Earnings release
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LifeVantage Announces Financial Results for the First Quarter of Fiscal 2026 Salt Lake City, UT, November 4, 2025, LifeVantage Corporation (Nasdaq: LFVN), a leading health and wellness company with products designed to activate optimal health processes at the cellular level, today reported financial results for its first fiscal quarter ended September 30, 2025. First Quarter Fiscal 2026 Summary*: • Revenue was $47.6 million, an increase of 0.7% from the prior year period. Excluding the impact of foreign currency fluctuations, first quarter revenue increased approximately 0.3%; • Revenue in the Americas increased 0.8%, and revenue in Asia/Pacific & Europe increased 0.4%. Excluding the foreign currency fluctuations, first quarter revenue in Asia/Pacific & Europe decreased 1.4%; • Net income per diluted share was $0.17, versus $0.14 per diluted share a year ago; • Adjusted earnings per diluted share was $0.18, compared to $0.15 a year ago; and • Adjusted EBITDA was $3.9 million compared to $4.4 million a year ago. * All comparisons are on a year over year basis and compare the first quarter of fiscal 2026 to the first quarter of fiscal 2025, unless otherwise noted. "The first quarter marked a pivotal milestone for LifeVantage as we focused on closing our strategic acquisition of LoveBiome, positioning us as a leader at the intersection of two rapidly expanding wellness markets: natural GLP-1 activation and microbiome health," said Steve Fife, President and CEO of LifeVantage. “We're seeing several encouraging trends that should drive accelerating growth as we scale our combined operations and realize the full benefits of our strategic investments. The integration of LoveBiome's passionate consultant community along with their flagship P84 product is already exceeding expectations and momentum is building across our business. With a comprehensive wellness ecosystem that addresses multiple aspects of human health through scientifically validated activation technologies, we are uniquely positioned to serve the evolving needs of consumers worldwide.” First Quarter Fiscal 2026 Results For the first quarter ended September 30, 2025, the Company reported revenue of $47.6 million, a 0.7% increase over the first quarter of fiscal 2025. Excluding the impact of foreign currency fluctuations, first quarter revenue increased 0.3%. Revenue in the Americas region for the first quarter of fiscal 2026 increased 0.8%. Revenue in the Asia/Pacific & Europe region increased 0.4%; on a constant currency basis, revenue in the Asia/Pacific & Europe region decreased 1.4%. Gross profit for the first quarter of fiscal 2026 was $37.8 million, or 79.5% of revenue, compared to $37.7 million, or 79.9% of revenue, for the same period in fiscal 2025. The decrease in gross profit as a percentage of revenue was primarily due to increases in shipping and warehouse related expenses. Commissions and incentives expense for the first quarter of fiscal 2026 was $20.7 million, or 43.5% of revenue, compared to $20.3 million, or 43.0% of revenue, for the same period in fiscal 2025. The increase in commissions and incentives as a percentage of revenue was primarily due to changes in sales mix along with the timing and magnitude of our various promotional and incentive programs. Selling, general and administrative (SG&A) expense for the first quarter of fiscal 2026 was $14.9 million, or 31.2% of revenue, compared to $14.8 million, or 31.4% of revenue, for the same period in fiscal 2025. Adjusted for nonrecurring expenses, which are detailed in the GAAP to non-GAAP reconciliation tables included at the end of this press release, adjusted non- GAAP SG&A expenses for the first quarter of fiscal 2026 were $14.6 million, or 30.8% of revenue, compared to adjusted non- GAAP SG&A expenses for the first quarter of fiscal 2025 of $14.7 million, or 31.1% of revenue.
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Operating income for the first quarter of fiscal 2026 was $2.3 million compared to $2.6 million for the first quarter of fiscal 2025. Accounting for non-GAAP adjustments noted previously, adjusted non-GAAP operating income for the first quarter of fiscal 2026 was $2.5 million compared to adjusted non-GAAP operating income of $2.7 million for the first quarter of fiscal 2025. Net income for the first quarter of fiscal 2026 was $2.2 million, or $0.17 per diluted share, compared to $1.8 million, or $0.14 per diluted share for the first quarter of fiscal 2025. Accounting for the non-GAAP adjustments noted previously, net of tax, adjusted non-GAAP net income for the first quarter of fiscal 2026 was $2.3 million, or $0.18 per diluted share, compared to adjusted non-GAAP income of $1.9 million, or $0.15 per diluted share, for the first quarter of fiscal 2025. Adjusted EBITDA was $3.9 million for the first quarter of fiscal 2026, versus $4.4 million for the comparable period in fiscal 2025. Balance Sheet & Liquidity The Company used $2.3 million of cash from operations during the first three months of fiscal 2026 compared to $0.6 million in the same period in fiscal 2025. The Company's cash and cash equivalents at September 30, 2025 were $13.1 million, compared to $20.2 million at June 30, 2025, and there was no debt outstanding. Share Repurchase During the first quarter of fiscal 2026, the Company repurchased 44,000 of its common shares for an aggregate price of approximately $0.6 million. There was approximately $16.7 million remaining under the current repurchase program authorization as of September 30, 2025. Dividend Announcement Today the Company announced the declaration of a cash dividend of $0.045 per common share. The dividend will be paid on December 15, 2025 to all stockholders of record at the close of business on December 1, 2025. Fiscal Year 2026 Guidance The Company is reiterating its previously issued guidance of revenue in the range of $225 million to $240 million, adjusted EBITDA of $23 million to $26 million, and adjusted earnings per share in the range of $1.00 to $1.15. The Company continues to anticipate revenue in the second half of the fiscal year will be higher than the first half due to the seasonality associated with its MindBody product line and the impact of the LoveBiome acquisition. The Company expects a full year tax rate of approximately 24% to 26%. This guidance reflects the current trends in the business. The Company's guidance for adjusted non-GAAP EBITDA and adjusted non-GAAP earnings per diluted share excludes any non-operating or non-recurring expenses that may materialize during fiscal 2026.
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Conference Call Information The Company will hold an investor conference call today at 2:30 p.m. MST (4:30 p.m. EST). Investors interested in participating in the live call can dial (877) 704-4453 from the U.S. or international callers can dial (201) 389-0920. A telephone replay will be available approximately two hours after the call concludes and will be available through Tuesday, November 18, 2025, by dialing (844) 512-2921 from the U.S. and entering confirmation code 13756552, or (412) 317-6671 from international locations, and entering confirmation code 13756552. There will also be a simultaneous, live webcast available on the Investor Relations section of the Company's web site at https://lifevantage.gcs-web.com/events-and-presentations or directly at https://viavid.webcasts.com/starthere.jsp? ei=1738873&tp_key=d49cd5ee47. The webcast will be archived for approximately 30 days. About LifeVantage Corporation LifeVantage Corporation (Nasdaq: LFVN), the Activation company, is a pioneer in nutrigenomics—the study of how nutrition and naturally occurring compounds can unlock your genes and the health coded within. Our products work with your unique biology and help your body make what it needs for health. The line of scientifically validated activators includes the flagship Protandim® family of products, TrueScience® Liquid Collagen, the newest MindBody GLP-1 System™, the comprehensive gut activator P84, the Activation-supporting nutrients such as Omega, D3+, and the Rise AM & Reset PM System®, as well as AXIO® nootropic energy drink mixes, the full TrueScience® line of skin and hair care products, and Petandim®, a pet supplement formulated to combat oxidative stress in dogs. Our independent Consultants sell our products to Customers and share the business opportunity with entrepreneurs seeking to begin their own business. LifeVantage was founded in 2003 and is headquartered in Lehi, Utah. For more information, visit www.lifevantage.com. Cautionary Note Regarding Forward Looking Statements This document contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as "believe," "will," "hopes," "intends," "estimates," "expects," "projects," "plans," "anticipates," "look forward to," "goal," “may be,” and variations thereof, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. The declaration and/or payment of a dividend during any quarter provides no assurance as to future dividends, and the timing and amount of future dividends, if any, could vary significantly in comparison both to past dividends and to current expectations. Examples of forward-looking statements include, but are not limited to, expected financial performance, including revenue margins, statements we make regarding executing against and the benefits of our key initiatives, future growth, including geographic and product expansion, and expected dividend payments in future quarters. Such forward-looking statements are not guarantees of performance and the Company's actual results could differ materially from those contained in such statements. These forward-looking statements are based on the Company's current expectations and beliefs concerning future events affecting the Company and involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. These risks and uncertainties include, among others, further deterioration to the global economic and operating environments, as well as those discussed in greater detail in the Company's Annual Report on Form 10-K and the Company's Quarterly Report on Form 10-Q under the caption "Risk Factors," and in other documents filed by the Company from time to time with the Securities and Exchange Commission (the “SEC”). The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this document, except as required by law. About Non-GAAP Financial Measures We define Non-GAAP EBITDA as earnings before interest expense, income taxes, depreciation and amortization and Non- GAAP Adjusted EBITDA as earnings before interest expense, income taxes, depreciation and amortization, stock compensation expense, other income, net, and certain other adjustments. Non-GAAP EBITDA
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and Non-GAAP Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. We define Non-GAAP Net Income as GAAP net income less certain tax adjusted non-recurring one-time expenses incurred during the period and Non-GAAP Earnings per Share as Non-GAAP Net Income divided by weighted-average shares outstanding. We are presenting Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings Per Share because management believes that they provide additional ways to view our operations when considered with both our GAAP results and the reconciliation to net income, which we believe provides a more complete understanding of our business than could be obtained absent this disclosure. Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings Per Share are presented solely as supplemental disclosure because: (i) we believe these measures are a useful tool for investors to assess the operating performance of the business without the effect of these items; (ii) we believe that investors will find this data useful in assessing shareholder value; and (iii) we use Non-GAAP EBITDA, Non- GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings Per Share internally as benchmarks to evaluate our operating performance or compare our performance to that of our competitors. The use of Non-GAAP EBITDA, Non- GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings per Share has limitations and you should not consider these measures in isolation from or as an alternative to the relevant GAAP measure of net income prepared in accordance with GAAP, or as a measure of profitability or liquidity. The tables set forth below present reconciliations of Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings per Share, which are non-GAAP financial measures to Net Income and Earnings per Share, our most directly comparable financial measures presented in accordance with GAAP. Investor Relations Contacts: Reed Anderson, ICR (646) 277-1260 reed.anderson@icrinc.com
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LIFEVANTAGE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except per share data) September 30, 2025 June 30, 2025 ASSETS Current assets Cash and cash equivalents $ 13,091 $ 20,201 Accounts receivable 2,425 3,294 Income tax receivable 5,298 635 Inventory, net 20,594 20,669 Prepaid expenses and other 3,640 6,095 Total current assets 45,048 50,894 Property and equipment, net 5,997 6,207 Right-of-use assets 7,664 8,041 Intangible assets, net 245 245 Deferred income tax asset 1,989 5,970 Other long-term assets 636 601 TOTAL ASSETS $ 61,579 $ 71,958 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 4,356 $ 4,600 Commissions payable 5,986 7,237 Income tax payable — — Lease liabilities 1,881 1,867 Other accrued expenses 6,606 13,513 Total current liabilities 18,829 27,217 Long-term lease liabilities 9,310 9,811 Other long-term liabilities 283 289 Total liabilities 28,422 37,317 Commitments and contingencies Stockholders' equity Preferred stock — par value $0.0001 per share, 5,000 shares authorized, no sharesissued or outstanding — — Common stock — par value $0.0001 per share, 40,000 shares authorized and12,691 and 12,429 issued and outstanding as of September 30, 2025 and June 30,2025, respectively 1 1 Additional paid-in capital 137,652 139,962 Accumulated deficit (103,141) (104,147) Accumulated other comprehensive loss (1,355) (1,175) Total stockholders’ equity 33,157 34,641 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 61,579 $ 71,958
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LIFEVANTAGE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, (In thousands, except per share data) 2025 2024 Revenue, net $ 47,561 $ 47,214 Cost of sales 9,745 9,491 Gross profit 37,816 37,723 Operating expenses: Commissions and incentives 20,695 20,305 Selling, general and administrative 14,853 14,848 Total operating expenses 35,548 35,153 Operating income 2,268 2,570 Other income (expense): Interest income, net 87 59 Other expense, net (114) (51) Total other income (expense) (27) 8 Income before income taxes 2,241 2,578 Income tax expense (86) (752) Net income $ 2,155 $ 1,826 Net income per share: Basic $ 0.17 $ 0.15 Diluted $ 0.17 $ 0.14 Weighted-average shares outstanding: Basic 12,398 12,162 Diluted 12,946 12,824
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LIFEVANTAGE CORPORATION AND SUBSIDIARIES Revenue by Region (Unaudited) Three Months Ended September 30, (In thousands) 2025 2024 Americas $ 37,197 78 % $ 36,892 78 % Asia/Pacific & Europe 10,364 22 % 10,322 22 % Total $ 47,561 100 % $ 47,214 100 % Active Accounts (Unaudited) As of September 30, 2025 2024 Change fromPrior Year PercentChange Active Independent Consultants Americas 32,000 67 % 31,000 66 % 1,000 3.2 % Asia/Pacific & Europe 16,000 33 % 16,000 34 % — — % Total Active Independent Consultants 48,000 100 % 47,000 100 % 1,000 2.1 % Active Customers Americas 59,000 81 % 61,000 80 % (2,000) (3.3)% Asia/Pacific & Europe 14,000 19 % 15,000 20 % (1,000) (6.7)% Total Active Customers 73,000 100 % 76,000 100 % (3,000) (3.9)% Active Accounts Americas 91,000 75 % 92,000 75 % (1,000) (1.1)% Asia/Pacific & Europe 30,000 25 % 31,000 25 % (1,000) (3.2)% Total Active Accounts 121,000 100 % 123,000 100 % (2,000) (1.6)% (1) Active Independent Consultants have purchased product in the prior three months for retail or personal consumption. (2) Active Customers have purchased product in the prior three months for personal consumption only. (3) Total Active Accounts is the sum of Active Independent Consultant accounts and Active Customer accounts. (1) (2) (3)
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LIFEVANTAGE CORPORATION AND SUBSIDIARIES Reconciliation of GAAP Net Income to Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA (Unaudited) Three Months Ended September 30, (In thousands) 2025 2024 GAAP Net income $ 2,155 $ 1,826 Interest income, net (87) (59) Provision for income taxes 86 752 Depreciation and amortization 610 797 Non-GAAP EBITDA: 2,764 3,316 Adjustments: Stock compensation expense 826 917 Other expense, net 114 51 Other adjustments 217 144 Total adjustments 1,157 1,112 Non-GAAP Adjusted EBITDA $ 3,921 $ 4,428 (1) Other adjustments breakout: Key management severance expenses — 38 Executive team recruiting and transition expenses — 106 Other nonrecurring expenses 217 — Total adjustments $ 217 $ 144 (1)
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LIFEVANTAGE CORPORATION AND SUBSIDIARIES Reconciliation of GAAP Net Income to Non-GAAP Net Income and Non-GAAP Adjusted EPS (Unaudited) Three Months Ended September 30, (In thousands) 2025 2024 GAAP Net income $ 2,155 $ 1,826 Adjustments: Key management severance expenses — 38 Executive team recruiting and transition expenses — 106 Other nonrecurring expenses 217 — Tax impact of adjustments (54) (37) Total adjustments, net of tax 163 107 Non-GAAP Net income: $ 2,318 $ 1,933 Three Months Ended September 30, 2025 2024 Diluted earnings per share, as reported $ 0.17 $ 0.14 Total adjustments, net of tax 0.01 0.01 Non-GAAP adjusted diluted earnings per share $ 0.18 $ 0.15 (1) Tax impact is based on the estimated annual tax rate for the years ended June 30, 2026 and 2025, respectively. (1)