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A small-scale Procter & Gamble for nutritional supplements and health products.

Like Optimum Nutrition, but as a company that owns several different brands across health, wellness, and sports nutrition.

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• Sports Nutrition Supplements: Products including protein powders, pre-workouts, creatine, and amino acids designed to support athletic performance, muscle growth, and recovery.
• Health & Wellness Supplements: Dietary supplements focused on general health, immune support, digestive health, and overall well-being.
• Weight Management Supplements: Products formulated to aid in fat loss, metabolism support, and appetite control.

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FitLife Brands (FTLF) primarily sells its products to other companies, which then distribute or resell them to individual consumers. The company's major customers are:

• Amazon.com, Inc. (Symbol: AMZN): As reported in their SEC filings (e.g., their annual 10-K report), Amazon.com, Inc. and its affiliates represent a significant portion of FitLife Brands' net revenue, often exceeding 40%. This makes Amazon their most substantial customer.
• Other retailers and distributors: FitLife Brands also sells its products through various other channels, including:
  • Specialty retailers: These include stores focused on health, nutrition, and fitness products.
  • Food, drug, and mass merchandise retailers: Large retail chains that carry a broad range of products.
  • Other E-commerce platforms: Beyond Amazon, they utilize various other online marketplaces.
  • International distributors: Companies that distribute their products in markets outside the United States.

While FitLife Brands does operate its own brand websites for direct-to-consumer sales, the majority of its revenue is generated through these business-to-business relationships, with Amazon being the most prominent single customer.

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Dayton Judd, Chairman of the Board and Chief Executive Officer

Dayton Judd has served as the Chief Executive Officer of FitLife Brands since February 2018 and is also the Chairman of the Board. He founded Sudbury Capital Management ("Sudbury"), an investment advisory services provider, in 2012, where he also serves as Managing Partner. Prior to founding Sudbury, Mr. Judd was a Portfolio Manager at Q Investments, a multi-billion dollar hedge fund, from 2007 to 2011. He also worked with McKinsey & Company, a global management consulting firm, from 1996 to 1998 and again from 2000 to 2007. Mr. Judd is a Certified Public Accountant (CPA) and currently sits on the Board of Directors of LifeVantage Corp and Optex Systems Holdings Inc. He is recognized for his role in turning around FitLife Brands, focusing on cost savings and strategic acquisitions.

Jakob York, Chief Financial Officer

Jakob York joined FitLife Brands as Chief Financial Officer in August 2022. Before his tenure at FitLife, he served as Controller for Greenidge Generation Holdings. His experience also includes various controller and financial reporting capacities, primarily at Allied Motion Technologies, and an auditor role at Pricewaterhouse Coopers from 2002 to 2007. Mr. York is a Certified Public Accountant.

Jenna Sinnett, Chief Operating Officer

Jenna Sinnett holds the position of Chief Operating Officer at FitLife Brands.

Patrick Ryan, Chief Retail Officer

Patrick Ryan serves as the Chief Retail Officer for FitLife Brands.

Ryan Hansen, Executive Vice President

Ryan Hansen became Executive Vice President at FitLife Brands in November 2023. Prior to joining FitLife, he was Chief Operating Officer at Pearl Street Dental Partners, a private equity-backed dental platform, from February 2021 to June 2023. He also gained experience at Bain & Company from July 2017 to February 2021.

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The key risks to FitLife Brands (FTLF) business operations include:

1. Tariffs, Inventory Management, and Impact on Profitability: FitLife Brands faces macroeconomic headwinds from tariffs, which have been noted to impact product costs and contribute to gross margin compression, particularly within the Mimi's Rock segment. The company's strategy of accumulating high levels of inventory to preemptively hedge against anticipated tariff increases could tie up working capital and expose FitLife Brands to the risk of inventory obsolescence. This risk is further exacerbated by declining revenue from high-margin segments.
2. Weak Performance of Key Brands and Segments: The company has experienced revenue and margin declines due to the underperformance of its MusclePharm (MP) and Mimi's Rock (MRC) segments in Q1 and Q2 2025. Specifically, the Dr. Tobias brand (part of MRC) has seen reduced online sales and traffic to Amazon listings, while MusclePharm experienced a notable drop in wholesale sales because a major customer overbought in a previous quarter and did not reorder. The company's future earnings growth is highly dependent on a rebound in these struggling segments.
3. Dependence on Online Sales Platforms and Intense Market Competition: FitLife Brands is increasingly reliant on online platforms, such as Amazon, for sales, which inherently carries the risk of these platforms potentially leveraging their power to squeeze margins. Moreover, the nutritional supplements market is characterized by fragmentation and intense competition, with a constant influx of new companies. This competitive landscape could dilute the popularity of FitLife Brands' offerings and lead to a decrease in sales.

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The clear emerging threat for FitLife Brands is the rapid rise and increasing consumer adoption of highly personalized, data-driven wellness and nutrition platforms. These platforms leverage advanced diagnostics (such as blood tests, microbiome analysis, and continuous glucose monitoring), artificial intelligence, and tailored algorithms to provide individualized recommendations for diet, lifestyle, and often custom-formulated supplements or nutraceuticals. This model directly challenges FitLife Brands' traditional approach of offering mass-market, branded supplements by:

• Undermining the perceived value of generic supplements: Consumers are increasingly seeking personalized solutions based on their unique biological data, potentially viewing broad-appeal supplements as less effective or unnecessary.
• Shifting consumer trust and loyalty: Trust may increasingly gravitate towards platforms that offer scientific backing and continuous, adaptive guidance over traditional supplement brands.
• Creating a new engagement model: These platforms foster ongoing engagement and iterative adjustments to health regimens, offering a more integrated and comprehensive wellness experience than standalone product purchases.

Examples of companies operating in this emerging space include Viome, InsideTracker, Levels Health, and ZOE, which are establishing a new paradigm for how consumers manage their health and nutrition.

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FitLife Brands (FTLF) operates in the nutritional supplements and wellness products industry, with core business segments including sports nutrition, weight management, and general health and wellness.

Addressable Market Sizes:

Global Sports Nutrition Market:

The global sports nutrition market size was estimated at USD 66.27 billion in 2024 and is projected to reach USD 138.48 billion by 2033, growing at a compound annual growth rate (CAGR) of 8.6% from 2025 to 2033. North America held the largest market share in 2024, accounting for 48.2% of the global market.

Global Wellness Supplements Market:

The global wellness supplements market size is accounted at USD 291 billion in 2025 and is forecasted to reach approximately USD 568.75 billion by 2034, growing at a CAGR of 7.73% from 2025 to 2034. The North America wellness supplements market size was estimated at USD 121.55 billion in 2024. The U.S. wellness supplements market size was evaluated at USD 85.09 billion in 2024 and is predicted to be worth around USD 182.78 billion by 2034, rising at a CAGR of 7.93% from 2025 to 2034.

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Expected Drivers of Future Revenue Growth for FitLife Brands (FTLF)

Over the next 2-3 years, FitLife Brands (FTLF) is positioned for revenue growth driven by several key factors:

1. Acquisition of Irwin Naturals: The recently completed acquisition of Irwin Naturals is a transformative event for FitLife Brands. This deal is projected to approximately double the size of the company, with the combined businesses anticipated to generate over $120 million in revenue and between $20-25 million in adjusted EBITDA during the first full year of operation. This all-cash transaction is expected to be immediately accretive to existing shareholders.
2. Growth in Online Sales: FitLife Brands has consistently demonstrated strong performance in its online sales channels. Online revenue represented 67% of total revenue in Q4 2024 and 65% in Q2 2025. The company plans to capitalize on this trend by increasing online sales for acquired brands, including Irwin Naturals, which historically had a smaller online presence. This strategic shift is expected to significantly boost gross margins and overall profitability.
3. Strategic Mergers and Acquisitions (M&A): Beyond the Irwin Naturals acquisition, FitLife Brands maintains an active strategy of pursuing additional M&A opportunities. The company aims to acquire niche brands and leverage its proven integration playbook to achieve cost savings and expand its product lines. This disciplined approach to acquisitions is a consistent driver of enhancing shareholder value.
4. New Product Introductions and Brand Expansion: FitLife Brands is focused on innovation and the expansion of its product offerings. Recent examples include the full online availability of MusclePharm's ready-to-drink protein products. The company also intends to broaden the reach and distribution of acquired brands, such as Nutrology, particularly within the expanding all-natural nutritional supplement market.
5. Operational Efficiencies and Cost Synergies from Acquisitions: The acquisition of Irwin Naturals is expected to yield significant operational efficiencies, including an anticipated annual reduction of approximately $1.5 million in Selling, General, and Administrative (SG&A) expenses compared to Irwin's pre-acquisition cost structure. These cost savings contribute to improved profitability and free up capital for further investments in growth initiatives.

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Share Issuance

• A 2-for-1 forward stock split was implemented on February 7, 2025, which increased the number of outstanding shares from 4,605,108 to 9,210,216.
• FitLife Brands did not issue any shares to fund the $42.5 million acquisition of Irwin Naturals in 2025, completing it as an all-cash transaction.

Outbound Investments

• FitLife Brands completed the acquisition of substantially all assets of Irwin Naturals for $42.5 million, with the transaction closing around August 8, 2025.
• The acquisition was financed using a combination of cash on hand, a new $40.625 million five-year term loan, and an upsized $10 million revolving credit facility provided by First Citizens Bank.
• This acquisition is expected to approximately double the size of the company, with projected consolidated revenue exceeding $120 million and adjusted EBITDA between $20-25 million for the first full year of operation.