Mannatech Reports Financial Results for Fourth Quarter and Year Ended 2025
Rhea-AI Summary
Mannatech (NASDAQ: MTEX) reported fourth-quarter net sales of $26.6M (down 8.2% YoY) and a Q4 net loss of $11.3M (loss per diluted share $5.94). For fiscal 2025, net sales were $108.0M (down 8.3% YoY) and net loss was $15.2M (loss per diluted share $8.00).
Gross profit for 2025 was $81.0M (74.9% margin). Operating loss was $0.4M. The company recorded an $12.3M income tax provision, including an $11.5M deferred tax charge that produced a $9.7M deferred tax liability. Cash and cash equivalents were $6.2M at year-end.
AI-generated analysis. Not financial advice.
Positive
- Gross profit of $81.0M (74.9% margin) for 2025
- Reduced total operating expenses by $8.6M in 2025
- Operating loss from core activities near breakeven at $0.4M
Negative
- Net loss of $15.2M for 2025 (loss per diluted share $8.00)
- Recorded $12.3M income tax provision including $11.5M deferred tax charge
- Cash and cash equivalents declined to $6.2M from $11.4M at year-end 2024
News Market Reaction – MTEX
On the day this news was published, MTEX declined 3.48%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
MTEX showed a 6.85% pre-news gain from a depressed level, while key food distribution peers like TWG, WILC, and CVGW were up modestly and others were flat. No sector-wide momentum signal appeared in the scanner.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 12 | Q3 2025 earnings | Positive | +0.1% | Improved profitability despite lower sales and stronger gross margin in Q3 2025. |
| Aug 12 | Q2 2025 earnings | Negative | +14.7% | Weak Q2 2025 with larger net loss, lower margins, and reduced cash position. |
| May 13 | Q1 2025 earnings | Negative | -7.6% | Q1 2025 revenue decline and swing to net loss with margin compression. |
| Mar 26 | Q4 2024 results | Positive | -4.5% | Q4 2024 return to net income and higher margins despite lower sales. |
| Nov 12 | Q3 2024 earnings | Negative | +6.7% | Q3 2024 sales and margin declines leading to a small net loss. |
Earnings releases often bring mixed or counterintuitive price reactions, with several instances of shares rising on weak results and falling on improvements.
Over the past year, Mannatech’s earnings updates have highlighted persistent revenue contraction, margin pressure, and a shrinking associate network. Earlier quarters in 2025 (Q1 and Q2) showed deeper losses and declining cash, while Q3 2025 briefly improved profitability. Q4 2024 and full-year 2024 delivered a return to net income, but today’s Q4 and 2025 release marks a swing back to a $15.2M net loss and negative equity, underscoring continued operational and FX-related challenges.
Historical Comparison
Across the last five earnings releases, MTEX’s average 1-day move was 1.88%, with price responses often conflicting with whether results were stronger or weaker.
Earnings releases over 2024–2025 show a shift from 2024 profitability to 2025 losses. Earlier 2025 quarters reported declining sales, margin pressure, and reduced cash, and today’s Q4/2025 report extends that trend with an operating loss, a $15.2M net loss, and a move from positive equity in 2024 to a shareholders’ deficit in 2025.
Market Pulse Summary
This announcement details a challenging 2025, with net sales falling to $108.0M, a $15.2M net loss, and equity turning to a $5.2M deficit, driven heavily by a non‑cash deferred tax expense of $11.5M. Operating performance was near breakeven, but FX volatility, higher supply‑chain costs, and tax adjustments weighed on results. Investors may watch future earnings for revenue stabilization, margin recovery, cash trends, and any updates on tax and cost‑management initiatives.
Key Terms
constant dollar financial
non-gaap financial measures financial
deferred tax liability financial
deferred tax assets financial
operating lease right-of-use assets financial
finance lease liabilities financial
treasury stock financial
deferred commissions financial
AI-generated analysis. Not financial advice.
FLOWER MOUND, Texas, April 17, 2026 (GLOBE NEWSWIRE) -- Mannatech, Incorporated (NASDAQ: MTEX), ("Mannatech" or "Company"), global health and wellness company committed to transforming lives to make a better world, today announced financial results for its fourth quarter and year ended 2025.
Fourth Quarter Results
Fourth quarter net sales for 2025 were
Gross profit as a percentage of net sales decreased to
For the three months ended December 31, 2025, overall selling and administrative expenses decreased by
Fourth quarter operating loss for 2025 was
Fourth quarter net loss was
Year End Results
Net sales for 2025 were
Gross profit as a percentage of net sales decreased to
For the years ended December 31, 2025 and 2024, overall selling and administrative expenses were
Operating loss was
For the year ended December 31, 2025, the Company recorded an income tax provision of
The combined DTA allowance adjustment and DTL recorded resulted in an additional
Management notes that the DTL recorded as of December 31,2025, reflects the Company's current assessment of the provision under ASC 740-30 with respect to undistributed earnings of foreign subsidiaries and does not represent a current cash tax obligation. The Company continues to evaluate available planning strategies and structural options to mitigate the long-term impact of its tax structure, including those related to intercompany balances and applicable tax treaties across its international subsidiary network
Primarily due to foreign exchange losses, other expense was
Net loss for 2025 was
As of December 31, 2025, the Company's cash and cash equivalents decreased to
Landen Fredrick, President and CEO, acknowledged that "2025 was a challenging year for Mannatech, particularly in North America, where system-related issues affected our sales momentum. In the Asia/Pacific region, we also continued to face persistent economic challenges. However, we remain focused on implementing new revenue programs and incentives, operating as a lean organization, and carefully managing our expenses moving forward."
Liquidity and Cash Flow
For the fiscal year ended December 31, 2025, Mannatech generated net sales of
Gross profit of
The reported net loss of
During the year ended December 31, 2025, management made significant progress in reducing aged payables, strengthening vendor relationships and improving the overall quality of the balance sheet. Finance lease obligations were substantially reduced, with repayments declining from
The Company ended the fiscal year with
Management's Statement
The Company experienced an increase in costs during the period, driven by a combination of factors including rising tariffs, global supply chain pressures, and the broader geopolitical climate. Evolving trade policies and the imposition of new or expanded tariffs have contributed to higher input costs, increased logistics expenses, and greater supplier pricing volatility. These dynamics, amplified by ongoing geopolitical uncertainties, have placed incremental pressure on our cost structure and margins. The Company continues to monitor these developments closely and is actively pursuing mitigation strategies, including supplier diversification, pricing adjustments, and operational efficiencies. However, our ability to fully offset these impacts may be constrained by operational capacity, supplier limitations, and continued market volatility, particularly in the near term. Should geopolitical tensions and trade policy conditions persist or deteriorate further, there could be a continued adverse effect on our costs, margins, and overall financial performance.
Non-GAAP Financial Measures
In addition to results presented in accordance with GAAP, this press release and related tables include certain non-GAAP financial measures, including a presentation of Constant dollar measures. The Company discloses operating results that have been adjusted to exclude the impact of changes due to the translation of foreign currencies into U.S. dollars, including changes in: Net Sales, Gross Profit, and Income from Operations.
The Company believes that these non-GAAP financial measures provide useful information to investors because they are an indicator of the strength and performance of ongoing business operations. The constant currency figures are financial measures used by management to provide investors with an additional perspective on trends. Although management believes the non-GAAP financial measures enhance investors’ understanding of their business and performance, these non-GAAP financial measures should not be considered an exclusive alternative to accompanying GAAP financial measures. Please see the accompanying table entitled "Non-GAAP Financial Measures" for a reconciliation of these non-GAAP financial measures.
Safe Harbor statement
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of phrases or terminology such as “may,” “will,” “should,” "hope," “could,” “would,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “approximates,” “predicts,” “projects,” “potential,” and “continues” or other similar words or the negative of such terminology. Similarly, descriptions of Mannatech’s objectives, strategies, plans, goals or targets contained herein are also considered forward-looking statements. Mannatech believes this release should be read in conjunction with all of its filings with the United States Securities and Exchange Commission and cautions its readers that these forward-looking statements are subject to certain events, risks, uncertainties, and other factors. Some of these factors include, among others, Mannatech’s inability to attract and retain associates and members, increases in competition, litigation, regulatory changes, and its planned growth into new international markets. Although Mannatech believes that the expectations, statements, and assumptions reflected in these forward-looking statements are reasonable, it cautions readers to always consider all of the risk factors and any other cautionary statements carefully in evaluating each forward-looking statement in this release, as well as those set forth in its latest Annual Report on Form 10-K, and other filings filed with the United States Securities and Exchange Commission, including its current reports on Form 8-K. All of the forward-looking statements contained herein speak only as of the date of this release.
^ Mannatech operates in China under a cross-border e-commerce platform that is separate from its network marketing model.
Individuals interested in Mannatech's products or in exploring its business opportunity can learn more at Mannatech.com.
Contact Information:
Erin K. Barta
General Counsel and Corporate Secretary
214-724-3378
ir@mannatech.com
www.mannatech.com
| MANNATECH, INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share information) | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 6,185 | $ | 11,396 | ||||
| Restricted cash | 550 | 550 | ||||||
| Accounts receivable, net of allowance for credit losses of 2025 and 2024, respectively | 1 | 19 | ||||||
| Income tax receivable | 736 | 737 | ||||||
| Inventories, net | 10,123 | 10,405 | ||||||
| Prepaid expenses and other current assets | 1,701 | 1,755 | ||||||
| Deferred commissions | 1,280 | 1,259 | ||||||
| Total current assets | 20,576 | 26,121 | ||||||
| Property and equipment, net | 3,140 | 2,858 | ||||||
| Operating lease right-of-use assets | 3,292 | 2,094 | ||||||
| Other assets | 2,751 | 2,644 | ||||||
| Deferred tax assets, net | — | 1,770 | ||||||
| Long-term restricted cash | 234 | 569 | ||||||
| Total assets | $ | 29,993 | $ | 36,056 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Commissions and incentives payable | $ | 7,118 | $ | 8,642 | ||||
| Accrued expenses | 3,128 | 3,832 | ||||||
| Deferred revenue | 3,086 | 3,027 | ||||||
| Accounts payable | 2,410 | 2,070 | ||||||
| Current portion of operating lease liabilities | 1,671 | 1,178 | ||||||
| Taxes payable | 1,029 | 1,788 | ||||||
| Current notes payable | — | 84 | ||||||
| Current portion of finance lease liabilities | 293 | 275 | ||||||
| Total current liabilities | 18,735 | 20,896 | ||||||
| Long-term notes payable, excluding current portion | 2,750 | 2,900 | ||||||
| Operating lease liabilities, excluding current portion | 2,253 | 1,576 | ||||||
| Other long-term liabilities | 1,340 | 1,390 | ||||||
| Finance lease liabilities, excluding current portion | 388 | 680 | ||||||
| Deferred tax liabilities, net | 9,750 | — | ||||||
| Total liabilities | 35,216 | 27,442 | ||||||
| Commitments and contingencies (Note 13) | ||||||||
| Shareholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, 1,900,930 shares outstanding as of December 31, 2025 and 2,742,857 shares issued and 1,884,814 shares outstanding as of December 31, 2024 | — | — | ||||||
| Additional paid-in capital | 33,032 | 33,027 | ||||||
| Retained earnings (accumulated deficit) | (14,024 | ) | 1,189 | |||||
| Accumulated other comprehensive loss | (4,669 | ) | (5,666 | ) | ||||
| Treasury stock, at average cost, 841,927 shares as of December 31, 2025 and 858,043 shares as of December 31, 2024 | (19,562 | ) | (19,936 | ) | ||||
| Total shareholders’ equity | (5,223 | ) | 8,614 | |||||
| Total liabilities and shareholders’ equity | $ | 29,993 | $ | 36,056 | ||||
| MANNATECH, INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share information) | ||||||||||||||||
| For the three months ended | For the years ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net sales | $ | 26,635 | $ | 29,007 | $ | 108,038 | $ | 117,866 | ||||||||
| Cost of sales | 6,584 | 5,643 | 27,079 | 26,406 | ||||||||||||
| Gross profit | 20,051 | 23,364 | 80,959 | 91,460 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Commissions and incentives | 10,415 | 12,072 | 41,727 | 48,309 | ||||||||||||
| Selling and administrative expenses | 9,793 | 10,428 | 39,658 | 41,722 | ||||||||||||
| Total operating expenses | 20,208 | 22,500 | 81,385 | 90,031 | ||||||||||||
| (Loss) income from operations | (157 | ) | 864 | (426 | ) | 1,429 | ||||||||||
| Interest expense, net | (127 | ) | (83 | ) | (406 | ) | (279 | ) | ||||||||
| Other income (expense), net | 494 | 2,095 | (2,057 | ) | 2,590 | |||||||||||
| Income (loss) before income taxes | 210 | 2,876 | (2,889 | ) | 3,740 | |||||||||||
| Income tax provision | (11,505 | ) | (614 | ) | (12,324 | ) | (1,250 | ) | ||||||||
| Net income (loss) | $ | (11,295 | ) | $ | 2,262 | $ | (15,213 | ) | $ | 2,490 | ||||||
| Income (loss) per common share: | ||||||||||||||||
| Basic | $ | (5.94 | ) | $ | 1.20 | $ | (8.00 | ) | $ | 1.32 | ||||||
| Diluted | $ | (5.94 | ) | $ | 1.20 | $ | (8.00 | ) | $ | 1.32 | ||||||
| Weighted-average common shares outstanding: | ||||||||||||||||
| Basic | 1,901 | 1,885 | 1,901 | 1,885 | ||||||||||||
| Diluted | 1,901 | 1,885 | 1,901 | 1,885 | ||||||||||||
Net sales by region for the fiscal year 2025 and 2024 were as follows (in millions, except percentages):
| December 31, | ||||||||||||||||
| Region | 2025 | 2024 | ||||||||||||||
| Americas | $ | 32.5 | 30.1 | % | $ | 39.7 | 33.7 | % | ||||||||
| Asia/Pacific | 66.4 | 61.5 | % | 69.0 | 58.5 | % | ||||||||||
| EMEA | 9.1 | 8.4 | % | 9.2 | 7.8 | % | ||||||||||
| Total net sales | $ | 108.0 | 100.0 | % | $ | 117.9 | 100.0 | % | ||||||||
Non-GAAP Financial Measures (Sales, Gross Profit and Income from Operations in Constant Dollars)
To supplement its financial results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), Mannatech discloses operating results that have been adjusted to exclude the impact of changes due to the translation of foreign currencies into U.S. dollars, including changes in: Net Sales, Gross Profit, and Income from Operations. It refers to these adjusted financial measures as Constant dollar items, which are non-GAAP financial measures. The Company believes these measures provide investors with an additional perspective on trends. To exclude the impact of changes due to the translation of foreign currencies into U.S. dollars, it calculates current year results and prior year results at a constant exchange rate, which is the prior year’s rate. Currency impact is determined as the difference between the actual GAAP results and the recalculated results for the current year at the Constant dollar rates.
The tables below reconcile fiscal year 2025 and 2024 Constant dollar net sales, gross profit and income from operations to GAAP net sales, gross profit and income from operations. (in millions, except percentages):
| Year ended | 2025 | 2024 | Constant $ Change | |||||||||||||||||||||
| GAAP | Non-GAAP | GAAP | ||||||||||||||||||||||
| Measure: | Translation | Measure: | Measure: | |||||||||||||||||||||
| Total $ | Adjustment | Constant $ | Total $ | Dollar | Percent | |||||||||||||||||||
| Net sales | $ | 108.0 | $ | 1.9 | $ | 109.9 | $ | 117.9 | $ | (8.0 | ) | (6.8 | )% | |||||||||||
| Gross profit | $ | 81.0 | $ | 1.4 | $ | 82.4 | $ | 91.5 | $ | (9.1 | ) | (9.9 | )% | |||||||||||
| Loss from operations | $ | (0.4 | ) | $ | 0.5 | $ | 0.1 | $ | 1.4 | $ | (1.3 | ) | (93.0 | )% | ||||||||||
| MANNATECH, INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | ||||||||
| For the years ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net (loss) income | $ | (15,213 | ) | $ | 2,490 | |||
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||
| Depreciation and amortization | 1,092 | 1,534 | ||||||
| Non-cash operating lease expense | 1,572 | 1,541 | ||||||
| Provision for inventory losses | 120 | 777 | ||||||
| Reversal of allowance for credit losses | (128 | ) | (312 | ) | ||||
| Loss on disposal of assets | — | 2 | ||||||
| Gain on disposal of subsidiary | — | (228 | ) | |||||
| Unrealized loss (gain) from foreign exchange | 1,563 | (3,257 | ) | |||||
| Stock-based compensation expense | 379 | 291 | ||||||
| Deferred income taxes | 11,520 | (159 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 173 | 344 | ||||||
| Income tax receivable | 4 | (277 | ) | |||||
| Inventories | 313 | 2,474 | ||||||
| Prepaid expenses and other current assets | 835 | 2,094 | ||||||
| Deferred commissions | (19 | ) | 859 | |||||
| Other assets | (226 | ) | 625 | |||||
| Accounts payable | 315 | (1,857 | ) | |||||
| Accrued expenses and other long-term liabilities | (2,912 | ) | (4,289 | ) | ||||
| Taxes payable | (781 | ) | 451 | |||||
| Commissions and incentives payable | (1,628 | ) | 887 | |||||
| Deferred revenue | 58 | (1,729 | ) | |||||
| Net cash (used in) provided by operating activities | (2,963 | ) | 2,261 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Acquisition of property and equipment | (1,353 | ) | (297 | ) | ||||
| Proceeds from sale of assets | — | 12 | ||||||
| Net cash used in investing activities | (1,353 | ) | (285 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from notes payable | — | 3,600 | ||||||
| Repayment of note payable | (234 | ) | — | |||||
| Repayment of finance lease obligations and other financing obligations | (327 | ) | (1,639 | ) | ||||
| Net cash (used in) provided by financing activities | (561 | ) | 1,961 | |||||
| Effect of currency exchange rate changes on cash and cash equivalents and restricted cash | (669 | ) | (809 | ) | ||||
| (Decrease) increase in cash and cash equivalents and restricted cash | (5,546 | ) | 3,128 | |||||
| Cash and cash equivalents and restricted cash at the beginning of the year | 12,515 | 9,387 | ||||||
| Cash and cash equivalents and restricted cash at the end of the year | $ | 6,969 | $ | 12,515 | ||||
