0001193125-26-106099
SEC filingHaymaker Acquisition Corp. III (BTMD) reported total revenue of $192.2 million for fiscal year 2025, generating net income of $31.6 million. Net income attributable to biote Corp. stockholders was $27.0 million, with basic earnings per share of $1.00. The company achieved operating income of $35.6 million and comprehensive income attributable to stockholders of $31.6 million. Cash flow from operations was strong at $35.2 million, though net cash decreased by $15.2 million due to significant investing and financing activities including acquisitions and debt repayments. The balance sheet shows total assets of $107.6 million against total liabilities of $158.0 million, resulting in stockholders' deficit of $50.4 million. The company continues to address a previously identified material weakness in internal control over financial reporting that has not been remediated as of December 31, 2025.
Haymaker Acquisition Corp. III (BTMD) reported total revenue of $192.2 million for fiscal year 2025, with cost of revenue of $54.9 million and selling, general, and administrative expenses of $101.8 million. This resulted in operating income of $35.6 million. After accounting for other income and expenses including interest expense of $11.0 million and a gain from change in fair value of earnout liabilities of $13.0 million, income before taxes was $37.6 million. Income tax expense of $6.0 million resulted in net income of $31.6 million. Net income attributable to biote Corp. stockholders was $27.0 million after deducting $4.6 million attributable to noncontrolling interest. Comprehensive income attributable to stockholders was $31.6 million including foreign currency translation adjustments of $6K.
The company reported total revenue of $192.2 million for fiscal year 2025. No segment breakdown or geographic mix was provided in the available data. The XBRL data shows product revenue and service revenue as not available, indicating the $192.2 million represents consolidated total revenue without further segmentation. No specific growth drivers or product/service mix details were disclosed in the provided document sections.
The company achieved an operating margin of 18.5% based on operating income of $35.6 million and total revenue of $192.2 million. Gross profit can be calculated as $137.3 million (revenue of $192.2M minus cost of revenue of $54.9M), resulting in a gross margin of 71.4%. The cost structure shows selling, general, and administrative expenses of $101.8 million, representing 53.0% of total revenue. Other significant expenses included interest expense of $11.0 million and income tax expense of $6.0 million.
Operating activities generated $35.2 million in cash, primarily from net income of $31.6 million adjusted for non-cash items including depreciation and amortization of $3.7 million, share-based compensation of $8.9 million, and deferred income taxes of $4.0 million. Investing activities used $6.9 million for property and equipment purchases, capitalized software, and acquisitions. Financing activities used $43.6 million primarily for repurchase liability payments of $37.6 million and term loan repayments of $6.2 million. The balance sheet shows total assets of $107.6 million including cash and equivalents of $24.1 million, accounts receivable of $6.9 million, and inventory of $19.1 million. Total liabilities of $158.0 million include term loans of $102.0 million (current and non-current) and share repurchase liabilities of $62.8 million (current and non-current), resulting in stockholders' deficit of $50.4 million.
The company disclosed ongoing legal proceedings including the Right Value Litigation settled for $5.0 million and the Cindy Latch litigation with trial set for May 2026. Management identified a material weakness in internal control over financial reporting related to insufficient technical accounting personnel and IT control deficiencies that has not been remediated as of December 31, 2025. The company has implemented remediation efforts including hiring additional personnel and enhancing controls but cannot guarantee when the material weakness will be fully remediated. No forward-looking guidance or specific strategic priorities were disclosed in the provided document sections.