FitLife acquires Irwin Naturals for $42.5M, diversifies beyond Amazon but margins compress

Filed March 31, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 27, 2025 · ~2 min read

Key Changes

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  Acquired Irwin Naturals from bankruptcy for $42.5M in August 2025, funded by $29.75M term loan and $6M revolver draw. Irwin adds three brands (Irwin Naturals, Applied Nutrition, Nature's Secret) and mass-market retail relationships (CVS, Walmart, Walgreens, Costco Canada).

  Business: Irwin Naturals acquisition verify on EDGAR →
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  Amazon concentration fell from 66% to 49% of sales, GNC from 23% to 14%, driven by Irwin's wholesale-heavy channel mix. Online revenue dropped from 67% to 51% of total, reversing multi-year trend toward higher-margin direct sales.

  Business: Customer concentration verify on EDGAR →
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  Gross margin compressed 500 basis points to 38.6% (from 43.6%) due to Irwin's lower-margin wholesale model, $1.0M inventory step-up charge, and MusclePharm promotions. Net income fell 30% to $6.3M despite 26% revenue growth.

  MD&A: Profitability verify on EDGAR →