FitLife Brands reports preliminary Q1 revenue $7.0-7.3M; audit committee probing revenue recognition

FITLIFE BRANDS, INC.

Preliminary Q1 revenue $7.0-7.3M, net income $1.0-1.3M, adjusted EBITDA $1.4-1.7M.
Quarter-end cash $11.1M; no outstanding debt.
Supplier rebates of ~$250k delayed to Q2, driving gross margin decline YoY.
Amazon listing suppressions caused estimated lost revenue of $150-200k in Q1.
Audit committee investigating revenue recognition and inventory costs for 2019-2021; 10-K filing delayed.

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