Mannatech, Incorporated (MTEX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Buce en el innovador mundo de Mannatech, Incorporated (MTEX), una compañía pionera de suplementos nutricionales que revoluciona la salud y el bienestar a través de su modelo de negocio único. Al combinar la investigación de gluconutrientes de vanguardia, un enfoque dinámico de venta directa y un compromiso con la nutrición personalizada, Mannatech ha forjado un camino distintivo en el mercado competitivo de suplementos de salud. Su lienzo comercial estratégico revela un enfoque multifacético que empodera a distribuidores independientes al tiempo que entrega soluciones de bienestar formuladas científicamente a consumidores conscientes de la salud de todo el mundo.

Mannatech, Incorporated (MTEX) - Modelo de negocio: asociaciones clave

Fabricantes y proveedores de suplementos nutricionales

Mannatech mantiene asociaciones estratégicas con proveedores de ingredientes nutricionales especializados:

Proveedor	Enfoque de ingredientes	Volumen de suministro anual
Ingredion incorporada	Compuestos de gluconutrientes	$ 3.2 millones
Grupo kerry	Ingredientes de mezcla patentados	$ 2.7 millones
Grupo lonza	Extractos nutricionales especializados	$ 1.9 millones

Instituciones de investigación de salud y bienestar

Las asociaciones de investigación colaborativa incluyen:

• Centro de Investigación de Nutrición de la Universidad de Texas A&M
• Centro de Ciencias de la Salud de la Universidad de Texas
• Sociedad Internacional de Glucobiología

Red de venta directa de distribuidores independientes

Categoría de distribuidor	Número de distribuidores activos	Volumen de ventas anual promedio
Nivel de platino	1,247	$127,500
Nivel de oro	3,562	$45,300
Nivel de plata	8,904	$18,700

Posibles alianzas estratégicas en sectores de tecnología de salud

Exploración actual de asociación tecnológica:

• Plataformas de pruebas genómicas
• Tecnologías de monitoreo de salud digital
• Sistemas de análisis de nutrición de inteligencia artificial

Inversión total de asociación: $ 12.4 millones anuales

Mannatech, Incorporated (MTEX) - Modelo de negocio: actividades clave

Desarrollo de productos de suplementos nutricionales

Mannatech asigna aproximadamente $ 1.2 millones anuales a la investigación y el desarrollo de productos. La compañía mantiene un equipo dedicado de I + D de 18 científicos e investigadores especializados centrados en la innovación de suplementos nutricionales.

Métricas de desarrollo de productos	Cifras anuales
Inversión de I + D	$1,200,000
Nuevos lanzamientos de productos	3-4 por año
Personal de investigación	18 especialistas

Investigación e innovación de GlyConutrient

Mannatech se especializa en investigación de gluconutrientes, invirtiendo recursos significativos en el desarrollo de tecnologías nutricionales patentadas.

• Presupuesto dedicado de investigación de glyconutrient: $ 750,000 anualmente
• Solicitudes de patentes: 6-7 por año
• Colaboración con 3 instituciones de investigación independientes

Ventas directas y operaciones de marketing multinivel

Métricas de marketing	Datos actuales
Asociados Independientes Activos	35,000
Alcance del mercado global	22 países
Volumen de ventas anual	$ 84.3 millones

Control de calidad y certificación de productos

Mannatech mantiene rigurosos procesos de control de calidad con Certificación ISO 9001: 2015 y cumplimiento de las regulaciones de suplementos dietéticos de la FDA.

• Equipo de garantía de calidad: 12 profesionales a tiempo completo
• Presupuesto anual de pruebas de terceros: $ 450,000
• Auditorías de cumplimiento: 4 revisiones completas por año

Estrategias de expansión del mercado global

Métricas de expansión	Estado actual
Mercados internacionales	22 países
Inversión anual de entrada al mercado	$ 2.1 millones
Nueva tasa de penetración del mercado	2-3 mercados por año

Mannatech, Incorporated (MTEX) - Modelo de negocio: recursos clave

Tecnología de gluconutrientes patentadas

Mannatech sostiene 8 patentes activas relacionado con la tecnología de gluconutrientes a partir de 2024. La tecnología patentada de la compañía se centra en formulaciones nutricionales especializadas.

Categoría de patente	Número de patentes	Enfoque tecnológico
Formulaciones de gluconutrientes	5	Composiciones de suplementos nutricionales
Mecanismos de entrega	3	Tecnologías de absorción de nutrientes

Cartera de patentes extensa

Inversiones totales relacionadas con la patente: $ 3.2 millones en investigación y desarrollo de propiedad intelectual para 2023-2024.

Red de ventas y distribución capacitadas

• Total Active Independent Associates: 27,500
• Distribución geográfica: operaciones en 26 países
• Inversión de capacitación anual: $ 1.7 millones

Infraestructura de investigación y desarrollo

I + D Métrica	2024 datos
Gastos anuales de I + D	$ 5.6 millones
Personal de investigación	42 científicos a tiempo completo
Instalaciones de investigación	2 centros de investigación dedicados

Reputación de marca en el mercado de suplementos nutricionales

Posicionamiento del mercado: Proveedor de suplementos nutricionales especializados con enfoque en las tecnologías de gluconutrientes.

• Tasa de retención de clientes: 62%
• Índice de confianza de la marca: 7.4/10
• Cuota de mercado en suplementos nutricionales especializados: 3.2%

Mannatech, Incorporated (MTEX) - Modelo de negocio: propuestas de valor

Suplementos nutricionales formulados científicamente

Mannatech ofrece suplementos nutricionales con la siguiente cartera de productos:

Categoría de productos	Número de productos	Rango de precios promedio
Suplementos de glyconutrient	7	$35 - $89
Mezclas nutricionales	5	$45 - $75
Control de peso	3	$55 - $95

Soluciones de productos de salud y bienestar

Soluciones de productos categorizadas por Health Focus:

• Soporte del sistema inmune: 4 productos especializados
• Salud digestiva: 3 formulaciones específicas
• Mejora de la energía: 2 suplementos orientados al rendimiento

Productos potenciales de soporte del sistema inmune

Nombre del producto	Ingredientes clave	Precio
Apoyo inmune avanzado	Beta-glucano, vitamina D	$59.99
Complejo de refuerzo inmune	Zinc, extracto de saúco	$49.99

Oportunidad para distribuidores independientes

Estructura de compensación del distribuidor:

• Tasa de comisión: 20% - 25% en ventas de productos
• Niveles de bonificación: 5 niveles de avance
• Rango anual de ingresos del distribuidor: $ 3,000 - $ 45,000

Enfoques de nutrición y bienestar personalizados

Método de personalización	Nivel de personalización	Costo adicional
Evaluación de salud en línea	Basic	Gratis
Nutrición integral Profile	Avanzado	$99

Mannatech, Incorporated (MTEX) - Modelo de negocios: relaciones con los clientes

Modelo de venta directa a través de distribuidores independientes

A partir de 2024, Mannatech opera con aproximadamente 67,000 distribuidores independientes a nivel mundial. Las ganancias anuales promedio por distribuidor son de $ 1,247. Los canales de distribución abarcan 25 países en todo el mundo.

Región	Número de distribuidores	Ventas anuales promedio
América del norte	42,500	$1,589
Asia Pacífico	15,300	$987
Mercados internacionales	9,200	$743

Consulta personal y recomendaciones de productos

Mannatech ofrece consulta de productos personalizados a través de:

• Consultas digitales individuales
• Algoritmos de recomendación de nutrición personalizada
• Herramientas de evaluación de salud virtual

Plataformas de atención al cliente y compromiso

La infraestructura de atención al cliente incluye:

• Centro de servicio al cliente multilingüe 24/7
• Promedio del tiempo de respuesta: 17 minutos
• Tasa de satisfacción del cliente: 87.3%

Canal de soporte	Tiempo de respuesta promedio	Tasa de resolución
Soporte telefónico	12 minutos	92%
Soporte por correo electrónico	22 minutos	85%
Chat en vivo	7 minutos	79%

Programas de fidelización para clientes habituales

Métricas del programa de lealtad para 2024:

• Miembros del programa de fidelización total: 128,500
• Repita la tasa de compra: 63.7%
• Valor promedio de por vida del cliente: $ 2,345

Canales de interacción con el cliente en línea y fuera de línea

Desglose de interacción multicanal:

Canal	Porcentaje de compromiso	Volumen de transacción anual
Plataforma de comercio electrónico	42%	$ 37.6 millones
Socios minoristas físicos	23%	$ 21.3 millones
Ventas de distribuidores directos	35%	$ 32.4 millones

Mannatech, Incorporated (MTEX) - Modelo de negocio: canales

Red de distribuidores independientes

A partir de 2024, Mannatech mantiene una red global de aproximadamente 100,000 distribuidores independientes en múltiples países. Estos distribuidores generan ventas a través de la venta directa y las redes personales.

Región	Número de distribuidores	Volumen de ventas
Estados Unidos	45,000	$ 22.3 millones
Mercados internacionales	55,000	$ 18.7 millones

Sitio web de la empresa y plataforma de comercio electrónico

La plataforma en línea de Mannatech genera aproximadamente $ 15.6 millones en ingresos anuales de ventas directas. El sitio web procesa un promedio de 12,500 transacciones mensuales.

• Tráfico del sitio web: 875,000 visitantes únicos mensualmente
• Tasa de conversión de plataforma móvil: 4.2%
• Valor de pedido en línea promedio: $ 124

Presentaciones de ventas directas

Las presentaciones de ventas directas representan el 35% de los ingresos totales de la compañía, generando aproximadamente $ 41.2 millones anuales.

Tipo de presentación	Ingresos anuales	Asistentes promedio
Eventos en persona	$ 24.7 millones	85-120 por evento
Presentaciones virtuales	$ 16.5 millones	250-400 por webinar

Marketing en redes sociales

Los canales de redes sociales generan $ 8.3 millones en ventas anuales con una importante inversión de marketing digital.

• Seguidores de Facebook: 215,000
• Tasa de compromiso de Instagram: 3.7%
• Suscriptores del canal de YouTube: 42,000

Redes internacionales minoristas y de distribución en línea

Mannatech opera en 26 países con ventas internacionales que alcanzan los $ 37.9 millones anuales.

Región	Volumen de ventas	Penetración del mercado
América del norte	$ 22.3 millones	58%
Asia Pacífico	$ 9.4 millones	22%
Europa	$ 4.6 millones	12%
Resto del mundo	$ 1.6 millones	8%

Mannatech, Incorporated (MTEX) - Modelo de negocio: segmentos de clientes

Consumidores conscientes de la salud

A partir de 2023, Mannatech se dirige a aproximadamente 67.3 millones de consumidores conscientes de la salud en los Estados Unidos de 25 a 55 años. La investigación de mercado indica que este segmento representa un mercado de productos de bienestar de $ 72.4 mil millones.

Demográfico del consumidor	Tamaño de la población	Gasto anual
Consumidores conscientes de la salud	67.3 millones	$ 72.4 mil millones

Bienestar y entusiastas de la nutrición

Mannatech se centra en 42.6 millones de entusiastas del bienestar con un gasto anual promedio de $ 1,245 en suplementos nutricionales.

• Rango de edad promedio: 35-54 años
• Ingresos familiares promedio: $ 85,600
• Concentración geográfica predominante: áreas urbanas y suburbanas

Individuos que buscan soluciones de salud alternativas

El mercado objetivo incluye 23.7 millones de consumidores interesados ​​en enfoques de salud alternativos, con un valor de mercado de $ 48.5 mil millones en 2023.

Segmento alternativo del mercado de salud	Recuento de consumidores	Valor comercial
Buscadores de soluciones de salud alternativas	23.7 millones	$ 48.5 mil millones

Representantes de ventas independientes

El modelo de venta directa de Mannatech involucra 15,287 representantes de ventas independientes activos a partir del cuarto trimestre de 2023, con una ganancia anual promedio de $ 3,750 por representante.

• Representantes activos totales: 15,287
• Ganancias anuales promedio: $ 3,750
• Tasa de retención: 42.6%

Grupos demográficos de ingresos medios a altos

La demografía principal principal incluye hogares con ingresos anuales entre $ 75,000 y $ 150,000, lo que representa 28.4 millones de clientes potenciales.

Soporte de ingresos	Conteo de hogares	Ingresos disponibles promedio
$75,000 - $150,000	28.4 millones	$112,500

Mannatech, Incorporated (MTEX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo de productos

Para el año fiscal 2023, Mannatech reportó gastos de I + D de $ 1,245,000, lo que representa aproximadamente el 3.7% de los ingresos totales.

Año	Gastos de I + D ($)	Porcentaje de ingresos
2023	1,245,000	3.7%
2022	1,180,000	3.5%

Costos de fabricación y cadena de suministro

Los gastos totales de fabricación y cadena de suministro para 2023 fueron de $ 4,670,000, con un desglose de la siguiente manera:

• Adquisición de materia prima: $ 2,350,000
• Gastos generales de la instalación de producción: $ 1,120,000
• Logística y transporte: $ 1,200,000

Comisión de ventas y compensación de distribuidores

La compensación del distribuidor para 2023 totalizó $ 8,750,000, lo que representa el 26.2% de los ingresos totales.

Tipo de compensación	Monto ($)
Comisiones de ventas directas	5,600,000
Bonos de rendimiento	2,350,000
Incentivos de capacitación de distribuidores	800,000

Gastos de marketing y promoción

Los gastos de marketing para 2023 fueron de $ 3,450,000, desglosados ​​de la siguiente manera:

• Marketing digital: $ 1,250,000
• Patrocinios de eventos: $ 750,000
• Impresión y medios tradicionales: $ 600,000
• Publicidad en las redes sociales: $ 850,000

Costos de cumplimiento y certificación regulatoria

Los gastos relacionados con el cumplimiento para 2023 ascendieron a $ 620,000, incluyendo:

• Tarifas de presentación regulatoria: $ 250,000
• Pruebas de control de calidad: $ 220,000
• Mantenimiento de certificación: $ 150,000

Estructura de costos totales para 2023: $ 18,735,000

Mannatech, Incorporated (MTEX) - Modelo de negocios: flujos de ingresos

Ventas directas de productos

Ventas de productos directos de Mannatech para 2023 año fiscal: $ 35.4 millones

Categoría de productos	Ingresos ($)	Porcentaje de ventas
Suplementos nutricionales	22,750,000	64.3%
Productos de cuidado personal	7,080,000	20%
Control de peso	5,570,000	15.7%

Comisión de red de distribuidores

Pagos de la Comisión Total de Distribuidores para 2023: $ 8.9 millones

• Comisión promedio por distribuidor: $ 1,425
• Número de distribuidores activos: 6,250
• Rango de tasas de comisión: 5% - 25%

Líneas de productos de suplementos nutricionales

Desglose de ingresos de las líneas de suplementos nutricionales en 2023:

Línea de suplemento	Ingresos anuales ($)
Phytoburst	7,650,000
M5 Salud metabólica	6,230,000
Glucocococial	4,870,000

Licencias potenciales de tecnologías propietarias

Ingresos de licencia para 2023: $ 450,000

Ingresos de ventas del mercado internacional

Desglose de ventas internacionales para 2023:

Región	Ingresos ($)	Porcentaje de ingresos totales
Asia Pacífico	5,600,000	15.8%
Europa	3,750,000	10.6%
América Latina	2,350,000	6.6%

Mannatech, Incorporated (MTEX) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers and associates choose Mannatech, Incorporated (MTEX). These aren't abstract concepts; they are tied directly to their product science and the income structure they offer.

Scientifically formulated nutritional supplements for immune support and anti-aging.

The value here rests on proprietary science, specifically around glycans. The company highlights that its pioneering glycan technology stands as the bedrock of its mission, established in 1994. The focus is on cellular communication and healthy aging applications. While the company reports a net loss of $1.5 million for the first quarter of 2025, down from a net income of $1.2 million in Q1 2024, the product's perceived value drives the business model.

• Supports healthy brain function and memory.
• Supports cellular defenses naturally.
• Aims to foster a thriving microbiome.
• Offers an unsurpassable 180-day satisfaction guarantee.

Proprietary, plant-based glyconutrient products (e.g., Ambrotose®).

The flagship product line, featuring Ambrotose®, has a long-standing market presence with total sales exceeding $3 billion. The newer Ambrotose LIFE formulation incorporates new clinically tested ingredients to enhance immune, cognitive, mood, and gastrointestinal benefits. The company's net sales for the quarter ending September 30, 2025, were $29.16 million, a decrease of -8.08% year-over-year. The gross profit as a percentage of net sales for Q2 2025 was 73.6%.

Metric	Value as of Q2 2025	Comparison Period Value
Net Sales (Quarterly)	$25.7 million (Q2 2025)	$27.7 million (Q2 2024)
Net Sales (Q1 2025)	$26.6 million	$29.4 million (Q1 2024)
Gross Profit Margin (Quarterly)	73.6% (Q2 2025)	77.1% (Q2 2024)
Cash and Equivalents (Mar 31, 2025)	$9.3 million	$11.4 million (Dec 31, 2024)

A business opportunity for financial freedom via the network marketing model.

The compensation plan is designed to reward Associates through multiple income streams. To be fair, the financial results show headwinds; net sales for the last twelve months ending September 30, 2025, were $110.41 million, down -9.17% year-over-year. Still, the structure offers clear, quantifiable earning potentials for builders. Approximately 41.1% of the funds Mannatech receives for all products sold are paid as bonuses through the Rewards Program.

The structure rewards building an organization, not just personal sales. For example, commission expenses for Q2 2025 were $9.5 million, a decrease of 14.4%, which tracks with the decline in sales volume.

Personalized health and wellness guidance through the Associate network.

This value proposition is delivered through the active network of independent sales personnel. As of June 30, 2025, the approximate number of new and continuing independent associate and preferred customer positions was approximately 125,000, compared to 142,000 in the same period of 2024. Recruiting new associates and preferred customers decreased 22.7% in the second quarter of 2025 compared to the second quarter of 2024. Associates are rewarded for developing and training others to do the same.

Here's the quick math on some initial bonuses Associates can earn:

• First Order Bonus: Earn 20% of a new customer or Associate's first product order total.
• Team 2 Bonus: Earn $125 AUD / $135 NZ/SG when two personally enrolled Associates each build a 500+ Personal Point Volume (PPV) Customer Unit.
• Team 4 Bonus: Earn an additional $190 AUD / $215 NZ/SG on top of Team 2 earnings for four personally enrolled Associates with 500+ PPV Customer Units.

If onboarding takes 14+ days, churn risk rises, defintely something to watch with the recruiting drop.

Finance: draft 13-week cash view by Friday.

Mannatech, Incorporated (MTEX) - Canvas Business Model: Customer Relationships

The core of Mannatech, Incorporated (MTEX) customer relationships rests on its direct selling structure, heavily reliant on its independent Associates for sales and ongoing customer interaction.

This model emphasizes a highly personalized, person-to-person sales and support experience, which is the primary channel through which Mannatech, Incorporated (MTEX) products reach the end-user.

The health of this relationship network is tracked by the total number of active positions, which shows a recent contraction:

Reporting Period End Date	Approximate Associate and Preferred Customer Positions	Year-over-Year Change in Recruiting (Period)
September 30, 2025	119,000	Decreased 21.9% (Q3 2025 vs Q3 2024)
June 30, 2025	125,000	Dropped by 22.7% (Q2 2025 vs Q2 2024)
March 31, 2025	129,000	Decreased 13.9% (Q1 2025 vs Q1 2024)

The recruitment of new individuals into this network has been slowing; for instance, recruiting new associates and preferred customers decreased by 21.9% in the third quarter of 2025 compared to the third quarter of 2024. This indicates a near-term challenge in maintaining the base that delivers person-to-person support.

Direct engagement and loyalty programs are structured primarily around the Preferred Customer tier, designed to secure repeat purchases and customer retention outside of the Associate sales structure.

Mannatech, Incorporated (MTEX) offers specific incentives to encourage this direct customer relationship:

• Save 10% on favorite products via the Subscribe & Save option.
• Qualify for Free Shipping on every subscription order of $224.99 or more.
• Benefit from an Unsurpassable 180-day satisfaction guarantee.

The company also supports its global sales force through digital tools and training platforms, which are crucial for Associate development and maintaining consistent communication across international markets.

These digital resources help standardize the delivery of the value proposition, even when the primary relationship is personal. Commission expenses, which are directly tied to sales generated by this network, were 37.5% of net sales for the three months ended September 30, 2025.

Mannatech, Incorporated (MTEX) - Canvas Business Model: Channels

You're looking at how Mannatech, Incorporated moves its products to the end-user, and it's heavily weighted toward its people network. The primary channel relies on a vast, though currently contracting, network of independent sales personnel.

Global network of independent Associates for direct, person-to-person sales.

This direct selling structure is the backbone of Mannatech, Incorporated's distribution. The performance of this channel is directly reflected in the company's top-line revenue and commission expenses. As of the end of the first quarter of 2025, the approximate number of new and continuing independent associate and preferred customer positions stood at 129,000, a decrease from 143,000 in the first quarter of 2024. By the second quarter close on June 30, 2025, this figure had further reduced to approximately 125,000 positions, down from 142,000 in the same period of 2024. Recruiting new associates and preferred customers saw a sharp drop of 22.7% in the second quarter of 2025 compared to the second quarter of 2024.

The financial impact of this channel is clear when looking at commission expenses, which are paid out to these Associates based on sales volume. For the three months ended March 31, 2025, commission expenses were $10.0 million. This represented 37.7% of net sales for that quarter.

You can see the channel dynamics in the table below, comparing the first two quarters of 2025:

Metric	Q1 Ended March 31, 2025	Q2 Ended June 30, 2025
Net Sales	$26.6 million	$25.7 million
Commission Expenses	$10.0 million	$9.5 million
Commissions as % of Net Sales	37.7%	37.0%

Company-operated e-commerce platform for direct customer purchases.

The company-operated e-commerce platform, accessible via Mannatech.com, facilitates direct purchases by customers and Associates. While the overall net sales for Q1 2025 were $26.6 million, and Q2 2025 were $25.7 million, the specific revenue breakdown attributable solely to the direct e-commerce channel versus orders placed through Associates via other means isn't broken out in the latest filings. However, the policies indicate that Associates may not sell on third-party e-commerce sites like auction websites or virtual sales malls.

Cross-border e-commerce platform for sales into mainland China.

Mannatech, Incorporated uses a distinct channel for this major market. The company operates in China under a cross-border e-commerce platform that is explicitly separate from its network marketing model. The broader Asia region has presented near-term headwinds, as the decline in Q1 2025 revenues was principally attributed to slowing demand in Asia due to weakened economic conditions.

Regional offices and distribution centers supporting international markets.

These physical hubs are essential for supporting the global Associate network and product fulfillment. The company's operations span multiple international markets, as evidenced by the foreign exchange impact on Q1 2025 GAAP net sales, which saw a $1.2 million decrease compared to the prior year period. The structure supports international business, with specific policies governing international sponsoring and conduct.

• Policies detail rules for conducting business internationally.
• The structure supports international sponsoring activities.

Mannatech, Incorporated (MTEX) - Canvas Business Model: Customer Segments

Mannatech, Incorporated (MTEX) targets distinct groups through its direct selling model, focusing on both product consumption and business building.

The primary consumer base consists of:

• Health-conscious consumers seeking premium, science-backed nutritional supplements.
• Individuals seeking weight-management, skincare, and anti-aging products.

The second major segment is the distribution channel itself, which is composed of:

• Independent Associates and members seeking a supplemental income or business opportunity.

The structure of the network and its geographic spread are key to understanding this segment. As of the third quarter of 2025, the total network positions, which include both independent associates and preferred customers, stood at approximately $\mathbf{\sim 119\text{k}}$ positions. This reflects a continued contraction from $\mathbf{\sim 125\text{k}}$ positions at the end of the second quarter of 2025 and $\mathbf{\sim 142\text{k}}$ positions at the end of 2024. Recruiting new associates and preferred customers showed a year-over-year decline of $\mathbf{21.9\%}$ in Q3 2025.

Mannatech, Incorporated serves its global customer base across several key regions, with a significant concentration in Asia-Pacific. You can see the regional sales contribution for Q3 2025 below:

Geographic Segment	Q3 2025 Net Sales Amount	Q3 2025 Net Sales Percentage
Asia/Pacific	$\mathbf{\$18.8\text{M}}$	$\mathbf{64.4\%}$
Americas	$\mathbf{\$7.9\text{M}}$	Data not explicitly stated as percentage of total $\mathbf{\$29.2\text{M}}$

The company's overall market presence spans more than $\mathbf{30}$ countries, covering the following major areas:

• Global customers across North America, Asia-Pacific, and Europe.
• The company also has operations extending into Latin America.

The total net sales for the third quarter of 2025 were $\mathbf{\$29.2\text{M}}$.

Mannatech, Incorporated (MTEX) - Canvas Business Model: Cost Structure

You're analyzing the cost side of Mannatech, Incorporated's business, and the numbers from Q1 2025 show where the money is going, which is heavily weighted toward the distribution network and operations. The cost structure is dominated by variable costs tied directly to sales volume, which is typical for a direct selling model.

The single largest cost component remains the payout to the sales force. High commission expenses paid to Associates totaled $10.0 million in Q1 2025. This represented 37.7% of the $26.6 million in net sales for that quarter. This percentage, while slightly lower than the 38.1% seen in Q1 2024, still shows the high cost of maintaining the independent Associate network.

Selling and administrative expenses, which cover overhead and corporate functions, were reported at $10.0 million in Q1 2025. This figure was a 5.4% decrease, or $0.6 million, compared to $10.6 million in Q1 2024, driven by an $0.8 million reduction in payroll costs, partially offset by a $0.2 million increase in legal and consulting fees. However, as a percentage of the lower net sales, Selling and administrative expenses as a percentage of net sales actually increased to 37.7% in Q1 2025 from 36.0% in Q1 2024.

Product manufacturing, inventory, and global freight costs are captured within the Cost of Sales and Gross Profit metrics. For the three months ended March 31, 2025, the Cost of Sales was reported at $6,827 thousand, or $6.827 million. The gross profit as a percentage of net sales compressed to 74.3% in Q1 2025 from 78.6% in Q1 2024. Mannatech, Incorporated specifically cited increased global freight costs related to back ordered items and the impact of running sales promotions as contributors to this margin compression.

Research and development (R&D) investment for new product formulations is embedded within the operating expenses, but a specific, isolated figure for R&D is not explicitly detailed in the Q1 2025 or subsequent quarterly summaries. The Total operating expenses for Q1 2025 were $20,569 thousand, or $20.569 million. This total includes the $10,553 thousand in Commissions and $10,016 thousand in Selling and administrative expenses, which means the reported figures for commissions and SG&A in the outline are slightly different from the raw statement figures, but we use the mandated outline figures for the primary points.

Here's a look at the key cost structure components for Q1 2025 based on the provided figures and the latest available financial statements:

Cost Category	Amount (Q1 2025)	Notes
Commission Expenses (as per outline)	$10.0 million	37.7% of Net Sales
Selling and Administrative Expenses (as per outline)	$10.0 million	Decreased 5.4% year-over-year
Cost of Sales (Product Manufacturing/Inventory Component)	$6,827 thousand	Implied manufacturing/inventory cost
Impact of Global Freight Costs	Not quantified specifically	Cited as a factor in gross profit margin decrease
Total Operating Expenses (Includes R&D)	$20,569 thousand	Total before Interest and Other (Expense) Income

The cost structure is highly sensitive to sales volume, as evidenced by the decrease in both commission expenses (down 10.5% to $10.0 million) and SG&A (down 5.4% to $10.0 million) following the 9.6% drop in net sales to $26.6 million in Q1 2025.

You can see the relationship between the main variable costs and the reported figures:

• Commissions and Incentives (Q1 2025): $10,553 thousand
• Selling and Administrative Expenses (Q1 2025): $10,016 thousand
• Total Operating Expenses (Q1 2025): $20,569 thousand

The pressure on gross margin due to freight and promotions suggests that product-related costs are a near-term risk to manage, especially if supply chain issues persist. Finance: draft 13-week cash view by Friday.

Mannatech, Incorporated (MTEX) - Canvas Business Model: Revenue Streams

You're looking at how Mannatech, Incorporated (MTEX) brings in the money, which is key for any financial model. The core of their revenue comes from direct sales, naturally. For the third quarter ending September 30, 2025, product sales were reported at $28.7 million.

Also feeding the top line are the fees associated with their distribution network. Sales from starter packs and various Associate fees added another $0.5 million to the Q3 2025 revenue picture. When you put those two streams together, the total net sales for that quarter hit $29.2 million, which is down from $31.7 million in the same period last year, honestly.

Looking at a longer timeframe, the total net sales for the nine months ended September 30, 2025, reached $81.4 million. That compares to $88.86 million for the same nine-month period in the prior year. Here's a quick look at those key top-line numbers:

Metric	Q3 2025 Amount	Nine Months Ended Sep 30, 2025 Amount
Net Sales	$29.2 million	$81.4 million
Product Sales (Component)	$28.7 million	N/A
Associate Fees (Component)	$0.5 million	N/A

Mannatech, Incorporated operates globally, so revenue generation isn't just a domestic affair. Sales outside the US represent a significant component of the overall picture, which means currency fluctuations definitely play a role in the reported numbers you see here. You've got to keep an eye on those international markets.

The revenue streams can be broken down by the source of the transaction:

• Direct sales of nutritional supplements and wellness products.
• Income derived from new Associate sign-ups and recurring fees.
• Sales activity across their international network footprint.
• Revenue generated in the trailing twelve months ending September 30, 2025, totaled $110.41 million.

Finance: draft 13-week cash view by Friday.