Wednesday, November 11, 2026
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q3 Operating Results. The company reported Q3 revenue of $45.2 million, largely in line with our $46.0 million estimate. Adjusted EBITDA of $6.4 million exceeded our $4.5 million forecast by 41% and was supported by more efficient marketing spending. Notably, Q3 marked the 12th consecutive quarter of positive adjusted EBITDA.
Nutrition-First Strategy. While retail expansion is progressing more slowly than anticipated, Shakeology has reached 181 Sprouts and 481 Vitamin Shoppe stores. Additionally, the company is approximately a year ahead of schedule with its product innovation pipeline, introducing new offerings under its established Shakeology, P90X, and INSANITY brands.
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