Lifevantage Corp
For the period ended Dec 31, 2025. Filed Feb 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 4, 2026
LFVN$5.22+3.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001628280-25-048792
Item 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-04.
0001628280-26-005428
Item 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 74 previous paragraphs and 77 current paragraphs.
51 unchanged; 21 reworded; 5 added; 1 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
LoveBiome® P84 is a dietary supplement acquired pursuant to the purchase of LoveBiome’s critical assets formulated to activate 14 key peptides that regulate, repair, and restore gut health.
Current report
Subsequent to acquiring the critical assets of LoveBiome, we introduced our Healthy Edge Stack, which includes Protandim® Nrf2 Synergizer® and LoveBiome® P84; and our Healthy Edge + MindBody GLP-1 System Stack, which includes Protandim® Nrf2 Synergizer®, the MindBody GLP-1 System™ and LoveBiome® P84.
Current report
Three and Six Months Ended December 31, 2025 and 2024
Current report
Revenue in the Americas region for the three and six months ended December 31, 2025 decreased $18.6 million, or 32.6%, and $18.3 million or 19.5%, from the prior year periods. The decrease in revenue for the three and six months ended
Current report
December 31, 2025 was primarily driven by decreased sales of our MindBody GLP-1 System™and reductions in our total Active Accounts which decreased 25.2% compared to the prior year period.
Removed paragraphs (1)
Previous report
Revenue in the Americas region for the three months ended September 30, 2025 increased $0.3 million, or 0.8%, from the prior year period. In October 2024, we launched our MindBody GLP-1 System™ in the United States. The slight increase in revenue for the three months ended September 30, 2025 was primarily driven by sales of our MindBody GLP-1 System™, offset by reduced sales of our Protandim® and TrueScience®product lines and decreases in our total Active Accounts.
Reworded paragraphs (21)
Previous wording
•Our products, including our flagship Protandim® family of scientifically validated dietary supplements, our LifeVantage®family of dietary supplements that include the MindBody GLP-1 System™, Omega+, ProBio, IC Bright®, the Rise AM & Reset PM System®, D3+, and Daily Wellness, our PhysIQ™ Fat Burn and Prebiotic dietary supplements, our TrueScience® line of skin and hair care products and Liquid Collagen, Petandim®, our companion pet supplement formulated to combat oxidative stress in dogs; and AXIO®, our nootropic energy drink mixes;
Current wording
•Our products, including our flagship Protandim® family of scientifically validated dietary supplements, our LifeVantage®family of dietary supplements that include the MindBody GLP-1 System™, Omega+, ProBio, IC Bright®, the Rise AM & Reset PM System®, D3+, and Daily Wellness, our PhysIQ™ Fat Burn and Prebiotic dietary supplements, our TrueScience® line of skin and hair care products and Liquid Collagen, Petandim®, our companion pet supplement formulated to combat oxidative stress in dogs; AXIO®, our nootropic energy drink mixes; and LoveBiome® P84, a dietary supplement acquired pursuant to the purchase of LoveBiome’s critical assets formulated to support gut health.
Previous wording
Our products are: the Protandim® line of scientifically validated dietary supplements; the LifeVantage® line of dietary supplements that include the MindBody GLP-1 System™, Omega+, ProBio, IC Bright®, the Rise AM & Reset PM System®, D3+, and Daily Wellness; the PhysIQ Fat Burn and Prebiotic dietary supplements; the TrueScience®line of skin and hair care products and Liquid Collagen; the Petandim®companion pet supplement formulated to combat oxidative stress in dogs; and AXIO®, our nootropic energy drink mixes. We believe the significant number of customers who regularly and repeatedly purchase our products is a strong indicator of the health benefits of our products.
Current wording
Our products are: the Protandim® line of scientifically validated dietary supplements; the LifeVantage® line of dietary supplements that include the MindBody GLP-1 System™, Omega+, ProBio, IC Bright®, the Rise AM & Reset PM System®, D3+, and Daily Wellness; the PhysIQ Fat Burn and Prebiotic dietary supplements; the TrueScience®line of skin and hair care products and Liquid Collagen; the Petandim®companion pet supplement formulated to combat oxidative stress in dogs; AXIO®, our nootropic energy drink mixes; and LoveBiome® P84, a dietary supplement acquired pursuant to the purchase of LoveBiome’s critical assets formulated to support gut health. We believe the significant number of customers who regularly and repeatedly purchase our products is a strong indicator of the health benefits of our products.
Previous wording
On March 1, 2023, we launched a new compensation plan for our independent consultants in the United States, Japan, Australia, and New Zealand markets. We refer to this compensation plan as our Evolve Compensation Plan. On February 1, 2024, we launched the Evolve Compensation Plan in the Canada, Mexico, and Europe markets. On November 1, 2024 we launched an optimized version of the Evolve Compensation Plan in the United States, Japan, Australia, New Zealand, Canada, Mexico, and Europe markets. On March 1, 2025, we launched the Evolve Compensation Plan in other markets, including Taiwan, Hong Kong, and Singapore.
Current wording
On March 1, 2023, we launched a new compensation plan for our independent consultants in the United States, Japan, Australia, and New Zealand markets. We refer to this compensation plan as our Evolve Compensation Plan. On February 1, 2024, we launched the Evolve Compensation Plan in the Canada, Mexico, and Europe markets. On November 1, 2024, we launched an optimized version of the Evolve Compensation Plan in the United States, Japan, Australia, New Zealand, Canada, Mexico, and Europe markets. On March 1, 2025, we launched the Evolve Compensation Plan in other markets, including Taiwan, Hong Kong, and Singapore. In September 2025, the Company launched Iceland with the Evolve Compensation Plan and plans to do the same in any new markets.
Previous wording
Revenue. We generated net revenue of $47.6 million and $47.2 million during the three months ended September 30, 2025 and 2024, respectively. The slight increase in revenue for the three months ended September 30, 2025 was primarily driven by sales of our MindBody GLP-1 System™, which launched in the U.S. market in October 2024 and in the Japan market and exclusively to independent consultants in the Australia, New Zealand, Europe, United Kingdom, Mexico and Thailand markets in March 2025. The sales of our MindBody GLP-1 System™ were offset by reduced sales of our Protandim® and TrueScience®product lines. Foreign currency fluctuations positively impacted our revenue by $0.2 million, or 0.4%, during the three months ended September 30, 2025.
Current wording
Revenue. We generated net revenue of $48.9 million and $67.8 million during the three months ended December 31, 2025 and 2024, respectively. We generated net revenue of $96.5 million and $115.0 million during thesix months ended December 31, 2025 and 2024, respectively. The decrease in revenue for the three and six months ended December 31, 2025 was primarily driven by declines in sales of our MindBody GLP-1 System™. Total sales of our MindBody GLP-1 System™decreased $16.2 million and $10.6 million during the three and six months ended December 31, 2025, respectively. The decline in sales of our MindBody GLP-1 System™ during the three months ended December 31, 2025 were slightly offset by sales of the LoveBiome product line, which we acquired in October 2025. Foreign currency fluctuations positively impacted our revenue by $0.2 million, or 0.3%, during the three months ended December 31, 2025. Foreign currency fluctuations positively impacted our revenue by $0.4 million, or 0.3%, during thesix months ended December 31, 2025.
Previous wording
Americas. The following table sets forth revenue for the three months ended September 30, 2025 and 2024 for the Americas region (in thousands):
Current wording
Americas. The following table sets forth revenue for the three and six months ended December 31, 2025 and 2024 for the Americas region (in thousands):
Previous wording
Asia/Pacific & Europe. The following table sets forth revenue for the three months ended September 30, 2025 and 2024 for the Asia/Pacific & Europe region and its principal markets (in thousands):
Current wording
Asia/Pacific & Europe. The following table sets forth revenue for the three and six months ended December 31, 2025 and 2024 for the Asia/Pacific & Europe region and its principal markets (in thousands):
Previous wording
Revenue in the Asia/Pacific & Europe region increased $42,000, or 0.4%, for the three months ended September 30, 2025, as compared to the prior year period. Total Active Accounts in the region decreased 3.2% compared to the prior year period. In March 2025, we launched our MindBody GLP-1 System™ in Japan and exclusively to our independent consultants in Australia, New Zealand, Europe, United Kingdom, Mexico and Thailand. The overall increase in revenue within the Asia/Pacific & Europe region was primarily driven by sales of our MindBody GLP-1 System™ and positive impacts from foreign currency exchange rate fluctuations, partially offset by decreases in total Active Accounts and the closure of our Philippines market in June 2025.
Current wording
Revenue in the Asia/Pacific & Europe region decreased $0.2 million, or 2.1%, and $0.2 million, or 0.8%, for the three and six months ended December 31, 2025, as compared to the prior year periods, respectively. Total Active Accounts in the region decreased 6.5% compared to the prior year period. In March 2025, we launched our MindBody GLP-1 System™ in Japan and exclusively to our independent consultants in Australia, New Zealand, Europe, United Kingdom, Mexico and Thailand. Revenue within the Asia/Pacific & Europe region from our MindBody GLP-1 System™ was $0.8 million and $2.0 million forthe three and six months ended December 31, 2025, respectively. Decreases in total Active Accounts and sales throughout our other product lines contributed to an overall declines in sales for the respective periods.
Previous wording
Overall, revenue in the Asia/Pacific & Europe region was positively impacted by foreign currency exchange rate fluctuations in the amount of approximately $0.2 million, or 1.8%, during the three months ended September 30, 2025, as compared to the prior year period. Revenue in Japan was positively impacted by foreign exchange rate fluctuations in the amount of approximately $0.1 million, or 0.9%, during the three months ended September 30, 2025, as compared to the prior year period. On a constant currency basis, revenue in Japan increased 2.6% for the three months ended September 30, 2025, as compared to the prior year period. The increase in revenue on a constant currency basis in Japan during three months ended September 30, 2025 was due the launch of our MindBody GLP-1 System™in March 2025.
Current wording
Overall, revenue in the Asia/Pacific & Europe region was positively impacted by foreign currency exchange rate fluctuations of approximately $0.1 million, or 1.0%, and$0.3 million, or 1.4%, during the three and six months ended December 31, 2025, respectively, as compared to the prior year periods. Revenue in Japan was negatively impacted by foreign exchange rate fluctuations in the amount of approximately $0.1 million, or 1.1%, and $17,000 or 0.1%, during the three and six months ended December 31, 2025, respectively, as compared to the prior year periods. On a constant currency basis, revenue in Japan increased 0.8% and 1.67%for the three and six months ended December 31, 2025, respectively, as compared to the prior year periods. The increase in revenue on a constant currency basis in Japan during three and six months ended December 31, 2025 was due the launch of our MindBody GLP-1 System™in March 2025.
Previous wording
Globally, our sales and marketing efforts continue to be directed toward strengthening our core business through our fiscal year initiatives and building our worldwide sales. We plan to continue the refinement and expansion of our product offerings internationally, including our MindBody GLP-1 System™, during the remainder of fiscal year 2026 and beyond. In addition, our acquisition of LoveBiome's critical assets in October 2025 is expected to continue to drive revenue growth globally through its active accounts and product offerings leading to increased average order size and increased ability to attract and retain new independent consultants and customers with a compelling product lineup.
Current wording
Globally, our sales and marketing efforts continue to be directed toward strengthening our core business through our fiscal year initiatives and building our worldwide sales. We plan to continue the refinement and expansion of our product offerings internationally, including our MindBody GLP-1 System™ and LoveBiome® product lines during the remainder of fiscal year 2026 and beyond.
Previous wording
Cost of Sales. Cost of sales were $9.7 million and $9.5 million for the three months ended September 30, 2025 and 2024, respectively, resulting in gross profit percentages of 79.5% and 79.9%, respectively. The increase in cost of sales as a percentage of revenue is primarily due to increases in shipping and warehouse expenses during the three months ended September 30, 2025.
Current wording
Cost of Sales. Cost of sales were $12.7 million and $13.2 million for the three months ended December 31, 2025 and 2024, respectively, resulting in gross profit percentages of 74.0% and 80.5%, respectively. Cost of sales were $22.5 million and $22.7 million for thesix months ended December 31, 2025 and 2024, respectively, resulting in gross profit percentages of 76.7% and 80.3%, respectively. The increase in cost of sales as a percentage of revenue is primarily due to increases in inventory obsolescence costs related to our MindBody GLP-1 System™ of $2.4 million along with increases in shipping and warehouse expenses during the three and six months ended December 31, 2025.
Previous wording
Commissions and Incentives. Commissions and incentives expenses during the three months ended September 30, 2025 were $20.7 million, or 43.5% of revenue as compared to $20.3 million, or 43.0% of revenue, for the three months ended September 30, 2024. The increase in commissions and incentives expenses as a percentage of revenue compared to the prior year period is due to changes in sales mix and the timing and magnitude of promotional and incentive programs.
Current wording
Commissions and Incentives. Commissions and incentives expenses during the three months ended December 31, 2025 were $19.9 million, or 40.7% of revenue, as compared to $32.5 million, or 48.0% of revenue, for the three months ended December 31, 2024. Commissions and incentives expenses during thesix months ended December 31, 2025 were $40.6 million, or 42.1% of revenue, as compared to $52.8 million, or 45.9% of revenue, for thesix months ended December 31, 2024. The decrease in commissions and incentives expenses as a percentage of revenue compared to the prior year periods is primarily due to the timing and magnitude of promotional and incentive programs and changes to the mix of customers and independent consultants in our overall Active Accounts.
Previous wording
Selling, General and Administrative. Selling, general and administrative expenses during the three months ended September 30, 2025 were $14.9 million, or 31.2% of revenue, as compared to $14.8 million, or 31.4% of revenue, for the three months ended September 30, 2024. The slight decrease in selling, general and administrative expenses as a percentage of revenue during the three months ended September 30, 2025 compared to the prior year period is primarily due to decreases in the variable portion of employee related compensation expenses offset partially by increases in event and professional services expenses.
Current wording
Selling, General and Administrative. Selling, general and administrative expenses during the three months ended December 31, 2025 were $15.8 million, or 32.3% of revenue, as compared to $18.6 million, or 27.5% of revenue, for the three months ended December 31, 2024. Selling, general and administrative expenses during the six months ended December 31, 2025 were $30.7 million, or 31.8% of revenue, as compared to $33.5 million, or 29.1% of revenue, for the six months ended December 31, 2024. The increase in selling, general and administrative expenses as a percentage of revenue during the three and six months ended December 31, 2025 compared to the prior year periods is primarily due to overall decreases in sales for the comparable periods.
Previous wording
Total Other Income (Expense). During thethree months ended September 30, 2025 we recognized total net other expense of $27,000 as compared to total net other income of $8,000 for thethree months ended September 30, 2024. Total net other income (expense) for the three months ended September 30, 2025 and 2024 consisted primarily of interest income, offset by foreign currency gains and losses.
Current wording
Total Other Income (Expense). During thethree months ended December 31, 2025 we recognized total net other expense of$14,000 as compared to$0.3 million for thethree months ended December 31, 2024. During thesix months ended December 31, 2025 we recognized total net other expense of$41,000 as compared to$0.3 million for thesix months ended December 31, 2024. Total net other income (expense) for the three and six months ended December 31, 2025 and 2024 consisted primarily of interest income, offset by foreign currency gains and losses.
Previous wording
Income Tax Expense. We recognized income tax expense of $0.1 million for the three months ended September 30, 2025, as compared to an income tax expense of $0.8 million for the three months ended September 30, 2024. The effective tax rate for the three months ended September 30, 2025 was 3.8% compared to 29.2% for the three months ended September 30, 2024.
Current wording
Income Tax Expense. We recognized income tax expense of $0.2 million and $0.3 million for the three and six months ended December 31, 2025, as compared to an income tax expense of $0.5 million and $1.3 million for the three and six months ended December 31, 2024. The effective tax rate for the three and six months ended December 31, 2025 was 41.6% and 10.5%, respectively, compared to 17.4% and 22.8% for the three and six months ended December 31, 2024, respectively.
Previous wording
The change in the effective tax rate for the three months ended September 30, 2025 compared to the prior year period was primarily due to changes in taxable income and the impact of discrete items.
Current wording
The change in the effective tax rate for the three and six months ended December 31, 2025 compared to the prior year periods was primarily due to changes in taxable income and the impact of discrete items.
Previous wording
As of September 30, 2025, our available liquidity was $13.1 million, which consisted of available cash and cash equivalents. This represents a decrease of $7.1 million from the $20.2 million in cash and cash equivalents as of June 30, 2025.
Current wording
As of December 31, 2025, our available liquidity was $10.2 million, which consisted of available cash and cash equivalents. This represents a decrease of $10.0 million from the $20.2 million in cash and cash equivalents as of June 30, 2025.
Previous wording
During the three months ended September 30, 2025, our net cash used in operating activities was $2.3 million as compared to $0.6 million during the three months ended September 30, 2024. The increase in cash used in operating activities is primarily related to the payment of employee related incentive compensation expense during the three months ended September 30, 2025, previously accrued at June 30, 2025.
Current wording
During the six months ended December 31, 2025, our net cash provided by operating activities was $0.5 million as compared to $8.6 million during the six months ended December 31, 2024. The decrease in cash provided by operating activities is primarily related to the payment of employee related incentive compensation and incentive trip expenses during the six months ended December 31, 2025, previously accrued at June 30, 2025.
Previous wording
During the three months ended September 30, 2025, our net cash used in investing activities was $0.4 million, as a result of the purchase of fixed assets. During the three months ended September 30, 2024, our net cash used in investing activities was $0.3 million, as a result of the purchase of fixed assets.
Current wording
During the six months ended December 31, 2025, our net cash used in investing activities was $5.3 million, as a result of the acquisition of LoveBiome in October 2025 and the purchase of fixed assets. During the six months ended December 31, 2024, our net cash used in investing activities was $0.8 million, as a result of the purchase of fixed assets.
Previous wording
Cash used in financing activities during the three months ended September 30, 2025 was $4.3 million as a result of our payment of cash dividends, repurchases of common stock, and shares purchased as payment of tax withholding upon vesting of equity awards, partially offset by proceeds from stock issued under our 2019 Employee Stock Purchase Plan (as amended, the “2019 ESPP”). Cash used in financing activities during the three months ended September 30, 2024 was $1.8 million as a result of our payment of cash dividends, the repurchase of common stock, and shares purchased as payment of taxwithholding upon vesting of equity awards, partially offset by proceeds from stock issued under our 2019 ESPP and stock option exercises.
Current wording
Cash used in financing activities during the six months ended December 31, 2025 was $5.0 million as a result of our payment of cash dividends, repurchases of common stock, and shares purchased as payment of tax withholding upon vesting of equity awards, partially offset by proceeds from stock issued under our 2019 Employee Stock Purchase Plan (as amended, the “2019 ESPP”). Cash used in financing activities during the six months ended December 31, 2024 was $3.2 million as a result of our payment of cash dividends, the repurchase of common stock, and shares purchased as payment of taxwithholding upon vesting of equity awards, partially offset by proceeds from stock issued under our 2019 ESPP and stock option exercises.
Previous wording
At September 30, 2025 and June 30, 2025, the total amount of our foreign subsidiary cashwas $4.7 millionand $6.4 million, respectively. The federal tax reform legislation that was passed into law during December 2017 enacted a 100% dividend deduction for greater than 10% owned foreign corporations. Therefore, in the future, if needed, we expect to be able to repatriate cash from foreign subsidiaries without paying additional U.S. taxes.
Current wording
At December 31, 2025 and June 30, 2025, the total amount of our foreign subsidiary cashwas $5.3 millionand $6.4 million, respectively. The federal tax reform legislation that was passed into law during December 2017 enacted a 100% dividend deduction for greater than 10% owned foreign corporations. Therefore, in the future, if needed, we expect to be able to repatriate cash from foreign subsidiaries without paying additional U.S. taxes.
Previous wording
At September 30, 2025, we had working capital (current assets minus current liabilities) of $26.2 million, compared to working capital of $23.7 million at June 30, 2025. We believe that our cash and cash equivalents balances and our ongoing cash flow from operations will be sufficient to satisfy our cash requirements for at least the next 12 months. The majority of our historical expenses have been variable in nature and as such, a potential reduction in the level of revenue would reduce our cash flow needs. In the event that our current cash balances and future cash flow from operations are not sufficient to meet our obligations or strategic needs, we would consider raising additional funds, which may not be available on terms that are acceptable to us, or at all. Our 2024 Credit Facility (as defined below), provides for a revolving line of credit in an aggregate principal amount not to exceed $5.0 million. We would also consider realigning our strategic plans including a reduction in capital spending and expenses.
Current wording
At December 31, 2025, we had working capital (current assets minus current liabilities) of $19.5 million, compared to working capital of $23.7 million at June 30, 2025. We believe that our cash and cash equivalents balances and our ongoing cash flow from operations will be sufficient to satisfy our cash requirements for at least the next 12 months. The majority of our historical expenses have been variable in nature and as such, a potential reduction in the level of revenue would reduce our cash flow needs. In the event that our current cash balances and future cash flow from operations are not sufficient to meet our obligations or strategic needs, we would consider raising additional funds, which may not be available on terms that are acceptable to us, or at all. Our 2024 Credit Facility (as defined below), provides for a revolving line of credit in an aggregate principal amount not to exceed $5.0 million. We would also consider realigning our strategic plans including a reduction in capital spending and expenses.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Three Months Ended September 30, 2025 and 2024