Recent Updates — MTEX
The Audit Committee dismissed BDO USA, P.C. as the independent registered public accounting firm effective October 15, 2026. The dismissal follows a report for fiscal year 2025 that included an explanatory paragraph regarding substantial doubt about the company's ability to continue as a going concern. There were no disagreements with BDO on accounting principles or auditing scope. Mannatech engaged CBIZ CPAs P.C. as its new auditor, effective immediately for the quarter ended September 30, 2026. The company operates in the health and wellness industry, selling nutritional supplements and personal care products.
The Audit Committee dismissed BDO USA, P.C. as the independent registered public accounting firm effective October 15, 2026. The dismissal follows a report for fiscal year 2025 that included an explanatory paragraph regarding substantial doubt about the company's ability to continue as a going concern. There were no disagreements with BDO on accounting principles or auditing scope. Mannatech has engaged CBIZ CPAs P.C. as its new independent auditor, effective immediately. The company will file BDO's response letter by amendment. Mannatech operates in the health and wellness industry, selling nutritional supplements and personal care products.
Mannatech acquired 100% direct ownership of Mannatech Swiss Holdings GmbH from its indirect holding structure. The transaction allows the company to apply a reduced 5% withholding tax rate on distributions under the U.S.-Switzerland income tax treaty, replacing higher rates previously applicable to unremitted foreign earnings. Management asserts that pro forma adjustments related to deferred tax liabilities have restored stockholders' equity above the $2.5 million minimum required by Nasdaq Listing Rule 5550(b)(1). The company's independent auditor will review these adjustments before filing its Q3 10-Q on November 16, 2026. Nasdaq will continue monitoring compliance and may delist the stock if equity requirements are not met in the upcoming annual report. Mannatech operates in the health and wellness industry, selling dietary supplements and personal care products through a direct sales network.
Mannatech, Incorporated announced that J. Stanley Fredrick will retire from the Board of Directors and his role as Chairman effective September 1, 2026, citing personal reasons with no disagreements regarding the departure. The Board appointed Robert Toth, current Vice Chairman and Class III director, to succeed him as Chairman on the same date. Mr. Toth receives an additional annual compensation of $50,000 for his first year as chairman, plus a deferred equity award valued at $50,000, with fees increasing to $100,000 in subsequent years. Mr. Fredrick will continue receiving his director retainer through December 31, 2026, to assist during the transition. Mannatech operates as a global health and wellness company selling science-backed nutritional products via direct selling.
Mannatech, Incorporated reported financial results for the second quarter ended June 30, 2026. Net sales increased to $26.7 million from $25.7 million in the prior year period, with constant dollar sales rising 5.1%. Gross profit margin expanded to 76.9% from 73.6%, while selling and administrative expenses decreased by 16.7% to $9.0 million. The company returned to profitability with net income of $1.0 million, or $0.53 per diluted share, compared to a net loss of $4.3 million in the same period last year. Operating cash reserves stood at $6.0 million as of June 30, 2026. The company operates in the global health and wellness industry, distributing products through a network marketing model.
Mannatech, Incorporated announced the appointment of Yasir Haider as Chief Financial Officer and principal financial officer, effective June 3, 2026. He succeeds James Clavijo, who has served as CFO since July 2024.