Did Applied Nutrition report the type of annual performance that deserves a shot at the championship belt? Applied Nutrition Plc (LSE: APN) is a leading sports nutrition brand sold in over 80 countries worldwide. There are several product ranges, including the namesake Applied Nutrition, All Black Everything (ABE), Body Fuel, and Endurance. Additionally, because of a trademark issue, the U.S. division sells its products under the AN Performance name. In fiscal year 2025, Applied Nutrition reported generating revenue of about $141 million, which increased 24.2% YoY. Given that its annual results were stellar, and Applied Nutrition has relatively low awareness in the U.S. market…my latest first principles content piece will examine a collection of recent strategic decisions that will help you better understand the business growth story. Applied Nutrition has historically reinvested profits back into the manufacturing capabilities and that existing pattern of capital allocation was reinforced in the latest financial statements. And that vertical integration (manufacturing around 80% of all products in house) allows Applied Nutrition to quickly evolve its product strategy to access emerging trends and fill opportunity gaps across the marketplace (positively impacting growth of distribution points and shelf space with existing and new customers). Also, Applied Nutrition’s product strategy (aided by vertical integration) can be leveraged for geographical expansion. Currently, about 45% of Applied Nutrition total revenue is being captured from commercial activities in its home market of the UK. But arguably the most important geographical expansion progress has been happening within the United States. Though, despite describing the geographic activity as “remaining in its infancy,” Applied Nutrition originally entered the U.S. market three years ago and became (from what I understand) the first sports nutrition brand headquartered outside of North America to land on all Walmart shelves nationwide. Moreover, Applied Nutrition has launched products catering towards U.S. consumers like licensed flavor collaborations with the global fruit brand Chiquita and nostalgic orange drink Tang. While I’ve tried a few of these products (and generally rate them high in terms of flavor matching, flavor likeability, and formulation approach), those great (glocalized) Applied Nutrition products are only a foundational element to unlocking any chance of success within the U.S. market. And I’m not recommending that Applied Nutrition completely transform its brand strategy globally, but if it hopes to have a meaningful chance at outsized commercial success in the fastest moving, quickest evolving, and most competitive marketplace for the sports/active nutrition niche of the supplement industry…it will need to better define its brand distinctiveness, increase its global marketing investments, and overall turn up the strategic aggressiveness. However, there remains a massive obstacle for Applied Nutrition, as it cannot sell under Applied Nutrition in the U.S. market because Irwin Naturals (owned by FitLife Brands) holds the trademark rights.