Q1 consolidated revenue increased by 14% to $146M, with strong growth in both branded (+13.9%) and strategic partner (+14.9%) segments; China business expanded by over 50%, and international revenue rose nearly 30%.
Adjusted EBITDA grew 18.6% to $19.1M, and adjusted net earnings increased by $2M to $5.9M; consolidated gross profit margin improved by 440 bps to 37.8%, driven by branded volume efficiencies and favorable channel mix.
Cash generation was strong in Q1, with $4.7M from operations before working capital and a $38.8M increase from working capital; $10M was used for share buybacks, and $8.9M distributed in dividends; quarter ended with $246.1M in cash and equivalents.
2025 guidance maintained: Q2 consolidated revenue expected between $185M–$195M (up to 5% growth), adjusted EBITDA between $32M–$34M (up to 7.5% growth); Jamieson brand segment revenue to increase 5–10%, strategic partner segment to decrease 10–30% due to order timing.
China outperformance was broad-based and not a one-time event; U.S. e-commerce partnership is driving strong double-digit consumption growth; no material cost inflation or trade-down observed, and current tariffs are not expected to impact guidance.