65% of total revenue and down 7% compared to the second quarter of 2024.
- Gross margin was 42.8% compared to 44.8% during the second quarter of 2024.
- Net income for the second quarter of 2025 was $1.7 million compared to $2.6 million during the same period last year, with merger and acquisition related expense associated with the Irwin Naturals transaction accounting for most of the decline.
- Basic earnings per share and diluted earnings per share were $0.19 and $0.18, respectively, compared to $0.29 and $0.27 for the second quarter of 2024.
- Adjusted EBITDA was $3.3 million, a 13% decrease compared to the second quarter of 2024.
- The Company ended the quarter with $10.9 million outstanding on its term loans and cash of $6.6 million (including the $5.0 million deposit related to the Irwin acquisition), or total net debt of $4.3 million.
For the second quarter ended June 30, 2025, total revenue decreased 5% to $16.1 million compared to $16.9 million during the same period last year. Online revenue for the quarter was $10.4 million, down 7% compared to the quarter ended June 30, 2024. Online revenue accounted for 65% and 66% of the Company's total revenue during the quarters ended June 30, 2025 and 2024, respectively. Wholesale revenue remained the same, at $5.7 million, for the quarters ended June 30, 2025 and 2024.
Gross margin for the quarter ended June 30, 2025 was 42.8% compared to 44.8% during the same period in the prior year, with MRC being the primary driver of the decline.
Net income for the second quarter of 2025 was $1.7 million compared to $2.6 million during the quarter ended June 30, 2024. Basic earnings per share and diluted earnings per share were $0.19 and $0.18, respectively, compared to $0.29 and $0.27 for the second quarter of 2024. Elevated merger and acquisition-related expense relating to the Irwin acquisition accounted for most of the decline in net income and earnings per share for the second quarter of 2025 compared to the second quarter of 2024.
Adjusted EBITDA for the quarter ended June 30, 2025 was $3.3 million, a decrease of 13% compared to the same period in 2024, bringing adjusted EBITDA for the trailing twelve months to $13.4 million.
The Company ended the quarter with $10.9 million outstanding on its term loans, no outstanding balance on its line of credit, and cash of $6.6 million (including the $5.0 million deposit related to the Irwin Naturals acquisition), or total net debt of $4.3 million, equivalent to approximately 0.3x adjusted EBITDA.
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 exceptions, 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 this press release represent the performance of a collection of brands. Legacy FitLife consists of nine brands and MRC 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 | ||||||||||
| Q2 | Q3 | Q4 | Q1 | Q2 | |||||||
| Wholesale revenue | 4,224 | 3,859 | 3,210 | 4,585 | 4,282 | ||||||
| Online revenue | 2,578 | 2,443 | 2,112 | 2,714 | 3,021 | ||||||
| Total revenue | 6,802 | 6,302 | 5,322 | 7,299 | 7,303 | ||||||
| Gross profit | 3,006 | 2,684 | 2,115 | 3,254 | 3,200 | ||||||
| Gross margin | 44.2 | % | 42.6 | % | 39.7 | % | 44.6 | % | 43.8 | % | |
| Advertising and marketing | 94 | 70 | 59 | 85 | 130 | ||||||
| Contribution | 2,912 | 2,614 | 2,056 | 3,169 | 3,070 | ||||||
| Contribution as a % of revenue | 42.8 | % | 41.5 | % | 38.6 | % | 43.4 | % | 42.0 | % | |
For the second quarter of 2025, Legacy FitLife revenue increased 7% compared to the same period last year, driven by a 17% increase in online revenue and a 1% increase in wholesale revenue.
Gross profit and contribution increased by 7% and 5%, respectively, for Legacy FitLife. Gross margin decreased slightly from 44.2% during the second quarter of 2024 to 43.8% during the second quarter of 2025. Contribution as a percentage of revenue decreased from 42.8% to 42.0% over the same time period.
| Mimi's Rock (MRC) | |||||||||||
| (Unaudited) | |||||||||||
| 2024 | 2025 | ||||||||||
| Q2 | Q3 | Q4 | Q1 | Q2 | |||||||
| Wholesale revenue | 90 | 71 | 40 | 63 | 103 | ||||||
| Online revenue | 7,371 | 7,139 | 6,832 | 6,611 | 6,166 | ||||||
| Total revenue | 7,461 | 7,210 | 6,872 | 6,674 | 6,269 | ||||||
| Gross profit | 3,597 | 3,441 | 3,350 | 3,030 | 2,916 | ||||||
| Gross margin | 48.2 | % | 47.7 | % | 48.7 | % | 45.4 | % | 46.5 | % | |
| Advertising and marketing | 1,071 | 929 | 803 | 794 | 823 | ||||||
| Contribution | 2,526 | 2,512 | 2,547 | 2,236 | 2,093 | ||||||
| Contribution as % of revenue | 33.9 | % | 34.8 | % | 37.1 | % | 33.5 | % | 33.4 | % | |
For the second quarter of 2025, MRC revenue decreased 16% compared to the same period in 2024. Revenue for the largest MRC brand, Dr. Tobias, decreased 16% while revenue for the skin care brands, Maritime Naturals and All Natural Advice, declined 20% for the second quarter of 2025 compared to the same period in 2024.
For MRC, gross profit declined 19% and contribution declined 17%. Gross margin declined to 46.5% compared to 48.2% in the second quarter of 2024. Contribution as a percentage of revenue decreased to 33.4% compared to 33.9% during the second quarter of 2024.
The revenue decline for the Dr. Tobias brand is primarily due to a drop in traffic to our product listing pages, and not a decline in conversion rate. The gross margin decline is partially due to tariffs impacting the two skin care brands. Both brands were subject to a 25% tariff applied to the full product cost on the majority of the brands' revenue during the second quarter of 2025. The gross margin for the Dr. Tobias brand declined slightly due to product mix.
| MusclePharm | |||||||||||
| (Unaudited) | |||||||||||
| 2024 | 2025 | ||||||||||
| Q2 | Q3 | Q4 | Q1 | Q2 | |||||||
| Wholesale revenue | 1,388 | 1,231 | 1,689 | 658 | 1,311 | ||||||
| Online revenue | 1,279 | 1,234 | 1,130 | 1,305 | 1,244 | ||||||
| Total revenue | 2,667 | 2,465 | 2,819 | 1,963 | 2,555 | ||||||
| Gross profit | 977 | 876 | 747 | 590 | 788 | ||||||
| Gross margin | 36.6 | % | 35.5 | % | 26.5 | % | 30.1 | % | 30.8 | % | |
| Advertising and marketing | 161 | 94 | 117 | 174 | 238 | ||||||
| Contribution | 816 | 782 | 630 | 416 | 550 | ||||||
| Contribution as % of revenue | 30.6 | % | 31.7 | % | 22.3 | % | 21.2 | % | 21.5 | % | |
For the second quarter of 2025, MusclePharm revenue decreased 4% compared to the same period last year, with wholesale revenue decreasing 6% and online revenue decreasing 3%. As previously disclosed, in an effort to drive revenue growth, the Company is making targeted investments in advertising and promotion in both the wholesale and online channels. During 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 wholesale customer 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.
In mid-March 2025, the Company launched the new MusclePharm Pro Series, a collection of premium sports nutrition products, in a pilot in high-volume Vitamin Shoppe stores (consisting of approximately 60% of Vitamin Shoppe's nationwide store base). Certain items from the MusclePharm Pro Series line will remain in Vitamin Shoppe stores beyond conclusion of the pilot. The MusclePharm Pro Series line has begun to be sold online as well as through other partners internationally.
| FitLife Consolidated | |||||||||||
| (Unaudited) | |||||||||||
| 2024 | 2025 | ||||||||||
| Q2 | Q3 | Q4 | Q1 | Q2 | |||||||
| Wholesale revenue | 5,702 | 5,161 | 4,939 | 5,306 | 5,696 | ||||||
| Online revenue | 11,228 | 10,816 | 10,074 | 10,630 | 10,431 | ||||||
| Total revenue | 16,930 | 15,977 | 15,013 | 15,936 | 16,127 | ||||||
| Gross profit | 7,580 | 7,001 | 6,212 | 6,874 | 6,904 | ||||||
| Gross margin | 44.8 | % | 43.8 | % | 41.4 | % | 43.1 | % | 42.8 | % | |
| Advertising and marketing | 1,326 | 1,093 | 979 | 1,053 | 1,191 | ||||||
| Contribution | 6,254 | 5,908 | 5,233 | 5,821 | 5,713 | ||||||
| Contribution as % of revenue | 36.9 | % | 37.0 | % | 34.9 | % | 36.5 | % | 35.4 | % | |
For the Company overall, revenue decreased 5%, gross profit decreased 9%, and contribution decreased 9% compared to the second quarter of 2024. Gross margin declined to 42.8% compared to 44.8% during the second quarter last year. Contribution as a percentage of revenue decreased to 35.4% compared to 36.9% during the second quarter last year.
Acquisition of Irwin Naturals
Subsequent to the end of the second quarter, on August 8, 2025, the Company completed the acquisition of Irwin Naturals and its related affiliates. Through the asset purchase transaction under Section 363 of the US Bankruptcy Code, the Company acquired substantially all of the assets and assumed minimal liabilities of Irwin. Total consideration for the acquisition was $42.5 million. Of this amount, $35.75 million was funded using proceeds from a new term loan and revolving line of credit provided by First Citizens Bank, with the remainder funded from the Company's available cash balances.
Management Commentary
Dayton Judd, the Company's Chairman and CEO commented, “As previously disclosed, the second quarter of 2025 was strong for our Legacy FitLife business, but somewhat challenged for MRC. With regard to Legacy FitLife, we benefitted from a slight increase in wholesale revenue and strong growth in online revenue.
“Among our existing brands, the performance of the Dr. Tobias brand is our primary concern, primarily due to reduced session counts on Amazon. However, once customers get to the brand's product pages, they are converting at the same or higher percentages. We are focused on a number of initiatives to increase session counts, including targeted increases in advertising spend, optimizing SEO for our listings, and driving external traffic to our Amazon product pages. For many of our products, the decline in sessions started during the third quarter of 2024, and session counts have been fairly stable sequentially throughout 2025. As long as session counts continue to remain stable, the year-over-year comparison should be more favorable beginning later this year.
“With regard to MusclePharm, the efforts of our sales team continue to bear fruit. We continue to gain new distribution for a number of products, including the RTDs. Wholesale revenue for this brand is somewhat lumpy, so quarter-to-quarter wholesale revenue may not accurately reflect our progress. Monthly wholesale revenue for MusclePharm in July was the highest it has ever been since we bought the brand.
“Last, we are very excited about Irwin Naturals. For the trailing twelve months as of June 30, 2025, adjusting for the loss of distribution in Costco's U.S. stores in early 2025, Irwin generated revenue of approximately $60 million at a gross margin of approximately 35%. We expect to generate improved gross margins over time as we increase the percentage of revenue generated from online sales and as we focus on making our supply chain more efficient.
“Irwin's SG&A for the trailing twelve months as of June 30, 2025 was approximately $14.5 million. As previously announced, we expect annual SG&A to be approximately $1.5 million lower based on the number of employees rehired by FitLife as part of the transaction. And we expect to identify further cost-savings opportunities as we become more familiar with Irwin's operations.
“Irwin has an incredible brand with strong distribution. And we are equally excited about the Irwin team and are delighted to welcome them to the FitLife family. We look forward to updating our investors on Irwin's progress during our third quarter earnings call.”
Earnings Conference Call
The Company will hold an investor conference call on Thursday, August 14, 2025 at 4:30 pm ET. Investors interested in participating in the live call can dial (833) 492-0064 from the U.S. and provide the conference identification code of 759665. International participants can dial (973) 528-0163 and provide the same code.
About FitLife Brands
FitLife Brands is a developer and marketer of innovative and proprietary nutritional supplements and wellness products for health-conscious consumers. FitLife markets more than 250 different products primarily online, but also through domestic and international GNC(R) franchise locations as well as through various retail locations. FitLife is headquartered in Omaha, Nebraska. For more information, please visit our website at www.fitlifebrands.com.
Forward-Looking Statements
Statements in this release that are forward-looking involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to be materially different from any future performance that may be suggested in this news release. Such factors may include, but are not limited to, the ability of the Company to continue to grow revenue, the Company's ability to continue to achieve positive cash flow given the Company's existing and anticipated operating and other costs, and the Company's ability to service its debt. Many of these risks and uncertainties are beyond the Company's control. Reference is made to the discussion of risk factors detailed in the Company's filings with the Securities and Exchange Commission including its reports on Form 10-K and 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.
FITLIFE BRANDS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
| June 30, 2025 | December 31, 2024 | |||||||
| (Unaudited) | ||||||||
| ASSETS: | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 1,530 | $ | 4,468 | ||||
| Restricted cash | 55 | 52 | ||||||
| Accounts receivable, net of allowance of doubtful accounts of $19 and $41, respectively | 2,488 | 1,626 | ||||||
| Inventories, net of allowance for obsolescence of $78 and $100, respectively | 11,722 | 11,074 | ||||||
| Deposit for Irwin acquisition | 5,000 | – | ||||||
| Prepaid expense and other current assets | 1,382 | 923 | ||||||
| Total current assets | 22,177 | 18,143 | ||||||
| Property and equipment, net | 81 | 75 | ||||||
| Right of use asset | 367 | 412 | ||||||
| Intangibles, net of amortization of $162 and $152, respectively | 26,285 | 26,235 | ||||||
| Goodwill | 13,116 | 13,022 | ||||||
| Deferred tax asset | 821 | 644 | ||||||
| TOTAL ASSETS | $ | 62,847 | $ | 58,531 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 4,940 | $ | 4,067 | ||||
| Accrued expense | 1,409 | 684 | ||||||
| Income taxes payable | 1,521 | 1,415 | ||||||
| Product returns | 524 | 564 | ||||||
| Term loan – current portion | 4,500 | 4,500 | ||||||
| Lease liability – current portion | 74 | 81 | ||||||
| Total current liabilities | 12,968 | 11,311 | ||||||
| Term loan, net of current portion and unamortized deferred finance costs | 6,321 | 8,550 | ||||||
| Long-term lease liability, net of current portion | 299 | 331 | ||||||
| Deferred tax liability | 2,340 | 2,213 | ||||||
| TOTAL LIABILITIES | 21,928 | 22,405 | ||||||
| STOCKHOLDERS' EQUITY: | ||||||||
| Preferred stock, $0.01 par value, 10,000 shares authorized, none outstanding as of June 30, 2025 and December 31, 2024 | – | – | ||||||
| Common stock, $0.01 par value, 120,000 shares authorized; 9,391 and 9,210 issued and outstanding as of June 30, 2025 and December 31, 2024 | 94 | 92 | ||||||
| Additional paid-in capital | 32,015 | 31,129 | ||||||
| Retained earnings (accumulated deficit) | 9,332 | 5,567 | ||||||
| Foreign currency translation adjustment | (522 | ) | (662 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY | 40,919 | 36,126 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 62,847 | $ | 58,531 | ||||
FITLIFE BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(In thousands, except per share data)
(Unaudited)
| Three months ended June 30 | Six months ended June 30 | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 16,127 | $ | 16,930 | $ | 32,063 | $ | 33,479 | ||||||||
| Cost of goods sold | 9,223 | 9,350 | 18,285 | 18,612 | ||||||||||||
| Gross profit | 6,904 | 7,580 | 13,778 | 14,867 | ||||||||||||
| OPERATING EXPENSE: | ||||||||||||||||
| Advertising and marketing | 1,191 | 1,326 | 2,244 | 2,554 | ||||||||||||
| Selling, general and administrative | 2,485 | 2,528 | 4,997 | 5,036 | ||||||||||||
| Merger and acquisition related | 696 | 24 | 1,028 | 158 | ||||||||||||
| Depreciation and amortization | 14 | 27 | 33 | 63 | ||||||||||||
| Total operating expense | 4,386 | 3,905 | 8,302 | 7,811 | ||||||||||||
| OPERATING INCOME | 2,518 | 3,675 | 5,476 | 7,056 | ||||||||||||
| OTHER EXPENSE (INCOME) | ||||||||||||||||
| Interest income | (50 | ) | (17 | ) | (76 | ) | (22 | ) | ||||||||
| Interest expense | 225 | 345 | 469 | 759 | ||||||||||||
| Foreign exchange (gain) loss | (35 | ) | (10 | ) | (14 | ) | (5 | ) | ||||||||
| Total other expense | 140 | 318 | 379 | 732 | ||||||||||||
| INCOME BEFORE INCOME TAX PROVISION | 2,378 | 3,357 | 5,097 | 6,324 | ||||||||||||
| PROVISION FOR INCOME TAXES | 631 | 729 | 1,332 | 1,536 | ||||||||||||
| NET INCOME | $ | 1,747 | $ | 2,628 | $ | 3,765 | $ | 4,788 | ||||||||
| NET INCOME PER SHARE | ||||||||||||||||
| Basic | $ | 0.19 | $ | 0.29 | $ | 0.40 | $ | 0.52 | ||||||||
| Diluted | $ | 0.18 | $ | 0.27 | $ | 0.38 | $ | 0.49 | ||||||||
| Basic weighted average common shares | 9,389 | 9,196 | 9,301 | 9,196 | ||||||||||||
| Diluted weighted average common shares | 9,961 | 9,900 | 9,944 | 9,862 | ||||||||||||
FITLIFE BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(In thousands)
(Unaudited)
| Six months ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net income | $ | 3,765 | $ | 4,788 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 33 | 63 | ||||||
| Allowance for doubtful accounts | (22 | ) | 1 | |||||
| Allowance for inventory obsolescence | (22 | ) | (93 | ) | ||||
| Stock-based compensation | 206 | 203 | ||||||
| Amortization of deferred financing costs | 21 | 19 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable – trade | (809 | ) | (480 | ) | ||||
| Inventories | (507 | ) | (641 | ) | ||||
| Deferred tax asset | (177 | ) | 110 | |||||
| Prepaid expense and other current assets | (450 | ) | 770 | |||||
| Right-of-use asset | 46 | 45 | ||||||
| Accounts payable | 828 | 1,064 | ||||||
| Income taxes payable | 26 | 830 | ||||||
| Lease liability | (41 | ) | (53 | ) | ||||
| Accrued expense | 641 | 21 | ||||||
| Product returns | (15 | ) | (41 | ) | ||||
| Net cash provided by operating activities | 3,523 | 6,606 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Cash deposit paid for Irwin acquisition | (5,000 | ) | – | |||||
| Purchase of property and equipment | (29 | ) | (10 | ) | ||||
| Net cash used in investing activities | (5,029 | ) | (10 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Payments on term loans | (2,250 | ) | (4,750 | ) | ||||
| Proceeds from exercise of stock options | 682 | – | ||||||
| Net cash used in financing activities | (1,568 | ) | (4,750 | ) | ||||
| Foreign currency impact on cash | 139 | (9 | ) | |||||
| CHANGE IN CASH AND RESTRICTED CASH | (2,935 | ) | 1,837 | |||||
| CASH AND RESTRICTED CASH, BEGINNING OF PERIOD | 4,520 | 1,898 | ||||||
| CASH AND RESTRICTED CASH, END OF PERIOD | $ | 1,585 | $ | 3,735 | ||||
| Supplemental cash flow disclosure | ||||||||
| Cash paid for income taxes | $ | 1,934 | $ | 517 | ||||
| Cash paid for interest, net of amounts capitalized | $ | 458 | $ | 761 |
Non-GAAP Measures
The financial presentation below contains certain financial measures not in accordance with GAAP, defined by the SEC as “non-GAAP financial measures”, including EBITDA and adjusted EBITDA. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in this Quarterly Report in accordance with GAAP.
As presented below, EBITDA excludes interest, foreign exchange gains and losses, income taxes, and depreciation and amortization. Adjusted EBITDA excludes–in addition to interest, foreign exchange losses, taxes, depreciation and amortization–stock-based compensation and merger and acquisition related expense. The Company believes the non-GAAP measures provide useful information to both management and investors by excluding certain expense and other items that may not be indicative of its core operating results and business outlook. The Company believes that the inclusion of non-GAAP measures in the financial presentation below allows investors to compare the Company's financial results with the Company's historical financial results and is an important measure of the Company's comparative financial performance.
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Net income | $ | 1,747 | $ | 2,628 | $ | 3,765 | $ | 4,788 | ||||||||
| Interest expense | 225 | 345 | 469 | 759 | ||||||||||||
| Interest income | (50 | ) | (17 | ) | (76 | ) | (22 | ) | ||||||||
| Foreign exchange (gain) loss | (35 | ) | (10 | ) | (14 | ) | (5 | ) | ||||||||
| Provision for income taxes | 631 | 729 | 1,332 | 1,536 | ||||||||||||
| Depreciation and amortization | 14 | 27 | 33 | 63 | ||||||||||||
| EBITDA | 2,532 | 3,702 | 5,509 | 7,119 | ||||||||||||
| Non-cash and non-recurring adjustments | ||||||||||||||||
| Stock-based compensation | 99 | 101 | 206 | 203 | ||||||||||||
| Merger and acquisition related | 696 | 24 | 1,028 | 158 | ||||||||||||
| Adjusted EBITDA | $ | 3,327 | $ | 3,827 | $ | 6,743 | $ | 7,480 | ||||||||
investor@fitlifebrands.com
