The Americas revenue collapse (-25.6%) signals accelerating market share loss in the core direct-selling business, while the Asia/Pacific growth (+3.2%) is too small to offset. The net income improvement is entirely from non-operating items (other income/expense swung $1.8M positive) — operating loss improved only modestly from -$0.8M to -$0.2M. With no guidance and negative equity, the stock remains a high-risk micro-cap with deteriorating fundamentals. Monitor for further associate attrition and cash burn.
Price Chart
Executive Summary
Mannatech reported Q1 2026 net income of $1.0M ($0.49/diluted share), a significant improvement from a net loss of $1.5M ($0.80/share) in Q1 2025, driven by a $1.4M swing in other income/expense. However, net sales declined 6.2% YoY to $24.9M, continuing the multi-quarter revenue erosion trend (down 8.2% in Q4 2025, down 8.3% in FY2025). The Americas region saw a sharp 25.6% sales drop, partially offset by modest growth in Asia/Pacific. No guidance was provided.
Key Financial Metrics
Key Facts
- Q1 2026 net sales $24.9M, down 6.2% YoY from $26.6M
- Net income $1.0M ($0.49/diluted) vs net loss $1.5M ($0.80/diluted) in Q1 2025
- Americas revenue fell 25.6% to $6.7M from $9.0M; Asia/Pacific grew 3.2% to $15.9M
- Associate/preferred customer positions declined 14.0% YoY to ~111,000; recruiting down 15.6%
- Cash and cash equivalents $7.0M, up from $6.2M at Dec 2025 but down from $11.4M at Dec 2024
- Shareholders' equity negative $5.6M, worsening from negative $5.2M at Dec 2025
- No guidance provided in the release
Financial Impact
Revenue decline of $1.6M YoY; net income swing of +$2.5M driven by other income/expense
Risk Factors
- Continued revenue decline in Americas region (-25.6% YoY) suggests structural market share loss
- Negative shareholders' equity (-$5.6M) and thin cash ($7.0M) raise going-concern risk
- Associate/preferred customer base shrinking 14% YoY with recruiting down 15.6%
- No forward guidance provided, increasing uncertainty
- Tariff and supply chain headwinds noted by management
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-017056 |
| Document: mtex20260408_8k.htm | 0001437749-26-017056 |
| Document: 0001437749-26-017056-index-headers.html | 0001437749-26-017056 |
| Document: 0001437749-26-017056-index.html | 0001437749-26-017056 |
| Document: 0001437749-26-017056.txt | 0001437749-26-017056 |
| 8-K Data (Synthetic) | 0001437749-26-017056 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 4w ago | 8-K | $6.82 $7.18 | ▲ +5.28% | ▲ +5.36% | $6.99 (+2.49%) |
Aug 12, 2026 7w ago | 8-K | $6.15 $8.21 | ▲ +33.50% | ▲ +35.24% | $6.99 (+13.66%) |
Aug 12, 2026 7w ago | Press Release | $6.15 $8.21 | ▲ +33.50% | ▲ +35.24% | $6.99 (+13.66%) |
Jun 8, 2026 16w ago | 8-K | $5.59 $5.25 | ▼ −6.08% | ▼ −7.53% | $6.99 (+25.04%) |
May 21, 2026 19w ago | Insider Cluster | $4.42 $5.40 | ▲ +22.17% | ▲ +21.84% | $6.99 (+58.14%) |
May 20, 2026 19w ago | Insider Cluster | $3.95 $5.42 | ▲ +37.22% | ▲ +36.47% | $6.99 (+76.96%) |
May 14, 2026 20w ago | 8-K | $4.22 $5.65 | ▼ −33.89% | ▼ −31.77% | $6.99 (−65.64%) |
Apr 24, 2026 23w ago | 8-K | $4.68 $5.53 | ▼ −18.16% | ▼ −13.21% | $6.99 (−49.36%) |
Apr 21, 2026 23w ago | DEFA14A | $4.86 $4.12 | ▼ −15.23% | ▼ −20.14% | $6.99 (+43.83%) |
Apr 17, 2026 24w ago | Press Release | $5.02 $4.12 | ▲ +17.93% | ▲ +22.13% | $6.99 (−39.24%) |
US Market Status
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