Jamieson Wellness Inc. Reports First Quarter 2026 Results

• Jamieson Wellness Inc. reported First Quarter 2026 results on May 7, 2026.
• Consolidated revenue increased 16.3% year-over-year to $169.8 million.
• Net earnings turned positive at $9.6 million compared to a net loss of $2.5 million in Q1 2025.
• Adjusted EBITDA rose 17.6% to $22.4 million.
• China market revenue surged 55.1%, driving significant growth alongside Strategic Partners (+22.6%).
• The company maintained its full-year 2026 outlook: Revenue $895M-$935M, Adjusted EBITDA $174M-$181M.
• Cash used in operations was $5.8 million, a significant deterioration from the $31.6 million generated in Q1 2025.
• Inventory levels increased by $45.3 million to support growth and mitigate tariff uncertainties.
• Net debt increased to $406.3 million from $373.4 million at end of FY 2025.

• The revenue beat (16.3% vs guidance range implying ~12%) confirms the China growth thesis is intact, but this trend was already visible in Q3 (+63%) and Q4 (+43.9%) 2025 results.
• Profitability improvement (Net Income positive) validates operational efficiency gains but does not constitute a "Game Changer" as it follows the trajectory of previous quarters.
• The maintenance of guidance indicates management confidence, yet the lack of an upgrade suggests no new upside surprises beyond current expectations.
• Operating cash flow deterioration is a critical hidden risk; negative operating cash flow despite positive net earnings signals aggressive working capital usage (inventory build-up).
• Net debt increase to $406.3M raises leverage concerns relative to quarterly EBITDA, though manageable within annualized context.
• Overall impact is positive but incremental given the established growth trajectory and lack of strategic shifts or M&A activity.

• Company: Jamieson Wellness Inc. is a leading manufacturer and distributor of health supplements and wellness products.
• Flagship Projects/Brands: Core brands include Jamieson (Canada), Youtheory (U.S.), and expanding private label operations in China.
• Development: The company is executing a strategy to expand branded revenue, particularly in international markets like China and the Middle East.
• Operations: Recently completed implementation of a new ERP system in Q1 2025 to modernize data management.