$BTMD

biote Corp.

CIK:0001819253|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total revenue	$ 44,232	$ 48,863	$ 89,167	$ 97,855
Cost of revenue
Cost of revenue	15,314	13,875	29,296	26,485
Selling, general, and administrative	32,426	24,223	60,213	50,915
Income (loss) from operations	(3,508)	10,765	(342)	20,455
Other income (expense) net :
Interest expense, net	(2,183)	(2,852)	(4,155)	(5,757)
Loss on extinguishment of debt	(648)		(648)
Gain (loss) from change in fair value of earnout liabilities	(787)	(1,832)	1,362	8,856
Other income (expense), net	(6)	(6)	(11)	(24)
Total other income (expense), net	(3,624)	(4,690)	(3,452)	3,075
Income (loss) before provision for income taxes	(7,132)	6,075	(3,794)	23,530
Income tax expense	296	2,150	958	3,766
Net income (loss)	(7,428)	3,925	(4,752)	19,764
Less: Net income (loss) attributable to noncontrolling interest	(865)	740	(466)	2,861
Net income (loss) attributable to biote Corp. stockholders	(6,563)	3,185	(4,286)	16,903
Other comprehensive income:
Foreign currency translation adjustments	2	9	4	5
Other comprehensive income	2	9	4	5
Comprehensive income (loss)	$ (7,426)	$ 3,934	$ (4,748)	$ 19,769
Net income (loss) per common share
Basic	$ (0.23)	$ 0.1	$ (0.14)	$ 0.54
Diluted	$ (0.23)	$ 0.1	$ (0.14)	$ 0.46
Weighted average common shares outstanding
Basic	28,626,136	31,625,485	29,630,665	31,556,017
Diluted	28,626,136	31,743,162	29,630,665	36,959,274
Product Revenue
Revenue
Total revenue	$ 43,381	$ 47,657	$ 87,276	$ 94,682
Cost of revenue
Cost of revenue	14,301	12,811	27,046	24,465
Service Revenue
Revenue
Total revenue	851	1,206	1,891	3,173
Cost of revenue
Cost of revenue	$ 1,013	$ 1,064	$ 2,250	$ 2,020

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income (loss)	$ (4,752)	$ 19,764
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	1,943	1,767
Bad debt (recovery) expense	(771)	962
Amortization of debt issuance costs	378	412
Provision for (recovery of) obsolete inventory	(1,388)	1,100
Non-cash lease expense	340	268
Non-cash interest on share repurchase liability		1,986
Share-based compensation expense	3,728	4,313
Gain from change in fair value of earnout liabilities	(1,362)	(8,856)
Loss on extinguishment of debt	648
Deferred income taxes	340	1,285
Changes in operating assets and liabilities:
Accounts receivable	(171)	(2,406)
Inventory	2,121	1,613
Other assets	(1,116)	(2,387)
Accounts payable	(250)	(1,950)
Deferred revenue	(700)	(60)
Accrued expenses	4,171	(3,910)
Payments pursuant to TRA	(196)	(93)
Operating lease liabilities	(237)	(255)
Net cash provided by operating activities	2,726	13,553
Investing Activities
Purchases of property and equipment	(2,919)	(3,439)
Purchases of capitalized software	(873)	(371)
Net cash used in investing activities	(3,792)	(3,810)
Financing Activities
Repurchases of Class A common stock	(5,863)
Borrowings on revolving loans	12,500
Repayments on revolving loans	(17,500)
Principal repayments on term loan	(1,563)	(3,125)
Borrowings on term loan	125,000
Extinguishment of debt	(101,562)
Debt issuance costs	(3,431)
Payments on repurchase liability	(18,500)	(25,081)
Proceeds from exercise of stock options		226
Issuance of stock under purchase plan	47	72
Distributions	(1,021)	(1,581)
Net cash used in financing activities	(11,893)	(29,489)
Effect of exchange rate changes on cash and cash equivalents	4	5
Net decrease in cash and cash equivalents	(12,955)	(19,741)
Cash and cash equivalents at beginning of period	24,123	39,342
Cash and cash equivalents at end of period	11,168	19,601
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	2,774	4,022
Cash paid for income taxes	$ 1,726	$ 2,508

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 11,168	$ 24,123
Accounts receivable, net	7,810	6,868
Inventory, net	18,331	19,064
Other current assets	5,731	4,615
Total current assets	43,040	54,670
Property and equipment, net	12,847	10,753
Capitalized software, net	4,897	4,525
Goodwill	5,833	5,833
Intangible assets, net	3,649	4,266
Intangible assets	3,649	4,266
Operating lease right-of-use assets	6,846	2,701
Deferred tax assets, net	24,515	24,793
Other non-current assets	72	72
Total assets	101,699	107,613
Current liabilities
Accounts payable	6,576	6,826
Accrued expenses	14,321	9,806
Term loan, current	3,125	6,250
Deferred revenue, current	2,623	3,017
Earnout liabilities, current	2,750	0
Operating lease liabilities, current	705	592
Share repurchase liabilities	0	18,500
Total current liabilities	30,100	44,991
Term loan, net of current portion	118,377	95,782
Revolving loans	0	5,000
Deferred revenue, net of current portion	791	1,097
Operating lease liabilities, net of current portion	6,433	2,298
Other non-current liability	0	344
TRA liability	4,190	4,386
Earnout liabilities	0	4,112
Total liabilities	159,891	158,010
Commitments and contingencies (See Note 18)
Stockholders' Deficit
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued or outstanding as of June 30, 2026 and December 31, 2025, respectively
Additional paid-in capital	0	0
Accumulated deficit	(50,941)	(49,549)
Accumulated other comprehensive loss	(25)	(29)
Treasury stock, at cost	(14,828)	(8,965)
biote Corp.'s stockholders' deficit	(65,790)	(58,539)
Noncontrolling interest	7,598	8,142
Total stockholders' deficit	(58,192)	(50,397)
Total liabilities and stockholders' deficit	101,699	107,613
Class A Common Stock
Stockholders' Deficit
Common stock value	3	3
Class V Common Stock
Stockholders' Deficit
Common stock value	$ 1	$ 1