olivLaw · US equity research
FitLife Brands, Inc. FTLF
Medicinal Chemicals & Botanical Products · SIC 2833 · Vertical: Medicinal Chemicals & Botanical Products (SIC 2833)
FitLife Brands, Inc. (FTLF, Nasdaq) develops and sells nutritional supplements and wellness products through proprietary brands, distributed via GNC, Amazon and wholesale channels. The August 2025 acquisition of Irwin Naturals reshaped the company, lifting quarterly revenue to 26.5 million USD while leaving net debt high at 37.0 million USD.
At the close of 04 Nov 2026, FitLife Brands, Inc. (FTLF) stock was 8.18 USD (+3.68% on the day), with market capitalisation 76.8 m USD, P/E 13.1 on diluted EPS of 0.62 USD over the last 12 months, beta 0.64, 52-week range 7.84–19.60 USD. Latest reported quarter (Q2 2026): revenue of 26.5 m USD (+64.6% YoY), net income of 2.0 m USD (+11.6% YoY), diluted EPS 0.20 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 41.8
- weak (30–45)
- Bollinger (20, 2)
- 7.59 – 9.19
- in the lower half of the band · %B 0.37 · band width 19.0%
- SMA 50 / 200
- 9.03 / 11.05
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.32 / -0.32
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.7% | −1.1% | −8.6 pp | — |
| 3 months | −19.9% | −0.5% | −19.4 pp | — |
| 6 months | −12.1% | +4.4% | −16.5 pp | — |
| Year to date | −49.7% | +12.3% | −62.0 pp | — |
| 1 year | −58.8% | +13.5% | −72.3 pp | −35.8% |
| 3 years | −25.8% | +76.4% | −102.2 pp | −45.3% |
| 5 years | +21.1% | +63.7% | −42.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16.0 m | 15.0 m | 15.9 m | 16.1 m | 23.5 m | 25.9 m | 25.3 m | 26.5 m |
| Cost of revenue | 9.0 m | 8.8 m | 9.1 m | 9.2 m | 14.7 m | 17.0 m | 15.8 m | 16.7 m |
| Gross profit | 7.0 m | 6.2 m | 6.9 m | 6.9 m | 8.7 m | 8.9 m | 9.5 m | 9.8 m |
| SG&A | 2.6 m | 2.3 m | 2.5 m | 2.5 m | 4.1 m | 4.9 m | 5.0 m | 4.8 m |
| Operating income | 3.2 m | 2.9 m | 3.0 m | 2.5 m | 2.3 m | 2.3 m | 3.1 m | 3.4 m |
| Depreciation & amortisation | 22.0 k | 23.0 k | 19.0 k | 14.0 k | 136.0 k | 251.0 k | 248.0 k | 252.0 k |
| Interest expense | 326.0 k | 282.0 k | 244.0 k | 175.0 k | 580.0 k | 814.0 k | 735.0 k | 679.0 k |
| Pre-tax income | 2.9 m | 2.7 m | 2.7 m | 2.4 m | 1.8 m | 1.4 m | 2.3 m | 2.7 m |
| Income tax | 770.0 k | 581.0 k | 701.0 k | 631.0 k | 829.0 k | -258.0 k | 627.0 k | 734.0 k |
| Net income | 2.1 m | 2.1 m | 2.0 m | 1.7 m | 921.0 k | 1.6 m | 1.7 m | 2.0 m |
| Diluted EPS | 0.21 | 0.21 ≈ | 0.20 | 0.18 | 0.09 | 0.16 ≈ | 0.17 | 0.20 |
| Operating cash flow | 2.0 m ≈ | 957.0 k | 2.3 m | 1.2 m ≈ | 3.7 m ≈ | 244.0 k | 2.5 m | 3.6 m ≈ |
| Capex | 0 ≈ | 0 | 24.0 k | 5.0 k ≈ | 8.0 k ≈ | 5.0 k | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 71 percentile of its own 31-quarter history (min 0.1, median 5.0, max 29.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17.1 m | 19.5 m | 21.7 m | 27.9 m | 28.8 m | 52.7 m | 64.5 m | 81.5 m |
| Revenue YoY | −4.1% | +14.2% | +11.5% | +28.4% | +3.2% | +83.0% | +22.3% | +26.4% |
| Net income | 509.0 k | 2.6 m | 8.8 m | 5.4 m | 4.4 m | 5.3 m | 9.0 m | 6.3 m |
| Net income YoY | 0.0% | +412.8% | +238.1% | −38.7% | −18.1% | +19.6% | +69.6% | −29.6% |
| Diluted EPS | 0.37 | 2.33 | 1.94 | 1.13 | 0.89 | 0.54 | 0.91 | 0.63 |
| Diluted EPS YoY | unavailable | +529.7% | −16.7% | −41.8% | −21.2% | −39.3% | +68.5% | −30.8% |
| net % | 3.0% | 13.4% | 40.6% | 19.4% | 15.4% | 10.0% | 13.9% | 7.8% |
| Free cash flow | 258.0 k | unavailable | unavailable | unavailable | 4.1 m | 4.1 m | 9.6 m | 7.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 43.6 m USD
- Total assets
- 106.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.53x
- ROE
- 15.9%
- ROA
- 7.7%
- FCF margin
- 9.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 21.7 m | 27.9 m | 28.8 m | 52.7 m | 64.5 m | 81.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 12.4 m | 15.4 m | 16.8 m | 31.3 m | 36.4 m | 50.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 9.5 m | 12.5 m | 12.0 m | 21.4 m | 28.1 m | 31.5 m | SEC (XBRL)· 31 Mar 2026verified |
| SG&A | — | 6.2 m | 6.0 m | 7.9 m | 10.0 m | 14.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | 4.3 m | 6.2 m | 5.7 m | 7.6 m | 13.1 m | 10.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 38.0 k | 59.0 k | 66.0 k | 94.0 k | 108.0 k | 420.0 k | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | 4.4 m ≈ | 6.3 m ≈ | 5.8 m ≈ | 7.6 m ≈ | 13.2 m ≈ | 10.5 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 15.0 k | — | 0 | 1.0 m | 1.4 m | 1.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | 4.4 m | 6.7 m | 5.8 m | 7.0 m | 11.9 m | 8.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | -4.4 m | 1.3 m | 1.4 m | 1.7 m | 2.9 m | 1.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Net income | 8.8 m | 5.4 m | 4.4 m | 5.3 m | 9.0 m | 6.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | 1.94 | 1.13 | 0.89 | 0.54 | 0.91 | 0.63 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 4.5 m | 4.8 m | 5.0 k | 9.8 m | 9.9 m | 10.0 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 6.3 m | — | — | — | — | — | SEC (XBRL)· 26 Mar 2021verified |
| Receivables | 1.8 m | 945.0 k | 705.0 k | 2.0 m | 1.6 m | 8.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Inventories | 3.5 m | 6.5 m | 9.1 m | 9.1 m | 11.1 m | 21.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 11.8 m | 17.7 m | 23.2 m | 14.7 m | 18.1 m | 33.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 98.0 k | 70.0 k | 46.0 k | 137.0 k | 75.0 k | 128.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | 225.0 k | 358.0 k | 358.0 k | 13.3 m | 13.0 m | 19.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 0 | 192.0 k | 150.0 k | 26.3 m | 26.2 m | 51.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 16.6 m | 21.5 m | 25.7 m | 55.3 m | 58.5 m | 106.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 3.2 m | 2.9 m | 3.0 m | 3.3 m | 4.1 m | 6.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | — | — | 0 | — | 4.5 m | — | SEC (XBRL)· 13 Nov 2025verified |
| Long-term debt | — | — | 0 | 15.5 m | 8.6 m | — | SEC (XBRL)· 27 Mar 2025verified |
| Current liabilities | 4.1 m | 4.1 m | 4.3 m | 10.3 m | 11.3 m | 21.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 4.8 m | 4.2 m | 4.3 m | 28.3 m | 22.4 m | 62.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 11.9 m † | 17.3 m † | 21.4 m † | 27.0 m † | 36.1 m † | 43.6 m † | SEC (XBRL)· 31 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 5.7 m | 4.5 m | 4.1 m | 4.2 m | 9.6 m | 7.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | — | — | 0 | 106.0 k | 10.0 k | 42.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | — | — | 4.1 m ≈ | 4.1 m ≈ | 9.6 m ≈ | 7.4 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | 0 | -529.0 k | 0 | -36.0 m | -10.0 k | -42.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 350.0 k | -390.0 k | -750.0 k | 20.3 m | -7.0 m | 32.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Dividends paid | 0 | — | — | — | — | — | SEC (XBRL)· 26 Mar 2021verified |
| Share repurchases | 171.0 k | 444.0 k | 779.0 k | 0 | — | — | SEC (XBRL)· 29 Mar 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 76.8 m USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.2% | 87 (vs peers) | 11% |
| FCF conversion · Quality | 160.8% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 41.4% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | -10.9% | 0 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.9x | 37 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.5x | 55 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 13.1x | 77 (on a fixed band) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 13.0% | 100 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet44/100 · 2/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality93/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation87/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FITLIFE BRANDS, INC. (FTLF). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 81.5 m USD in 2025; YoY growth 26.4%; net margin 6.2%; ROE 14.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 6.2%
- FCF conversion: 160.8%
- Revenue CAGR 3Y: 41.4%
- P/E (TTM): 13.1x
- FCF yield: 13.0%
What contradicts it
- EPS CAGR 3Y: -10.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Medicinal Chemicals & Botanical Products (SIC 2833) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TRLVTrulieve Cannabis Corp. | 2.2 bn | — | -48.2% | -41.8% | −0.4% | +115% / +109% |
| TLRYTilray Brands, Inc. | 437.5 m | — | -10.4% | -17.1% | +11.5% | −63% / −84% |
| USNAUsana Health Sciences, Inc. | 264.8 m | — | -4.2% | -2.4% | unavailable | −28% / −70% |
| NAGENiagen Bioscience, Inc. | 199.6 m | 21.3 | 13.3% | 8.4% | +29.9% | −63% / +81% |
| MDWDMediwound Ltd. | 182.3 m | — | -63.9% | -140.8% | −16.1% | −21% / +59% |
| FTLFFitlife Brands, Inc. | 76.8 m | 13.1 | 14.1% | 6.2% | +26.4% | −59% / −26% |
| BTMDbiote Corp. | 71.6 m | 11.8 | — | 3.2% | −2.5% | −55% / −75% |
| NAIINatural Alternatives International, Inc. | 24.3 m | — | -35.0% | -14.5% | +9.7% | −70% / −81% |
| MTEXMannatech Inc | 16.7 m | — | -1,490.1% | -6.9% | −8.3% | −8% / −3% |
| BONBon Natural Life Limited | 4.4 m | — | -3.9% | -10.7% | −21.7% | −39% / −99% |
| CRONCronos Group Inc. | — | — | 6.5% | 39.1% | +24.6% | +42% / +74% |
| CGCCanopy Growth Corp | — | — | -39.9% | -79.2% | +5.8% | −36% / −87% |
| ACBAurora Cannabis Inc | — | — | 0.3% | 0.5% | +27.3% | +14% / +14% |
| GLASGlass House Brands Inc. | — | — | -31.2% | -16.3% | −9.4% | −57% / −45% |
| SNDLSNDL Inc. | — | — | -1.4% | -1.7% | +2.8% | −20% / −1% |
| IMCCIM Cannabis Corp. | — | — | -1,496.2% | -20.7% | +1.3% | −99% / −99% |
1- and 3-year price returns: for FTLF from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 5.69 Total return -30% · Per year -30% | 10.01 Total return 22% · Per year 22% | 15.01 Total return 84% · Per year 84% |
| 3 years | 6.75 Total return -18% · Per year -6% | 13.24 Total return 62% · Per year 17% | 21.62 Total return 164% · Per year 38% |
| 5 years | 8.00 Total return -2% · Per year -0% | 17.50 Total return 114% · Per year 16% | 31.13 Total return 281% · Per year 31% |
- Exit P/E± 3.31
- Net margin± 2.32
- Annual revenue growth± 1.73
- Annual dilution± 0.19
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
FitLife Brands, Inc. (FTLF, Nasdaq) develops and sells nutritional supplements and wellness products through proprietary brands, distributed via GNC, Amazon and wholesale channels. The August 2025 acquisition of Irwin Naturals reshaped the company, lifting quarterly revenue to 26.5 million USD 3 while leaving net debt high at 37.0 million USD 3.
SWOT
Strengths
- A diversified portfolio of supplement brands spanning sports nutrition, weight loss and wellness 1.
- Strong revenue growth following the Irwin acquisition, with positive results continuing into the second quarter of 2026 3.
- An active debt reduction policy, with early repayments funded from available cash flow 3.
Weaknesses
Opportunities
- Growing Irwin sales on Amazon and other online platforms, where growth has been sustained 3.
- Wider international distribution, though results remain uncertain and depend on local regulation 1.
- New product launches and reformulations could reconnect the company with consumers whose preferences are shifting 1.
Risks
- Dependence on Amazonhigh
A significant part of sales comes through Amazon, and a suspended account or listings could have a material impact 1.
- Concentration on large customershigh
Loss or reduced purchasing by a major partner such as GNC could weigh on revenue 12.
- Debt and interest costsmedium
High net debt after the Irwin acquisition could limit investment in growth if cash flow weakens 3.
- Pressure on gross marginmedium
Acquired brands carry lower margins, and cost or price pressure could further reduce profitability 3.
- Shifting consumer preferenceslow
If products do not respond quickly to new requirements, demand could decline 1.
Investment thesis
What would need to be true (bull case)
- The Irwin acquisition restored revenue growth, and the brand's online sales on Amazon keep expanding 3.
- If debt reduction continues, interest costs could fall and free up cash for investment 3.
- Sequential revenue growth in both wholesale and online channels was visible in the second quarter of 2026 3.
What would break the thesis
What to watch
- Gross margin and contribution trend for IrwinQ3 2026
- Pace of debt reduction and interest cost trendQ3 2026
- GNC sales and whether Legacy FitLife revenue returns to growthnext 10-K
- Irwin's Amazon performance and online share of sales2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
FitLife Brands, based in Omaha, Nebraska, supplies nutritional supplements and wellness products for health-conscious consumers, organized into five brand groups: NDS Products, iSatori Products, MRC Products, MusclePharm and Irwin Products 1. Products are manufactured by FDA-regulated contract manufacturers in the United States under cGMP standards 1. The company regularly launches new products or reformulations, introducing 36 new products in fiscal 2025 1.
The revenue mix changed significantly after the Irwin Naturals acquisition, a 42.5 million USD transaction partly funded by a term loan from First-Citizens Bank & Trust Company 1. In the second quarter of 2026 wholesale sales made up 55% of revenue, against 34% a year earlier 23. Beyond direct sales, the company depends on a few large partners such as GNC and Amazon.
Profitability remained positive, with net income of 2.0 million USD in the second quarter of 2026 3. However, gross margin fell to 37.0% from 42.8% a year earlier, driven by the Irwin acquisition, which carries a lower margin 3. Management has said debt repayment is a priority, which could lower interest costs over time 3.
Segments
NDS Products and iSatori Products (Legacy FitLife)
NDS products are distributed mainly through GNC's centralized system, with about 600 franchise locations in the United States 1. iSatori brands sell through specialty, mass and online retail 1. Across Legacy FitLife, revenue declined in the second quarter of 2026, mainly on lower sales to GNC 23.
MRC Products and MusclePharm (Legacy FitLife)
MRC Products are sold mainly on Amazon, while MusclePharm sells both to wholesale customers and directly online to consumers 1. Legacy FitLife online revenue fell 19% in the second quarter of 2026, mainly due to MRC 3. Amazon U.S. accounted for about 49% of total sales in fiscal 2025 1.
Irwin Products
Irwin Products are sold mainly through mass market wholesale and health food store channels, with large customers such as CVS, Walmart and Walgreens 1. Irwin revenue reached 14.1 million USD in the second quarter of 2026 3. Irwin's Amazon sales have grown quickly since the October 2025 launch 3.
Market context
The company operates in the nutrition industry, where supplements are one of four segments identified by management, alongside natural foods, functional foods and natural personal care 1. Growth drivers cited by management include public awareness of the diet-health link, an aging population and rising healthcare costs 1. Sales outside the United States are limited, with about 95% of sales to U.S. customers 12.
The industry is highly competitive, with many rivals having greater financial and human resources than the company 1. The regulatory environment, notably FDA and FTC rules, imposes significant compliance costs 1. Shifts in consumer preferences and faster growth of e-commerce could reshape the market in coming years 1.
Trends
- Shift to e-commercemixed
Consumers increasingly buy online, which is reshaping distribution channels in the category 1. For FitLife, reliance on Amazon could become a risk if platform policies change 1. If the company grows its online presence, it could offset declines in traditional channels 3.
- Changing consumer preferencesheadwind
Preferences shift with dietary trends, use of weight management medication and attention to natural ingredients 1. Companies that react slowly may lose market share, and new products must meet these demands 1.
- Growing interest in preventiontailwind
Rising healthcare costs and a move toward preventive medicine support demand for nutritional supplements 1. This factor could support long-term sales if demand keeps growing 1.
- Pressure on the GNC channelheadwind
Sales to GNC have declined in recent quarters, and management expects GNC's share of sales to keep falling 12. This reflects both the change in the company's structure and lower purchases from its main partner 2.
Competitive position
The supplement market is fragmented, with many manufacturers, distributors and online sellers offering similar products 1. Many competitors have older brands, greater financial resources and a stronger social media presence 1. FitLife seeks to differentiate itself through product quality, functional benefits and continuous innovation 1.
Competitive pressure also shows up in aggressive digital promotion, which may force the company to cut prices or raise marketing spend 1. If the company cannot keep its pricing, financial results could be affected 1.
- Supplement manufacturers and brands
The source does not name competitors but describes them as producers and distributors with older brands and greater resources 1.
- Specialty retail and GNC-type distributors
The company depends on specialty retail channels, where competition for shelf space is intense 1.
- E-commerce platforms
Amazon is the main online channel, but the platform can change selling terms and fees 1.
- Retailer private-label brands
Wholesale customers may sell their own products that compete directly with the company's brands on shelves 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report09 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report13 Aug 2026Results of operations · Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Proxy statement26 Jun 2026
- Current report22 May 2026Departure or appointment of officers
- Current report14 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report14 May 2026
- Current report07 Apr 2026Regulation FD disclosure · Financial statements and exhibits
- Current report01 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Annual report31 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / FitLife Brands, Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / FitLife Brands, Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / FitLife Brands, Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.