(Flower Mound, Texas) November 12, 2025 - 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 third quarter of 2025. Third Quarter Results Management's Statement Changes in current trade policies, including with respect to tariffs, could affect our cost structure and profitability. While we take steps to mitigate or avoid these increased costs and disruptions, ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________. Commission File No. 000-24657 (Exact Name of Registrant as Specified in its Charter) Texas 75-2508900 (Stat ...

FLOWER MOUND, Texas, Nov. 12, 2025 (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 third quarter of 2025. Third Quarter Results Net sales for the quarter ended September 30, 2025 were $29.2 million, as compared to $31.7 million for the same period in 2024, a decrease of $2.6 million, or 8.1%. On a Constant dollar basis (see Non-GAAP Meas ...

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2025 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________. Commission File No. 000-24657 MANNATECH, INCORPORATED (Exact Name of Registrant as Specified in its Charter) (State or other Juris ...

Financial Performance - Consolidated net sales for Q1 2025 were $26.6 million, a decrease of $2.8 million or 9.6% compared to $29.4 million in Q1 2024, primarily due to slowing demand in Asia [118]. - The net loss for Q1 2025 was $1.5 million, or $0.80 per diluted share, compared to a net income of $1.2 million, or $0.63 per diluted share in Q1 2024 [120]. - Net sales in the Americas decreased by $1.2 million, or 11.8%, to $9.0 million in Q1 2025, while Asia/Pacific net sales decreased by $1.7 million, or 9.9%, to $15.4 million [124][125]. - Product sales decreased by $2.4 million, or 8.6%, in Q1 2025, with a decrease in average order value to $153 from $168 in Q1 2024 [128]. - Gross profit for the three months ended March 31, 2025, decreased by $3.4 million, or 14.6%, to $19.7 million, with gross profit as a percentage of net sales decreasing to 74.3% from 78.6% in 2024 [136]. Customer Metrics - Active independent associates and preferred customers decreased by 12.0% to approximately 129,000 as of March 31, 2025, down from 143,000 in the same period last year [130]. - Recruitment of new independent associates and preferred customers decreased by 13.9% to 13,749 in Q1 2025 compared to 15,970 in Q1 2024 [129]. - Pack sales and associate fees decreased by $0.4 million, or 36.4%, to $0.7 million for the three months ended March 31, 2025, compared to $1.1 million in 2024 [132]. Operating Expenses - Total operating expenses decreased by $1.7 million, or 7.7%, to $20.6 million in Q1 2025, with commissions and incentives accounting for 39.7% of net sales [121]. - Commission expense decreased by 10.5%, or $1.2 million, to $10.0 million for the three months ended March 31, 2025, with commissions as a percentage of net sales decreasing to 37.7% from 38.1% in 2024 [137]. - Selling and administrative expenses decreased by $0.6 million, or 5.4%, to $10.0 million for the three months ended March 31, 2025, with expenses as a percentage of net sales increasing to 37.7% from 36.0% in 2024 [140]. Cash Flow and Working Capital - Cash and cash equivalents decreased by 18.2%, or $2.1 million, to $9.3 million as of March 31, 2025, from $11.4 million as of December 31, 2024 [146]. - Working capital decreased to $4.0 million as of March 31, 2025, from $5.2 million as of December 31, 2024 [148]. - Net cash flows from operating activities used $1.4 million for the three months ended March 31, 2025, compared to cash provided of $1.9 million in the same period in 2024 [150]. Tax and Regulatory Matters - The effective tax rate for the three months ended March 31, 2025, was (15.1)%, compared to 36.0% in 2024 [144]. - As of March 31, 2025, there were no uncertain income tax positions recorded in long-term liabilities, indicating a stable tax position [166]. - There are ongoing income tax audits in various international jurisdictions, but these are not expected to materially affect financial statements [166]. Business Strategy and Risk Management - The company has established a business reorganization plan focusing on revenue growth, margin improvement, and cost control [157]. - The company changed its shipping terms, now recognizing revenue upon delivery to the freight carrier, which affects revenue recognition timing [168]. - The company does not engage in trading market risk-sensitive instruments, maintaining a conservative approach to market risk management [175]. - Currency exchange rate fluctuations could positively or negatively impact consolidated financial results, emphasizing the importance of monitoring foreign currency exposure [176]. - The company maintains a portion of cash and cash equivalents in foreign currencies to meet anticipated working capital requirements [177]. - The company does not use financial instruments to manage exposure to market risks, relying instead on internal monitoring processes [177]. Customer Policies - Sales returns have historically averaged 0.5% or less of gross sales, indicating effective management of product returns [173]. - Retail customers can return products for a full cash refund within 180 days in the U.S. and Canada, and 90 days in other countries, reflecting a customer-friendly return policy [174]. - The company has implemented a satisfaction guarantee refund policy for associates and preferred customers, enhancing customer satisfaction [174].

Company Overview - As of December 31, 2024, Mannatech had approximately 133,000 active associate and preferred customer positions[23]. - The company operates in three regions: the Americas, EMEA, and Asia/Pacific, with a focus on network marketing distribution channels[22]. - Mannatech's product offerings include proprietary nutritional supplements, skin care, anti-aging products, and weight-management products[28]. - Mannatech's subsidiary in China operates under a cross-border e-commerce model, allowing consumers to purchase products online[24]. - The company has 38 registered trademarks in the United States and 532 registered trademarks in 35 foreign jurisdictions as of December 31, 2024[63]. Product Development and Offerings - In 2024, Mannatech launched new products including TruEdge Coffee, TruEdge Energy, and TruHealth Satiety in the United States[36]. - Mannatech's revenue is significantly derived from products such as Ambrotose Life, TruHealth, and Optimal Support Packets[36]. - The company continues to focus on product development targeting overall health and wellness, considering new products and compounds[36]. - The company is focused on developing new products and enhancing existing ones, with a commitment to using high-quality, effective ingredients[60]. - The company holds 74 patents related to its product formulations, with 17 patents specifically for the Ambrotose formulation across 15 foreign jurisdictions[64]. Quality Assurance and Compliance - The company has established a quality assurance program to ensure compliance with Good Manufacturing Practices and maintain product safety and quality[50]. - The FDA regulates the formulation, manufacturing, and labeling of dietary supplements, which are a significant portion of the company's products[83]. - The company is committed to complying with various regulations, including those related to dietary supplements and marketing practices[92]. - The company operates under extensive regulations across three regions: Americas, EMEA, and Asia/Pacific, ensuring compliance with local laws[94]. - The company is subject to extensive laws and regulations concerning product formulation, manufacturing, and marketing, which could adversely affect its operations if not complied with[199]. Financial Performance and Risks - The company aims to strengthen financial results by increasing revenues in both domestic and foreign operations while controlling operating costs[57]. - The company experienced an 8.6% decrease in net sales on a Constant dollar basis for 2024, with unfavorable foreign exchange causing a $2.7 million decrease in GAAP net sales compared to 2023[179]. - The company is subject to liquidity risk, which could adversely affect its financial condition and results of operations[174]. - The company has outstanding debt of $2.9 million as of December 31, 2024, with an interest payable of $0.1 million, related to unsecured loans from board members[173]. - The company is exposed to product liability claims, which could lead to significant financial liability and adversely affect overall financial condition[148]. Associate Management and Compensation - The company emphasizes attracting and retaining independent associates through a global career and compensation plan, offering incentives to enhance motivation and productivity[58]. - The global associate career and compensation plan offers commissions and incentives ranging from 35% to 43% of consolidated net sales[70]. - Independent associates can earn commissions based on a point system that calculates a percentage of their direct and indirect net product sales[71]. - The company actively monitors independent associates' sales activities and provides training and promotional materials to support their efforts[72]. - The company is subject to risks related to the loss of key independent associate leaders, which could negatively impact revenue and associate growth[133]. Regulatory Environment - The company must comply with Canada's Federal Competition Act, ensuring fair and reasonable disclosure of compensation to independent associates[98]. - In Mexico, product sales must adhere to the Consumer Protection Law and various health regulations enforced by the Health Ministry[99]. - The network marketing system in Australia is regulated by the Trade Practices Act, ensuring compliance with local business practices[101]. - The company’s operations in China require a direct selling license, and dietary supplements must be registered with the China Food Safety Administration[108]. - Regulatory scrutiny of nutritional supplements is increasing, with potential new regulations that could impose additional restrictions and increase operational costs[206]. Technology and Innovation - The company utilizes advanced artificial intelligence technologies to enhance customer experience and optimize marketing execution[79]. - A comprehensive management tool called Success Tracker is available for independent associates to manage and optimize their business organizations[80]. - The company utilizes artificial intelligence in its operations, and challenges in managing its use could result in reputational harm and adversely affect results of operations[164]. - The company has implemented practices to maintain the availability of its information technology systems, but unplanned outages or technical difficulties could harm its business[166]. Market Competition - The company faces intense competition in the nutritional supplement industry, with key competitors including Herbalife Nutrition Ltd. and GNC Holdings, Inc.[126]. - The global nutrition and skin care industries are highly competitive, and competitors with greater resources may adversely affect the company's market share and business[153]. - The company is subject to changing consumer preferences and demand for new products, which could negatively impact sales and financial condition if not addressed timely[142]. Corporate Governance and Shareholder Matters - As of December 31, 2024, directors and executive officers, along with their families and affiliates, owned approximately 43.81% of the total outstanding common stock, allowing significant influence over corporate transactions[212]. - The company received a notice from Nasdaq on August 19, 2024, indicating non-compliance with the minimum net equity requirement of $10.0 million, leading to a transfer of its common stock listing to the Nasdaq Capital Market on September 30, 2024[216][217]. - Continued listing on Nasdaq is contingent upon compliance with various standards, and failure to meet these could result in delisting, affecting liquidity and investor interest[218]. - The company is classified as a "smaller reporting company," which may result in reduced disclosure requirements, potentially making its common stock less attractive to investors[221]. - The stock price is subject to significant volatility due to various factors, including market conditions and company performance[211].

Financial Performance - Net sales for Q3 2024 were $31.7 million, a decrease of $0.9 million or 2.5% compared to Q3 2023[2] - Net sales for Q3 2024 were $31.725 million, a decrease of 2.5% from $32.553 million in Q3 2023[9] - For the nine months ended September 30, 2024, net sales were $88.858 million, down 10.5% from $99.261 million in the same period of 2023[9] - Constant dollar net sales for Q3 2024 were $32.2 million, reflecting a decrease of 1.2% compared to Q3 2023[11] - The translation adjustment for nine months ended September 30, 2024, resulted in a non-GAAP measure of constant dollar net sales of $90.8 million, down 8.6% from the prior year[12] Profitability - Gross profit margin decreased to 74.5% in Q3 2024 from 79.6% in Q3 2023, attributed to increased freight costs and sales promotions[2] - Gross profit for Q3 2024 was $23.620 million, down 8.9% from $25.928 million in Q3 2023[9] - The gross profit for the nine months ended September 30, 2024, was $68.095 million, a decrease of 12.9% from $78.219 million in 2023[9] - Income from operations increased to $0.9 million in Q3 2024, compared to $0.2 million in the same period last year[2] - The income from operations for the nine months ended September 30, 2024, was $565,000, compared to a loss of $69,000 in the same period of 2023[9] - The company experienced a significant increase in income from operations of 400.0% in Q3 2024 when adjusted for constant dollars[11] Expenses - Commission expenses decreased by 2.0% to $12.2 million in Q3 2024, while commissions as a percentage of net sales increased to 38.3%[2] - Selling and administrative expenses decreased by 21.8% to $9.8 million in Q3 2024, down from $12.6 million in Q3 2023[2] - Operating expenses decreased to $22.733 million in Q3 2024 from $25.756 million in Q3 2023, a reduction of 11.8%[9] Net Income/Loss - Net loss for Q3 2024 was $0.3 million, or $0.17 per diluted share, compared to net income of $18,000, or $0.01 per diluted share in Q3 2023[2] - The company reported a net loss of $328,000 in Q3 2024 compared to a net income of $18,000 in Q3 2023[9] Cash Position - Cash and cash equivalents increased by 57.2% to $12.2 million as of September 30, 2024, from $7.7 million at the end of 2023[2] - Foreign exchange effects decreased the company's cash position by $0.6 million in the nine months ended September 30, 2024, compared to a $2.3 million effect in the same period in 2023[2] Customer Base - The number of independent associates and preferred customers decreased to approximately 136,000, down 28.1% from 146,000 in Q3 2023[2] Future Outlook - The company anticipates continued economic difficulties for the remainder of 2024 but aims to grow revenue by expanding its sales associate team and customer base[3]

Financial Performance - Consolidated net sales for Q3 2024 were $31.7 million, a decrease of $0.9 million or 2.5% compared to Q3 2023[84]. - For the nine months ended September 30, 2024, consolidated net sales were $88.9 million, down $10.4 million or 10.5% from the same period in 2023[84]. - Net loss for Q3 2024 was $0.3 million, or $0.17 per diluted share, compared to a net income of $18,000, or $0.01 per diluted share in Q3 2023[84]. - For the nine months ended September 30, 2024, net income was $0.2 million, or $0.12 per diluted share, compared to a net loss of $0.5 million, or $0.26 per diluted share in the same period of 2023[84]. - The company reported a decrease in Constant dollar net sales of $0.4 million or 1.2% for Q3 2024 compared to Q3 2023[89]. - Net sales for the three months ended September 30, 2024, decreased by $0.9 million, or 2.9%, to $31.7 million compared to $32.6 million for the same period in 2023[90]. - For the nine months ended September 30, 2024, net sales totaled $88.9 million, down $8.5 million or 8.8% from $99.3 million in the same period in 2023[90]. Gross Profit and Margins - Gross profit margin for Q3 2024 decreased by 2.2% due to increased product costs and $0.6 million in inventory markdowns[84]. - Gross profit for the three months ended September 30, 2024, was $23.6 million, a decrease of $1.9 million or 7% from $25.9 million in the same period last year[90]. - Gross profit for the three months ended September 30, 2024, decreased by $2.3 million, or 8.9%, to $23.6 million, with gross profit as a percentage of net sales dropping to 74.5% from 79.6% in 2023[102]. Operating Expenses - Total operating expenses for Q3 2024 were $22.7 million, a decrease of $3.0 million or 11.7% from Q3 2023[86]. - Commissions and incentives for Q3 2024 were $12.9 million, a decrease of $0.3 million or 2.2% compared to Q3 2023[86]. - Selling and administrative expenses for the three months ended September 30, 2024, decreased by $2.8 million, or 21.8%, to $9.8 million, with expenses as a percentage of net sales decreasing to 31.0% from 38.6% in 2023[106]. - Commission expense for the three months ended September 30, 2024, decreased by 2.0%, or $0.2 million, to $12.2 million, while for the nine months, it decreased by 9.2%, or $3.5 million, to $34.5 million[103]. Foreign Currency and Tax - The company experienced a net realized and unrealized foreign currency loss of $1.5 million in Q3 2024, compared to a gain of $0.3 million in Q3 2023[84]. - The effective tax rate for the three months ended September 30, 2024, was 83.9%, significantly higher than the 43.0% for the same period in 2023[112]. - As of September 30, 2024, there were no uncertain income tax positions recorded in other long-term liabilities on the balance sheet[127]. - There are ongoing income tax audits in various international jurisdictions, but these are not expected to materially impact financial statements[127]. Cash Flow and Working Capital - As of September 30, 2024, cash and cash equivalents increased by 57.2%, or $4.5 million, to $12.2 million from $7.7 million as of December 31, 2023[114]. - Operating activities provided $2.5 million cash for the nine months ended September 30, 2024, compared to a use of $1.0 million in the same period in 2023[116]. - Financing activities provided cash of $2.9 million for the nine months ended September 30, 2024, compared to a use of $1.6 million in the same period in 2023[118]. - Working capital increased to $5.7 million as of September 30, 2024, from $1.9 million as of December 31, 2023[115]. Sales and Recruitment - Recruitment of new independent associates decreased by 28.1% to 16,741 in Q3 2024 compared to 23,296 in Q3 2023[99]. - Product sales for the three months ended September 30, 2024, decreased by $0.9 million, or 2.9%, reflecting a 6.4% decrease in the number of orders processed[98]. - The average order value decreased to $178 for the three months ended September 30, 2024, compared to $177 for the same period in 2023[98]. - Other sales for the three months ended September 30, 2024, were $0.3 million, a decrease from $0.4 million in the same period in 2023, while for the nine months, other sales increased to $1.2 million from $0.7 million[101]. Inventory and Revenue Recognition - The company changed its shipping terms, recognizing revenue upon delivery to the freight carrier, which resulted in recording orders shipped but not yet delivered as deferred revenue[129]. - Historical sales returns have averaged 0.5% or less of gross sales, indicating stable return estimates[130]. - The company monitors inventory for obsolescence and adjusts reserves based on demand, expiration dates, and future sales projections[126]. - The determination of net realizable value for inventory requires significant judgment, considering factors like inventory turnover and consumer demand[126]. - Revenue is derived from product sales and associated fees, with a reserve for expected sales returns based on historical experience[128]. - The company provides associates with a complimentary three-month package for online business tools upon the first payment of an associate fee, which includes multiple performance obligations[129]. Geographic Sales Performance - The Americas accounted for 34.2% of consolidated net sales for the nine months ended September 30, 2024, down from 32.0% in the same period last year[94]. - Asia/Pacific net sales for the nine months ended September 30, 2024, decreased by $8.4 million, or 14%, to $51.6 million compared to $60.0 million in the same period in 2023[94]. - EMEA net sales for the three months ended September 30, 2024, increased by $0.2 million, or 8.7%, to $2.5 million compared to $2.3 million in the same period in 2023[94].