Strong Financial Performance
Total revenue increased 15% year-over-year to $16 million. Gross profit increased 23% with gross margin expanding from 41% to 43.8%. Adjusted EBITDA for the quarter increased 41% to $3.6 million.
Mimi's Rock Transaction Success
MRC's gross margin increased from 44.5% to 47.7%, and contribution as a percentage of revenue increased from 27.9% to 34.8%.
MusclePharm Brand Developments
Gained placement for bars in several hundred regional grocery and convenience chains and signed a licensing agreement in Israel. Launching a new MusclePharm Pro Series in Vitamin Shoppe.
Operational Efficiency and Balance Sheet Strength
Net debt reduced by approximately $2.2 million since Q2 and $8.7 million since December 31, 2023. Leverage is approximately 0.7x LTM adjusted EBITDA.