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KPIsSections34

Income flow

Headline metrics
Revenue — GREEN$108.0M-8.4% YoY
Gross margin — GREEN74.9%
Net income — GREEN-$15.2M-711.0% YoY
Net margin — GREEN-14.1%
Operating margin — RED-0.4%
Red flags3 red1 orange
Liquidity4
RED
Negative operating cash flowoperating_cf_burn
The company is burning cash from operations — sustainability depends on financing.
RED
Net margin -14.1%net_margin_sharply_negative
Net income margin below -5% — profitability materially negative vs revenue.
RED
Cash conversion (CFO/Rev) -2.7%cash_conversion_weak
CFO/Revenue below 0 — operating model not generating cash despite revenue.
ORANGE
Cash runway ~2.1 yearscash_runway_medium
Cash runway is 2–3 years — worth monitoring vs growth plans.
Income Statement
Income Statement
MetricValueFlag
EPS (diluted)$-8.00GREEN
Gross Margin74.9%GREEN
Net Income-$15.2MGREEN
Net Margin-14.1%GREEN
Operating Margin-0.4%RED
R&D % Revenue0.7%GREEN
Revenue$108.0MGREEN
Balance Sheet
Balance Sheet
MetricValueFlag
Broad Liquidity$6.2MGREEN
Cash$6.2MGREEN
Current Ratio1.10GREEN
Debt/Equity-0.53GREEN
Total Assets$30.0MGREEN
Total Equity-$5.2MGREEN
Cash Flow
Cash Flow
MetricValueFlag
Cash Conversion (CFO/Rev)-0.03GREEN
Free Cash Flow-$4.3MGREEN
Operating CF-$3.0MGREEN
SBC % Revenue0.4%GREEN

Sections in this filing

MD&A

Item 7. Management ’ s Discussion and Analysis of Financial Condition and Results of Operations The following discussion is intended to assist in the understanding of our consolidated financial position and our results of operations for each of years ended December 31, 2025 and 2024. This discussion should be read in conjunction with “Item 15.1 – Consolidated Financial Statements” beginning on page F-1 of this report and with other financial information included elsewhere in this report. Unless stated otherwise, all financial information presented below, throughout this report, and in the consolidated financial statements and related notes includes Mannatech and all of our subsidiaries on a consolidated basis. Refer to the Non-GAAP Financial Measure section herein for a description of how Constant dollar (“Constant dollar”) growth rate (a Non-GAAP financial metric) is determined. COMPANY OVERVIEW Mannatech is a global wellness solution provider, which was incorporated and began operations in November 1993. We develop and sell innovative, high quality, proprietary nutritional supplements, skin care and anti-aging products, and weight-management products that target optimal health and wellness. We currently sell our products in three regions: (i) the Americas (the United States, Canada and Mexico); (ii) Europe/the Middle East/Africa (“EMEA”) (Austria, the Czech Republic, Denmark, Estonia, Finland, Germany, the Republic of Ireland, Namibia, the Netherlands, Norway, South Africa, Spain, Sweden and the United Kingdom); and (iii) Asia/Pacific (Australia, Japan, New Zealand, the Republic of Korea, Singapore, Thailand, Taiwan, Hong Kong, and China). We also ship our products to customers in the following countries: Belgium, France, Greece, Italy, Luxembourg, and Poland. During 2025, the Company liquidated its entity in Denmark, Mannatech Denmark ApS. We conduct our business as a single operating segment and primarily sell our products through a network of approximately 114,000 active associates and preferred customer positions held by individuals that purchased our products and/or paid associate fees during the last twelve months, who we refer to as current associates and preferred customers . New associate fees in connection with new positions in our network are leading indicators for the long-term success of our business. New associate or preferred customer positi