# EDGAR Filing Document

**Accession Number:** 0001374328
**File Stem:** 0001437749-26-010680
**Filing Date:** 2026-3
**Character Count:** 256842
**Document Hash:** b6a11219cb32410bb4f084042c765087
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-010680.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001437749-26-010680

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 78

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FITLIFE BRANDS, INC.
- **CENTRAL INDEX KEY:** 0001374328
- **STANDARD INDUSTRIAL CLASSIFICATION:** MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41803
- **FILM NUMBER:** 26822526

**BUSINESS ADDRESS:**
- **STREET 1:** 5214 S. 136TH STREET
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68137
- **BUSINESS PHONE:** 402-884-1894

**MAIL ADDRESS:**
- **STREET 1:** 5214 S. 136TH STREET
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68137

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BOND LABORATORIES, INC.
- **DATE OF NAME CHANGE:** 20060831

?xml version='1.0' encoding='ASCII'? ftlf20251231_10k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

WASHINGTON, D.C. 20549

**FORM 10-K**

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

**For the Fiscal Year Ended December 31, 2025**

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: **000-52369**

**FITLIFE BRANDS, INC.**

(Exact name of Registrant as specified in its charter)

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| | |
|:---|:---|
| **Nevada** | **20-3464383** |
| (State of Incorporation) | (IRS Employer Identification No.) |

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**5214 S. 136th Street, Omaha, NE 68137**

(Address of principal executive offices)

**(402) 991-5618**

(Registrant's telephone number)

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which</u>** <br> **<u>registered</u>** |
| Common Stock, par value $0.01 per share | FTLF | The Nasdaq Capital Market |

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Securities registered pursuant to Section 12(g) of the Exchange Act:

**None**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such a shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non–Accelerated filer | ☒ | Small reporting company | ☒ |
|  |  | Emerging growth company  | ☐ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

☐ Yes ☒ No

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No

The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter, was $50,749,000.

As of March 31, 2026, there were 9,391,072 shares of common stock, $0.01 par value per share, issued and outstanding.

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**FITLIFE BRANDS, INC.**

**FORM 10-K ANNUAL REPORT**

**FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 AND 2024**

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | | **PAGE** |
| **PART I** | **PART I** | 1 |
| ITEM 1. | Business | 1 |
| ITEM 1A. | Risk Factors | 7 |
| ITEM 1B. | Unresolved Staff Comments | 16 |
| ITEM 1C. | Cybersecurity | 16 |
| ITEM 2. | Properties | 17 |
| ITEM 3. | Legal Proceedings | 17 |
| ITEM 4. | Mine Safety Disclosures | 17 |
| **PART II** | **PART II** | 17 |
| ITEM 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 17 |
| ITEM 6. | Selected Financial Data | 18 |
| ITEM 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 18 |
| ITEM 7A. | Quantitative and Qualitative Disclosures About Market Risk | 27 |
| ITEM 8. | Consolidated Financial Statements and Supplementary Data | 27 |
| ITEM 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 27 |
| ITEM 9A. | Controls and Procedures | 27 |
| ITEM 9B. | Other Information | 28 |
| ITEM 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 28 |
| **PART III** | **PART III** | 28 |
| ITEM 10. | Directors, Executive Officers, and Corporate Governance | 28 |
| ITEM 11. | Executive Compensation | 28 |
| ITEM 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 28 |
| ITEM 13. | Certain Relationships and Related Transactions, and Director Independence | 28 |
| ITEM 14. | Principal Accountant Fees and Services | 28 |
| **PART IV** | **PART IV** | 29 |
| ITEM 15. | Exhibits and Financial Statement Schedules | 29 |
| ITEM 16. | Form 10-K Summary | 30 |
| SIGNATURES | SIGNATURES | 31 |
| CERTIFICATIONS | CERTIFICATIONS |  |
| Exhibit 31 – Certification pursuant to Rule 13a-14(a) and 15d-14(a) | Exhibit 31 – Certification pursuant to Rule 13a-14(a) and 15d-14(a) |  |
| Exhibit 32 – Certification pursuant to 18 U.S.C 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Exhibit 32 – Certification pursuant to 18 U.S.C 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |  |

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**Forward Looking Statements** — **Cautionary Language**

*This Annual Report on Form 10-K (the* "*Annual Report*"*) contains various* "*forward looking statements*" *within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding future events or the future financial performance of the Company that involve risks and uncertainties. Certain statements included herein, including, without limitation, statements related to anticipated cash flow sources and uses, and words including but not limited to* "*anticipates*"*,* "*believes*"*,* "*plans*"*,* "*expects*"*,* "*future*" *and similar statements or expressions, identify forward looking statements. Any forward-looking statements herein are subject to certain risks and uncertainties in the Company*'*s business, including but not limited to, reliance on key customers and competition in its markets, market demand, product performance, technological developments, maintenance of relationships with key suppliers, difficulties of hiring or retaining key personnel and any changes in current accounting rules, all of which may be beyond the control of the Company. The Company*'*s actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth herein.*

*This Annual Report, quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC include additional factors which could impact FitLife Brands, Inc.*'*s business and financial performance. Moreover, FitLife Brands, Inc. operates in a rapidly changing and competitive environment. New risks emerge from time to time and it is not possible for management to predict all such risks. Further, it is not possible to assess the impact of all risks on FitLife Brands, Inc.*'*s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, FitLife Brands, Inc. disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of the report.*

**Use of Market and Industry Data**

This Annual Report includes market and industry data that we have obtained from third-party sources, including industry publications, as well as industry data prepared by our management on the basis of its knowledge of and experience in the industries in which we operate (including our management's estimates and assumptions relating to such industries based on that knowledge). Management has developed its knowledge of such industries through its experience and participation in these industries. While our management believes the third-party sources referred to in this Annual Report are reliable, neither we nor our management have independently verified any of the data from such sources referred to in this Annual Report or ascertained the underlying economic assumptions relied upon by such sources. Furthermore, references in this Annual Report to any publications, reports, surveys or articles prepared by third parties should not be construed as depicting the complete findings of the entire publication, report, survey or article. The information in any such publication, report, survey or article is not incorporated by reference in this Annual Report.

Forecasts and other forward-looking information obtained from these sources involve risks and uncertainties and are subject to change based on various factors, including those discussed in sections entitled "Forward-Looking Statements," "Item 1A. Risk Factors" and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Annual Report.

**PART I**

**ITEM 1. BUSINESS**

**Overview**

FitLife Brands, Inc. (the "*Company*") is a provider of innovative and proprietary nutritional supplements and wellness products for health-conscious consumers marketed under the following brand names: (i) NDS Nutrition, PMD Sports, SirenLabs, Core Active, Nutrology, and Metis Nutrition (together, the "*NDS Products*"); (ii) iSatori, BioGenetic Laboratories, and Energize (together, the "*iSatori Products*"); (iii) Dr. Tobias, All Natural Advice, and Maritime Naturals (together, the "*MRC Products*"); (iv) MusclePharm; and (v) Irwin Naturals, Applied Nutrition, and Nature's Secret (together, the "*Irwin Products*").

The Company distributes the NDS Products principally through franchised General Nutrition Centers, Inc. ("*GNC*") stores located both domestically and internationally. The iSatori Products are sold through retail locations, which include specialty and mass market retailers, as well as online directly to the end consumer. The Company distributes the MRC Products primarily online through e-commerce platforms, such as Amazon.com ("*Amazon*"), directly to the end consumer. MusclePharm's products are sold to both wholesale customers as well as online through various e-commerce platforms directly to the end consumer. Irwin Products are sold principally through wholesale channels in mass market and health food store segments.

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FitLife Brands is headquartered in Omaha, Nebraska. For more information on the Company, please go to www.fitlifebrands.com. The Company's common stock, par value $0.01 per share ("*Common Stock*"), trades under the symbol "FTLF" on the Nasdaq Capital Market.

**Recent Acquisition**

On August 8, 2025, the Company acquired substantially all of the assets and assumed certain liabilities of Irwin Naturals and its related affiliates ("*Irwin*") through an asset purchase transaction under Section 363 of the U.S. Bankruptcy Code. Total consideration for the acquisition was $42.5 million. Of this amount, $29.75 million was funded using proceeds from a new term loan provided by First-Citizens Bank & Trust Company (the "*Bank*"), $6.0 million was funded from a new $10.0 million revolving line of credit from the Bank, and the remainder was funded from the Company's available cash balances.

**Stock Split**

On February 7, 2025, the Company effected a 2-for-1 stock split of its Common Stock and proportionately increased the number of authorized shares of Common Stock. All share and per share information throughout this Annual Report on Form 10-K have been retroactively adjusted to reflect the stock split. The shares of Common Stock retain a par value of $0.01 per share. Accordingly, an amount equal to the par value of the additional shares issued in the stock split was reclassified from additional paid-in capital in excess of par value to Common Stock.

**Industry Overview**

We compete principally in the nutrition industry. The nutrition industry is generally categorized into the following segments:

● Natural & Organic Foods (products such as cereals, milk, non-dairy beverages and frozen meals);

● Functional Foods (products with added ingredients or fortification specifically for health or performance purposes);

● Natural & Organic Personal Care and Household Products; and

● Supplements.

Management believes that the following factors drive growth in the nutrition industry:

● The general public's awareness and understanding of the connection between diet and health;

● The aging population in the Company's markets who tend to use more nutritional supplements as they age;

● Increasing healthcare costs and the consequential trend toward preventative medicine and non-traditional medicines; and

● Product introductions in response to new scientific studies.

**Our Products**

The Company currently focuses its sales and marketing efforts on its full line of sports, weight loss and general nutrition products that are currently marketed and sold both domestically and internationally. The Company currently markets more than 100 different NDS Products to approximately 600 GNC franchise locations located in the United States, as well as to additional franchise locations in other countries, most of which are distributed through GNC's distribution system. In addition, following the launch of Metis Nutrition, we distribute products through more than 1,300 corporate GNC stores in the United States. We sell iSatori Products through specialty, mass, and online retail locations. We sell the MRC Products primarily on Amazon. We sell MusclePharm products online directly to the end consumer as well as to wholesale partners. We sell Irwin products to mass market customers, health food stores, and online directly to the end consumer. Irwin's largest mass market customers are CVS, Walmart, Walgreens, and Costco Canada.

A complete product list is available on our website at www.fitlifebrands.com.

***NDS Products***

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| | |
|:---|:---|
|  | The Company's NDS Products consist of the following brands: |
| ●  | NDS – Premium weight loss, sports nutrition, and general health products; |

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● PMD – Premium sports nutrition products;

● SirenLabs – Premium weight loss and sports nutrition products;

● Nutrology – Sports nutrition and general wellness products with an emphasis on natural, vegan, and organic ingredients;

● Metis Nutrition – Premium male health and weight loss products; and

● Core Active Nutrition – Value-oriented sports nutrition and weight loss products.

***iSatori Products***

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| | |
|:---|:---|
|  | The Company's iSatori Products consist of the following brands: |
| ●  | Energize – Energy products designed to boost energy through a combination of time-released caffeine, vitamins, and herbal formulations; |
| ●  | iSatori – High-quality weight loss and sports nutrition products; and |
| ●  | BioGenetic Laboratories – Value-oriented weight loss and general health products. |

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***MRC Products***

The Company acquired MRC on February 28, 2023. MRC is a dietary supplement and wellness company that markets and sells its products primarily on Amazon. The MRC Products include the following brands:

● Dr. Tobias – General health supplements; and

● All Natural Advice and Maritime Naturals – Natural skincare and beauty products.

Products sold under the All Natural Advice and Maritime Naturals brand names are registered with Health Canada and under the EU Cosmetics Act.

***MusclePharm Products***

The MusclePharm assets were acquired by the Company on October 10, 2023. MusclePharm is a scientifically driven, performance lifestyle brand that develops, markets and distributes a variety of branded sports nutrition and general health products. MusclePharm products are sold to wholesale customers as well as online directly to the end consumer. We believe MusclePharm's brand recognition attracts a large and engaged customer base consisting of athletes and other active individuals.

***Irwin Products***

On August 8, 2025, the Company acquired substantially all of the assets and assumed certain liabilities of Irwin. Irwin develops, markets, and distributes branded nutritional supplements and wellness products. Founded in 1994, Irwin offers a broad portfolio of products across multiple categories, including weight loss, sexual wellness, and body cleanse. The Irwin products are sold to wholesale customers as well as online directly to the end consumer. The Irwin products include the following brands:

● Irwin Naturals – high-quality supplements focused on a variety of targeted nutrition categories with a particular emphasis on superior potency, bioavailability, and absorption;

● Applied Nutrition – high-quality supplements in weight loss, cleansing and sexual health and other targeted nutrition categories; and

● Nature's Secret – high-quality supplements focused on total body wellness.

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**Manufacturing, Sourcing and Availability of Raw Materials**

All of the Company's products are manufactured by FDA-regulated contract manufacturers within the United States. Each contract manufacturer is required by the Company to abide by current Good Manufacturing Practices ("*cGMPs*") to ensure quality and consistency, and to manufacture its products according to the Company's strict specifications. All our contract manufacturers are certified through a governing body such as the Natural Products Association or NSF International. In most cases, contract manufacturers purchase the raw materials based on the Company's specifications; however, from time to time, the Company will license particular raw material ingredients and supply its own source to the manufacturer. Once produced, in addition to in-house testing performed by the contract manufacturer, the Company may also perform independent analysis and testing. The contract manufacturer either ships the finished product to one of our fulfillment centers or directly to our customers. The Company has implemented vendor qualification programs for all of its suppliers and manufacturers, including analytical testing of purchased products. As part of the vendor program, the Company also periodically inspects vendors' facilities to monitor quality control and assurance procedures.

**Product Reformulations and New Product Identification**

From time to time, we reformulate existing products to address market developments and trends, and to respond to customer requests. We also continually expand our product line through the development of new products. New product ideas are derived from a number of sources including trade publications, scientific and health journals, consultants, distributors, and other third parties. Prior to reformulating existing products or introducing new products, we evaluate product formulations as they relate to regulatory compliance and other issues. We introduced a total of 36 new products during the year ended December 31, 2025, which included 20 completely new products and 16 product reformulations and flavor extensions, and we introduced a total of 23 new products during the year ended December 31, 2024, which included 19 completely new products and 4 product reformulations and flavor extensions.

Management continually assesses and analyzes developing market trends to detect and proactively address what they believe are areas of unmet or growing demand that represent an opportunity for the Company and, where deemed appropriate, attempts to introduce new products and/or packaging solutions in direct response to meet that demand.

**Sales, Marketing and Distribution**

***NDS Products***

NDS Products are sold through approximately 600 GNC franchise locations located throughout the United States. The Company also distributes NDS Products to additional franchise locations in other countries. For the years ended December 31, 2025 and 2024, the majority of NDS Product sales were through GNC's centralized distribution platform.

Our sales and marketing efforts are designed to expand sales of NDS Products to additional GNC franchise locations both domestically and internationally. The GNC domestic franchise market remains a critical component of our operations. Management is committed to work collaboratively with GNC and its franchisees to build on our established track record of innovation and operational performance.

***iSatori Products***

iSatori Products are distributed directly to consumers through the Company's own websites and through other e-commerce platforms such as Amazon*,* as well as through the specialty retail and drugstore distribution channels. In some cases, iSatori utilizes independent brokers, who work in conjunction with iSatori's sales employees and management to oversee these channels. In addition to the Company's online distribution channels for direct-to-consumer sales, major iSatori customers include Vitamin Shoppe and Walgreens.

iSatori's core strategy is to build and strengthen brands among consumers seeking nutritional supplement products with a reputation for quality and innovation. iSatori utilizes social media campaigns, coupons, and online advertising, plus cooperative and other incentive programs, to build consumer awareness and generate trial and repeat purchases. Our marketing team regularly reviews the media mix for its effectiveness in creating consumer demand and the highest return on investment dollars.

***MRC Products***

MRC Products are distributed primarily on Amazon, as well as through the Company's own websites and other e-commerce platforms.

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***MusclePharm Products***

MusclePharm's products are distributed via wholesale customers as well as directly to end consumers through the Company's own websites and through other e-commerce platforms, including Amazon.

***Irwin Products***

Irwin Products are primarily distributed through wholesale channels, with strength in the food, drug, and mass market channels. Irwin's largest customers include CVS, Walmart, Walgreens, and Costco Canada. Prior to the Company's acquisition of Irwin, wholesale partners sold Irwin Products online and online sales by Irwin were minimal. Since the acquisition of Irwin by the Company in August 2025, the Company has internalized the sale of Irwin Products through its online distribution channels, including Amazon and other e-commerce platforms.

**Product Returns**

We currently have a 30-day product return policy for NDS Products, which allows for a 100% sales price refund for the return of unopened and undamaged products purchased from us online through one of our websites. We also support a product return policy for iSatori Products, MRC Products and MusclePharm whereby customers can return product for credit or refund. Irwin has a 60-day product return policy for direct-to-consumer sales, which allows for a 100% sales price refund for the return of unopened and undamaged products purchased from us online through our websites or e-commerce platforms.

Product sold to certain wholesale customers may be returned from corporate store shelves or the distribution centers in the event the product is damaged, short dated, expired or recalled. Certain wholesale customers maintain customer satisfaction programs that allow customers to return product to the store for credit or refund. Subject to certain terms and restrictions, certain wholesale customers may require reimbursement from vendors for unsaleable returned product through either direct payment or credit against a future invoice. Product returns can and do occur from time to time and can be material.

**Competition**

The nutrition industry is highly competitive, and the Company has many competitors that sell products similar to the Company's products. Many of the Company's competitors have significantly greater financial and human resources than our own. The Company seeks to differentiate its products and marketing from its competitors based on product quality, benefits, and functional ingredients. Patent and trademark applications that protect brands, product names, and new technologies are pursued whenever possible. While we cannot assure that such measures will mitigate the potential impact of competitive products, we believe our continued emphasis on innovation and new product development targeted at the needs of the consumer will enable the Company to effectively compete in the marketplace.

**Regulatory Matters**

Our business is subject to varying degrees of regulation by a number of government authorities in the U.S., including the Federal Drug Administration ("*FDA*"), the Federal Trade Commission ("*FTC*"), the Consumer Product Safety Commission, the U.S. Department of Agriculture, and the Environmental Protection Agency. Various agencies of the states and localities in which we operate and in which our products are sold also regulate our business, such as the California Department of Health Services, Food and Drug Branch. The areas of our business that these and other authorities regulate include, among others:

● product claims and advertising;

● product labels;

● product ingredients; and

● how we manufacture, package, distribute, import, export, sell, and store our products.

The FDA, in particular, regulates the formulation, manufacturing, packaging, storage, labeling, promotion, distribution and sale of vitamins and other nutritional supplements in the U.S., while the FTC regulates marketing and advertising claims. In June 2007, a new rule issued by the FDA went into effect requiring companies that manufacture, package, label, distribute or hold nutritional supplements to meet cGMPs to ensure such products are of the quality specified and are properly packaged and labeled. We are committed to meeting or exceeding the standards set by the FDA and we currently operate in compliance with all cGMPs.

The FDA regulates the labeling and marketing of dietary supplements and nutritional products, including the following:

● the identification of dietary supplements or nutritional products and their nutrition and ingredient labeling;

● requirements related to the wording used for claims about nutrients, health claims, and statements of nutritional support;

● labeling requirements for dietary supplements or nutritional products for which "high potency" and "antioxidant" claims are made;

● notification procedures for statements on dietary supplements or nutritional products; and

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● premarket notification procedures for new dietary ingredients in nutritional supplements.

The Dietary Supplement Health and Education Act of 1994 ("*DSHEA*") revised the provisions of the Federal Food, Drug and Cosmetic Act ("*FDCA*") concerning the composition and labeling of dietary supplements, and defined dietary supplements to include vitamins, minerals, herbs, amino acids and other dietary substances used to supplement diets. DSHEA generally provides a regulatory framework to help ensure safe, quality dietary supplements and the dissemination of accurate information about such products. The FDA is generally prohibited from regulating active ingredients in dietary supplements as drugs unless the product makes claims in violation of DSHEA, such as claims that a product may heal, mitigate, cure or prevent an illness, disease or malady, or trigger drug status.

DSHEA also permits statements of nutritional support to be included in labeling for nutritional supplements without FDA premarket approval. These statements must be submitted to the FDA within 30 days of marketing and must bear a label disclosure that includes the following: "This statement has not been evaluated by the FDA. This product is not intended to diagnose, treat, cure, or prevent any disease." These statements may describe a benefit related to a nutrient deficiency disease, the role of a nutrient or nutritional ingredient intended to affect the structure or function in humans, the documented mechanism by which a nutrient or dietary ingredient acts to maintain such structure or function, or the general well-being from consumption of a nutrient or dietary ingredient, but may not expressly or implicitly represent that a nutritional supplement will diagnose, cure, mitigate, treat or prevent a disease. An entity that uses a statement of nutritional support in labeling must possess scientific evidence substantiating that the statement is truthful and not misleading. If the FDA determines that a particular statement of nutritional support is an unacceptable drug claim or an unauthorized version of a disease claim for a food product, or if the FDA determines that a particular claim is not adequately supported by existing scientific data or is false or misleading, we will be prevented from making the claim.

In December 2006, the Dietary Supplement and Nonprescription Drug Consumer Protection Act ("*DSNDCPA*") was passed, which further revised the provisions of the FDCA. Under the act, manufacturers, packers or distributors whose name appears on the product label of a dietary supplement or nonprescription drug are required to include contact information on the product label for consumers to use in reporting adverse events associated with the product's use and are required to notify the FDA of any serious adverse event report within 15 business days of receiving such report. Events reported to the FDA would not be considered an admission from a company that its product caused or contributed to the reported event. We are committed to meeting or exceeding the requirements of the DSNDCPA.

We are also subject to a variety of other regulations in the U.S., including those relating to bioterrorism, taxes, labor and employment, import and export, tariffs, the environment, and intellectual property. All of these regulations require significant financial and operational resources to ensure compliance, and we cannot assure that we will always be in compliance despite our best efforts to do so.

Our operations outside the U.S. are similarly regulated by various agencies and entities in the countries in which we operate and in which our products are sold. The regulations of these countries may conflict with those in the U.S. and may vary from country to country. The sale of our products in certain European countries is subject to the rules and regulations of the European Union, which may be interpreted differently among the countries within the European Union. In other markets outside the U.S., we may be required to obtain approvals or certifications from a country's ministry of health or comparable agency before we begin operations or the marketing of products in that country. These approvals may be secured through the Company directly or through the respective distributors depending on the country. Approvals or licenses may be conditioned on the reformulation of our products for a particular market or may be unavailable for certain products or product ingredients. These regulations may limit our ability to enter certain markets outside the U.S.

**Patents, Trademarks and Proprietary Rights**

The Company regards intellectual property, including its trademarks, service marks, website URLs (domains) and other proprietary rights, as valuable assets and part of its brand equity. The Company believes that protecting such intellectual property is crucial to its business strategy. The Company pursues registration of the registrable trademarks, service marks and patents, associated with its key products in the United States, Canada, Europe and other places it distributes its products.

The Company formulates its products using proprietary ingredient formulations, flavorings and delivery systems. To further protect its product formulations and flavors, the Company may enter into agreements with manufacturers that provide exclusivity to certain products formulations and/or delivery technologies. When appropriate, the Company will seek to protect its research and development efforts by filing patent applications for proprietary product technologies or ingredient combinations. We have abandoned or not pursued efforts to register certain other patents and marks identifying other items in our product line for various reasons, including the inability of some names to qualify for registration or patent applications to qualify for patent protection, and due to our abandonment of certain such products. All trademark registrations are protected for a period of ten years and then are renewable thereafter if still in use.

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**Employees**

We had 81 and 39 full-time employees as of December 31, 2025 and 2024, respectively, the increase in which is principally attributable to the acquisition of Irwin. In addition, the Company utilizes consultants and temporary or part-time employees for certain services on an as-needed basis. We consider our employee relations to be good.

**Cost of Compliance with Environmental Laws**

We have not incurred any costs associated with compliance with environmental regulations, nor do we anticipate any future costs associated with environmental compliance; however, no assurance can be given that we will not incur such costs in the future.

**Available Information**

As a public company, we are required to file our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements on Schedule 14A and other information (including any amendments) with the Securities and Exchange Commission (the "*SEC*"). The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. You can find our SEC filings at the SEC's website at <u>www.sec.gov</u>.

Our Internet address is www.fitlifebrands.com. Information contained on our website is not part of this Annual Report. Our SEC filings (including any amendments) will be made available free of charge on www.fitlifebrands.com, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

**ITEM 1A - Risk Factors**

*An investment in our securities involves a high degree of risk. You should carefully consider the following information about these risks, together with the other information contained in this Annual Report, before investing in our securities. If any of the events anticipated by the risks described below occur, our results of operations and financial condition could be adversely affected, which could result in a decline in the market price of our securities, causing you to lose all or part of your investment.*

<u>Risks Relating to our Business and Industry</u>

***We face significant competition in the markets in which we compete. If we are not able to compete effectively, we may not be able to increase sales or maintain profitability.***

We face intense competition in the markets in which we compete, including from numerous resellers, manufacturers and wholesalers of nutritional supplements and brands similar to ours, including retail, online and mail-order providers. Competition in our industry is based on, among other things, product quality, taste, functional benefits, nutritional value and ingredients, convenience, brand loyalty and positioning, product variety, product packaging, shelf space, price, promotional activities and the ability to identify and satisfy dynamic, emerging consumer preferences. Many of our competitors offer a wider range of products than we offer, and/or may offer their products at more competitive prices than we do. And many of our competitors have longer operating histories, more-established brands in the marketplace, greater financial resources, better access to capital, and a greater social and digital media presence than we have. These competitors may use their resources to engage in various business activities that could place greater pressure on the sales of our products, resulting in reduced operating profit. Companies with greater capital and research capabilities could re-formulate existing products or formulate new products that could gain wide market acceptance, which could have a negative effect on our future sales and profitability. In addition, aggressive advertising and promotion by our competitors including through social and digital media, may require us to compete by lowering prices or by increasing our marketing expenditures. If we are unable to maintain our pricing by, among other strategies, using social media and digital media platforms effectively to advertise our products, our business, financial condition, results of operations and cash flows could be adversely affected.

***A substantial portion of our revenue is from sales of products on Amazon***'***s U.S. Marketplace and any change, limitation or restriction on our ability to operate on Amazon***'***s platform could have a material adverse effect on our business, results of operations, financial condition and prospects.***

Approximately 49% of our total sales during the year ended December 31, 2025 were through Amazon's U.S. marketplace, while all other sales through e-commerce channels contributed approximately 2% of our total sales. We are subject to the terms of service of Amazon and other marketplaces and various other seller policies and services that apply to third parties selling products on Amazon and other marketplaces. Generally, a marketplace has the right to terminate or suspend our participation in the marketplace if they believe we are violating the terms of service. Such marketplace may take other actions against us such as suspending or terminating a seller account or product listing and withholding payments owed to us indefinitely. If product listings were suspended for a prolonged period of time, or if Amazon were to terminate our selling account, this would have a material adverse effect on our business, results of operations, financial condition and prospects. While we endeavor to materially comply with the terms of services of the marketplaces on which we operate, we can provide no assurance that these marketplaces will have the same determination with respect to our compliance.

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In addition, Amazon can make changes to its platform that could require us to change the manner in which we operate, limit our ability to successfully launch new products or increase our costs to operate and such changes could have an adverse effect on our business, results of operations, financial condition and prospects. Examples of changes that could impact us relate to platform fee charges (i.e., selling commissions), brand registry, warehouse capacity and charges, excluded products and limitations on sales and marketing. Any change, limitation or restriction on our ability to sell on Amazon's platform, even if temporary, could have a material impact on our business, results of operations, financial condition and prospects.

***We are currently dependent on sales to GNC for a substantial portion of our sales.***

Sales to GNC's centralized distribution platform, including indirect distribution of product to domestic and international franchisees, accounted for approximately 14% and 23% of our total sales for the years ended December 31, 2025 and 2024, respectively, although we anticipate that the percentage of sales to GNC to continue to decrease in the fiscal year ending December 31, 2026 due to the acquisition of Irwin and the recognition of a full year of sales attributable to those brands. GNC's franchisees are not required to carry our products. In the event GNC ceases purchasing products from us, or otherwise reduces its purchases, our total revenue will be negatively impacted, and such impact could be material. Moreover, the transition to GNC's centralized distribution system had the effect of concentrating a significant portion of our accounts receivable with a single payor. Prior to the transition, we collected receivables from individual franchisees. We anticipate that GNC will continue to represent a substantial portion of all accounts receivable for the foreseeable future. In the event that our sales to GNC decrease, our results from operations will be negatively affected, and such effect may be material.

***Loss of, a significant reduction of purchases by, or bankruptcy of a major distribution partner or customer, may adversely affect our business, financial condition, results of operations and cash flows.***

Our largest wholesale distribution partner is GNC, which filed bankruptcy in June 2020 under Chapter 11 of the U.S. Bankruptcy Code, resulting in the closure of a substantial portion of its retail locations. Although the bankruptcy did not affect our total sales, we were impacted as a result of the timing of the collection of accounts receivable. The success of our wholesale business depends, in part, on our ability to maintain our level of sales and product distribution through GNC and, to a lesser extent, through specialty and convenience channels. The competition to supply products to these high-volume stores is intense. Currently, we do not have material long-term supply agreements with GNC or any of our other distribution partners or customers, and each of them frequently reevaluate the products they carry. A decision by our major customers to decrease the amount of product purchased from us, including in response to shifts in consumer purchasing or traffic trends, sell another brand on an exclusive or priority basis or change the manner of doing business with us could reduce our revenues and materially adversely affect our business, financial condition, results of operations and cash flows. Our customers also may offer branded and private label products that compete directly with our products for retail shelf space and consumer purchases. Accordingly, there is a risk that our wholesale customers may give higher priority to their own products or to the products of our competitors. In the event of a loss of any of our large customers, a significant reduction of purchases by any of our large customers, or the bankruptcy or serious financial difficulty of any of our large customers, our business, financial condition, results of operations and cash flows may be adversely affected.

***Our ability to materially increase sales is largely dependent on the ability to increase sales of product to our wholesale partners as well as directly to the end consumer. We may invest significant amounts in these expansions with little success, and if we are unable to maintain good relationships with our existing customers and e-commerce platforms, our business could suffer.***

We currently are focusing our marketing efforts on increasing the sale of products to our wholesale customers, both domestically and internationally, as well as increasing the number of retailers selling our other brands, which represent a growing percentage of our revenue. In addition, we are focused on increasing our direct-to-consumer revenue through e-commerce platforms such as Amazon. We may not be able to successfully increase sales through these channels. Moreover, unilateral decisions could be taken by our distributors or customers to discontinue all or any of our products that they are carrying or selling at any time, which would cause our business to suffer. Further, the inability to sell our products through e-commerce platforms, including Amazon, would materially impact our sales and operating results.

In addition, although we continued efforts to expand international distribution for our products in the years ended December 31, 2025 and 2024, we cannot assure that any further efforts to sell our products outside the United States will result in material increased revenue. We may need to overcome significant regulatory and legal barriers in order to continue to sell our products internationally, and we cannot give assurances as to whether we will be able to comply with such regulatory or legal requirements.

***We must identify changing consumer and customer preferences and behaviors and develop and offer products to meet these preferences.***

Consumer and customer preferences and behaviors evolve over time due to a variety of factors. The success of our business depends on our ability to identify these changing preferences and behaviors, to distinguish between short-term trends and long-term changes in such preferences and behaviors, and to continue to develop and offer products that appeal to consumers and customers through the sales channels that they prefer. Consumer preference and behavior changes include dietary trends, attention to different nutritional aspects of foods and beverages, acceptance and the use of weight management medication, consumer in-home and on-the-go consumption patterns, preferences for certain sales channels, concerns regarding the health effects of certain foods and beverages, attention to sourcing practices relating to ingredients, environmental concerns regarding packaging and attention to other social and governance aspects of our Company and operations, including transitioning to recyclable, compostable or reusable packaging. These changing preferences and requirements could require us to use specially sourced ingredients and packaging types that may be more difficult to source or entail a higher cost or incremental capital investment which we may not be able to pass on to customers.

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Consumers are increasingly shopping through e-commerce websites and mobile commerce applications, and this trend is anticipated to continue, significantly altering the retail landscape in our category. If we are unable to compete effectively in the expanding e-commerce market or develop the data analytics capabilities needed to generate actionable commercial insights, our business performance may be impacted, which may negatively impact our financial condition, results of operations and cash flows.

Although we strive to respond to consumer or customer preferences and social expectations, we may not be successful in these efforts. Any significant changes in consumer or customer preferences or our inability to anticipate or react, or effectively introduce new products in response, to such changes could result in reduced demand for our products, which could negatively impact our business, financial condition, results of operations and cash flows.

***Our intellectual property rights are valuable and any inability to protect them could reduce the value of our products and brands and have a material adverse effect on our business.***

We consider our intellectual property rights, particularly our trademarks, but also our trade secrets, know-how and copyrights, to be a significant and valuable asset of our business. We attempt to protect our intellectual property rights through a combination of trademark, copyright and trade secret laws, as well as third-party nondisclosure, confidentiality and assignment agreements and confidentiality provisions in third-party agreements and the policing of third-party misuses of our intellectual property. Our failure or inability to obtain or maintain adequate protection of our intellectual property rights, or any change in law or other changes that serve to lessen or remove the current legal protections of intellectual property, may diminish our competitiveness and could materially harm our business. We also are subject to risks associated with the protection of our trademarks and other intellectual property licensed to distributors of our products and of our trade secrets to our third-party contract manufacturers. If our licensed distributors or third-party contract manufacturers fail to protect our trademarks, trade secrets and other intellectual property, either intentionally or unintentionally, our business, financial condition, results of operations and cash flows may be adversely affected.

***Our results may be adversely impacted if consumers do not maintain favorable perceptions of our brands.***

Maintaining and continually enhancing the value of our brands is critical to the success of our business. Brand value is based in large part on consumer perceptions. Brand value could diminish significantly due to a number of factors, including our products becoming unavailable to consumers, our failure to maintain the quality of our products, the failure of our products to deliver consistently positive consumer experiences, adverse publicity about our brands or our suppliers' or third-party contract manufacturers' business practices, our products, packaging or ingredients, concerns about food safety, real or perceived health concerns regarding our products, or consumer perception that we have acted in an irresponsible manner. Consumer demand for our products also may be impacted by changes in the level of advertising or promotional support. We may need to increase our marketing and advertising spending in order to maintain and increase customer and consumer awareness, protect and grow our existing market share or to promote new products, which could impact our business, financial condition, results of operations and cash flows. However, an increase in our marketing and advertising efforts may not maintain our current reputation or lead to an increase in brand awareness. Negative perceptions of the food and beverage industry as a whole, or the nutritional supplement category, may heighten attention from consumers, third parties, the media, governments, stockholders and other stakeholders to such factors and could adversely affect our brand image. The growing use of social and digital media by consumers, us and third parties increases the speed and extent that information or misinformation and opinions can be shared. Negative posts or comments about us, our brands, products or packaging or the food and beverage industry generally on social or digital media (whether factual or not) or security breaches related to use of our social media could seriously damage our brands and reputation. If we do not maintain favorable perceptions of our products and our brands, or if we experience a loss of consumer confidence in our brands, our business, financial condition, results of operations and cash flows could be adversely impacted.

In addition, our success in maintaining and enhancing our brand image depends on our ability to anticipate change and adapt to a rapidly changing marketing and media environment, including our increasing reliance on social media and online, digital and mobile dissemination of marketing and advertising campaigns and the increasing accessibility and speed of dissemination of information. Furthermore, third parties may sell counterfeit or imitation versions of our products that are inferior or pose safety risks. If consumers confuse these counterfeit products for our products or have a bad experience with the counterfeit brand, they might refrain from purchasing our brands in the future, which could harm our brand image and sales. If we do not successfully maintain and enhance our reputation and brand health, then our brands, product sales, financial condition, results of operations and cash flows could be materially and adversely affected.

***Our sales and profit growth are dependent upon our ability to expand existing market penetration and enter into new markets.***

Successful growth depends on our ability to add new customers, enter into new markets, expand the number of products sold through existing customers and enhance our product portfolio. This growth would include expanding the number of our products retailers offer for sale, our product placement and our ability to secure additional shelf or retail space for our products, as well as increased access to online platforms to sell our products. The expansion of our business depends on our ability to obtain new, or expand our business with existing, customers, such as club, e-commerce, convenience and specialty customers. Our failure to successfully add new customers, enter into new markets, expand the number of products sold through existing customers and enhance our product portfolio could have a material adverse effect on our business, financial condition, results of operations and cash flows.

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***We are currently dependent on a limited number of independent suppliers and manufacturers of our products, which may affect our ability to deliver our products in a timely manner. If we are not able to ensure timely product deliveries, potential distributors and customers may not order our products, and our revenue may decrease.***

We rely on a limited number of third parties to supply and manufacture our products. Our products are manufactured on a purchase order basis only, and manufacturers can terminate their relationships with us at will. These third-party manufacturers may be unable to satisfy our supply requirements, manufacture our products on a timely basis, fill and ship our orders promptly, provide services at competitive costs, or offer reliable products and services. The failure to meet any of these critical needs would delay or reduce product shipment and adversely affect our revenue, as well as jeopardize our relationships with our distributors and customers. In the event any of our third-party manufacturers were to become unable or unwilling to continue to provide us with products in required volumes and at suitable quality levels, we would be required to identify and obtain acceptable replacement manufacturing sources. There is no assurance that we would be able to develop alternative manufacturing sources on a timely basis. Additionally, our third-party manufacturers source the majority of the raw materials for our products and, if we were to use alternative manufacturers, we may not be able to duplicate the exact taste and consistency profile of the product from the original manufacturer. An extended interruption in the supply of our products would likely result in decreased product sales and a corresponding decline in revenue.

***Adverse publicity associated with our products, ingredients, or those of similar companies, could adversely affect our sales and revenue.***

Our customers' perception of the safety and quality of our products or similar products distributed by others can be significantly influenced by national media attention, publicized scientific research or findings, product liability claims, and other publicity concerning our products or similar products distributed by others. Adverse publicity, whether or not accurate, that associates consumption of our products or any similar products with illness or other adverse effects will likely diminish the public's perception of our products. Claims that any products are ineffective, inappropriately labeled or have inaccurate instructions as to their use, could have a material adverse effect on the market demand for our products, including reducing our revenue.

***The efficacy of nutritional supplement products is supported by limited conclusive clinical studies, which could result in reduced market acceptance of these products and lower revenue or lower revenue growth rates.***

Our nutritional supplement products are made from various ingredients, including vitamins, minerals, amino acids, herbs, botanicals, fruits, berries, and other substances for which there is a long history of human consumption. However, there is little long-term experience with human consumption of certain product ingredients or combinations of ingredients in concentrated form. Although we believe that all of our products fall within the generally known safe limits for daily doses of each ingredient contained within them, nutrition science is imperfect. Moreover, some people have peculiar sensitivities or reactions to nutrients commonly found in certain foods and may have similar sensitivities or reactions to ingredients contained in our products. Furthermore, nutrition science is subject to change based on new research. New scientific evidence may disprove the efficacy of our products or prove our products to have effects not previously known. We could be adversely affected by studies that may assert that our products are ineffective or harmful to consumers, or if adverse effects are associated with a competitor's similar products.

***If the products we sell do not have the healthful effects intended, our business may suffer.***

In general, our products sold consist of nutritional supplements that are classified in the United States as "dietary supplements", which do not currently require approval from the FDA or other regulatory agencies prior to sale. Although many of the ingredients in such products are vitamins, minerals, herbs and other substances for which there is a long history of human consumption, our products often contain innovative ingredients or combinations of ingredients. Although we believe such products and the combinations of ingredients in them are safe when taken as directed by us, there is little long-term experience with human or other animal consumption of certain of these ingredients or combinations thereof in concentrated form. The products could have certain side effects if not taken as directed or if taken by a consumer that has certain medical conditions. Furthermore, there can be no assurance that any of the products, even when used as directed, will have the effects intended or will not have harmful side effects.

***A slower growth rate in the nutritional supplement industry could lead to reduced revenue or make it more difficult for us to sustain consistent revenue growth.***

The nutritional supplement industry has been growing at a strong pace over the past ten years. However, a number of factors with respect to the nutritional supplement industry could negatively impact the demand for our products. Additionally, low-carbohydrate products, liquid meal replacements, GLP-1 and other pharmaceutical products, or similar competing products could affect the market for certain categories of supplements. All these factors could have a negative impact on our sales growth.

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***Future outbreaks of COVID-19 or other illnesses could have a material adverse impact on us in the future.***

The coronavirus ("*COVID-19*") pandemic had a material impact on global supply chains, including for certain raw materials imported from China, among other countries, and this impacted our third-party suppliers and our wholesale partners. As a result, we had to increase purchases of certain raw materials and build additional finished goods inventory, especially in our best-selling products, to avoid, in addition to other consequences, stockouts. Although COVID-19 has largely abated, as well as the concomitant supply chain challenges resulting from the pandemic, in the event of future outbreaks of COVID-19 or other illnesses, our operations and those of our third-party suppliers or our wholesale partners could be adversely affected.

***Our success depends on the experience and skill of our chief executive officer and key personnel, whom we may not be able to retain and we may not be able to hire enough additional personnel to meet our needs.***

We are dependent on Dayton Judd, our Chair and Chief Executive Officer, for the continued performance of our business. There can be no assurance that he will continue to be employed by us for a particular period of time. The loss of Mr. Judd, other executive officers, key personnel, or a combination of the three, could harm our business, financial condition, cash flow and results of operations. We have not purchased any insurance policies with respect to Mr. Judd or any other executive officer in the event of the death or disability of Mr. Judd or any other executive officer. Therefore, if Mr. Judd or any of the member of our executive management team dies or becomes disabled, we will not receive any compensation to assist in their absence.

The success of our strategy depends on a well-defined management structure and the availability of a management team with proven competencies in the identification, acquisition and integration of complementary companies and assets. To implement our business plan, we will need to keep the personnel that we currently have and, if our business is to grow as planned, we will need additional personnel. We cannot assure you that we will be successful in retaining our present team or in attracting and retaining additional personnel. If we are unable to attract and retain key personnel or are unable to do so in a cost-effective manner, our business may be materially and adversely affected.

***We are currently a smaller reporting company. If we become an accelerated filer, we will be required to obtain an auditor attestation on our internal control over financial reporting.***

We are currently a smaller reporting company and are not required to obtain an auditor attestation report on the effectiveness of our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002. We will remain a smaller reporting company until the last day of the fiscal year in which our annual revenue equals or exceeds $100 million during such completed fiscal year and the market value of our ordinary shares held by non-affiliates equals or exceeds $75 million as of the prior June 30. If we exceed the applicable revenue or public float thresholds and become an accelerated filer, we will be required to comply with Section 404(b), which will require our independent registered public accounting firm to attest to, and report on, the effectiveness of our internal control over financial reporting.

As of December 31, 2025, management has concluded that our internal control over financial reporting was effective, as required under Section 404(a). However, the standards and level of testing required for an auditor attestation under Section 404(b) may be more extensive and may potentially identify deficiencies in our internal control over financial reporting. In addition, compliance with Section 404(b) may result in increased legal, accounting, and compliance costs and may require significant management time and resources.

<u>Financial and Economic Risks</u>

***The Company was profitable during the years ended December 31, 2025 and 2024. However, we may not be able to achieve sustained profitability. Our failure to sustain profitability or effectively manage growth could result in net losses, and therefore negatively affect our financial condition.***

In the event of any decrease in sales, if we are not able to maintain growth, or if we are unable to effectively manage our growth, we may not be able to sustain profitability, and may incur net losses in the future, and those net losses could be material. In the event we incur net losses, our financial condition could be negatively affected, and such effect could be material.

***We may not be able to effectively manage our growth, which could materially harm our business, financial condition, results of operations and cash flows.***

Our growth has placed, and we expect that our continued growth may place, a significant demand on our management, personnel, systems and resources. Our continued growth will require an increased investment by us in our third-party manufacturing relationships, personnel, technology, facilities and financial and management systems and controls, including monitoring and assuring our compliance with applicable regulations. We will need to integrate, train and manage a growing employee base. Unless our growth results in an increase in our revenues that is proportionate to the increase in our costs associated with this growth, our operating margins and profitability will be adversely affected. If we fail to effectively manage our growth, our business, financial condition, results of operations and cash flows could be materially harmed.

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***Unfavorable economic conditions, including high inflation, recessions and other macroeconomic conditions or trends may have an adverse impact on our business, financial results, and prospects.***

The willingness of consumers to purchase our products depends in part on general or local economic conditions and consumers' discretionary spending habits. In periods of adverse or uncertain economic conditions, including during periods of high inflation or recession concerns, consumers may purchase less of our products, purchase more value or private label products or may forgo certain purchases altogether. In addition, our wholesale customers may seek to reduce their inventories in response to those economic conditions. In those circumstances, we could experience a reduction in sales. Further, during economic downturns, it may be more difficult to convince consumers to switch to, or continue to use, our brands without extensive promotions or price reductions.

As a result of economic conditions, we may be unable to raise our prices sufficiently to protect profit margins. We have previously experienced inflationary headwinds across our business, and although inflationary pressures have abated, any increase in inflation from current levels may result in our inability to achieve price increases or cost savings. And uncertain or unfavorable economic conditions have and could continue to negatively impact the financial stability of our customers or suppliers, which could lead to increased uncollectible receivables or non-performance. Current global geopolitical tensions, including related to Ukraine and the Middle East, may exacerbate any economic downturn and inflation. Any of these events could have an adverse effect on our business, financial condition, results of operations and cash flow.

***Trade policies, treaties and tariffs could have a material adverse effect on our business.***

The cost of our products is largely dependent on the cost and availability to our third-party suppliers of raw ingredients, some of which may be sourced outside of the U.S. There is currently significant uncertainty about the future relationship between the United States and various other countries, most significantly China, Mexico and Canada, with respect to trade policies, treaties, tariffs and taxes. The U.S. presidential administration has imposed additional tariffs on China, Mexico and Canada, and the administration and the U.S. Congress are in the process of revisiting changes made by the prior U.S. presidential administration with respect to other countries. These developments, or the perception that any of them could occur, could have a material effect on global economic conditions and the stability of global financial markets, and could significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. This uncertainty includes the possibility of altering or increasing the existing tariffs or penalties on products originating outside the U.S, and the potential tariffs imposed on U.S. products sold in international markets. The institution of trade tariffs on raw ingredients imported by our third-party suppliers from other countries could increase our costs, which could have a negative impact on our business.

***We have incurred substantial debt in conjunction with our acquisitions and may incur additional debt in connection with our M&A strategy, which could have a negative impact on our liquidity position and which could adversely affect our business.***

As of December 31, 2025, we had approximately $44.7 million in aggregate principal amount of total debt, and we may incur additional indebtedness to fund future acquisitions. Our overall leverage and the terms of our financing arrangements could (i) limit our ability to obtain additional financing in the future for working capital, capital expenditures or acquisitions, to fund growth or for general corporate purposes, even when necessary to maintain adequate liquidity; (ii) make it more difficult for us to satisfy the terms of our obligations under the terms of our financing arrangements; (iii) limit our ability to refinance our indebtedness on terms acceptable to us, or at all; (iv) limit our flexibility to plan for and to adjust to changing business and market conditions in the markets in which we operate and increase our vulnerability to general adverse economic and industry conditions; (v) require us to dedicate a substantial portion of our cash flow from operations to make interest and principal payments on our debt, thereby limiting the availability of our cash flow to fund future investments, capital expenditures, working capital, business activities and other general corporate requirements; (vi) increase our vulnerability to adverse economic or industry conditions; and (vii) subject us to higher levels of indebtedness than our competitors, which may cause a competitive disadvantage and may reduce our flexibility in responding to increased competition.

Our ability to meet expenses and debt service obligations will depend on our future performance, which will be affected by financial, business, economic and other factors, including the impact of pandemics and other outbreaks of contagious diseases, potential changes in consumer and customer preferences and behaviors, the success of product and marketing innovation, and pressure from competitors. If we do not generate enough cash to pay our debt service obligations, we may be required to refinance all or part of our existing debt, sell assets, borrow more money or issue additional equity.

***The agreements governing our current and potential future indebtedness may contain various covenants that limit our ability to take certain actions and also require us to meet financial maintenance tests, and failure to comply with these covenants could have a material adverse effect on us.***

Our financing arrangements contain restrictions, covenants and events of default that, among other things, require us to satisfy certain financial tests and maintain certain financial ratios and restrict our ability to incur additional indebtedness. Financing arrangements which we enter into in the future could contain similar restrictions and additionally could require us to comply with similar, new or additional financial tests or to maintain similar, new or additional financial ratios. The terms of our financing arrangements, financing arrangements which we enter into in the future and any future indebtedness may impose various restrictions and covenants on us that could limit our ability to respond to market conditions, provide for capital investment needs or take advantage of business opportunities by limiting the amount of additional borrowings we may incur. These restrictions include compliance with, or maintenance of, certain financial tests and ratios and may limit or prohibit our ability to, among other things: borrow money or guarantee debt; create liens; pay dividends on or redeem or repurchase stock or other securities; make investments and acquisitions; enter into new lines of business; enter into transactions; and sell assets or merge with other companies.

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Various risks, uncertainties and events beyond our control could affect our ability to comply with these restrictions and covenants. Failure to comply with any of the restrictions and covenants in our existing or future financing arrangements could result in a default under those arrangements and under other arrangements that may contain cross-default provisions. A default would permit lenders to accelerate the maturity of the debt under these arrangements. Under these circumstances, we might not have sufficient funds or other resources to satisfy all of our obligations. In addition, the limitations imposed by financing agreements on our ability to incur additional debt and to take other actions might significantly impair our ability to obtain other financing.

***To service indebtedness and fund other cash needs, we will require a significant amount of cash. Our ability to generate cash depends on many factors beyond our control.***

Our ability to pay principal and interest on our debt obligations and to fund any planned capital expenditures and other cash needs will depend in part upon the future financial and operating performance of our business and upon our ability to renew or refinance borrowings. Prevailing economic conditions, our future financial and operating performance, competitive, legislative, regulatory and other factors, many of which are beyond our control, will affect our ability to make these payments.

Under these circumstances, if we are unable to make payments, refinance our debt or obtain new financing, we may consider other options, including: sales of assets; sale of equity; reductions or delays of capital expenditures, strategic acquisitions, investments and alliances; or negotiations with our lenders to restructure the applicable debt.

Our business may not generate sufficient cash flow from operations, and future borrowings may not be available to us in an amount sufficient, to enable us to pay our indebtedness or to fund our other liquidity needs. We may need to refinance all or a portion of our indebtedness on or before maturity. We may not be able to refinance any of our debt on commercially reasonable terms, or at all.

***Increases in interest rates may negatively affect our earnings.***

From time to time, we have debt outstanding with exposure to variable interest rates. As a result, we have in the past been and may in the future be adversely affected by rising interest rates, which will increase the cost of servicing our financial instruments with exposure to interest rate risk and could materially reduce our profitability and cash flows.

***Impairment in the carrying value of intangible assets could negatively impact our financial condition and results of operations. If our goodwill or other intangible assets become impaired, we will be required to record impairment charges, which may be significant.***

Our balance sheet includes intangible assets, including goodwill, trademarks, trade names, customer relationships and other acquired intangibles. Goodwill is expected to contribute indefinitely to our cash flows and is not amortized. Our management reviews it for impairment on an annual basis or whenever events or changes in circumstances indicate that its carrying value may be impaired. Impairments to intangible assets may be caused by factors outside of our control, such as increasing competitive pricing pressures, lower than expected revenue and profit growth rates, changes in industry earnings before interest, taxes, depreciation and amortization, and revenue multiples, changes in discount rates based on changes in cost of capital (interest rates, etc.) or the loss or bankruptcy of a significant customer. These factors, along with other internal and external factors, could have a significant negative impact on our fair value determination, which could then result in a material impairment charge recorded in our results of operations. No impairments were recorded in the years ended December 31, 2025 or 2024. However, we could have impairments in the future.

***Unsuccessful implementation of business strategies to reduce costs, or unintended consequences of the implementation of such strategies, may adversely affect our business, financial condition, results of operations and cash flows.***

Many of our costs, such as freight, raw materials and energy, are outside of our control. Therefore, we must seek to reduce costs in other areas, such as through operating efficiency. If we are not able to complete projects designed to reduce costs and increase operating efficiency on time or within budget, or if the implementation of these projects results in unintended consequences, such as business disruptions, distraction of management and employees or reduced productivity, our business, financial condition, results of operations and cash flows may be adversely impacted. In addition, if the cost-saving initiatives we have implemented, or any future cost-saving initiatives, do not generate the expected cost savings and synergies, our business, financial condition, results of operations and cash flows may be adversely affected.

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<u>Legal and Regulatory Risks</u>

***We are affected by extensive laws, governmental regulations, administrative determinations, court decisions and similar constraints, which can make compliance costly and subject us to enforcement actions by governmental agencies.***

The formulation, manufacturing, packaging, labeling, holding, storage, distribution, advertising and sale of our products are affected by extensive laws, governmental regulations and policies, administrative determinations, court decisions and similar constraints at the federal, state and local levels, both within the United States and in any country where we conduct business. There can be no assurance that we or our distributors or wholesale partners will be in compliance with all of these regulations. A failure by us or our distributors or wholesale partners to comply with these laws and regulations could lead to governmental investigations, civil and criminal prosecutions, administrative hearings and court proceedings, civil and criminal penalties, injunctions against product sales or advertising, civil and criminal liability for the Company and/or its principals, bad publicity, and tort claims arising out of governmental or judicial findings of fact or conclusions of law adverse to the Company or its principals. In addition, the adoption of new regulations and policies or changes in the interpretations of existing regulations and policies may result in significant new compliance costs or discontinuation of product sales, and may adversely affect the marketing of our products, resulting in decreases in revenue.

***We are dependent on our third-party manufacturers to supply our products in the compositions we require, and we do not independently analyze each production lot of our products. Any errors in our product manufacturing could result in product recalls, significant legal exposure, and reduced revenue.***

Although we require that our manufacturers verify the accuracy of the contents of our products for each production lot, we do not have the internal expertise or personnel to monitor the production of products by these third parties. We rely primarily, with limited independent verification, on certificates of analysis regarding product content provided by our third-party suppliers and limited safety testing by them. We cannot be assured that these outside manufacturers will continue to reliably supply products to us in the compositions we require. Errors in the manufacture of our products could result in product recalls, significant legal exposure, adverse publicity, and decreased revenue.

***Certain of our products are subject to a higher level of regulatory scrutiny, resulting in increased costs of operations and the potential for delays in product sales.***

Certain of our products are regulated by the FDA as dietary supplements, which are subject to levels of regulatory scrutiny different from those applicable to conventional food. Such heightened regulatory scrutiny results in increased costs of operations and the potential for delays in product sales. In addition, there is some risk that product classifications could be changed by the regulators, which could result in significant fines, penalties, discontinued distribution and relabeling costs. Any of these events would negatively impact our revenues and costs of operations.

***Pending and future litigation and claims may impair our reputation or lead us to incur significant costs.***

We are, or may become, party to various lawsuits and claims arising in the normal course of business, which may include lawsuits or claims relating to contracts, third-party contract manufacturers, intellectual property infringement, product recalls, product liability, false or deceptive advertising, employment matters, environmental matters or other aspects of our business. Lawsuits filed against food and beverage or nutritional supplement companies alleging deceptive advertising and labeling continue to increase. In addition, actions we have taken or may take, or decisions we have made or may make, may result in legal claims or litigation against us. Negative publicity resulting from allegations made in lawsuits or claims asserted against us, whether or not valid, may adversely affect our reputation. In addition, we may be required to pay damage awards or settlements, become subject to injunctions or other equitable remedies, be required to modify our business processes, practices or products or be required to stop selling certain of our products. In addition, intellectual property infringement litigation or claims could cause us to cease making, licensing or using products that incorporate the challenged intellectual property, require us to redesign or rebrand our products or packaging, if feasible, or require us to enter into royalty or licensing agreements in order to obtain the right to use a third party's intellectual property. Any or all of these consequences could have a material adverse effect on our financial condition, results of operations and cash flows. The outcome of litigation is often difficult to predict, and the outcome of pending or future litigation may have a material adverse effect on our business, financial condition, results of operations and cash flows.

Although we have product liability insurance in place, the potential liabilities associated with lawsuits and claims could be excluded from coverage or, if covered, could exceed the coverage provided by such programs. In addition, insurance carriers may seek to rescind or deny coverage with respect to pending or future claims or lawsuits. If we do not have sufficient coverage under our policies, or if coverage is denied, we may be required to make material payments to settle litigation or satisfy any judgment. Any of these consequences could have a material adverse effect on our business, financial condition, results of operations and cash flows.

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***Our products may not meet health and safety standards or could become contaminated.***

We do not have control over the third parties involved in the manufacturing of our products and their compliance with government health and safety standards. Even if our products meet these standards, they could otherwise become contaminated. A failure to meet these standards or contamination could occur in our operations or those of our distributors or suppliers. This could result in expensive production interruptions, recalls and liability claims. Moreover, negative publicity could be generated from false, unfounded or nominal liability claims or limited recalls. Any of these failures or occurrences could negatively affect our business and financial performance.

***If our products become contaminated or adulterated, or if they are misbranded or mislabeled, we might need to recall or withdraw those items and we may experience product liability claims.***

Selling food products, beverages and nutritional supplements involves a number of legal and other risks, including contamination, spoilage, degradation, tampering, mislabeling or other adulteration. Additionally, many of the raw materials used to make certain of our products, particularly milk-based protein, are vulnerable to spoilage and contamination by naturally occurring molds and pathogens, such as salmonella, and pests. These pathogens may survive in our products as a result of improper handling by customers or consumers. We do not have control over handling procedures once our products have been shipped for distribution. We may need to recall or withdraw some or all of our products if they become damaged, contaminated, adulterated, mislabeled or misbranded, whether caused by us or someone in our supply chain. A recall or withdrawal could result in destruction of product ingredients and inventory, negative publicity, temporary plant closings for our third-party contract manufacturers, supply chain interruption, substantial costs of compliance or remediation, fines and increased scrutiny by federal, state and foreign regulatory agencies. New scientific discoveries regarding microbes and food manufacturing may bring additional risks and latent liability. Should consumption of any product cause injury, we may be liable for monetary damages as a result of a judgment against us. In addition, adverse publicity, including claims, whether or not valid, that our products or ingredients are unsafe or of poor quality, may discourage customers or consumers from buying our products or cause production and delivery disruptions. Any of these events or a loss of customer or consumer confidence could have an adverse effect on our business, financial condition, results of operations and cash flows.

<u>Risk Factors Related to Potential Acquisitions</u>

***If we pursue additional acquisitions or other strategic transactions, we may not be able to successfully consummate favorable transactions or successfully integrate acquired businesses.***

We completed the acquisition of Mimi's Rock Corp. on February 28, 2023, the acquisition of substantially all of the assets of MusclePharm on October 10, 2023 and the acquisition of substantially all of the assets of Irwin on August 8, 2025. From time to time, we may evaluate and pursue additional potential acquisitions or other strategic transactions. Evaluating potential transactions, including divestitures, requires additional expenditures (including legal, accounting and due diligence expenses, higher administrative costs to support the acquired entities and information technology, personnel and other integration expenses), and may divert the attention of our management from day-to-day operating matters. Companies or operations we acquire or joint ventures we enter into may not be profitable or may not achieve the anticipated profitability that justifies our investments.

With respect to acquisitions, we may not be able to identify suitable candidates, consummate a transaction on terms that are favorable to us or achieve expected returns and other benefits as a result of integration challenges. The successful integration of acquisitions is complex and depends on our ability to manage the operations and personnel of the acquired businesses. Potential difficulties we may encounter as part of the integration process include, but are not limited to, the following: employees may voluntarily or involuntarily separate from employment with us or the acquired businesses because of the acquisitions; our management may have its attention diverted while trying to integrate the acquired businesses; we may encounter obstacles when incorporating the acquired businesses into our operations and management; we may be required to recognize impairment charges; and integration may be more costly or more time consuming and complex or less effective than anticipated.

<u>Risk Factors Relating to our Common Stock</u>

***If we fail to comply with the continued listing requirements of the Nasdaq Capital Market, our Common Stock may be delisted and the price of our Common Stock and our ability to access the capital markets could be negatively impacted.***

On September 18, 2023, our Common Stock began trading on the Nasdaq Stock Market, LLC ("*Nasdaq*"). Although we are currently in compliance with Nasdaq's continued listing standards, no assurance can be given that we will continue to meet applicable Nasdaq continued listing standards. Failure to meet applicable Nasdaq continued listing standards could result in a delisting of our Common Stock, which could materially reduce the liquidity of our Common Stock and result in a corresponding material reduction in the price of our Common Stock.

***The price of our securities could be subject to wide fluctuations and your investment could decline in value.***

The market price of the securities of a company can be subject to wide price swings. For example, the closing price of our Common Stock has ranged from a high of $20.76 to a low of $10.40 during the year ending December 31, 2025. The market price of our securities may be subject to wide changes in response to quarterly variations in operating results, announcements of new products by us or our competitors, reports by securities analysts, volume traded, or other events or factors. In addition, the financial markets have experienced significant price and volume fluctuations for a number of reasons, including exogenous factors as well as the failure of certain companies to meet market expectations. These broad market price swings, or any industry-specific market fluctuations, may adversely affect the market price of our securities.

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Companies that have experienced volatility in the market price of their stock have been the subject of securities class action litigation. If we were to become the subject of securities class action litigation, it could result in substantial costs and a significant diversion of our management's attention and resources.

***We may issue Preferred Stock with rights senior to the Common Stock.***

Our Articles of Incorporation authorize the issuance of up to 10 million shares of preferred stock, par value $0.01 per share ("*Preferred Stock*"), in the aggregate. Currently, we have the following classes of Preferred Stock authorized, which could be issued without shareholder approval: (i) 1,000 shares of Series A Preferred Stock, par value $0.01 per share (the "*Series A Preferred*"); and (ii) 2,000 shares of Series B Junior Participating Preferred Stock, par value $0.01. However, the rights and preferences of any class or series of Preferred Stock, were we to designate or issue additional shares of Preferred Stock, would be established by our Board of Directors in its sole discretion and may have dividend, voting, liquidation and other rights and preferences that are senior to the rights of our Common Stock.

***You should not rely on an investment in our Common Stock for the payment of cash dividends.***

We have never paid cash dividends on our Common Stock and do not anticipate paying any cash dividends in the foreseeable future. You should not make an investment in our Common Stock if you require dividend income. Any return on investment in our Common Stock would only come from an increase in the market price of our stock, which is uncertain and unpredictable.

***Our Chair of the Board of Directors, Chief Executive Officer and significant shareholder may have certain personal interests that may affect the Company.***

Due to the securities held by Sudbury Capital Fund, LP ("*Sudbury*") and Dayton Judd, the Company's Chair of the Board and Chief Executive Officer, Mr. Judd may be deemed to be the beneficial owner of a majority of the Company's outstanding voting securities. Consequently, Mr. Judd individually, and together with Sudbury as stockholders acting together, can significantly influence all matters requiring approval by our stockholders, including the election of directors and significant corporate transactions, such as mergers or other business transactions requiring shareholder approval. This concentration of ownership may have effects such as delaying or preventing a change in control of the Company that may be favored by other shareholders or preventing transactions in which shareholders might otherwise recover a premium for their shares over current market prices. In addition, as a result of Mr. Judd's position as Chair of the Board and Chief Executive Officer, he and/or Sudbury may have the ability to exert influence over both the actions of the Board of Directors, as well as the execution of management's plans.

***Compliance with changing corporate governance regulations and public disclosures may result in additional risks and exposures.***

Changing laws, regulations and standards relating to corporate governance and public disclosure, including the Sarbanes-Oxley Act of 2002 and new regulations from the SEC, have created uncertainty for public companies such as ours. These laws, regulations, and standards are subject to varying interpretations in many cases and as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. As a result, our efforts to comply with evolving laws, regulations, and standards have resulted in, and are likely to continue to result in increased expense and significant management time and attention.

**SHOULD ONE OR MORE OF THE FOREGOING RISKS OR UNCERTAINTIES MATERIALIZE, OR SHOULD THE UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY DIFFER SIGNIFICANTLY FROM THOSE ANTICIPATED, BELIEVED, ESTIMATED, EXPECTED, INTENDED OR PLANNED.**

**ITEM 1B. UNRESOLVED STAFF COMMENTS**

None.

**ITEM 1C. CYBERSECURITY**

*Risk Management and Strategy*

We recognize the critical importance of developing, implementing, and maintaining cybersecurity measures to maintain the security, confidentiality, integrity, and availability of our business systems and confidential information, including personal information and intellectual property. To this end, our processes are designed to assess, identify, and manage risks from potential unauthorized occurrences on or through our information technology systems (including such risks associated with the use of any third-party service providers) that may result in adverse effects on the confidentiality, integrity, and availability of these systems and the data residing therein. These processes are managed and monitored by third-party experts under supervision of management, and, where necessary or desired, include mechanisms, controls, technologies, systems, and other processes designed to prevent or mitigate data loss, theft, misuse, or other security incidents or vulnerabilities affecting the data. We may also consult with outside advisors and experts to assist with assessing, identifying, and managing cybersecurity risks, including to anticipate future threats and trends, and their impact on our risk environment.

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We consider cybersecurity, along with other significant risks that we face, within our overall enterprise risk management framework. Our processes and resources are also designed to help enable us to actively identify, protect, detect, respond to, and recover from risks and threats. Nevertheless, we face certain ongoing cybersecurity risk threats that, if realized, are reasonably likely to materially affect us. As of the date of this report, we have not identified cybersecurity threats that have materially affected, or are reasonably likely to materially affect, our business, results of operations, or financial condition.

*Governance*

Third-party experts assist our senior management team in assessing and managing material risks from cybersecurity threats. All employees and consultants are directed to report to our senior management any irregular or suspicious activity that could indicate a cybersecurity threat or incident. The Audit Committee of our Board of Directors evaluates our cybersecurity assessment and management policies, including quarterly discussions with our senior officers and independent registered accounting firm.

**ITEM 2. PROPERTIES**

The Company, including its subsidiaries, leases its headquarters in Omaha, Nebraska, as well as office space in Culver City, California. The Company previously leased office space in Oakville, Ontario, Canada; this lease expired in January 2026 and was not renewed as part of the Company's ongoing optimization of its operating footprint. Management believes that the Company's locations are adequate to support the business and suitable for present purposes, and the property and equipment have been well maintained.

**ITEM 3. LEGAL PROCEEDINGS**

We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of the Company or any of its subsidiaries, threatened against or affecting the Company, our Common Stock, any of our subsidiaries or of the Company's or our subsidiaries' directors or officers in their capacities as such, in which an adverse decision could have a material adverse effect.

**ITEM 4. MINE SAFETY DISCLOSURES**

None.

**PART II**

**ITEM 5. MARKET FOR REGISTRANT**'**S COMMON STOCK, RELATED STOCKHOLDER MATTERS AND ISSUERS PURCHASES OF EQUITY SECURITIES**

Since September 18, 2023, our Common Stock has been listed on the Nasdaq Capital Market under the symbol "FTLF". As of December 31, 2025, there were 9,391,072 shares of Common Stock outstanding and ten shareholders of record of the Company's Common Stock, in addition to an undetermined number of holders whose shares are held in "street name."

The following table sets forth the high and low closing prices for our Common Stock for the periods indicated:

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| | | |
|:---|:---|:---|
|  | **High** | **Low** |
| **Fiscal Year 2025** |  |  |
| First Quarter (January - March 2025) | $16.27 | $12.10 |
| Second Quarter (April - June 2025) | $15.91 | $10.40 |
| Third Quarter (July - September 2025) | $19.91 | $12.43 |
| Fourth Quarter (October - December 2025) | $20.76 | $15.80 |
| **Fiscal Year 2024** |  |  |
| First Quarter (January - March 2024) | $12.00 | $9.60 |
| Second Quarter (April - June 2024) | $17.50 | $12.25 |
| Third Quarter (July - September 2024) | $16.89 | $14.59 |
| Fourth Quarter (October - December 2024) | $17.44 | $15.13 |

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*Share Repurchase Program*

On August 16, 2019, the Company approved a share repurchase program, pursuant to which the Board authorized management to repurchase up to $500,000 of the Company's Common Stock over the subsequent 24 months (the "*Share Repurchase Program*"). The Share Repurchase Program was amended September 23, 2019 to increase the repurchase amount to $1,000,000, and include shares of the Company's Common Stock, its Series A Convertible Preferred Stock, par value $0.01 per share ("*Series A Preferred*"), and warrants to purchase shares of the Company's Common Stock ("*Warrants*") in the Share Repurchase Program, to be repurchased over the next 24 months, at a purchase price, in the case of Common Stock, equal to the fair market value of the Company's Common Stock on the date of purchase, and in the case of Series A Preferred and Warrants, at a purchase price determined by management, with the exact date and amount of such purchases to be determined by management. The Share Repurchase Program was further amended on November 6, 2019 to authorize a repurchase amount to $2,500,000 over the subsequent 24 months; further amended on February 1, 2021 to authorize a repurchase amount to up to $5,000,000 over the subsequent 24 months; further amended on March 17, 2023, to authorize a repurchase amount of up to $5,000,000 over the subsequent 24 months; with all other terms of the Share Repurchase Program remained unchanged.

On May 13, 2025, the Board approved an extension of the Share Repurchase Program. Under the extended and amended Share Repurchase Program, the Board authorized management to repurchase up to $5,000,000 of the Company's Common Stock over the subsequent 24 months, at a purchase price equal to the fair market value of the Company's Common Stock on the date of purchase, with the exact date and amount of such purchases to be determined by management.

During the year ended December 31, 2025, the Company did not repurchase any shares of the Company's Common Stock under the Share Repurchase Program. As of December 31, 2025, the Company may purchase up to $5,000,000 of additional shares of Common Stock under the Share Repurchase Program.

**Recent Sales of Unregistered Securities**

No unregistered securities were issued during the fiscal year.

**Transfer Agent**

Our transfer agent and registrar for the Common Stock is Colonial Stock Transfer located in Sandy, Utah.

**Securities Authorized for Issuance under Equity Compensation Plans**

For a discussion of our equity compensation plans, please see Item 11 of this Annual Report.

**ITEM 6. SELECTED FINANCIAL DATA**

Not a required disclosure for Smaller Reporting Companies.

**ITEM 7. MANAGEMENT**'**S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OR PLAN OF OPERATION**

The following is management's discussion and analysis of certain significant factors that have affected our financial position and operating results during the periods included in the accompanying consolidated financial statements, as well as information relating to the plans of our current management. This report includes forward-looking statements. Generally, the words "believes", "anticipates", "may", "will", "should", "expect", "intend", "estimate", "continue", and similar expressions or the negative thereof or comparable terminology are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including the matters set forth in this Annual Report or other reports or documents we file with the Securities and Exchange Commission from time to time, which could cause actual results or outcomes to differ materially from those projected. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to update these forward-looking statements.

The following discussion and analysis should be read in conjunction with our consolidated financial statements and the related notes thereto and other financial information contained elsewhere in this Annual Report. Unless otherwise stated, all dollar amounts are in thousands, except per share data.

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**Critical Accounting Policies**

*Use of Estimates and Assumptions*

The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("*GAAP*") requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of net sales and expense recognized during the periods presented.

Those estimates and assumptions include estimates for reserves of uncollectible accounts receivable, allowance for inventory obsolescence, product returns, depreciable lives of property and equipment, allocation of purchase price from business combinations, analysis of impairment of goodwill, realization of deferred tax assets, accruals for potential liabilities and assumptions made in valuing stock instruments issued for services. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates.

*Accounts Receivable and Allowance for Doubtful Accounts*

All of the Company's accounts receivable balance is related to trade receivables. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in its existing accounts receivable. The Company will maintain allowances for doubtful accounts, estimating losses resulting from the inability of its customers to make required payments for products. Accounts with known financial issues are first reviewed and specific estimates are recorded. The remaining accounts receivable balances are then grouped into categories by the number of days the balance is past due, and the estimated loss is recorded based upon management's assessment of collectability. Account balances are charged off against the allowance when it is probable that the receivable will not be recovered.

As of December 31, 2025 and 2024, the Company had provided a reserve for doubtful accounts of $9 and $41, respectively.

*Income Taxes*

The Company accounts for income taxes under FASB Accounting Standards Codification ("*ASC*") Topic 740, *Income Taxes* ("*ASC 740*"). Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets of the Company relate primarily to operating loss carryforwards for federal income tax purposes. The deferred tax liabilities of the Company relate primarily to intangible assets that are not deductible for tax purposes in the jurisdictions to which they relate.

The Company periodically evaluates its tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. The Company accrues interest and penalties, if incurred, on unrecognized tax benefits as components of the income tax provision in the accompanying consolidated statements of income and comprehensive income. As of December 31, 2025 and 2024, the Company has not established a liability for uncertain tax positions.

*Product Returns, Sales Incentives and Other Forms of Variable Consideration*

In measuring revenue and determining the consideration the Company is entitled to as part of a contract with a customer, the Company takes into account the related elements of variable consideration. Such elements of variable consideration include, but are not limited to, estimated sales allowances, defective products, product returns and sales incentives, such as markdowns and sales promotions. For these types of arrangements, the adjustments to revenue are recorded at the later of when (i) the Company recognizes revenue for the transfer of the related products to the customers, or (ii) the Company pays, or promises to pay, the consideration.

With the exception of Irwin, we currently have a 30-day product return policy for direct-to-consumer sales, which allows for a 100% sales price refund for the return of unopened and undamaged products purchased from us online through one of our websites or e-commerce platforms. Irwin allows for returns within 60 days of purchase for direct-to-consumer sales. Product sold to certain wholesale customers may be returned from store shelves or the distribution center in the event product is damaged, short dated, expired or recalled.

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GNC maintains a customer satisfaction program which allows customers to return product to the store for credit or refund. Subject to certain terms and restrictions, GNC may require reimbursement from vendors for unsaleable returned product through either direct payment or credit against a future invoice. We also support a product return policy for iSatori Products, whereby customers can return product for credit or refund. Product returns can and do occur from time to time and can be material.

For the sale of goods with a right of return, the Company estimates variable consideration using the most likely amount method and recognizes revenue for the consideration it expects to be entitled to when control of the related product is transferred to the customers and records a product returns liability for the amount it expects to credit back its customers. Under this method, certain forms of variable consideration are based on expected sell-through results, which requires subjective estimates. These estimates are supported by historical results as well as specific facts and circumstances related to the current period. The product returns liability includes estimates that directly impact reported revenue. These estimates are calculated based on a history of actual returns, estimated future returns and information provided by customers regarding their inventory levels. Consideration of these factors results in an estimate for anticipated sales returns that reflects increases or decreases related to seasonal fluctuations. In addition, as necessary, product returns liability may be established for significant future known or anticipated events. The types of known or anticipated events that are considered, and will continue to be considered, include, but are not limited to, changes in the retail environment and the Company's decision to continue to support new and existing products.

Information for product returns is received on a regular basis and adjusted for accordingly. Adjustments for returns are based on factual information and historical trends for Company products and are specific to each distribution channel. We monitor, among other things, remaining shelf life and sell-through data on a weekly basis. If we determine there are any risks or issues with any specific products, we accrue sales return allowances based on management's assessment of the overall risk and likelihood of returns in light of all information available.

Total allowance for product returns, sales returns and incentive programs as of December 31, 2025 and 2024 amounted to $1,039 and $564, respectively.

*Inventory*

Inventory is stated at the lower of cost or net realizable value, with costs determined on a first-in, first-out (FIFO) basis. We regularly review our inventory quantities on hand and record a provision for excess and obsolete inventory based primarily on our estimated forecast of product demand and/or our ability to sell the product(s) concerned and production requirements. Demand for our products can fluctuate significantly. Factors that could affect demand for our products include unanticipated changes in consumer preferences, general market conditions or other factors, which may result in cancellations of advance orders or a reduction in the rate of reorders placed by customers. Additionally, our management's estimates of future product demand may be inaccurate, which could result in an understated or overstated provision required for excess and obsolete inventory.

Total allowance for expiring, excess and slow-moving inventory items as of December 31, 2025 and 2024 amounted to $247 and $100, respectively.

*Goodwill*

The Company has determined that it has a single reporting unit for purposes of performing its goodwill impairment test. The Company reviews goodwill for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value may not be recoverable. The Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of the reporting unit is less than the carrying amount as a basis for determining whether it is necessary to perform an impairment test. If the qualitative assessment warrants further analysis, the Company compares the fair value of the reporting unit to its carrying value. The fair value of the reporting unit is determined using the market approach. The Company determines the amount of a potential goodwill impairment by comparing the fair value of the reporting unit with its carrying amount. To the extent the carrying value of a reporting unit exceeds its fair value, a goodwill impairment charge is recognized.

As the Company uses the market approach to determine fair value of the reporting unit, the price of its Common Stock is an important component of the fair value calculation. If the Company's stock price experiences significant price and volume fluctuations, this will impact the fair value of the reporting unit, which can lead to potential impairment in future periods.

There were no impairment charges incurred during the year ended December 31, 2025.

*Revenue Recognition*

The Company's revenue is comprised of sales of nutritional supplements and wellness products to consumers.

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The Company accounts for revenue in accordance with FASB ASC 606. The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contract(s), which includes (1) identifying the contract(s) or agreement(s) with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. Under ASC 606, revenue is recognized when performance obligations under the terms of a contract are satisfied, which occurs for the Company upon shipment or delivery of products to our customers based on written sales terms. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring the products to a customer.

All products sold by the Company are distinct individual products and consist of nutritional supplements and wellness products. The products are offered for sale solely as finished goods, and there are no performance obligations required post-shipment for customers to derive the expected value from them.

The Company's products are also sold on e-commerce platforms including Amazon. For these transactions, the Company evaluated principal versus agent considerations to determine appropriateness of recording distribution and platform fees paid to third-party e-commerce companies as an expense or as a reduction of revenue. The Company records distribution and platform fees to cost of goods sold in the consolidated statements of income and comprehensive income. Distribution and platform fees are not recorded as a reduction of revenue because the Company: (1) owns the goods before they are transferred to the customer, (2) can direct Amazon, similar to other third-party logistics providers ("*Logistic Providers*"), to return the Company's inventory to any location specified by the Company, (3) has the responsibility to make customers whole following any returns made by customers directly to Logistic Providers and the Company retains the back-end inventory risk, (4) is subject to credit risk (i.e., credit card chargebacks), (5) establishes prices of its products, (6) can determine who fulfills the goods to the customer (Amazon or the Company) and (7) can limit quantities or stop selling the goods at any time. Based on these considerations, the Company is the principal in this arrangement. Advertising fees paid to Amazon are recorded in advertising and marketing expense in the consolidated statements of income and comprehensive income.

The Company disaggregates revenue into distribution channels, geographical regions, and collections of brands (Legacy FitLife and recently acquired brands). The Company determines that disaggregating revenue into these categories achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

Online revenue, which consists of revenue generated from sales on the Company's own websites as well as third-party e-commerce platforms such as Amazon, for the year ended December 31, 2025 was approximately 51% of total revenue, compared to roughly 67% of total revenue during the same twelve-month period in 2024.

Sales to customers in the U.S. were approximately 95% for the years ended December 31, 2025 and 2024, with the balance of sales to customers primarily in Canada.

Control of products we sell transfers to customers upon shipment from our facilities or delivery to our customers, and the Company's performance obligations are satisfied at that time. Shipping and handling activities are performed before the customer obtains control of the goods and therefore represent a fulfillment activity rather than promised goods to the customer. Payments for sales are generally made by check, credit card, or wire transfer. Historically the Company has not experienced any significant payment delays from customers.

For direct-to-consumer sales, with the exception of Irwin Products, the Company allows for returns within 30 days of purchase. Irwin allows for returns within 60 days of purchase for direct-to-consumer sales. Our wholesale customers may return purchased products to the Company under certain circumstances, which include expired or soon-to-be-expired products located in retail stores or distribution centers, and products that are subject to a recall or that contain an ingredient or ingredients that are subject to a recall by the U.S. Food and Drug Administration ("*FDA*").

A right of return does not represent a separate performance obligation, but because customers are allowed to return products, the consideration to which the Company expects to be entitled is variable. Such elements of variable consideration include, but are not limited to, estimated sales allowances, defective products, product returns and sales incentives, such as markdowns and sales promotions. The Company uses the most likely amount method to quantify the variable consideration. We assess our contracts and the reasonableness of our conclusions on a quarterly basis.

*Stock-Based Compensation*

The Company periodically issues restricted share units ("*RSUs*"), stock options and warrants to employees in non-capital raising transactions for services rendered. Such issuances vest and expire according to the terms established at the issuance date.

Stock-based payments to officers, directors and employees, which include grants of employee stock options, are recognized in the financial statements based on their grant date fair values in accordance with ASC 718, *Compensation-Stock Compensation*. Stock-based payments to officers, directors, and employees that are time vested are measured at the grant date fair value and compensation cost is recognized on a straight-line basis over the vesting period. The fair value of stock-based payments is estimated using the Black-Scholes option-pricing model or other applicable valuation model such as the Monte Carlo valuation pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life, and future dividends. The assumptions used could materially affect compensation expense recorded in future periods.

------

**Recent Accounting Pronouncements**

See Note 2 of the Notes to the Consolidated Financial Statements included in this Annual Report for a description of recent accounting pronouncements believed by management to have a material impact on our present or future financial statements.

**Results of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |  |  |
|  | **2025** | **2024** | **$ Change** | **% Change** |
| Revenue | $81458 | $64469 | $16989 | 26% |
| Cost of goods sold | 50005 | 36389 | 13616 | 37% |
| Gross profit | 31453 | 28080 | 3373 | 12% |
| Gross margin percentage | 38.6% | 43.6% |  | (5.0)% |
| Operating expense: |  |  |  |  |
| Advertising and marketing | 4860 | 4626 | 234 | 5% |
| Selling, general and administrative ("*SG&A*") | 14036 | 9972 | 4064 | 41% |
| Merger and acquisition related expense | 2075 | 255 | 1820 | 714% |
| Depreciation and amortization | 420 | 108 | 312 | 289% |
| Total operating expense | 21391 | 14961 | 6430 | 43% |
| Operating income | 10062 | 13119 | (3057) | (23)% |
| Other expense (income) | 1833 | 1248 | 585 | 47% |
| Provision for income tax | 1903 | 2887 | (984) | (34)% |
| **Net income** | $6326 | $8984 | $(2658) | (30)% |

---

***Fiscal Year Ended December 31, 2025 Compared to Fiscal Year Ended December 31, 2024***

*Revenue.* Revenue for the year ended December 31, 2025 increased 26% to $81,458 as compared to $64,469 for the year ended December 31, 2024. The increased revenue for the year ended December 31, 2025 compared to the prior year is primarily due to the acquisition of Irwin, partially offset by declining revenue from MRC. The Irwin assets were acquired on August 8, 2025.

Legacy FitLife revenue for the year ended December 31, 2025 was $61,993, a 4% decrease compared to $64,469 for the year ended December 31, 2024, driven by a 7% decrease in online revenue, partially offset by a 2% increase in wholesale revenue (MRC and MusclePharm are now included in Legacy FitLife).

Online revenue during the year ended December 31, 2025 was approximately 51% of total revenue, compared to roughly 67% of total revenue during the same twelve-month period in 2024. The decline in the percentage of revenue coming from online sales is due to the acquisition of Irwin, which had minimal online revenue at the time of the acquisition.

Sales to customers in the U.S. were approximately 95% for the year ended December 31, 2025 and 2024, with the balance of sales primarily to customers in Canada.

*Cost of Goods Sold.* Cost of goods sold for the year ended December 31, 2025 increased 37% to $50,005 as compared to $36,389 for the year ended December 31, 2024. The increase of $13,616 is primarily due to the increase in revenue from the acquisition of Irwin, which includes $1,045 from the amortization of the inventory step-up.

*Gross Profit.* Gross profit for the year ended December 31, 2025 increased to $31,453 as compared to $28,080 for the year ended December 31, 2024. This 12% increase in gross profit is principally attributable to the acquisition of Irwin, partially offset by lower gross profit from Legacy FitLife.

------

*Gross Margin*. Gross margin for the year ended December 31, 2025 decreased to 38.6% from 43.6% for the year ended December 31, 2024. The decrease in gross margin is primarily attributable to the acquisition of Irwin, which historically generated lower gross margin than FitLife. Gross margin was also adversely affected by $1,045 of amortization of the inventory step-up, as well as continued MusclePharm promotional investment. Excluding the amortization of the inventory step-up, gross margin would have been 39.9% during the year ended December 31, 2025.

*Advertising and Marketing.* Advertising and marketing expense for the year ended December 31, 2025 increased to $4,860 as compared to $4,626 for the same period of the prior year. The 5% increase is primarily the result of advertising and marketing expense for Irwin.

*SG&A.* SG&A expense for the year ended December 31, 2025 increased by $4,064 to $14,036 as compared to $9,972 for the year ended December 31, 2024. The 41% increase in SG&A is primarily due to the acquisition of Irwin.

*Merger and Acquisition Related Expense.* Merger and acquisition related expense increased to $2,075 for the year ended December 31, 2025 compared to $255 for the same period of 2024, driven primarily by transaction costs related to the Irwin acquisition during 2025.

*Net Income.* We generated a net income of $6,326 for the year ended December 31, 2025, a 30% decrease compared to net income of $8,984 for the year ended December 31, 2024. The decrease in net income for the year ended December 31, 2025 compared to the same period in 2024 was primarily attributable to an increase in acquisition-related expense due to the Irwin acquisition as well as lower gross profit from certain Legacy FitLife brands.

***Supplemental Discussion of 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 expenses incurred by the Company are generally not allocable to a specific brand or collection of brands. Management intends to provide this level of disclosure for no more than two years following a transaction, after which the performance of acquired brands will be reported as part of Legacy FitLife results.

Other than for Irwin Products, the numbers in the contribution tables presented below represent the performance of a collection of brands. Legacy FitLife consists of thirteen brands. These collections of brands do not meet the definition of operating segments and are not managed as such.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Legacy FitLife*** |  |  |  |  |  |
| ***(Unaudited)*** | **2024** | **2025** | **2025** | **2025** | **2025** |
|  | **Q4** | **Q1** | **Q2** | **Q3** | **Q4** |
| Wholesale revenue | $4939 | $5306 | $5696 | $6686 | $4238 |
| Online revenue | 10074 | 10630 | 10431 | 9978 | 9028 |
| Total revenue | 15013 | 15936 | 16127 | 16664 | 13266 |
| Gross profit | 6212 | 6874 | 6904 | 6542 | 5395 |
| *Gross margin* | 41.4% | *43.1 %* | 42.8% | 39.3% | 40.7% |
| Advertising and marketing | 979 | 1053 | 1191 | 1285 | 1077 |
| **Contribution** | $**5233** | $**5821** | $**5713** | $**5257** | $**4318** |
| ***Contribution as a % of revenue*** | ***34.9%*** | ***36.5%*** | ***35.4%*** | ***31.5%*** | ***32.5%*** |

---

For the fourth quarter of 2025, revenue for Legacy FitLife (which now includes MusclePharm as well as MRC) declined 12% compared to the same period last year due to declines in both online and wholesale revenue.

Online revenue decreased by 10% compared to the fourth quarter of 2024, primarily driven by lower online sales from MRC and MusclePharm, partially offset by higher online revenue from the other Legacy FitLife brands. Wholesale revenue decreased 14% as compared to the fourth quarter of 2024.

------

Gross margin for Legacy FitLife decreased to 40.7% during the fourth quarter of 2025 compared to 41.4% during the fourth quarter of last year. Contribution as a percentage of revenue decreased to 32.5% compared to 34.9% during the fourth quarter of last year.

---

| | | |
|:---|:---|:---|
| ***Irwin Naturals*** |  |  |
| ***(Unaudited)*** | **2025**  | **2025**  |
|  | **Q3** | **Q4** |
| Wholesale revenue | $6510 | $11216 |
| Online revenue | 311 | 1428 |
| Total revenue | 6821 | 12644 |
| Gross profit | 2194 | 3544 |
| *Gross margin* | *32.2 %* | *28.0 %* |
| Advertising and marketing | 72 | 182 |
| **Contribution** | $**2122** | $**3362** |
| ***Contribution as a % of revenue*** | ***31.1%*** | ***26.6%*** |

---

The fourth quarter of 2025 is the first full quarter of Irwin's operating results since the Company acquired Irwin in August 2025. During the quarter, Irwin generated 89% of its revenue from the wholesale channel and 11% from online sales.

Online revenue during the quarter represents transactions through Irwin's websites as well as through Amazon and other e-commerce platforms. The Company began selling Irwin products on Amazon in mid-October, and sales increased throughout the quarter to approximately $0.5 million in the month of December.

Normalizing for loss of the customers that occurred prior to the acquisition of Irwin by the Company, as well as for the results of Irwin's CBD business, which the Company is in the process of exiting, total revenue for Irwin increased approximately 6% in the fourth quarter of 2025 compared to the fourth quarter of 2024.

Irwin generated gross margin of 28.0% and contribution as a percentage of revenue of 26.6% during the fourth quarter of 2025. Excluding amortization of the inventory step-up, Irwin's gross margin and contribution as a percentage of revenue would have been 33.2% and 31.8%, respectively.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***FitLife Consolidated*** |  |  |  |  |  |
| ***(Unaudited)*** | **2024** | **2025** | **2025** | **2025** | **2025** |
|  | **Q4** | **Q1** | **Q2** | **Q3** | **Q4** |
| Wholesale revenue | $4939 | $5306 | $5696 | $13196 | $15454 |
| Online revenue | 10074 | 10630 | 10.431 | 10289 | 10456 |
| Total revenue | 15013 | 15936 | 16127 | 23485 | 25910 |
| Gross profit | 6212 | 6874 | 6904 | 8736 | 8939 |
| *Gross margin* | *41.4 %* | *43.1 %* | *42.8 %* | *37.2 %* | 34.5% |
| Advertising and marketing | 979 | 1053 | 1191 | 1357 | 1259 |
| **Contribution** | $**5233** | $**5821** | $**5713** | $**7379** | $**7680** |
| ***Contribution as a % of revenue*** | ***34.9%*** | ***36.5%*** | ***35.4%*** | ***31.4%*** | ***29.6%*** |

---

For the fourth quarter of 2025 for the Company overall, revenue increased 73%, gross profit increased 44%, and contribution increased 47% compared to the fourth quarter of 2024.

Gross margin decreased to 34.5% during the fourth quarter of 2025 compared to 41.4% during the fourth quarter of last year, with the decline in gross margin primarily attributable to the acquisition of Irwin, which historically operated at a lower gross margin than Legacy FitLife.

Contribution as a percentage of revenue decreased to 29.6% compared to 34.9% during the fourth quarter of last year. Excluding the effect of the inventory step-up amortization of $653, gross margin and contribution as a percentage of revenue would have been 37.0% and 32.2%, respectively, during the fourth quarter.

------

**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 Annual 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 gains and losses, taxes, depreciation and amortization—stock-based compensation, merger and acquisition related expense and other non-recurring costs. 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.

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
| Net income | $6326 | $8984 |
| Interest expense | 1863 | 1367 |
| Interest income | (98) | (69) |
| Foreign exchange (gain) loss | 19 | (50) |
| Provision for income taxes | 1903 | 2887 |
| Depreciation and amortization | 420 | 108 |
| **EBITDA** | 10433 | 13227 |
| Non-cash and non-recurring adjustments |  |  |
| Stock-based compensation | 404 | 459 |
| Merger and acquisition related | 2075 | 255 |
| Amortization of inventory step-up | 1045 |  |
| Writeoff of deferred financing costs | 49 |  |
| Restructuring costs |  | 184 |
| **Adjusted EBITDA** | $14006 | $14125 |

---

**Liquidity and Capital Resources**

As of December 31, 2025, the Company had positive working capital of $11,459, compared to $6,832 at December 31, 2024. Our principal sources of liquidity at December 31, 2025 consisted of $1,646 of cash and $8,765 of accounts receivable. The increase in working capital is principally attributable to higher accounts receivable and inventory balances subsequent to the acquisition of Irwin, which occurred on August 8, 2025.

On September 24, 2019, the Company entered into a line of credit agreement with Mutual of Omaha Bank (the "*Lender*"), subsequently acquired by CIT Bank N.A., then acquired by First Citizens Bank & Trust Company, providing the Company with a $2.5 million revolving line of credit (the "*Line of Credit*"). The Line of Credit allowed the Company to request advances thereunder and to use the proceeds of such advances for working capital purposes until the maturity date, or unless renewed at maturity upon approval by the Company's Board and the Lender. The Line of Credit was secured by all assets of the Company.

On September 20, 2022, the Company and the Lender amended the Line of Credit Agreement to extend the maturity date to December 23, 2022. On December 19, 2022, the Company and the Lender amended the Line of Credit agreement to increase the Line of Credit to $3.5 million and extend the maturity date to December 23, 2023.

On February 23, 2023, the Company and the Lender amended the Line of Credit Agreement (the "*2023 Credit Agreement*") providing the Company with a term loan for the principal amount of $12.5 million ("*Term Loan A*"). All other terms of the Credit Agreement remain unchanged. All of the proceeds from Term Loan A were used for the acquisition of MRC.

On October 10, 2023, the Company entered into a Second Amended and Restated Credit Agreement (the "*Prior Credit Agreement*") with the Lender, amending and restating the 2023 Credit Agreement between the Company and the Lender. Pursuant to the Prior Credit Agreement, the Lender provided the Company with an additional term loan ("*Term Loan B*", and together with Term Loan A, the "*Term Loans*") for the principal amount of $10,000 and extended the maturity date of the Line of Credit of $3.5 million to December 23, 2024. The Company used the proceeds from Term Loan B to fund the acquisition of the MusclePharm assets.

------

On December 19, 2024, the Company entered into the First Amendment to the Prior Credit Agreement (the "*Amended Prior Credit Agreement*") to extend the maturity date of the $3.5 million Line of Credit to April 30, 2026. Pursuant to the Amended Prior Credit Agreement, the Line of Credit accrued interest at an annual rate equal to the greater of 3.50% or the one-month secured overnight financing rate ("*SOFR*") rate plus 2.75%, and each advance was payable on the maturity date with the interest on outstanding advances payable monthly. The Company was permitted, at its option, to prepay any borrowings under the Line of Credit, in whole or in part at any time prior to the maturity date, without premium or penalty.

On August 8, 2025 (the "*Closing Date*"), the Company entered into a new credit agreement (the "*Credit Agreement*") with First-Citizens Bank & Trust Company (the "*Bank*"). Pursuant to the Credit Agreement, the Bank provided the Company with a five-year term loan in the amount of $40,625 (the "*Irwin Term Loan*") and a three-year revolving line of credit of up to $10,000 (the "*Credit Line*", and collectively with the Irwin Term Loan, the "*Loan*"). The Company used $29,750 from the Irwin Term Loan to complete the purchase of substantially all of the assets of Irwin, and its related affiliates, pursuant to an Asset Purchase and Sale Agreement, and $10,875 to pay off, retire and replace all existing debt of the Company as of the Closing Date.

Pursuant to the Credit Agreement, the Irwin Term Loan accrues interest at a per annum rate equal to 2.50% to 3.00%, based on leverage, above the secured overnight financing rate published by the Federal Reserve Bank of New York for the applicable selected interest period of one, three or six months ("*Term SOFR Rate*", the Term SOFR Rate together with the aforementioned margin, the "*Applicable Rate*"). The Company shall make payments of accrued interest on the Irwin Term Loan at the end of each interest period and shall make payments on March 31, June 30, September 30 and December 31, of each calendar year. The Company began making quarterly payments of principal plus accrued interest on the Irwin Term Loan on December 31, 2025. Principal payments of $1,523 will be made for the next seven quarterly payment dates through September 30, 2025, and each quarterly payment thereafter will be $2,031, in each case plus accrued interest. All remaining principal and accrued interest on the Irwin Term Loan will be due and payable in full on August 8, 2030.

Outstanding advances under the Credit Line ("*Advances*") will accrue interest at the Applicable Rate, and the Company shall make payments of accrued interest on such Advances at the end of each interest period and on the repayment of any Advance with all remaining principal and accrued interest on the Advances being due and payable in full on August 8, 2028.

The Credit Agreement contains customary covenants to maintain a Senior Funded Debt to EBITDA Ratio (as defined in the Credit Agreement) of not more than 2.75 to 1.00 as tested quarterly on a trailing twelve-month basis, starting with the fiscal quarter ending December 31, 2025 and ending with the fiscal quarter ended June 30, 2026, and a Senior Funded Debt to EBITDA Ratio (as defined in the Credit Agreement) of not more than 2.50 to 1.00 as tested quarterly on a trailing twelve-month basis, starting with the fiscal quarter ending September 30, 2026, and to maintain a Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of at least 1.25 to 1.00 as tested on the last day of each fiscal quarter, commencing with the quarter ending December 31, 2025.

As of December 31, 2025, the borrowings outstanding on the Irwin Term Loan and the Line of Credit were $39,102 and $5,600, respectively.

The Company has historically financed its operations primarily through cash flow from operations and equity and debt financings. The Company currently anticipates that cash derived from operations and existing cash reserves, along with available borrowings under the Line of Credit, will be sufficient to provide for the Company's liquidity for the next twelve months.

*Cash Provided by Operating Activities*

Net cash provided by operating activities was $7,439 during the year ended December 31, 2025, compared to net cash provided by operating activities of $9,610 for the year ended December 31, 2024. The decrease in cash provided by operating activities was primarily due to lower net income compared to the same period of 2024.

*Cash Used in Investing Activities*

Cash used in investing activities was $42,542 and $10 during the years ended December 31, 2025 and 2024, respectively. The increase in cash used in investing activities was primarily due to the acquisition of Irwin for $42,500.

*Cash Provided by (Used in) Financing Activities*

Cash provided by financing activities for the year ended December 31, 2025 was $32,086 as compared to cash used in financing activities of $6,983 during the year ended December 31, 2024. The cash provided by financing activities for the year ended December 31, 2025 was primarily due to the borrowings under the Credit Agreement for the acquisition of Irwin on August 8, 2025, and the cash used for financing activities for the year ended December 31, 2024 was primarily due to loan payments under the Amended Prior Credit Agreement.

**Off-Balance Sheet Arrangements**

Other than contractual obligations incurred in the normal course of business, we do not have any off-balance sheet financing arrangements or liabilities, retained or contingent interests in transferred assets or any obligation arising out of a material variable interest in an unconsolidated entity.

------

**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Our business is conducted principally in the U.S. However, due to the MRC acquisition in 2024, the Company now has more exposure to fluctuations in foreign currencies. As a result, our financial results may be materially affected by factors such as changes in foreign currency exchange rates or economic conditions in foreign markets.

***Foreign Currency***

The Company has not entered into any foreign currency hedging transactions during the years ended December 31, 2025 or 2024. As the geographical scope of our business broadens, we may engage in foreign currency hedging transactions in the future.

***Interest Rates***

Our exposure to risk for changes in interest rates relates primarily to borrowings under the Credit Agreement (which includes the Irwin Term Loan as well as our Line of Credit), and our investments in short-term financial instruments. As of December 31, 2025 the Company had $39,102 outstanding on the Irwin Term Loan (of which $19,250 was swapped for a fixed rate, thereby eliminating interest rate variability on that portion of the loan) and $5,600 under its Line of Credit.

Investments of our cash balances in both fixed-rate and floating-rate interest-earning instruments carry some interest rate risk. The fair value of fixed-rate securities may fall due to a rise in interest rates, while floating-rate securities may produce less income than expected if interest rates fall. Partly as a result of this, our future interest income will vary due to changes in interest rates and we may suffer losses in principal if we are forced to sell securities that have fallen in estimated fair value due to changes in interest rates. However, as substantially all of our cash equivalents consist of bank deposits and short-term money market instruments, we do not expect any material change with respect to our net income as a result of an interest rate change.

**ITEM 8. FINANCIAL STATEMENTS**

The information required hereunder in this Annual Report is set forth in the financial statements and the notes thereto beginning on Page F-1.

**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

None.

**ITEM 9A. CONTROLS AND PROCEDURES**

**(a) Evaluation of Disclosure Controls and Procedures.**

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, an evaluation of the effectiveness of the design and operations of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "*Exchange Act*"), as of December 31, 2025 was completed. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer believe that our disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, including to ensure that information required to be disclosed by the Company is accumulated and communicated to management, including the principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

**(b) Management's Annual Report on Internal Control over Financial Reporting.**

We are responsible for establishing and maintaining adequate internal control over financial reporting ("*ICFR*") (as defined in Rule 13a-15(f) under the Exchange Act). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes of accounting principles generally accepted in the United States.

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This Annual Report does not include an attestation report of our registered public accounting firm regarding ICFR. Management's report was not subject to attestation by our registered public accounting firm pursuant to an exemption for smaller reporting companies under Section 989G of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Because of its inherent limitations, ICFR may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.

Our CEO and CFO evaluated the effectiveness of our ICFR as of December 31, 2025. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("*COSO*") in Internal Control—Integrated Framework.

Our CEO and CFO excluded the ICFR of Irwin from their evaluation as of December 31, 2025. As discussed in Note 8 of the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K, on August 8, 2025, the Company acquired substantially all of the assets and assumed minimal liabilities of Irwin. Under guidelines established by the SEC, companies are permitted to exclude acquisitions from their assessment of ICFR for a period of up to one year following an acquisition while integrating the acquired company.

Based on this evaluation, our CEO and CFO concluded that, as of December 31, 2025, our ICFR was effective.

**(c) Changes in Internal Controls over Financial Reporting.**

There were no additional changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the year ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**ITEM 9B. OTHER INFORMATION**

In the three months ended December 31, 2025, no directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

**ITEM 9C. OTHER INFORMATION**

Not applicable.

**PART III**

**ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS**

In accordance with General Instruction G(3) to Form 10-K, certain information required by this Item is incorporated herein by reference to our definitive proxy statement for our 2026 annual meeting of stockholders to be filed with the SEC.

**ITEM 11. EXECUTIVE COMPENSATION**

In accordance with General Instruction G(3) to Form 10-K, certain information required by this Item is incorporated herein by reference to our definitive proxy statement for our 2026 annual meeting of stockholders to be filed with the SEC.

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

In accordance with General Instruction G(3) to Form 10-K, certain information required by this Item is incorporated herein by reference to our definitive proxy statement for our 2026 annual meeting of stockholders to be filed with the SEC.

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

In accordance with General Instruction G(3) to Form 10-K, certain information required by this Item is incorporated herein by reference to our definitive proxy statement for our 2026 annual meeting of stockholders to be filed with the SEC.

**ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES**

In accordance with General Instruction G(3) to Form 10-K, certain information required by this Item is incorporated herein by reference to our definitive proxy statement for our 2026 annual meeting of stockholders to be filed with the SEC.

------

**PART IV**

**ITEM 15. EXHIBITS AND REPORTS** 

**<u>Exhibits</u>**

---

| | |
|:---|:---|
| [<u>3.1</u>](http://www.sec.gov/Archives/edgar/data/1374328/000114420406039681/v053401_ex3-1.htm) | Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form SB-2 filed on September 7, 2006). |
| [<u>3.2</u>](http://www.sec.gov/Archives/edgar/data/1374328/000114420406037398/v052227_ex3-1b.htm) | Certificate of Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.1(b) to the Company's Registration Statement on Form SB-2 filed on September 7, 2006). |
| [<u>3.3</u>](http://www.sec.gov/Archives/edgar/data/1374328/000165495418000696/ex3-1.htm) | Amended and Restated Bylaws of the Corporation (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on January 25, 2018). |
| [<u>3.4</u>](http://www.sec.gov/Archives/edgar/data/1374328/000137432810000019/ex3-09102010_050957.htm) | Certificate of Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on September 13, 2010). |
| [<u>3.5</u>](http://www.sec.gov/Archives/edgar/data/1374328/000141588913001934/ex3-10012013_091003.htm) | Certificate of Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on October 1, 2013). |
| [<u>3.6</u>](http://www.sec.gov/Archives/edgar/data/1374328/000141588913001934/ex3-10012013_091004.htm) | Certificate of Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on October 1, 2013). |
| [<u>3.7</u>](http://www.sec.gov/Archives/edgar/data/1374328/000165495418012727/ex3-2.htm) | Certificate of Designations, Preferences and Rights of the Series A Convertible Preferred Stock, dated November 13, 2018 (incorporated by reference to Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q filed on November 14, 2018). |
| [<u>3.8</u>](http://www.sec.gov/Archives/edgar/data/1374328/000165495419004388/ex3-1.htm) | Certificates of Change, dated April 11, 2019 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on April 15, 2019). |
| [<u>3.9</u>](http://www.sec.gov/Archives/edgar/data/1374328/000165495421002299/ex3-1.htm) | Certificate of Designations, Preferences and Rights of the Series B Junior Preferred Stock, dated March 3, 2021 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on March 4, 2021). |
| [<u>3.10</u>](http://www.sec.gov/Archives/edgar/data/1374328/000185173421000140/ex_314280.htm) | Certificate of Change for FitLife Brands, Inc. (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on December 7, 2021). |
| [<u>3.11</u>](http://www.sec.gov/Archives/edgar/data/1374328/000143774925002916/ex_775196.htm) | Certificate of Change for FitLife Brands, Inc. effective February 6, 2025 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on February 5, 2025). |
| [<u>4.1</u>](http://www.sec.gov/Archives/edgar/data/1374328/000114420406039681/v053401_ex4-1.htm) | Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 to Amendment No. 1 to the Company's Registration Statement on Form SB-2 filed on September 25, 2006 |
| [<u>4.2</u>](http://www.sec.gov/Archives/edgar/data/1374328/000165495418012727/ex4-1.htm) | Form of Warrant, dated November 13, 2018 (incorporated by reference to Exhibit 4.1 to the Company's Quarterly Report on Form 10-Q filed on November 14, 2018). |
| [<u>4.3</u>](http://www.sec.gov/Archives/edgar/data/1374328/000165495421002299/ex4-1.htm) | Tax Benefit Preservation Plan, dated February 26, 2021 (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on March 4, 2021). |
| [<u>4.4</u>](http://www.sec.gov/Archives/edgar/data/1374328/000143774925009469/ex_786208.htm) | Description of the Registrant's Securities (incorporated by reference to Exhibit 4.3 to the Company's Annual Report on Form 10-K filed on March 27, 2025). |
| [<u>10.1</u>](http://www.sec.gov/Archives/edgar/data/1374328/000141588909000264/exhibit10-6.htm) | Assignment of Name (incorporated by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K filed on October 6, 2009). |
| [<u>10.2</u>](http://www.sec.gov/Archives/edgar/data/1374328/000165495419008226/ftlfdef14a_july2019.htm) | 2019 Omnibus Incentive Plan (incorporated by reference to Appendix A to the Definitive Proxy Statement on Schedule 14A filed on July 12, 2019). |
| [<u>10.3</u>](http://www.sec.gov/Archives/edgar/data/1374328/000185173423000085/ex_481618.htm) | Amended and Restated Credit Agreement, dated February 23, 2023, between FitLife Brands Inc., and First Citizens Bank (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed March 1, 2023). |
| [<u>10.4</u>](http://www.sec.gov/Archives/edgar/data/1374328/000185173423000085/ex_481619.htm) | Term Note, dated February 23, 2023, issued by FitLife Brands, Inc., to First Citizens Bank (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed March 1, 2023). |
| [<u>10.5</u>](http://www.sec.gov/Archives/edgar/data/1374328/000185173423000085/ex_481620.htm) | Amended and Restated Security Agreement, dated February 23, 2023, among FitLife Brands, Inc., NDS Nutrition Products, Inc., iSatori, Inc., 1000374984 Ontario, Inc., and First Citizens Bank (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed March 1, 2023). |

---

------

---

| | |
|:---|:---|
| [<u>10.6</u>](http://www.sec.gov/Archives/edgar/data/1374328/000185173423000085/ex_481621.htm) | Guaranty Agreement, dated February 23, 2023, among NDS Nutrition Products, Inc., iSatori, Inc., 1000374984 Ontario, Inc., and First Citizens Bank (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed March 1, 2023). |
| [<u>10.7</u>](http://www.sec.gov/Archives/edgar/data/1374328/000143774923026948/ex_573782.htm) | Asset Purchase and Sale Agreement by and between MusclePharm Corporation and FitLife Brands, Inc., dated September 7, 2023 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on September 27, 2023). |
| [<u>10.8</u>](http://www.sec.gov/Archives/edgar/data/1374328/000143774923028182/ex_578609.htm) | Second Amended and Restated Credit Agreement, dated October 10, 2023, by and between FitLife Brands, Inc., and First Citizens Bank (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on October 13, 2023). |
| [<u>10.9</u>](http://www.sec.gov/Archives/edgar/data/1374328/000143774923028182/ex_578610.htm) | Term B Note, dated October 10, 2023, issued by FitLife Brands, Inc., to First Citizens Bank (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on October 13, 2023). |
| [<u>10.10</u>](http://www.sec.gov/Archives/edgar/data/1374328/000143774923028182/ex_578611.htm) | Reaffirmation of Guaranty, dated October 10, 2023, by NDS Nutrition Products, Inc., iSatori, Inc., 1000374984 Ontario Inc., and Mimi's Rock Corp., to and in favor of First Citizens Bank & Trust Company (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on October 13, 2023). |
| [<u>10.11</u>](http://www.sec.gov/Archives/edgar/data/1374328/000185173422000722/ex_454008.htm) | Arrangement Agreement among FitLife Brands Inc., 1000374984 Ontario Inc., and Mimi's Rock Corp, dated December 4, 2022 (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on December 8, 2022). |
| [<u>10.12</u>](http://www.sec.gov/Archives/edgar/data/1374328/000143774925024707/ex_848101.htm) | Asset Purchase and Sale Agreement by and between Fitlife Brands, Inc. and Irwin Naturals, Irwin Naturals, Inc., Dai Us Holdco Inc. and 5310 Holdings, LLC, dated June 10, 2025 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on August 5, 2025). |
| [<u>10.13</u>](http://www.sec.gov/Archives/edgar/data/1374328/000143774925025813/ex_850441.htm) | Loan, Security and Guarantee Agreement, by and between FitLife Brands, Inc. and First Citizens Bank & Trust Company, dated August 8, 2025 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on August 11, 2025). |
| [<u>14.1</u>](http://www.sec.gov/Archives/edgar/data/1374328/000143774924012657/ex_657300.htm) | Code of Ethics (incorporated by reference to Exhibit 14.1 to the Company's Annual Report on Form 10-K filed on April 22, 2024). |
| [<u>19.1</u>](http://www.sec.gov/Archives/edgar/data/1374328/000143774925009469/ex_790607.htm) | Insider Trading and Unauthorized Disclosure Policy (incorporated by reference to Exhibit 19.1 to the Company's Annual Report on Form 10-K filed on March 27, 2025). |
| [21](ex_935423.htm) | List of Subsidiaries. |
| [23.1](ex_935424.htm) | Consent of Weinberg & Company, P.A. |
| [31.1](ex_935425.htm) | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act. |
| [31.2](ex_935426.htm) | Certification of Principal Financial and Accounting Officer Pursuant to Section 302 of the Sarbanes-Oxley Act. |
| [32](ex_935427.htm) | Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act.  |
| [<u>97.1</u>](http://www.sec.gov/Archives/edgar/data/1374328/000143774925009469/ex_786210.htm) | FitLife Brands, Inc. Clawback Policy (incorporated by reference to Exhibit 19.1 to the Company's Annual Report on Form 10-K filed on March 27, 2025). |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document and included in Exhibit 101) |

---

**ITEM 16. FORM 10-K SUMMARY**&nbsp;&nbsp;&nbsp;&nbsp;

None.

------

**SIGNATURES**

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| Registrant | FitLife Brands, Inc. |
| Date: March 31, 2026 | *By: <u>/s/ Dayton Judd</u>* |
|  | Dayton Judd |
|  | Chief Executive Officer (Principal Executive Officer) |
| Date: March 31, 2026 | *By: <u>/s/ Jakob York</u>* |
|  | Jakob York |
|  | Chief Financial Officer (Principal Financial Officer) |

---

In accordance with the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the Company and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| Date: March 31, 2026 | *By: <u>/s/ Dayton Judd</u>* |
|  | Dayton Judd |
|  | Chief Executive Officer and Chair of the Board |
| Date: March 31, 2026 | *By: <u>/s/ Grant Dawson</u>* |
|  | Grant Dawson |
|  | Director |
| Date: March 31, 2026 | *By: <u>/s/ Matthew Lingenbrink</u>* |
|  | Matthew Lingenbrink |
|  | Director |
| Date: March 31, 2026 | *By: <u>/s/ Shannon Pappas</u>* |
|  | Shannon Pappas |
|  | Director |
| Date: March 31, 2026 | *By: <u>/s/ Seth Yakatan</u>* |
|  | Seth Yakatan |
|  | Director |

---

------

**FITLIFE BRANDS, INC.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Weinberg & Company, PA, PCAOB ID:572) | F-1 |
| CONSOLIDATED FINANCIAL STATEMENTS: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Balance Sheets at December 31, 2025 and 2024 | F-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2025 and 2024 | F-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Statement of Stockholders' Equity for the years ended December 31, 2025 and 2024 | F-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024 | F-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | F-6 |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Stockholders and the Board of Directors of FitLife Brands, Inc.

Omaha, NE

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of FitLife Brands, Inc. (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, stockholders' equity, and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Acquisition of Irwin* 

As discussed in Note 8 to the financial statements, on August 8, 2025, the Company acquired substantially all of the assets and assumed certain liabilities of Irwin Naturals and its related affiliates ("Irwin") through an asset purchase transaction under Section 363 of the US Bankruptcy Code for $42.5 million. The Company accounted for the acquisition as a business combination and allocated the purchase price to Irwin's tangible assets, identifiable intangible assets, and assumed liabilities at their estimated fair values as of the date of acquisition. The acquired intangible assets included $16.5 million of brands and $9 million of customer relationships. The fair value of the brands intangible asset was estimated by management using a relief from royalty method.

The fair value of the customer relationships intangible asset was estimated by management using a multi-period excess earnings method. These fair value estimates were based on significant assumptions, including projected revenue growth rates, customer attrition rates, and discount rates.

We identified the valuation of the acquired brands and customer relationships as a critical audit matter due to high degree of auditor judgment and increased level of audit effort required to evaluate the reasonableness of management's forecasts when developing the fair value estimates.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others:

● We obtained and read the purchase agreement;

● We evaluated the appropriateness of management's valuation methodologies;

● We evaluated the reasonableness of the significant assumptions used by management;

● We tested the completeness and accuracy of the underlying data used in valuation methods; and

● We evaluated the adequacy of the Company's disclosures related to the acquisition.

We have served as the Company's auditor from 2018 through 2019, and since October 2023.

/s/ Weinberg & Company, P.A.

Los Angeles, California

March 31, 2026

------

**FITLIFE BRANDS, INC.**

**CONSOLIDATED BALANCE SHEETS**

**(in thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| ASSETS: |  |  |
| CURRENT ASSETS |  |  |
| Cash and cash equivalents | $1646 | $4468 |
| Restricted cash |  | 52 |
| Accounts receivable, net of allowance for credit losses of $9 and $41, respectively | 8765 | 1626 |
| Inventories, net of allowance for obsolescence of $247 and $100, respectively | 21324 | 11074 |
| Prepaid expense and other current assets | 1334 | 923 |
| Total current assets | 33069 | 18143 |
| Property and equipment, net | 128 | 75 |
| Right of use asset | 682 | 412 |
| Intangibles, net of amortization of $499 and $152, respectively | 51440 | 26235 |
| Goodwill | 19393 | 13022 |
| Deferred tax asset | 1525 | 644 |
| Other assets | 83 |  |
| TOTAL ASSETS | $106320 | $58531 |
| LIABILITIES AND STOCKHOLDERS' EQUITY: |  |  |
| CURRENT LIABILITIES: |  |  |
| Accounts payable | $6911 | $4067 |
| Accrued expense | 5429 | 684 |
| Income taxes payable | 1704 | 1415 |
| Product returns | 1039 | 564 |
| Term loan – current portion | 6094 | 4500 |
| Lease liability – current portion | 433 | 81 |
| Total current liabilities | 21610 | 11311 |
| Revolving line of credit | 5600 |  |
| Term loan, net of current portion and unamortized deferred finance costs | 32849 | 8550 |
| Long-term lease liability, net of current portion | 272 | 331 |
| Derivative liability | 26 |  |
| Deferred tax liability | 2324 | 2213 |
| TOTAL LIABILITIES | 62681 | 22405 |
| STOCKHOLDERS' EQUITY: |  |  |
| Preferred stock, $0.01 par value, 10,000 shares authorized, none outstanding as of December 31, 2025 and 2024 |  |  |
| Common stock, $0.01 par value, 120,000 shares authorized; 9,391 and 9,210 issued and outstanding as of December 31, 2025 and 2024 | 94 | 92 |
| Additional paid-in capital | 32213 | 31129 |
| Retained earnings | 11893 | 5567 |
| Accumulated other comprehensive loss | (561) | (662) |
| TOTAL STOCKHOLDERS' EQUITY | 43639 | 36126 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $106320 | $58531 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**FITLIFE BRANDS, INC.**

**CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME**

**(in thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | **2024** |
| Revenue | $81458 | $64469 |
| Cost of goods sold | 50005 | 36389 |
| Gross profit | 31453 | 28080 |
| OPERATING EXPENSE: |  |  |
| Advertising and marketing | 4860 | 4626 |
| Selling, general and administrative | 14036 | 9972 |
| Merger and acquisition related | 2075 | 255 |
| Depreciation and amortization | 420 | 108 |
| Total operating expense | 21391 | 14961 |
| OPERATING INCOME | 10062 | 13119 |
| OTHER EXPENSE (INCOME) |  |  |
| Interest income | (98) | (69) |
| Interest expense | 1863 | 1367 |
| Other expense | 49 |  |
| Foreign exchange loss (gain) | 19 | (50) |
| Total other expense, net | 1833 | 1248 |
| INCOME BEFORE INCOME TAX PROVISION | 8229 | 11871 |
| PROVISION FOR INCOME TAXES | 1903 | 2887 |
| NET INCOME | $6326 | $8984 |
| NET INCOME PER SHARE |  |  |
| Basic | $0.68 | $0.98 |
| Diluted | $0.63 | $0.91 |
| Basic weighted average common shares | 9347 | 9197 |
| Diluted weighted average common shares | 9977 | 9898 |
| COMPREHENSIVE INCOME: |  |  |
| NET INCOME | $6326 | $8984 |
| Foreign currency translation adjustment | 127 | (370) |
| Loss on derivatives | (26) |  |
| Comprehensive income | $6427 | $8614 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**FITLIFE BRANDS, INC.**

**CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY**

**(in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Accumulated other** <br> **comprehensive income (loss)** | **Accumulated other** <br> **comprehensive income (loss)** |  |
|  | **Common Stock** | **Common Stock** | **Additional<br> paid-in** | **Retained** <br> **earnings (accumulated** | **Foreign<br> currency<br> translation** | **Derivatives (cash** |  |
|  | **Shares** | **Amount** | **capital** | **deficit)** | **adjustment** | **flow hedges)** | **Total** |
| <u>YEAR ENDED DECEMBER 31, 2025</u> |  |  |  |  |  |  |  |
| JANUARY 1, 2025 | 9210 | $92 | $31129 | $5567 | $(662) | $- | $36126 |
| Exercise of stock options | 181 | 2 | 680 |  |  |  | 682 |
| Stock-based compensation |  |  | 404 |  |  |  | 404 |
| Comprehensive income |  |  |  |  | 127 | (26) | 101 |
| Net income |  |  |  | 6326 |  |  | 6326 |
| DECEMBER 31, 2025 | 9391 | $94 | $32213 | $11893 | $(535) | $(26) | $43639 |
| <u>YEAR ENDED DECEMBER 31, 2024</u> |  |  |  |  |  |  |  |
| JANUARY 1, 2024 | 9196 | $92 | $30653 | $(3417) | $(292) | $- | $27036 |
| Exercise of stock options | 14 |  | 17 |  |  |  | 17 |
| Stock-based compensation |  |  | 459 |  |  |  | 459 |
| Comprehensive income |  |  |  |  | (370) |  | (370) |
| Net income |  |  |  | 8984 |  |  | 8984 |
| DECEMBER 31, 2024 | 9210 | $92 | $31129 | $5567 | $(662) | $- | $36126 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**FITLIFE BRANDS, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | **2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| Net income | $6326 | $8984 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| Depreciation and amortization | 420 | 108 |
| Allowance for credit losses | (32) | 24 |
| Allowance for inventory obsolescence | 147 | (62) |
| Stock-based compensation | 404 | 459 |
| Amortization of deferred finance costs | 40 | 41 |
| Write-off of deferred financing costs | 49 |  |
| Amortization of inventory step-up | 1045 |  |
| Changes in operating assets and liabilities: |  |  |
| Accounts receivable - trade | 210 | 361 |
| Inventories | (582) | (2109) |
| Deferred taxes | (881) | 148 |
| Prepaid expense and other assets | 200 | 692 |
| Right of use asset | 242 | 90 |
| Accounts payable | 743 | 866 |
| Income taxes payable | (54) | 634 |
| Lease liability | (223) | (107) |
| Accrued liabilities and other liabilities | (582) | (512) |
| Product returns | (33) | (7) |
| Net cash provided by operating activities | 7439 | 9610 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| Cash paid for Irwin acquisition | (42500) |  |
| Purchase of property and equipment | (42) | (10) |
| Net cash used in investing activities | (42542) | (10) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| Proceeds from exercise of stock options | 682 | 17 |
| Borrowings on 2025 term loan | 40452 |  |
| Payments on 2025 term loan | (1523) |  |
| Payoff of 2023 term loans | (10875) |  |
| Payments on 2023 term loans | (2250) | (7000) |
| Borrowings on line of credit | 5600 |  |
| Net cash provided by (used in) financing activities | 32086 | (6983) |
| Foreign currency impact on cash | 143 | 5 |
| CHANGE IN CASH AND RESTRICTED CASH | (2874) | 2622 |
| CASH AND RESTRICTED CASH, BEGINNING OF PERIOD | 4520 | 1898 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $1646 | $4520 |
| **Supplemental cash flow disclosure** |  |  |
| Cash paid for income taxes | $2362 | $2498 |
| Cash paid for interest, net of amounts capitalized | $1748 | $1361 |
| **Non-cash investing and financing activities** |  |  |
| Addition to right-of-use assets from new operating lease liabilities | $- | $386 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**FITLIFE BRANDS, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE YEAR ENDED DECEMBER 31, 2025 AND 2024**

**(in thousands, except per share amounts)**

**NOTE 1. DESCRIPTION OF BUSINESS** 

**Summary**

FitLife Brands, Inc. (the "*Company*") is a provider of innovative and proprietary nutritional supplements and wellness products for health-conscious consumers marketed under the following brand names: (i) NDS Nutrition, PMD Sports, SirenLabs, Core Active, Nutrology, and Metis Nutrition (together, the "*NDS Products*"); (ii) iSatori, BioGenetic Laboratories, and Energize (together, the "*iSatori Products*"); (iii) Dr. Tobias, All Natural Advice, and Maritime Naturals (together, the "*MRC Products*"); (iv) MusclePharm; and (v) Irwin Naturals, Applied Nutrition, and Nature's Secret (together, the "*Irwin Products*"), each of which was acquired in August 2025.

The Company distributes the NDS Products principally through franchised General Nutrition Centers, Inc. ("*GNC*") stores located both domestically and internationally. The iSatori Products are sold through retail locations, which include specialty and mass market retailers, as well as online directly to the end consumer. The Company distributes the MRC Products primarily online through e-commerce platforms, such as Amazon, directly to the end consumer. MusclePharm's products are sold to both wholesale customers as well as online through various e-commerce platforms directly to the end consumer. Irwin Products are sold principally through wholesale channels in mass market and health food store segments.

FitLife Brands is headquartered in Omaha, Nebraska. For more information on the Company, please go to www.fitlifebrands.com. The Company's common stock, par value $0.01 per share ("*Common Stock*"), trades under the symbol "FTLF" on the Nasdaq Capital Market.

*Stock Split*

On February 7, 2025, the Company effected a 2-for-1 stock split of its Common Stock and proportionately increased the number of authorized shares of Common Stock to 120,000. All share and per share information throughout this Annual Report on Form 10-K has been retroactively adjusted to reflect the stock split as of the earliest period presented. The shares of Common Stock retain a par value of $0.01 per share. Accordingly, an amount equal to the par value of the additional shares issued in the stock split was reclassified from additional paid-in capital in excess of par value to Common Stock.

*Acquisition of Irwin Naturals*

On August 8, 2025, the Company acquired substantially all of the assets and assumed certain liabilities of Irwin Naturals and its related affiliates ("*Irwin*") through an asset purchase transaction under Section 363 of the US Bankruptcy Code. Total consideration for the acquisition was $42,500. Of this amount, $29,750 was funded using proceeds from a new term loan provided by First-Citizens Bank & Trust Company (the "*Bank*"), $6,000 was funded from a new $10,000 revolving line of credit from the Bank, with the remainder funded from the Company's available cash balances.

**NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America *("GAAP")*. Significant accounting policies are as follows:

*Principles of Consolidation*

The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany accounts and transactions have been eliminated in the consolidated financial statements. The consolidated financial statements include Irwin's assets, liabilities, revenue and expenses since acquisition, including Irwin revenue from August 8, 2025 through December 31, 2025, of $19,465.

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*Foreign Currency Translation*

The functional currency of the Company is the U.S. dollar. The functional currency of the Company's Canadian subsidiaries is the Canadian dollar. The assets and liabilities of the Company's foreign subsidiaries are translated into U.S. dollars using end-of-period exchange rates. Changes in reported amounts of assets and liabilities of foreign subsidiaries that occur as a result of changes in exchange rates between foreign subsidiaries' functional currencies and the U.S. dollar are included in foreign currency translation adjustment. Foreign currency translation adjustment is included as a component of stockholders' equity in the accompanying consolidated balance sheets. Revenue and expense transactions use an average rate prevailing during the period of the related transaction. Transaction gains and losses that arise from exchange rate fluctuations denominated in a currency other than the functional currency of each subsidiary are included in the results of operations as incurred.

*Use of Estimates and Assumptions*

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of net sales and expense recognized during the periods presented.

Those estimates and assumptions include estimates for reserves of uncollectible accounts receivable, allowance for inventory obsolescence, product returns, deals and promotions, depreciable lives of property and equipment, allocation of purchase price from business combinations, analyses of impairment of goodwill and indefinite-lived intangible assets, realization of deferred tax assets, accruals for potential liabilities and assumptions made in valuing stock instruments issued for services. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates.

*Revenue Recognition*

The Company's revenue is comprised of sales of nutritional supplements and wellness products to consumers.

The Company accounts for revenue in accordance with FASB ASC 606*, Revenue from Contracts with Customers ("ASC 606")*. The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contract(s), which includes (1) identifying the contract(s) or agreement(s) with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. Under ASC 606, revenue is recognized when performance obligations under the terms of a contract are satisfied, which occurs for the Company upon shipment or delivery of products to our customers based on written sales terms. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring the products to a customer.

All products sold by the Company are distinct individual products and consist of nutritional supplements and wellness products. The products are offered for sale solely as finished goods, and there are no performance obligations required post-shipment for customers to derive the expected value from them.

The Company's products are also sold on e-commerce platforms including Amazon. For these transactions, the Company evaluated principal versus agent considerations to determine appropriateness of recording distribution and platform fees paid to third-party e-commerce companies as an expense or as a reduction of revenue. The Company records distribution and platform fees to cost of goods sold in the consolidated statements of income and comprehensive income. Distribution and platform fees are not recorded as a reduction of revenue because the Company (1) owns the goods before they are transferred to the customer, (2) can direct Amazon, similar to other third-party logistics providers *("Logistic Providers")*, to return the Company's inventory to any location specified by the Company, (3) has the responsibility to make customers whole following any returns made by customers directly to Logistic Providers and the Company retains the back-end inventory risk, (4) is subject to credit risk (i.e., credit card chargebacks), (5) establishes prices of its products, (6) can determine who fulfills the goods to the customer (Amazon or the Company) and (7) can limit quantities or stop selling the goods at any time. Based on these considerations, the Company is the principal in this arrangement. Advertising fees paid to Amazon are recorded in advertising and marketing expense in the consolidated statements of income and comprehensive income

The Company disaggregates revenue into distribution channels, geographical regions, and collections of brands (Legacy FitLife and recently acquired brands). The Company determines that disaggregating revenue into these categories achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

Online revenue, which consists of revenue generated from sales on the Company's own websites as well as third-party e-commerce platforms such as Amazon, for the year ended December 31, 2025 was approximately 51% of total revenue, compared to roughly 67% of total revenue during the same twelve-month period in 2024.

Sales to customers in the U.S. were approximately 95% for both of the years ended December 31, 2025 and 2024, with the balance of sales to customers primarily in Canada.

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The Company provides limited financial performance metrics for three collections of brands—Legacy FitLife (thirteen brands) and Irwin (three brands). These collections of brands do not meet the definition of operating segments and are not managed as such.

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| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | **2024** |
| Legacy FitLife | $61993 | $64469 |
| Irwin | 19465 |  |
| Total revenue | $81458 | $64469 |

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Control of products we sell transfers to customers upon shipment from our facilities or delivery to our customers, and the Company's performance obligations are satisfied at that time. Shipping and handling activities are performed before the customer obtains control of the goods and therefore represent a fulfillment activity rather than promised goods to the customer. Payments for sales are generally made by check, credit card, or wire transfer. Historically the Company has not experienced any significant payment delays from customers.

For direct-to-consumer sales, with the exception of Irwin Products, the Company allows for returns within 30 days of purchase. Irwin allows for returns within 60 days of purchase for direct-to-consumer sales. Our wholesale customers may return purchased products to the Company under certain circumstances, which include expired or soon-to-be-expired products located in retail stores or distribution centers, and products that are subject to a recall or that contain an ingredient or ingredients that are subject to a recall by the U.S. Food and Drug Administration ("*FDA*").

A right of return does not represent a separate performance obligation, but because customers are allowed to return products, the consideration to which the Company expects to be entitled is variable. Such elements of variable consideration include, but are not limited to, estimated sales allowances, defective products, product returns and sales incentives, such as markdowns and sales promotions. The Company uses the most likely amount method to quantify the variable consideration. We assess our contracts and the reasonableness of our conclusions on a quarterly basis.

*Customer and Vendor Concentration*

Total net sales to one customer during 2025 and 2024 were 14% and 23% of total revenue for the years ended December 31, 2025 and 2024, respectively.

As of December 31, 2025 there were two vendors who accounted for 40% and 35% of the Company's consolidated accounts payable, respectively. As of December 31, 2024, there was one vendor who accounted for 59% of the Company's consolidated accounts payable. For the year ended December 31, 2025, there were three vendors who accounted for 50%, 14%, and 13% of the Company's inventory-related purchases. For the year ended December 31, 2024, there were two vendors who accounted for 44% and 28% of the Company's inventory-related purchases.

*Accounts Receivable, Allowance for Credit Losses and Accounts Receivable Concentration*

All of the Company's accounts receivable balance is related to trade receivables. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in its existing accounts receivable. The Company will maintain allowances for credit losses, estimating losses resulting from the inability of its customers to make required payments for products. Accounts with known financial issues are first reviewed and specific estimates are recorded. The remaining accounts receivable balances are then grouped into categories by the number of days the balance is past due, and the estimated loss is recorded based upon management's assessment of collectability. Account balances are charged off against the allowance when it is probable that the receivable will not be recovered.

As of December 31, 2025 and 2024, the Company had provided an allowance for credit losses of $9 and $41, respectively.

As of December 31, 2025, there were two customers who accounted for 25% and 13% of the total accounts receivable balance, respectively. Accounts receivable attributable to one customer as of December 31, 2024 represented 35% of the Company's total accounts receivable balance, respectively.

*Product Returns, Sales Incentives and Other Forms of Variable Consideration*

In measuring revenue and determining the consideration the Company is entitled to as part of a contract with a customer, the Company takes into account the related elements of variable consideration. Such elements of variable consideration include, but are not limited to, estimated sales allowances, defective products, product returns and sales incentives, such as markdowns and sales promotions. For these types of arrangements, the adjustments to revenue are recorded at the later of when (i) the Company recognizes revenue for the transfer of the related products to the customers, or (ii) the Company pays, or promises to pay, the consideration.

With the exception of Irwin, we currently have a 30-day product return policy for direct-to-consumer sales, which allows for a 100% sales price refund for the return of unopened and undamaged products purchased from us online through one of our websites or e-commerce platforms. Irwin allows for returns within 60 days of purchase for direct-to-consumer sales. Product sold to certain wholesale customers may be returned from store shelves or the distribution center in the event product is damaged, short dated, expired or recalled.

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GNC maintains a customer satisfaction program which allows customers to return product to the store for credit or refund. Subject to certain terms and restrictions, GNC may require reimbursement from vendors for unsaleable returned product through either direct payment or credit against a future invoice. We also support a product return policy for iSatori Products, whereby customers can return product for credit or refund. Product returns can and do occur from time to time and can be material.

For the sale of goods with a right of return, the Company estimates variable consideration using the most likely amount method and recognizes revenue for the consideration it expects to be entitled to when control of the related product is transferred to the customers and records a product returns liability for the amount it expects to credit back its customers. Under this method, certain forms of variable consideration are based on expected sell-through results, which requires subjective estimates. These estimates are supported by historical results as well as specific facts and circumstances related to the current period. The product returns liability includes estimates that directly impact reported revenue. These estimates are calculated based on a history of actual returns, estimated future returns and information provided by customers regarding their inventory levels. Consideration of these factors results in an estimate for anticipated sales returns that reflects increases or decreases related to seasonal fluctuations. In addition, as necessary, product returns liability may be established for significant future known or anticipated events. The types of known or anticipated events that are considered, and will continue to be considered, include, but are not limited to, changes in the retail environment and the Company's decision to continue to support new and existing products.

Information for product returns is received on a regular basis and adjusted for accordingly. Adjustments for returns are based on factual information and historical trends for Company products and are specific to each distribution channel. We monitor, among other things, remaining shelf life and sell-through data on a weekly basis. If we determine there are any risks or issues with any specific products, we accrue sales return allowances based on management's assessment of the overall risk and likelihood of returns in light of all information available.

Total allowance for product returns, sales returns and incentive programs as of December 31, 2025 and 2024 amounted to $1,039 and $564, respectively.

*Cost of Goods Sold*

Cost of goods sold is comprised of the costs of products, in-bound freight charges, shipping and handling costs, purchase and receiving costs, and commissions paid to Amazon and other online selling platforms. Other expense not related to the production and distribution of our products is classified as operating expense.

*Cash, Cash Equivalents, and Restricted Cash*

The Company's cash balances on deposit with banks are guaranteed up to amounts designated by the regulatory frameworks of the jurisdictions in which the accounts are maintained. The Company may be exposed to risk for the funds held in bank accounts that exceed the insurance limit. In assessing the risk, the Company's policy is to maintain cash balances with high-quality financial institutions. The Company had cash balances exceeding the guarantee during the years ended December 31, 2025 and 2024. Management believes that the financial institutions that hold the Company's cash are financially sound and, accordingly, minimal credit risk exists.

Restricted cash consists of cash on deposit with a financial institution in an interest-bearing account pursuant to a credit card agreement. Approximately $52 held in short-term interest-bearing accounts was pledged as collateral for financing arrangements during the first several months of 2025. The collateral requirement was terminated during the third quarter of 2025; therefore, no cash was restricted as of December 31, 2025.

*Inventory*

Inventory is stated at the lower of cost or net realizable value, with costs determined on a first-in, first-out (FIFO) basis. We regularly review our inventory quantities on hand and record a provision for excess and obsolete inventory based primarily on our estimated forecast of product demand and/or our ability to sell the product(s) concerned and production requirements. Demand for our products can fluctuate significantly. Factors that could affect demand for our products include unanticipated changes in consumer preferences, general market conditions or other factors, which may result in cancellations of advance orders or a reduction in the rate of reorders placed by customers. Additionally, our management's estimates of future product demand may be inaccurate, which could result in an understated or overstated provision required for excess and obsolete inventory.

As of December 31, 2025 and 2024, the aggregate allowance for expiring, slow moving and excess inventory amounted to $247 and $100, respectively.

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*Leases*

The Company accounts for its leases in accordance with the guidance of ASC 842, *Leases*. The Company determines whether a contract is, or contains, a lease at inception. Right-of-use assets represent the Company's right to use an underlying asset during the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at lease commencement based upon the estimated present value of unpaid lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at lease commencement in determining the present value of unpaid lease payments.

Irwin is a lessee under a certain operating lease with a third-party lessor for its main office. In accordance with ASC 805, *Business Combinations*, the lease liability for Irwin was measured at the present value of the remaining lease payments at the acquisition date, and the right-of-use asset is measured at an amount equal to the lease liability, adjusted for favorable or unfavorable terms of the lease when compared with market terms. As the lease was renewed in proximity to the date the Irwin Business was acquired by FitLife, the terms of the lease are considered by FitLife to be market terms at the acquisition date. Accordingly, FitLife measured the net present value of the remaining contractual lease payments as of the acquisition date using an incremental borrowing rate consistent with FitLife's other operating leases.

*Property and Equipment*

Property and equipment is recorded at cost and depreciated over the estimated useful lives of the assets using the straight-line method. The Company amortizes leasehold improvements over the estimated life of these assets or the term of the lease, whichever is shorter. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and proceeds realized. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized.

Management regularly reviews property, equipment and other long-lived assets for possible impairment. This review occurs annually or more frequently if events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Based upon management's annual assessment, there were no indicators of impairment of the Company's property and equipment and other long-lived assets as of December 31, 2025 and 2024.

*Intangible and Long-lived Assets*

Intangible assets are recorded at cost and amortized using the straight-line method over their estimated useful lives. The Company regularly reviews the carrying value and estimated lives of its long-lived assets and intangible assets to determine whether indicators of impairment may exist which warrant adjustments to carrying values or estimated useful lives. The determinants used for this evaluation include management's estimate of the asset's ability to generate positive income from operations and positive cash flow in future periods as well as the strategic significance of the assets to the Company's business objectives. Should an impairment exist, the impairment loss would be measured based on the excess of the carrying amount of the long-lived asset group over the asset's fair value.

Based on management's assessment, there were no indicators of impairment during the years ended December 31, 2025 and 2024.

*Goodwill*

The Company has determined that it has a single reporting unit for purposes of performing its goodwill impairment test. The Company reviews goodwill for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value may not be recoverable. The Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of the reporting unit is less than the carrying amount as a basis for determining whether it is necessary to perform an impairment test. If the qualitative assessment warrants further analysis, the Company compares the fair value of the reporting unit to its carrying value. The fair value of the reporting unit is determined using the market approach. The Company determines the amount of a potential goodwill impairment by comparing the fair value of the reporting unit with its carrying amount. To the extent the carrying value of a reporting unit exceeds its fair value, a goodwill impairment charge is recognized.

As the Company uses the market approach to determine fair value of the reporting unit, the price of its Common Stock is an important component of the fair value calculation. If the Company's stock price experiences significant price and volume fluctuations, this will impact the fair value of the reporting unit, which can lead to potential impairment in future periods.

Based on management's assessment, there were no indicators of impairment during the years ended December 31, 2025 and 2024.

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*Acquisitions and Business Combinations*

The Company allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and separately identified intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired trademarks and trade names, useful lives, and discount rates. Management's estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, which is the period needed to gather all information necessary to make the purchase price allocation, not to exceed one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings.

*Income Taxes*

The Company accounts for income taxes under FASB ASC Topic 740, *Income Taxes ("ASC 740")*. Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets of the Company relate primarily to operating loss carryforwards for federal income tax purposes. The deferred tax liabilities of the Company relate primarily to intangible assets that are not deductible for tax purposes in the jurisdictions to which they relate.

The Company periodically evaluates its tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. The Company accrues interest and penalties, if incurred, on unrecognized tax benefits as components of the income tax provision in the accompanying consolidated statements of income and comprehensive income. As of December 31, 2025 and 2024, the Company has not established a liability for uncertain tax positions.

*Net Income Per Share*

Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing the net income available to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued using the treasury stock method. Potential common shares are excluded from the computation when their effect is antidilutive. The dilutive effect of potentially dilutive securities is reflected in diluted net income per share if the exercise prices were lower than the average fair market value of common shares during the reporting period.

Basic and diluted weighted-average shares outstanding and antidilutive options that were excluded from diluted weighted average shares outstanding are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
| Basic weighted average shares outstanding |  | 9347 |  | 9197 |
| Dilutive effect of potential common shares |  | 630 |  | 701 |
| Diluted weighted average shares outstanding |  | 9977 |  | 9898 |
| Antidilutive options |  | 30 |  | 22 |

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*Fair Value Measurements*

The Company uses various inputs in determining the fair value of its investments and measures these assets on a recurring basis. Financial assets recorded at fair value in the balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. FASB ASC Topic 820, *Fair Value*, establishes a three-level valuation hierarchy for the use of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date:

● Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

● Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

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● Level 3 – Inputs that are both significant to the fair value measurement and unobservable. These inputs rely on management's own assumptions about the assumptions that market participants would use in pricing the asset or liability. The unobservable inputs are developed based on the best information available in the circumstances and may include the Company's own data.

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, restricted cash, accounts receivable and accounts payable, approximate their fair values because of the short maturity of these instruments. The carrying value of the term loans approximate their fair value based on the market interest rates of these loans.

*Stock-Based Compensation*

The Company periodically issues restricted share units *("RSUs")*, stock options and warrants to employees in non-capital raising transactions for services rendered. Such issuances vest and expire according to the terms established at the issuance date.

Stock-based payments to officers, directors, employees and consultants for acquiring goods and services from non-employees, which include grants of employee stock options, are recognized in the financial statements based on their grant date fair values in accordance with ASC 718, *Compensation-Stock Compensation*. Stock-based payments to officers, directors, and employees, which are generally time vested, are measured at the grant date fair value and compensation cost is recognized on a straight-line basis over the vesting period. Recognition of compensation expense for non-employees is in the same period and manner as if the Company had paid cash for the services. The fair value of stock-based payments is estimated using the Black-Scholes option-pricing model or other applicable valuation model such as the Monte Carlo valuation pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life, and future dividends. The assumptions used could materially affect compensation expense recorded in future periods.

*Segment Information*

The Company's Chief Executive Officer is the chief operating decision maker *("CODM")* and evaluates performance and makes operating decisions about allocating resources based on financial data presented on a consolidated basis. Because the CODM evaluates financial performance on a consolidated basis, the Company has determined that it operates as a single reportable segment composed of the financial results of FitLife Brands, Inc (See Note 12).

*Recently Adopted Accounting Pronouncements*

In November 2023, the FASB issued *ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure (*"*ASC 280*"*)*, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the chief operating decision maker and included in each reported measure of a segment's profit or loss. The update also requires all annual disclosures about a reportable segment's profit or loss and assets to be provided in interim periods and for entities with a single reportable segment to provide all the disclosures required by ASC 280, including the significant segment expense disclosures. This standard became effective for the Company on January 1, 2024. The adoption of this standard did not have a material impact on the Company's consolidated financial statements but has resulted in additional disclosures within the footnotes of the consolidated financial statements.

In December 2023, the FASB issued *ASU 2023*-*09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures,* which is intended to enhance the transparency of income tax disclosures by requiring additional disaggregation of the effective tax rate reconciliation and income taxes paid. Specifically, the guidance requires a tabular reconciliation using both percentages and amounts, with consistent categories and further disaggregation of material reconciling items, as well as income taxes paid disaggregated by jurisdiction. The amendments in ASU 2023-09 are effective for annual reporting periods beginning after December 15, 2024 and may be applied prospectively, with retrospective application permitted. Early adoption is permitted. The Company adopted ASU 2023-09 effective January 1, 2025. The adoption of this guidance did not have an impact on the Company's consolidated financial statements but has resulted in additional disclosures within the footnotes of the consolidated financial statements.

*Recently Issued Accounting Pronouncements*

In November 2024, FASB issued *ASU 2024-03 Income Statement*—*Reporting Comprehensive Income*—*Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses* ("*ASU 2024-03*"). The guidance in *ASU 2024-03* requires public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory; employee compensation; and depreciation and amortization expense for each caption on the income statement where such expenses are included. The update is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the financial statements. We are currently evaluating the provisions of this guidance and assessing the potential impact on our financial statement disclosures.

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Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements.

**NOTE 3. INTANGIBLE ASSETS**

Intangible assets are amortized on a straight-line basis over their estimated useful lives. The following table sets forth the components of the identifiable intangible assets acquired and their estimated useful lives as of December 31, 2025 and 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** |  |  |
|  | **Gross** <br> **amount** | **Accumulated** <br> **amortization**  | **Net book** <br> **value** | **Useful life** <br> **(years)** |
| Brands | $42718 | $- | $42718 | *Indefinite* |
| Customer relationships | 9000 | (338) | 8662 | 10 |
| Client relationships | 80 | (80) |  | 4 |
| Formulations | 70 | (70) |  | 4 |
| Trademarks | 60 |  | 60 | *Indefinite* |
| Website | 11 | (11) |  | 3 |
| Total identifiable assets | $51939 | $(499) | $51440 |  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** |  |  |
|  | **Gross**<br> **amount** | **Accumulated** <br> **amortization**  | **Net book** <br> **value** | **Useful life** <br> **(years)** |
| Brands | $26166 | $- | $26166 | *Indefinite* |
| Client relationships | 80 | (75) | 5 | 4 |
| Formulations | 70 | (66) | 4 | 4 |
| Trademarks | 60 |  | 60 | *Indefinite* |
| Website | 11 | (11) |  | 3 |
| Total identifiable assets | $26387 | $(152) | $26235 |  |

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Amortization expense was $347 and $38 for the years ended December 31, 2025 and 2024, respectively.

**NOTE 4. INVENTORIES**

The Company's inventories as of December 31, 2025 and 2024 were as follows:

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Finished goods | $19012 | $10348 |
| Components | 2559 | 826 |
| Allowance for obsolescence | (247) | (100) |
| Total | $21324 | $11074 |

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**NOTE 5. PROPERTY AND EQUIPMENT**

The Company's property and equipment balances as of December 31, 2025 and 2024 were as follows:

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Equipment | $869 | $964 |
| Accumulated depreciation | (741) | (889) |
| Total | $128 | $75 |

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Depreciation expense for property and equipment was $73 for the year ended December 31, 2025 compared to $70 for the year ended December 31, 2024.

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**NOTE 6. NOTES PAYABLE**

Notes payable consisted of the following as of December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Term loan – 2025 Credit Agreement | $39102 | $- |
| Term loans – 2023 Credit Agreement |  | 13125 |
| Unamortized debt issuance costs | (159) | (75) |
| Revolving line of credit | 5600 |  |
| Total | 44543 | 13050 |
| Current | (6094) | (4500) |
| Long term | $38449 | $8550 |

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*Credit Agreements* – *First Citizens Bank*

On February 23, 2023, the Company entered into an Amended and Restated Credit Agreement (the "*2023 Credit Agreement*") with First Citizens Bank, amending and restating that certain Credit Agreement, dated September 24, 2019, between the Company and the Bank. Pursuant to the 2023 Credit Agreement, the Bank provided the Company with a term loan for the principal amount of $12,500 ("*Term Loan A*"), and a revolving line of credit of $3,500 (the "*Line of Credit*", and collectively with Term Loan A, the "*Loan*"). The Company used the proceeds from the Loan to fund the acquisition of MRC and for general working capital purposes.

*Second Amended and Restated Credit Agreement*

On October 10, 2023, the Company entered into a Second Amended and Restated Credit Agreement (the "*Prior Credit Agreement*") with the Bank, amending and restating the 2023 Credit Agreement between the Company and the Bank. Pursuant to the Prior Credit Agreement, the Bank provided the Company with an additional term loan ("*Term Loan B*", and together with Term Loan A, the "*Term Loans*") for the principal amount of $10,000 and extended the Line of Credit of $3.5 million to December 23, 2024. The Company used the proceeds from Term Loan B to fund the acquisition of the MusclePharm assets and for general working capital purposes.

*First Amendment to Second Amended and Restated Credit Agreement*

On December 19, 2024, the Company entered into the First Amendment to the Prior Credit Agreement (the "*Amended Prior Credit Agreement*") to extend the Line of Credit to April 30, 2026.

*Term Loans A and B* – Pursuant to the Amended Prior Credit Agreement, the Term Loans accrued interest at a per annum rate equal to the greater of 3.50% or 2.75% above the one-month secured overnight financing rate ("*SOFR*") published for such day by the Federal Reserve Bank of New York. The Company was required to make quarterly payments of principal plus accrued interest on the Term Loans until the principal balances were fully amortized. Quarterly principal payments for Term Loan A and Term Loan B were $625 and $500, respectively. The Company was permitted to prepay amounts borrowed under the Term Loans, in whole or in part, with accrued interest to the date of such prepayment on the amount prepaid, by written notice to Bank at least one business day prior to the proposed prepayment.

*Line of Credit* – Also pursuant to the Amended Prior Credit Agreement, outstanding advances under the Line of Credit ("*Advances*") accrued interest at a per annum rate equal to the greater of 3.50% or 2.75% above the one-month SOFR, and the Company paid the interest on the Advances monthly, with all principal and any accrued interest on outstanding Advances being due and payable in full on the Line of Credit maturity date. The Company was permitted to prepay amounts borrowed under the Line of Credit, in whole or in part with accrued interest to the date of such prepayment on the amount prepaid, by written notice to Bank at least one business day prior to the proposed prepayment.

------

*Credit Agreement*

On August 8, 2025 (the "*Closing Date*"), the Company entered into a Loan, Security and Guarantee Agreement (the "*Credit Agreement*") with the Bank. Pursuant to the Credit Agreement, the Bank provided the Company with a five-year term loan in the amount of $40,625 ("*Irwin Term Loan*") and a three-year revolving line of credit of up to $10,000 (the "*Credit Line*", and collectively with the Irwin Term Loan, the "*Loan*"). The Company used (i) $29,750 from the Irwin Term Loan to complete the purchase of substantially all of the assets of Irwin (see Note 8); and (ii) $10,875 to pay off, retire and replace the outstanding balance of the Term Loans as of the Closing Date.

Pursuant to the Credit Agreement the Loan accrues interest at a per annum rate equal to 2.5% to 3.0%, based on leverage, above SOFR published by the Federal Reserve Bank of New York for the applicable selected interest period of one, three or six months (SOFR plus the aforementioned margin or the "*Applicable Rate*"). The Company began making quarterly payments of principal plus accrued interest on the Irwin Term Loan on December 31, 2025. Principal payments of $1,523 will be made for the next seven quarterly payment dates through September 30, 2025, and $2,031 for each quarterly payment thereafter, in each case plus accrued interest. All remaining principal and accrued interest on the Irwin Term Loan will be due and payable in full on August 8, 2030.

Outstanding advances under the revolving line of credit will accrue interest at the Applicable Rate, and the Company shall make payments of accrued interest on such advances at the end of each interest period and on the repayment of any advance with all remaining principal and accrued interest on the advances being due and payable in full on August 8, 2028.

The Credit Agreement contains customary affirmative and negative covenants, including, without limitation, financial covenants: (i) to maintain a Senior Funded Debt to EBITDA Ratio (as defined in the Credit Agreement) of not more than 2.75 to 1.00 as tested quarterly on a trailing twelve-month basis, starting with the fiscal quarter ending December 31, 2025 and ending with the fiscal quarter ended June 30, 2026 and a Senior Funded Debt to EBITDA Ratio (as defined in the Credit Agreement) of not more than 2.50 to 1.00 as tested quarterly on a trailing twelve-month basis, starting with the fiscal quarter ending September 30, 2026; and (ii) to maintain a Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of at least 1.25 to 1.00 as tested on the last day of each fiscal quarter, commencing with the quarter ending December 31, 2025.

To secure satisfaction of the Obligations, pursuant to the Credit Agreement, (i) NDS Nutrition Products, Inc., iSatori, Inc., MP Acquisition Corp., and IN Acquisition Corp. (collectively, the "*Subsidiaries*") guaranteed the satisfaction of the Obligations by the Company in favor of the Bank and (ii) each of the Subsidiaries and the Company granted a security interest in substantially all of their respective assets in favor of the Bank.

The borrowings outstanding on term loans were $39,102 and $13,125 as of December 31, 2025 and 2024, respectively.

The borrowings outstanding on the line of credit were $5,600 and $0 as of December 31, 2025 and 2024, respectively.

Maturities of the Company's Term Loans are as follows:

---

| | |
|:---|:---|
| Year ending |  |
| 2026 | $6094.0 |
| 2027 | 6602.0 |
| 2028 | 8125.0 |
| 2029 | 8125.0 |
| 2030 | 10156.0 |
| Total balance outstanding as of December 31, 2025 | $39102.0 |

---

**NOTE 7. EQUITY**

The Company is authorized to issue 120,000 shares of Common Stock, $0.01 par value per share, of which 9,391 and 9,210 shares of Common Stock were issued and outstanding as of December 31, 2025 and 2024, respectively.

*Stock Split*

On February 7, 2025, the Company effected a 2-for-1 stock split of its Common Stock and proportionately increased the number of authorized shares of Common Stock to 120,000. All share and per share information throughout this Annual Report on Form 10-K has been retroactively adjusted to reflect the stock split as of the earliest period presented. The shares of Common Stock retain a par value of $0.01 per share. Accordingly, an amount equal to the par value of the additional shares issued in the stock split was reclassified from additional paid-in capital in excess of par value to Common Stock.

------

*Share Repurchase Program*

On May 13, 2025, the Board approved the extension of the Company's previously authorized share repurchase program, initially approved by the Board on August 16, 2019, as amended on September 23, 2019, November 6, 2019, February 1, 2021 and March 17, 2023 ("*Share Repurchase Program*"). Under the extended and amended Share Repurchase Program, the Board authorized management to repurchase up to $5,000 of the Company's Common Stock over a period of 24 months, at a purchase price equal to the fair market value of the Company's Common Stock on the date of purchase, with the exact date and amount of such purchases to be determined by management (the "*2025 Share Repurchase Program*").

During the years ended December 31, 2025 and 2024, the Company did not repurchase any Common Stock under its share repurchase programs. As of December 31, 2025*,* the Company retained authorization to purchase $5,000 of Common Stock under the 2025 Share Repurchase Program.

*Options*

Information regarding options outstanding as of December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of** | **Weighted**<br> **average** | **Weighted** <br> **average**<br> **remaining life** |
|  | **options** | **exercise price** | **(years)** |
| Outstanding, December 31, 2023 | 969 | $3.41 | 4.5 |
| Issued | 22 | 16.63 |  |
| Exercised | (14) | 1.25 |  |
| Forfeited |  |  |  |
| Outstanding, December 31, 2024 | 977 | 3.74 | 3.5 |
| Issued | 8 | 18.73 |  |
| Exercised | (181) | 3.78 |  |
| Forfeited |  |  |  |
| Outstanding, December 31, 2025 | 804 | $3.88 | 3.0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Outstanding** | **Outstanding** | **Outstanding** | **Outstanding** | **Outstanding** | **Exercisable** | **Exercisable** |
| **Exercise**<br> **price per**<br> **share** | **Exercise**<br> **price per**<br> **share** | **Total number**<br> **of options** | **Weighted average**<br> **remaining life** <br> **(years)** | **Weighted average**<br> **exercise price** | **Number of**<br> **vested options** | **Weighted average**<br> **exercise price** |
| $0.35 | 2.38 | 542 | 2.9 | $0.77 | 542 | $0.77 |
| $5.77 | 18.73 | 262 | 3.1 | $10.33 | 234 | $9.86 |
|  |  | 804 | 3.0 | $3.88 | 776 | $3.51 |

---

The closing price for the Company's Common Stock on December 31, 2025 was $16.27, resulting in an intrinsic value of outstanding options of $9,992.

During the year ended December 31, 2025, the Company granted stock options to purchase 8 shares of Common Stock to employees. The stock options are exercisable at $18.73 per share. The stock options expire in five years and vest (i) one fourth immediately on the date of grant, and (ii) in three equal annual installments thereafter. The total fair value of these options at grant date was approximately $70, which was determined using a Black-Scholes option pricing model with the following assumptions: stock price of $18.73 per share, expected term of 5 years, volatility of 50%, dividend rate of 0%, and risk-free interest rate of 3.24%. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the expected term of the share option award. The expected term represents the weighted-average period of time that share option awards granted are expected to be outstanding giving consideration to vesting schedules and historical participant exercise behavior. The expected volatility is based upon historical volatility of the Company's Common Stock. The expected dividend yield is based on the fact that the Company has not paid dividends in the past and does not expect to pay dividends in the future.

During the year ended December 31, 2024, the Company granted stock options to employees to purchase 22 shares of Company Common Stock. The stock options are exercisable at an average price of $16.63 per share, expire in five years and primarily vest as follows: one-fourth vested immediately upon issuance, and the remainder vest equally in equal annual installments over a period of three years from grant date. The total fair value of these options at grant date was approximately $161, which was determined using the Black-Scholes option pricing model with the following average assumption: stock price of $16.63 per share, expected term of 5 years, volatility of 45%, dividend rate of 0% and risk-free interest rate of 3.4%. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the expected term of the share option awards; the expected term represents the weighted-average period of time that share option awards granted are expected to be outstanding giving consideration to vesting schedules and historical participant exercise behavior; the expected volatility is based upon historical volatility of the Company's Common Stock; and the expected dividend yield is based on the fact that the Company has not paid dividends in the past and does not expect to pay dividends in the future.

------

The Company recognized $404 and $459 of stock-based compensation related to the vesting of these options during the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, there was $110 of unvested stock-based compensation that will be recognized as expense in future periods as the options vest.

*Warrants*

The Company issued no warrants to purchase shares of Common Stock during the years ended December 31, 2025 and 2024. There are no outstanding warrants to purchase shares of Common Stock as of December 31, 2025 and 2024.

**NOTE 8. ACQUISITION OF IRWIN NATURALS**

On August 8, 2025 ("*the Closing Date*"), the Company acquired substantially all of the assets and assumed certain liabilities of Irwin through an asset purchase transaction under Section 363 of the US Bankruptcy Code. Total consideration for the acquisition was $42,500. Of this amount, $29,750 was funded using proceeds from a new term loan provided by the Bank and $6,000 was funded from a new $10,000 revolving line of credit from the Bank, with the remainder funded from the Company's available cash balances.

During the years ended December 31, 2025 and 2024, the Company incurred $2,075 and $26, respectively, of transaction-related costs for the acquisition of Irwin.

The Company accounted for the acquisition as a business combination under Accounting Standards Codification ("*ASC*") 805, Business Combinations. The following table summarizes the fair value of the assets acquired and liabilities assumed on the date of acquisition, and is as follows:

---

| | |
|:---|:---|
|  | **August 8, 2025** |
| Accounts receivable | $7306 |
| Inventories | 10754 |
| Prepaid expense and other current assets | 355 |
| Right of use asset | 487 |
| Property and equipment | 69 |
| Intangible assets | 25500 |
| Goodwill | 6288 |
| Other non-current assets | 83 |
| Accounts payable and accrued expense | (2056) |
| Accrued expense and other current liabilities | (5240) |
| Product returns | (533) |
| Lease liabilities | (513) |
| Net assets acquired | $42500 |

---

The purchase was intended to augment and diversify the Company's product offerings and lineup. Key factors that contributed to the recorded intangible assets and goodwill were the opportunity to complement existing operations of the Company and the opportunity to generate future synergies within the nutritional supplement and wellness business.

*Pro Forma Combined Financial Information (Unaudited) (In thousands)*

The following presents the Company's unaudited pro forma financial information for the year ended December 31, 2025 and 2024, respectively, giving effect to the acquisition of Irwin as if it had occurred at January 1, 2024. Included in the pro forma information is: fair value adjustment to inventory acquired and transaction related costs moved from the year ended December 31, 2025 to December 31, 2024, removal of the interest costs from the Company's debt prior to the closing of the acquisition, and interest on borrowings made by the Company based on the projected balance of the Irwin Term Loan for the respective periods in this pro forma presentation.

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | **2024** |
| Revenue | $122143 | $118531 |
| Net income | $10805 | $8312 |
| Diluted net income per share | $1.08 | $0.84 |

---

The pro forma adjustments do not reflect adjustments for anticipated operating efficiencies that the Company expects to achieve as a result of this acquisition. The pro forma financial information is for informational purposes only and does not purport to present what the Company's results would actually have been had the transaction actually occurred on the dates presented or to project the combined company's results of operations or financial position for any future period.

Irwin revenue from August 8, 2025 through December 31, 2025 was $19,465.

------

**NOTE 9** – **DERIVATIVE LIABILITY (INTEREST RATE SWAP)**

On September 5, 2025, the Company entered into an interest rate swap agreement to hedge exposure to variability in cash flows associated with its variable-rate term loan (Note 6). The swap effectively converts approximately 50% of the Company's term loan from variable to fixed.

The agreement had a notional amount of $20,000 at inception, amortizes in accordance with the underlying debt, and requires the Company to pay a fixed rate of 3.39% while receiving a variable rate based on SOFR. The agreement expires on August 8, 2030.

The Company designated the swap as a cash flow hedge under *ASC 815, Derivatives and Hedging*. The effective portion of changes in the fair value of the derivative is recorded in Other Comprehensive Income and reclassified into interest expense as payments occur under the hedged debt. Any ineffective portion is recognized in current period earnings.

The fair value of the swap was a liability of $26 at December 31, 2025, which is presented as a derivative liability on the Company's Consolidated Balance Sheet. For the year ended December 31, 2025, the effective portion of changes in fair value of the interest-rate swap decreased OCI by $26. The swap is measured under fair value guidance using Level 2 inputs. No hedge ineffectiveness was recognized during the year ended December 31, 2025.

**NOTE 10. INCOME TAXES**

Components of the total provision for income taxes are as follows:

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | **2024** |
| **Current tax expense (benefit)** |  |  |
| Domestic | $1864 | $1165 |
| Foreign | 892 | 1570 |
| **Deferred tax expense (benefit)** |  |  |
| Domestic | (882) | 148 |
| Foreign | 29 | 4 |
| **Provision for income taxes** | $1903 | $2887 |

---

The Company is subject to income tax in the U.S., Canada, and Germany through its wholly owned subsidiaries. The combined federal and state statutory tax rate is 24.5% (22% in 2024). The statutory tax rate in foreign jurisdictions varies by jurisdiction. During the year ended December 31, 2024, the Company dissolved Thunder Beach Holdings, its Barbados subsidiary, and will no longer be subject to taxes in Barbados.

The provision for income taxes differs from the amount determined by applying the federal statutory rate as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
|  | **Amount** | **Percentage** |
| Provision for income taxes based on U.S. federal statutory tax rate | $1730 | 21.0% |
| State and local income taxes, net of federal income tax effect | 290 | 3.5% |
| Foreign tax effects |  |  |
| Germany |  |  |
| Difference in jurisdictional tax rates | 194 | 2.4% |
| Other | (313) | (3.8)% |
| Canada |  |  |
| Other | (32) | (0.4)% |
| Non-deductible expenses | 1286 | 15.6% |
| Foreign tax credits applied | (267) | (3.2)% |
| True up of prior period | 724 | 8.8% |
| Valuation allowance | (482) | (5.9)% |
| Impact from statutory tax rate changes | (174) | (2.1)% |
| Adjustments related to acquired assets and liabilities | (842) | (10.2)% |
| Capitalized transaction costs | (255) | (3.1)% |
| Other | 44 | 0.5% |
| **Provision for income taxes** | $1903 | 23.1% |

---

---

| | |
|:---|:---|
|  | **Year ended December 31, 2024** |
| Provision for income taxes based on statutory rate | $2668 |
| Increase (decrease) resulting from: |  |
| Non-deductible expenses | 806 |
| Difference in jurisdictional tax rates | (401) |
| True up of prior period | (57) |
| Change in valuation allowance | (179) |
| Other | 50 |
| **Provision for income taxes** | $2887 |

---

------

The tax effects of significant temporary differences and credit and operating loss carryforwards in the U.S. that give rise to the deferred tax asset are as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Loss carryforwards | 780 | 807 |
| Tangible assets | (18) | (3) |
| Intangible assets | (537) | (331) |
| Provisions and reserves | 1783 | 654 |
| Subtotal | 2008 | 1127 |
| Valuation allowance | (483) | (483) |
| **Deferred tax assets, net** | $1525 | $644 |

---

The tax effects of significant temporary differences and operating loss carryforwards in foreign jurisdictions that give rise to the deferred tax liability are as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Loss carryforwards | $3035 | $3349 |
| Intangible assets | (2324) | (2213) |
| Subtotal | 711 | 1136 |
| Valuation allowance | (3035) | (3349) |
| **Deferred tax liabilities, net** | $(2324) | $(2213) |

---

The Company has assessed the realizability of the net deferred tax assets by considering the relevant positive and negative evidence available to determine whether it is more likely than not that some portion or all of the deferred tax assets will be realized. In making such a determination, the Company considered all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and recent results of operations.

As of December 31, 2025, the Company has the following U.S. federal losses carried forward. U.S. federal losses incurred prior to 2018 have a carry forward of 20 years, subsequent losses can be carried forward indefinitely. The Canadian non-capital loss carry forwards expire between 2038 and 2044.

---

| | | | |
|:---|:---|:---|:---|
| **Year of expiration** | **U.S. Federal** | **Canada (USD)** | **Total** |
| 2034 | $793 |  | 793 |
| 2035 | 2923 |  | 2923 |
| 2036 |  |  |  |
| 2037 |  |  |  |
| 2038 |  |  |  |
| 2039 |  | 3616 | 3616 |
| 2040 |  | 2088 | 2088 |
| 2041 |  | 1717 | 1717 |
| 2042 |  | 1841 | 1841 |
| 2043 |  | 2172 | 2172 |
| 2044 |  | 19 | 19 |
| Total | $3716 | $11453 | $15169 |

---

Utilization of net operating loss carryforwards in the U.S. may be subject to limitations in the event of a change in ownership as defined under U.S. IRC Section 382, and similar state provisions. An "ownership change" is generally defined as a cumulative change in the ownership interest of significant stockholders of more than 50 percentage points over a three-year period. In connection with the merger between the Company and one of its subsidiaries in 2015, the Company has evaluated its net operating loss *("NOL")* carryforwards under the provisions of U.S. IRC Section 382. The acquisition resulted in an ownership change under Section 382, subjecting the Company's ability to utilize NOL carryforwards generated prior to the acquisition to an annual limitation. As of December 31, 2025, the Company has approximately $3,716 of federal NOL carryforwards, of which $1,416 may be utilized subject to the Section 382 limitation. Based on the annual limitation, management expects that $2,300 of these carryforwards may not be fully utilized prior to expiration.

------

The deferred tax liability relates primarily to intangible assets that are not deductible for tax purposes in the jurisdictions to which they relate. Deferred income taxes have not been recorded on the basis differences for investments in consolidated subsidiaries as these basis differences are indefinitely reinvested or will reverse in a non-taxable manner. Quantification of the deferred income tax liability, if any, associated with indefinitely reinvested basis differences is not practicable.

The Company operates in a number of tax jurisdictions and is subject to examination of its income tax returns by tax authorities in those jurisdictions who may challenge any item on these returns. Because the tax matters challenged by tax authorities are typically complex, the ultimate outcome of these challenges is uncertain. The Company recognizes the effects of uncertain tax positions in the consolidated financial statements after determining that it is more-likely-than-not the uncertain tax positions will be sustained. As of December 31, 2025, the Company has not recorded any uncertain tax positions or any accrued interest and penalties on the consolidated balance sheet. During the year ended December 31, 2025, the Company recorded an immaterial amount of interest and penalties in the consolidated statement of income and comprehensive income.

Cash paid for income taxes, net of refunds, for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| U.S. federal | $1329 |
| U.S. state and local |  |
| California | 185.0 |
| Other state and local | 74.0 |
| Foreign |  |
| Germany | 774.0 |
| **Total cash paid for income taxes, net of refunds** | $2362.0 |

---

**NOTE 11. COMMITMENTS AND CONTINGENCIES**

We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of the Company or any of its subsidiaries, threatened against or affecting the Company, our Common Stock, any of our subsidiaries or of the Company's or our subsidiaries' officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

**NOTE 12. SEGMENT INFORMATION**

The Company operates and manages its business as one reportable operating segment dedicated to providing innovative and proprietary nutritional supplements and wellness products for health-conscious consumers. The measure of segment assets is reported on the consolidated balance sheet as total assets. In addition, the Company manages its business activities on a consolidated basis.

The Company's CODM allocates resources and assesses financial performance based upon financial data presented at the consolidated level. The CODM uses net income as the sole measure of segment profit.

Significant segment expenses include cost of goods sold, advertising and marketing, merger and acquisition related and other expense, which are all presented on the consolidated statements of income and comprehensive income. Employee compensation and benefits is also a significant segment expense. Operating expense includes all remaining costs necessary to operate our business, including external professional services, insurance and other administrative expenses. The following table presents the significant segment expenses and other segment items regularly reviewed by our CODM:

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | **2024** |
| Cost of goods sold | $50005 | $36389 |
| Employee compensation and benefits | 8491 | 6028 |
| Advertising and marketing | 4794 | 4626 |
| Operating expense | 6031 | 4052 |
| Merger and acquisition related | 2075 | 255 |
| Total operating expense | $21391 | $14961 |
| Interest and other expense | $1833 | $1248 |

---

The following table summarizes sales to customers by geographic regions:

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | **2024** |
| United States | $77400 | $61474 |
| Rest of world | 4058 | 2995 |
| Total revenue | $81458 | $64469 |

---

**NOTE 13. SUBSEQUENT EVENTS**

The Company evaluated subsequent events for their potential impact on the consolidated financial statements and disclosures through the date the consolidated financial statements were issued and determined that no subsequent events occurred that were reasonably expected to impact the consolidated financial statements presented herein.

## Ex-21

**Exhibit 21** 

**SUBSIDIARIES OF REGISTRANT**

**Significant Subsidiaries**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Jurisdiction of**<br> **incorporation** | **Percentage of** <br> **voting**<br> **securities** <br> **owned**<br> **by registrant** | **Number**<br> **of US**<br> **subsidiaries** | **Number**<br> **of non-US**<br> **subsidiaries** |
| NDS Nutrition Products, Inc. | Florida | 100% |  |  |
| Mimi's Rock GmbH | Germany | 100% |  | 1 |
| Mimi's Rock, Inc. | Canada | 100% |  | 2 |
| MP Acquisition Corp. | Nevada | 100% |  |  |
| iSatori, Inc. | Delaware | 100% |  |  |
| IN Acquisition Corp. | Nevada | 100% |  |  |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in the Registration Statements on Form S-3 (File No. 333-283228) and Registration Statements on Form S-8 in connection with the Company's 2019 Omnibus Equity Incentive Plan (File No. 333-257460) of FitLife Brands, Inc. of our report dated March 31, 2026 relating to the financial statements of FitLife Brands, Inc. as of December 31, 2025 and 2024 and for the years then ended appearing in this Annual Report on Form 10-K of the Company for the year ended December 31, 2025.

/s/Weinberg & Company, P.A.

Los Angeles, California

March 31, 2026

## Exhibit 31.1

**Exhibit 31.1**

**Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and pursuant to Rule 13a-14(a) and Rule 15d-14 under the Securities Exchange Act of 1934**

I, Dayton Judd, Chief Executive Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Annual Report on Form 10-K of FitLife Brands, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluations: and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Registrant<br>Date: March 31, 2026 | FitLife Brands, Inc.<br>By: <u>/s/ Dayton Judd</u> |
|  | Dayton Judd |
|  | Chief Executive Officer<br> (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and pursuant to Rule 13a-14(a) and Rule 15d-14 under the Securities Exchange Act of 1934**

I, Jakob York, Chief Financial Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Annual Report on Form 10-K of FitLife Brands, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluations: and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Registrant<br>Date: March 31, 2026 | FitLife Brands, Inc.<br>By: <u>/s/ Jakob York</u> |
|  | Jakob York |
|  | Chief Financial Officer<br> (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

**(18 U.S.C. SECTION 1350)**

In connection with the Annual Report of FitLife Brands, Inc. (the "*Company*") on Form 10-K for the year ending December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "*Report*"), I, Dayton Judd, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | |
|:---|:---|
| Registrant<br>Date: March 31, 2026 | FitLife Brands, Inc.<br>By: <u>/s/ Dayton Judd</u> |
|  | Dayton Judd |
|  | Chief Executive Officer<br> (Principal Executive Officer) |

---

In connection with the Annual Report of FitLife Brands, Inc. (the "*Company*") on Form 10-K for the year ending December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "*Report*"), I, Jakob York, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | |
|:---|:---|
| Registrant<br>Date: March 31, 2026 | FitLife Brands, Inc.<br>By: <u>/s/ Jakob York</u> |
|  | Jakob York |
|  | Chief Financial Officer<br> (Principal Financial Officer) |

---