FitLife Brands revenue jumps 59% on Irwin Naturals integration

FitLife Brands (NASDAQ:FTLF) reported a sharp increase in first-quarter revenue, driven by the consolidation of its recently acquired Irwin Naturals business.

While the acquisition massively expanded the company's wholesale distribution channel, the inclusion of Irwin’s lower-margin product profile pulled down overall gross margins and led to a slight decline in net income.

FitLife Brands announced that total revenue for the first quarter ended March 31, 2026, surged 59% to $25.3 million, up from $15.9 million in the same period last year.

The top-line growth was driven by the wholesale division, which skyrocketed 166% to $14.1 million, directly reflecting the addition of Irwin Naturals' brick-and-mortar retail relationships.

Online sales grew a modest 6% to $11.2 million.

The shift in the revenue mix heavily impacted the company's profitability metrics.

Gross margin fell to 37.6% from 43.1% in the prior year, a compression management attributed entirely to Irwin’s historically lower-margin structure compared to Legacy FitLife brands.

Net income for the quarter declined 15% to $1.7 million, or $0.17 per diluted share, down from $2.0 million, or $0.20 per diluted share, a year ago.

The earnings drop was exacerbated by higher amortization and interest expenses tied to the financing of the Irwin transaction.

Adjusted EBITDA dipped 3% to $3.3 million.

FitLife ended the quarter with approximately $40.6 million in net debt, consisting of $37.6 million outstanding on its term loan and $4.2 million drawn on its revolving credit facility.