LFMD 10-Q report for 2026-03-31

LFMD 10-Q report for 2026-03-31 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2026 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _________ to _________ Commission file number: 001-39785 LIFEMD, INC. (Exact name of registrant as specified in its charter) Delaware 76-0238453 (State or other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 236 Fifth Avenue , Suite 400 New York , New York 10001 (Address of Principal Executive Offices) (Zip Code) (866) 351-5907 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of exchange on which registered Common Stock, par value $.01 per share LFMD The Nasdaq Global Market 8.875% Series A Cumulative Perpetual Preferred Stock, par value $0.0001 per share LFMDP The Nasdaq Global Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” a “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act: ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of May 5, 2026, there were 48,362,510 shares of the registrant’s common stock outstanding. LIFEMD, INC. FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026 TABLE OF CONTENTS Page PART I. FINANCIAL INFORMATION 3 ITEM 1. Financial Statements (unaudited) 3 Consolidated Balance Sheets 3 Consolidated Statements of Operations 4 Consolidated Statements of Stockholders’ Equity (Deficit) 5 Consolidated Statements of Cash Flows 6 Notes to Consolidated Financial Statements 7 ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 34 ITEM 4. Controls and Procedures 35 PART II. OTHER INFORMATION 37 ITEM 1. Legal Proceedings 37 ITEM 1A. Risk Factors 37 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 ITEM 3. Defaults Upon Senior Securities 37 ITEM 4. Mine Safety Disclosures 37 ITEM 5. Other Information 37 ITEM 6. Exhibits 38 SIGNATURES 39 2 PART I – FINANCIAL INFORMATION Item 1. Financial Statements LIFEMD, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2026 December 31, 2025 ASSETS Current Assets Cash $ 34,478,137 $ 36,786,318 Accounts receivable 9,855,117 9,305,277 Product deposit 331,525 320,217 Inventory, net 3,177,136 2,773,576 Other current assets 3,855,131 2,646,077 Total Current Assets 51,697,046 51,831,465 Non-current Assets Equipment, net 2,260,437 2,444,717 Right of use assets, net 5,055,090 5,267,857 Capitalized software, net 10,881,678 10,604,946 Intangible assets, net 230,417 262,334 Total Non-current Assets 18,427,622 18,579,854 Total Assets $ 70,124,668 $ 70,411,319 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Accounts payable $ 21,653,122 $ 14,149,154 Accrued expenses 15,244,963 15,974,016 Current operating lease liabilities 670,825 642,422 Deferred revenue 12,016,840 10,807,773 Total Current Liabilities 49,585,750 41,573,365 Long-term Liabilities Noncurrent operating lease liabilities 5,502,072 5,681,374 Total Liabilities 55,087,822 47,254,739 Commitments and contingencies (Note 12) - - Stockholders’ Equity Series A Preferred Stock, $ 0.0001 par value; 1,610,000 shares authorized, 1,400,000 sha ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 34 ITEM 4. Controls and Procedures 35 PART II. OTHER INFORMATION 37 ITEM 1. Legal Proceedings 37 ITEM 1A. Risk Factors 37 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 ITEM 3. Defaults Upon Senior Securities 37 ITEM 4. Mine Safety Disclosures 37 ITEM 5. Other Information 37 ITEM 6. Exhibits 38 SIGNATURES 39 2 PART I – FINANCIAL INFORMATION Item 1. Financial Statements LIFEMD, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2026 December 31, 2025 ASSETS Current Assets Cash $ 34,478,137 $ 36,786,318 Accounts receivable 9,855,117 9,305,277 Product deposit 331,525 320,217 Inventory, net 3,177,136 2,773,576 Other current assets 3,855,131 2,646,077 Total Current Assets 51,697,046 51,831,465 Non-current Assets Equipment, net 2,260,437 2,444,717 Right of use assets, net 5,055,090 5,267,857 Capitalized software, net 10,881,678 10,604,946 Intangible assets, net 230,417 262,334 Total Non-current Assets 18,427,622 18,579,854 Total Assets $ 70,124,668 $ 70,411,319 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Accounts payable $ 21,653,122 $ 14,149,154 Accrued expenses 15,244,963 15,974,016 Current operating lease liabilities 670,825 642,422 Deferred revenue 12,016,840 10,807,773 Total Current Liabilities 49,585,750 41,573,365 Long-term Liabilities Noncurrent operating lease liabilities 5,502,072 5,681,374 Total Liabilities 55,087,822 47,254,739 Commitments and contingencies (Note 12) - - Stockholders’ Equity Series A Preferred Stock, $ 0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding, liquidation value approximately, $ 35.8 million as of March 31, 2026 and December 31, 2025 140 140 Common Stock, $ 0.01 par value; 100,000,000 shares authorized, 47,632,707 and 46,760,016 shares issued, 47,529,667 and 46,656,976 outstanding as of March 31, 2026 and December 31, 2025, respectively 476,327 467,600 Additional paid-in capital 252,976,314 251,455,616 Accumulated deficit ( 238,252,234 ) ( 228,603,075 ) Treasury stock, 103,040 , at cost, as of March 31, 2026 and December 31, 2025 ( 163,701 ) ( 163,701 ) Total Stockholders’ Equity 15,036,846 23,156,580 Total Liabilities and Stockholders’ Equity $ 70,124,668 $ 70,411,319 The accompanying notes are an integral part of these unaudited consolidated financial statements. 3 LIFEMD, INC. Consolidated STATEMENTS OF OPERATIONS (Unaudited) 2026 2025 Three Months Ended March 31, 2026 2025 Telehealth revenue, net $ 50,162,956 $ 50,887,899 Cost of telehealth revenue 5,925,499 8,136,462 Gross profit 44,237,457 42,751,437 Expenses Selling and marketing expenses 29,874,860 22,272,924 General and administrative expenses 15,176,355 14,340,151 Other operating expenses 3,179,946 2,389,536 Customer service expenses 3,139,305 3,071,494 Development costs 1,796,063 1,859,049 Total expenses 53,166,529 43,933,154 Operating loss from continuing operations ( 8,929,072 ) ( 1,181,717 ) Interest income (expense), net 56,476 ( 463,638 ) Loss from continuing operations before income taxes ( 8,872,596 ) ( 1,645,355 ) Income tax provision - - Net loss from continuing operations ( 8,872,596 ) ( 1,645,355 ) Net income from discontinued operations - 1,993,422 Net (loss) income ( 8,872,596 ) 348,067 Net income attributable to non-controlling interest of discontinued operations - 531,845 Net loss attributable to LifeMD, Inc. ( 8,872,596 ) ( 183,778 ) Preferred stock dividends ( 776,563 ) ( 776,563 ) Net loss attributable to LifeMD, Inc. common stockholders $ ( 9,649,159 ) $ ( 960,341 ) Basic (loss) earnings per share attributable to LifeMD, Inc. common stockholders: Continuing operations $ ( 0.20 ) $ ( 0.06 ) Discontinued operations - 0.03 Basic loss per share $ ( 0.20 ) $ ( 0.02 ) Diluted (loss) earnings per share attributable to LifeMD, Inc. common stockholders: Continuing operations $ ( 0.20 ) $ ( 0.06 ) Discontinued operations - 0.03 Diluted loss per share $ ( 0.20 ) $ ( 0.02 ) Weighted average number of common shares outstanding: Basic 47,336,060 43,135,778 Diluted 47,336,060 43,135,778 The accompanying notes are an integral part of these unaudited consolidated financial statements. 4 LIFEMD, INC. Consolidated STATEMENTS of CHANGES IN STOCKHOLDERS’ EQUITY (Deficit) (Unaudited) Shares Amount Shares Amount Capital Deficit Stock Total Operations Total LifeMD, Inc. Series A Preferred Stock Common Stock Additional Paid-in  Accumulated Treasury  Non-controlling Interest of Discontinued Shares Amount Shares Amount Capital Deficit Stock Total Operations Total Balance, January 1, 2025 1,400,000 $ 140 42,293,907 $ 422,939 $ 230,508,339 $ ( 239,850,931 ) $ ( 163,701 ) $ ( 9,083,214 ) $ 1,529,094 $ ( 7,554,120 ) Stock compensation expense - - 1,282,654 12,827 2,535,701 - - 2,548,528 - 2,548,528 Cashless exercise of stock options - - 56,139 561 ( 56 ) - - - - - Series A Preferred Stock Dividend - - - - - ( 776,563 ) - ( 776,563 ) - ( 776,563 ) Distribution to non-controlling interest of discontinued operations - - - - - - - - ( 36,000 ) ( 36,000 ) Net (loss) income - - - - - ( 183,778 ) - ( 183,778 ) 531,845 348,067 Balance, March 31, 2025 1,400,000 $ 140 43,632,700 $ 436,327 $ 233,043,479 $ ( 240,811,272 ) $ ( 163,701 ) $ ( 7,495,027 ) $ 2,024,939 $ ( 5,470,088 ) Shares Amount Shares Amount Capital Deficit Stock Total Series A Preferred Stock Common Stock Additional Paid-in Accumulated Treasury Shares Amount Shares Amount Capital Deficit Stock Total Balance, January 1, 2026 1,400,000 $ 140 46,760,016 $ 467,600 $ 251,455,616 $ ( 228,603,075 ) $ ( 163,701 ) $ 23,156,580 Balance 1,400,000 $ 140 46,760,016 $ 467,600 $ 251,455,616 $ ( 228,603,075 ) $ ( 163,701 ) $ 23,156,580 Stock compensation expense - - 819,691 8,197 1,440,708 - - 1,448,905 Exercise of stock options - - 53,000 530 79,990 - - 80,520 Series A Preferred Stock Dividend - - - - - ( 776,563 ) - ( 776,563 ) Net loss - - - - - ( 8,872,596 ) - ( 8,872,596 ) Net (loss) income - - - - - ( 8,872,596 ) - ( 8,872,596 ) Balance, March 31, 2026 1,400,000 $ 140 47,632,707 $ 476,327 $ 252,976,314 $ ( 238,252,234 ) $ ( 163,701 ) $ 15,036,846 Balance 1,400,000 $ 140 47,632,707 $ 476,327 $ 252,976,314 $ ( 238,252,234 ) $ ( 163,701 ) $ 15,036,846 The accompanying notes are an integral part of these unaudited consolidated financial statements. 5 LIFEMD, INC. Consolidated STATEMENTS OF CASH FLOWS (Unaudited) 2026 2025 Three Months Ended March 31, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) income $ ( 8,872,596 ) $ 348,067 Less: Net income from discontinued operations - 1,993,422 Net loss from continuing operations ( 8,872,596 ) ( 1,645,355 ) Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities: Amortization of debt discount - 100,444 Amortization of capitalized software 1,674,852 1,529,380 Amortization of intangibles 31,917 6,667 Depreciation of fixed assets 289,458 155,361 Noncash operating lease expense 212,767 269,888 Stock compensation expense 1,448,905 2,548,528 Changes in Assets and Liabilities Accounts receivable ( 549,840 ) ( 459,948 ) Product deposit ( 11,308 ) ( 151,077 ) Inventory ( 403,560 ) ( 170,339 ) Other current assets ( 1,209,054 ) 302,221 Operating lease liabilities ( 150,899 ) ( 79,799 ) Deferred revenue 1,209,067 197,334 Accounts payable 7,503,968 ( 85,373 ) Accrued expenses ( 729,053 ) ( 2,259,106 ) Net cash provided by operating activities of continuing operations 444,624 258,826 Net cash provided by operating activities of discontinued operations - 2,809,561 Net cash provided by operating activities 444,624 3,068,387 CASH FLOWS FROM INVESTING ACTIVITIES Cash paid for capitalized software costs (a) ( 1,951,584 ) ( 1,886,815 ) Purchase of equipment ( 105,178 ) ( 117,545 ) Net cash used in investing activities of continuing operations ( 2,056,762 ) ( 2,004,360 ) Net cash used in investing activities of discontinued operations (a) - ( 862,978 ) Net cash used in investing activities ( 2,056,762 ) ( 2,867,338 ) CASH FLOWS FROM FINANCING ACTIVITIES Preferred stock dividends ( 776,563 ) ( 776,563 ) Cash proceeds from exercise of options 80,520 - Net cash used in financing activities of continuing operations ( 696,043 ) ( 776,563 ) Net cash used in financing activities of discontinued operations - ( 36,000 ) Net cash used in financing activities ( 696,043 ) ( 812,563 ) Net decrease in cash ( 2,308,181 ) ( 611,514 ) Cash at beginning of period 36,786,318 35,004,924 Cash at end of period 34,478,137 34,393,410 Less: Cash of discontinued operations at end of period - 2,441,699 Cash of continuing operations at end of period $ 34,478,137 $ 31,951,711 Cash paid for interest and taxes Cash paid during the period for interest $ - $ 593,750 Cash paid during the period for taxes $ - $ 22,696 Non-cash investing and financing activities Cashless exercise of options $ - $ 561 (a) Approximately $ 878 thousand was paid to a related party for capitalized software costs during the three months ended March 31, 2025. See Note 13—Related Party Transactions. The accompanying notes are an integral part of these unaudited consolidated financial statements. 6 LIFEMD, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 – NATURE OF THE ORGANIZATION AND BUSINESS Nature of Business LifeMD, Inc. is a patient-centric, direct-to-patient healthcare company providing a high-quality, cost-effective, and convenient way for patients to access virtual medical care and pharmacy services. Through the Company’s vertically integrated care model, it combines proprietary technology, affiliated clinical services, pharmacy infrastructure, and artificial intelligence (“AI”)-enabled operational systems to deliver longitudinal care at scale. The Company’s mission is to empower individuals to live healthier lives by expanding access to high-quality virtual and in-home healthcare services. The Company’s telehealth platform helps patients access their licensed providers for diagnoses, virtual care, and prescription medications, often delivered on a recurring basis. In addition to its telehealth prescription offerings, the Company sells over-the-counter (“OTC”) products. All products are available on a subscription or membership basis, where a patient can subscribe to receive regular shipments of prescribed medications or products. This creates convenience and often discounted pricing opportunities for patients and recurring revenue streams for the Company. With its first brand, ShapiroMD, the Company has built a full line of proprietary OTC products for male and female hair loss including Food and Drug Administration (“FDA”) approved OTC minoxidil and an FDA-cleared medical device and a personalized telehealth platform offering that gives consumers access to virtual medical treatment from their providers and, when appropriate, a full line of oral and topical prescription medications for hair loss. The Company’s men’s brand, RexMD, currently offers access to virtual medical treatment for a variety of men’s health needs, including erectile dysfunction, premature ejaculation and hair loss. In 2022, the Company launched our virtual primary care offering under the LifeMD brand, LifeMD Primary Care. This offering provides patients with access to affiliated high-quality providers for their urgent care and chronic care needs. In 2023, we launched our GLP-1 Weight Management Program providing primary care, metabolic coaching, lab work, and prescription services (as appropriate) to patients seeking to access a medically supported weight loss solution. In September 2024, we expanded our Weight Management Program with a personalized, non-GLP-1 treatment plan consisting of three oral medications – metformin, bupropion, and topiramate. In June 2018, the Company closed the strategic acquisition of 51 % of LegalSimpli Software, LLC, which operates a software as a service application for converting, editing, signing, and sharing PDF documents called PDFSimpli. On July 15, 2021, LegalSimpli Software, LLC, changed its name to WorkSimpli Software LLC, (“WorkSimpli”). As a result of a series of restructuring transactions, the Company’s ownership interest in WorkSimpli was 73.3 %. On November 4, 2025, LifeMD, Inc. sold its majority ownership interest in WorkSimpli to Lion Buyer, LLC. WorkSimpli is classified as discontinued operations for all periods presented in these unaudited consolidated financial statements. For a description of the transaction, see Note 4—Discontinued Operations. Unless otherwise indicated, the terms “LifeMD,” “Company,” “we,” “us,” and “our” refer to LifeMD, Inc. (formerly known as Conversion Labs, Inc.) and LifeMD Pharmacy Holdings LLC, an affiliated limited liability company (“LifeMD Pharmacy”). The affiliated network of medical Professional Corporations and medical Professional Associations administratively led by LifeMD Southern Patient Medical Care, P.C. (“LifeMD PC”) is the Company’s affiliated, variable interest entity in which we hold a controlling financial interest. Unless otherwise specified, all dollar amounts are expressed in United States dollars. Liquidity Evaluation As of March 31, 2026, the Company has an accumulated deficit of approximately $238.3 million and a positive working capita ITEM 1A. Risk Factors 37 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 ITEM 3. Defaults Upon Senior Securities 37 ITEM 4. Mine Safety Disclosures 37 ITEM 5. Other Information 37 ITEM 6. Exhibits 38 SIGNATURES 39 2 PART I – FINANCIAL INFORMATION Item 1. Financial Statements LIFEMD, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2026 December 31, 2025 ASSETS Current Assets Cash $ 34,478,137 $ 36,786,318 Accounts receivable 9,855,117 9,305,277 Product deposit 331,525 320,217 Inventory, net 3,177,136 2,773,576 Other current assets 3,855,131 2,646,077 Total Current Assets 51,697,046 51,831,465 Non-current Assets Equipment, net 2,260,437 2,444,717 Right of use assets, net 5,055,090 5,267,857 Capitalized software, net 10,881,678 10,604,946 Intangible assets, net 230,417 262,334 Total Non-current Assets 18,427,622 18,579,854 Total Assets $ 70,124,668 $ 70,411,319 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Accounts payable $ 21,653,122 $ 14,149,154 Accrued expenses 15,244,963 15,974,016 Current operating lease liabilities 670,825 642,422 Deferred revenue 12,016,840 10,807,773 Total Current Liabilities 49,585,750 41,573,365 Long-term Liabilities Noncurrent operating lease liabilities 5,502,072 5,681,374 Total Liabilities 55,087,822 47,254,739 Commitments and contingencies (Note 12) - - Stockholders’ Equity Series A Preferred Stock, $ 0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding, liquidation value approximately, $ 35.8 million as of March 31, 2026 and December 31, 2025 140 140 Common Stock, $ 0.01 par value; 100,000,000 shares authorized, 47,632,707 and 46,760,016 shares issued, 47,529,667 and 46,656,976 outstanding as of March 31, 2026 and December 31, 2025, respectively 476,327 467,600 Additional paid-in capital 252,976,314 251,455,616 Accumulated deficit ( 238,252,234 ) ( 228,603,075 ) Treasury stock, 103,040 , at cost, as of March 31, 2026 and December 31, 2025 ( 163,701 ) ( 163,701 ) Total Stockholders’ Equity 15,036,846 23,156,580 Total Liabilities and Stockholders’ Equity $ 70,124,668 $ 70,411,319 The accompanying notes are an integral part of these unaudited consolidated financial statements. 3 LIFEMD, INC. Consolidated STATEMENTS OF OPERATIONS (Unaudited) 2026 2025 Three Months Ended March 31, 2026 2025 Telehealth revenue, net $ 50,162,956 $ 50,887,899 Cost of telehealth revenue 5,925,499 8,136,462 Gross profit 44,237,457 42,751,437 Expenses Selling and marketing expenses 29,874,860 22,272,924 General and administrative expenses 15,176,355 14,340,151 Other operating expenses 3,179,946 2,389,536 Customer service expenses 3,139,305 3,071,494 Development costs 1,796,063 1,859,049 Total expenses 53,166,529 43,933,154 Operating loss from continuing operations ( 8,929,072 ) ( 1,181,717 ) Interest income (expense), net 56,476 ( 463,638 ) Loss from continuing operations before income taxes ( 8,872,596 ) ( 1,645,355 ) Income tax provision - - Net loss from continuing operations ( 8,872,596 ) ( 1,645,355 ) Net income from discontinued operations - 1,993,422 Net (loss) income ( 8,872,596 ) 348,067 Net income attributable to non-controlling interest of discontinued operations - 531,845 Net loss attributable to LifeMD, Inc. ( 8,872,596 ) ( 183,778 ) Preferred stock dividends ( 776,563 ) ( 776,563 ) Net loss attributable to LifeMD, Inc. common stockholders $ ( 9,649,159 ) $ ( 960,341 ) Basic (loss) earnings per share attributable to LifeMD, Inc. common stockholders: Continuing operations $ ( 0.20 ) $ ( 0.06 ) Discontinued operations - 0.03 Basic loss per share $ ( 0.20 ) $ ( 0.02 ) Diluted (loss) earnings per share attributable to LifeMD, Inc. common stockholders: Continuing operations $ ( 0.20 ) $ ( 0.06 ) Discontinued operations - 0.03 Diluted loss per share $ ( 0.20 ) $ ( 0.02 ) Weighted average number of common shares outstanding: Basic 47,336,060 43,135,778 Diluted 47,336,060 43,135,778 The accompanying notes are an integral part of these unaudited consolidated financial statements. 4 LIFEMD, INC. Consolidated STATEMENTS of CHANGES IN STOCKHOLDERS’ EQUITY (Deficit) (Unaudited) Shares Amount Shares Amount Capital Deficit Stock Total Operations Total LifeMD, Inc. Series A Preferred Stock Common Stock Additional Paid-in  Accumulated Treasury  Non-controlling Interest of Discontinued Shares Amount Shares Amount Capital Deficit Stock Total Operations Total Balance, January 1, 2025 1,400,000 $ 140 42,293,907 $ 422,939 $ 230,508,339 $ ( 239,850,931 ) $ ( 163,701 ) $ ( 9,083,214 ) $ 1,529,094 $ ( 7,554,120 ) Stock compensation expense - - 1,282,654 12,827 2,535,701 - - 2,548,528 - 2,548,528 Cashless exercise of stock options - - 56,139 561 ( 56 ) - - - - - Series A Preferred Stock Dividend - - - - - ( 776,563 ) - ( 776,563 ) - ( 776,563 ) Distribution to non-controlling interest of discontinued operations - - - - - - - - ( 36,000 ) ( 36,000 ) Net (loss) income - - - - - ( 183,778 ) - ( 183,778 ) 531,845 348,067 Balance, March 31, 2025 1,400,000 $ 140 43,632,700 $ 436,327 $ 233,043,479 $ ( 240,811,272 ) $ ( 163,701 ) $ ( 7,495,027 ) $ 2,024,939 $ ( 5,470,088 ) Shares Amount Shares Amount Capital Deficit Stock Total Series A Preferred Stock Common Stock Additional Paid-in Accumulated Treasury Shares Amount Shares Amount Capital Deficit Stock Total Balance, January 1, 2026 1,400,000 $ 140 46,760,016 $ 467,600 $ 251,455,616 $ ( 228,603,075 ) $ ( 163,701 ) $ 23,156,580 Balance 1,400,000 $ 140 46,760,016 $ 467,600 $ 251,455,616 $ ( 228,603,075 ) $ ( 163,701 ) $ 23,156,580 Stock compensation expense - - 819,691 8,197 1,440,708 - - 1,448,905 Exercise of stock options - - 53,000 530 79,990 - - 80,520 Series A Preferred Stock Dividend - - - - - ( 776,563 ) - ( 776,563 ) Net loss - - - - - ( 8,872,596 ) - ( 8,872,596 ) Net (loss) income - - - - - ( 8,872,596 ) - ( 8,872,596 ) Balance, March 31, 2026 1,400,000 $ 140 47,632,707 $ 476,327 $ 252,976,314 $ ( 238,252,234 ) $ ( 163,701 ) $ 15,036,846 Balance 1,400,000 $ 140 47,632,707 $ 476,327 $ 252,976,314 $ ( 238,252,234 ) $ ( 163,701 ) $ 15,036,846 The accompanying notes are an integral part of these unaudited consolidated financial statements. 5 LIFEMD, INC. Consolidated STATEMENTS OF CASH FLOWS (Unaudited) 2026 2025 Three Months Ended March 31, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) income $ ( 8,872,596 ) $ 348,067 Less: Net income from discontinued operations - 1,993,422 Net loss from continuing operations ( 8,872,596 ) ( 1,645,355 ) Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities: Amortization of debt discount - 100,444 Amortization of capitalized software 1,674,852 1,529,380 Amortization of intangibles 31,917 6,667 Depreciation of fixed assets 289,458 155,361 Noncash operating lease expense 212,767 269,888 Stock compensation expense 1,448,905 2,548,528 Changes in Assets and Liabilities Accounts receivable ( 549,840 ) ( 459,948 ) Product deposit ( 11,308 ) ( 151,077 ) Inventory ( 403,560 ) ( 170,339 ) Other current assets ( 1,209,054 ) 302,221 Operating lease liabilities ( 150,899 ) ( 79,799 ) Deferred revenue 1,209,067 197,334 Accounts payable 7,503,968 ( 85,373 ) Accrued expenses ( 729,053 ) ( 2,259,106 ) Net cash provided by operating activities of continuing operations 444,624 258,826 Net cash provided by operating activities of discontinued operations - 2,809,561 Net cash provided by operating activities 444,624 3,068,387 CASH FLOW Results of Operations 26 ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 34 ITEM 4. Controls and Procedures 35 PART II. OTHER INFORMATION 37 ITEM 1. Legal Proceedings 37 ITEM 1A. Risk Factors 37 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 ITEM 3. Defaults Upon Senior Securities 37 ITEM 4. Mine Safety Disclosures 37 ITEM 5. Other Information 37 ITEM 6. Exhibits 38 SIGNATURES 39 2 PART I – FINANCIAL INFORMATION Item 1. Financial Statements LIFEMD, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2026 December 31, 2025 ASSETS Current Assets Cash $ 34,478,137 $ 36,786,318 Accounts receivable 9,855,117 9,305,277 Product deposit 331,525 320,217 Inventory, net 3,177,136 2,773,576 Other current assets 3,855,131 2,646,077 Total Current Assets 51,697,046 51,831,465 Non-current Assets Equipment, net 2,260,437 2,444,717 Right of use assets, net 5,055,090 5,267,857 Capitalized software, net 10,881,678 10,604,946 Intangible assets, net 230,417 262,334 Total Non-current Assets 18,427,622 18,579,854 Total Assets $ 70,124,668 $ 70,411,319 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Accounts payable $ 21,653,122 $ 14,149,154 Accrued expenses 15,244,963 15,974,016 Current operating lease liabilities 670,825 642,422 Deferred revenue 12,016,840 10,807,773 Total Current Liabilities 49,585,750 41,573,365 Long-term Liabilities Noncurrent operating lease liabilities 5,502,072 5,681,374 Total Liabilities 55,087,822 47,254,739 Commitments and contingencies (Note 12) - - Stockholders’ Equity Series A Preferred Stock, $ 0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding, liquidation value approximately, $ 35.8 million as of March 31, 2026 and December 31, 2025 140 140 Common Stock, $ 0.01 par value; 100,000,000 shares authorized, 47,632,707 and 46,760,016 shares issued, 47,529,667 and 46,656,976 outstanding as of March 31, 2026 and December 31, 2025, respectively 476,327 467,600 Additional paid-in capital 252,976,314 251,455,616 Accumulated deficit ( 238,252,234 ) ( 228,603,075 ) Treasury stock, 103,040 , at cost, as of March 31, 2026 and December 31, 2025 ( 163,701 ) ( 163,701 ) Total Stockholders’ Equity 15,036,846 23,156,580 Total Liabilities and Stockholders’ Equity $ 70,124,668 $ 70,411,319 The accompanying notes are an integral part of these unaudited consolidated financial statements. 3 LIFEMD, INC. Consolidated STATEMENTS OF OPERATIONS (Unaudited) 2026 2025 Three Months Ended March 31, 2026 2025 Telehealth revenue, net $ 50,162,956 $ 50,887,899 Cost of telehealth revenue 5,925,499 8,136,462 Gross profit 44,237,457 42,751,437 Expenses Selling and marketing expenses 29,874,860 22,272,924 General and administrative expenses 15,176,355 14,340,151 Other operating expenses 3,179,946 2,389,536 Customer service expenses 3,139,305 3,071,494 Development costs 1,796,063 1,859,049 Total expenses 53,166,529 43,933,154 Operating loss from continuing operations ( 8,929,072 ) ( 1,181,717 ) Interest income (expense), net 56,476 ( 463,638 ) Loss from continuing operations before income taxes ( 8,872,596 ) ( 1,645,355 ) Income tax provision - - Net loss from continuing operations ( 8,872,596 ) ( 1,645,355 ) Net income from discontinued operations - 1,993,422 Net (loss) income ( 8,872,596 ) 348,067 Net income attributable to non-controlling interest of discontinued operations - 531,845 Net loss attributable to LifeMD, Inc. ( 8,872,596 ) ( 183,778 ) Preferred stock dividends ( 776,563 ) ( 776,563 ) Net loss attributable to LifeMD, Inc. common stockholders $ ( 9,649,159 ) $ ( 960,341 ) Basic (loss) earnings per share attributable to LifeMD, Inc. common stockholders: Continuing operations $ ( 0.20 ) $ ( 0.06 ) Discontinued operations - 0.03 Basic loss per share $ ( 0.20 ) $ ( 0.02 ) Diluted (loss) earnings per share attributable to LifeMD, Inc. common stockholders: Continuing operations $ ( 0.20 ) $ ( 0.06 ) Discontinued operations - 0.03 Diluted loss per share $ ( 0.20 ) $ ( 0.02 ) Weighted average number of common shares outstanding: Basic 47,336,060 43,135,778 Diluted 47,336,060 43,135,778 The accompanying notes are an integral part of these unaudited consolidated financial statements. 4 LIFEMD, INC. Consolidated STATEMENTS of CHANGES IN STOCKHOLDERS’ EQUITY (Deficit) (Unaudited) Shares Amount Shares Amount Capital Deficit Stock Total Operations Total LifeMD, Inc. Series A Preferred Stock Common Stock Additional Paid-in  Accumulated Treasury  Non-controlling Interest of Discontinued Shares Amount Shares Amount Capital Deficit Stock Total Operations Total Balance, January 1, 2025 1,400,000 $ 140 42,293,907 $ 422,939 $ 230,508,339 $ ( 239,850,931 )

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