Marketing, and we help s o on. I think this was made for a shorter person.
We are the activation company. You're going to learn a little bit more about the differentiation between activation and supplementation. We sell our products through a direct sales channel. Some people, multi-level marketing, direct sales. We've been in business for 16 years now. We have about 132,000 active customers and consultants throughout the world. We sell our products in about 20 countries now. U.S., North America is 80% of our business, so fairly small internationally. An important element of our revenue, 70% of our revenue is on a subscription. You'll see most of our products are packaged in a 30-day consumption model. We've got a high variable cost model, as well as a very clean balance sheet with cash and no debt. We ended at, we're at June 30th fiscal year.
We ended this last June with revenue of $229 million, which was up about 14%, and EBITDA of just under $10 million. We also have a very structured capital allocation process that I'll talk to you about. We're headquartered just outside of Salt Lake City, Utah. Again, activation is our story, and it is around activating from a product positioning standpoint and also from a financial standpoint. Our products are differentiated in that they get to the core at a cellular level from a nutraceutical. They're all 100% natural-based, but go to activating our body's production of whatever we're targeting. I'll talk a little bit more about that. We also activate, we provide a business opportunity for people to sell our products. Here's a little bit of an overview of the direct selling industry if you're not familiar with it.
Our products fall within those first two categories of wellness and personal care. Geographically, I mentioned we're in about 20 countries. You can see where the direct selling industry is also selling. We've got a presence in most of the large markets within the industry. This shows specifically our footprint. 79% of our revenue comes from North America, 18% in Asia, and about 3% in Europe. The pie chart on the right there represents the industry distribution. I look at that and see that we're very underrepresented in Europe and Asia in particular, and it's a tremendous growth opportunity for us. About a month ago, we announced the acquisition of a company called LoveBiome. They are a two to three-year-old company in our space, in our channel. They've created a product that is growing at a very rapid rate, focused on the gut microbiome.
We announced the terms of the deal in September. We closed the transaction on October 1. November 1, we expect to be fully integrated, bringing all of their consultant, customer base, and product into the LifeVantage ecosphere. Their presence is largely in the U.S., Taiwan, and Europe. It will provide some geographic expansion for us as we integrate them. We have four, we refer to them as hero products: the Protandim Nrf2, TrueScience Liquid Collagen, P84, and then MindBody GLP-1 System. Each of these products, activation is around having your body naturally produce what it was originally intended to do and did before we were subject to the aging process. Our tagline, as we talk about our products, it's simple. It's take it to make it. You take our products to make something that, again, our body was already doing.
I'm going to go through each four of these products now. Protandim Nrf2 is our flagship product. It was developed about 20 years ago. It represents about 50% of our revenue today. You take this product to make antioxidants. Antioxidants are responsible for combating oxidative stress. Oxidative stress is tied to a number of diseases, mostly inflammatory-type diseases. This product has been studied. We have over 30 peer-reviewed studies, clinical studies, including one by the National Institutes of Health that said that it's the only nutraceutical product that has the ability to reduce oxidative stress by 40% in 30 days. You take Protandim to make antioxidants. There's a statement in here that it's a million times more effective than anything that you can supplement your body with. It sounds like a crazy claim, but it's been clinically proven.
Our body's ability is, and some of you might be much more educated in the science than I am, but it's much more effective when our body naturally does what it can do than when we supplement it. We have a liquid collagen product. It comes in a little shot glass. Our liquid collagen product has been proven to increase our body's production of collagen by 100%. One of the things that we also do at LifeVantage is we don't just look at individual ingredients within our products, but we look at the end product as well as synergistic benefits that come by combining our products together. When you take our TrueScience Liquid Collagen with Protandim Nrf2, there is an amplification that occurs. We sell a lot of those two products together because of that. We have a patent pending on these two products.
About a year ago, we launched a GLP-1 System product. You may know, I mean, GLP-1 is a hormone that is produced in the lower intestines of our body. This is a natural alternative to the synthetic drugs that are on the market today. It does what our other products do. You take our product to make GLP-1. Through clinical studies, we've done two clinical studies now, proven to increase our body's natural production of GLP-1 by over 200%. In addition to that, both studies showed on average roughly a pound a week of weight loss over a 12-week period of time with decreases in total fat, decrease in visceral fat, skeletal fat, and perhaps most importantly, zero loss of muscle, which is a huge differentiator for us versus the synthetics out there.
Also noted from a qualitative standpoint are kind of the intangible benefits that people reported through the studies of decreased sugar cravings, decrease in fast food cravings, and eating healthier along with it. GLP-1, again, we've got a patent pending on this. We launched this just about a year ago to the day. We have not received patent approval. As you know, GLP-1 is the hormone that's responsible for balancing blood sugar in our bodies and communicating between our gut and our brain to satisfy those food cravings. This market is exploding. It's about a $19 billion industry projected to grow to an $88 billion industry over the years. The population is in need, and being able to provide an alternative to the synthetic drugs has been great for LifeVantage. Our last product, this came through the acquisition that I just mentioned earlier, LoveBiome.
This is 100% focused on the gut microbiome. You take LoveBiome, P84 is the name of the product, to make gut peptides. We will be announcing here later this week results of a study that we just concluded with this product. Also, a robust market, growing to $32 billion over the next several years. We're very well positioned to take advantage of this market. I mentioned earlier, one of the things that we do, we look at the synergistic benefits of our products. We bring them together because we know that there's an amplification when you take our products together. The other thing that I'll just call out here is our subscription model. About 70% of our revenue is recurring on a monthly basis. I mentioned we're in the direct selling channel. We have about 35, well, 50,000 consultants, independent contractors throughout the world that sell our products.
The last few years, we've invested heavily in modernizing this compensation plan and how they are rewarded for their efforts. The biggest effort really was to reposition the plan so that we are both attractive to kind of our traditional business builders, but also open up an avenue for what I would refer to as micro-influencers, people who have some kind of following, who are looking to monetize their brand, their individual brand. Our compensation plan now, these individuals can earn up to 40% of their product sales by simply selling products. They don't necessarily need to build a team to take advantage of this opportunity. Over the last several years, I've been the CEO for four years now. It's kind of crazy. We've taken significant steps to establish kind of a consistent growth model.
Invested, you probably might not be able to read this, but the red on this chart are product introductions. That's one of our pillars, if you will, for us to grow. The lighter blue is platform developments. That would include country launches, technology launches like our Evolve Compensation Plan. We've also announced a partnership with Shopify. We'll be modifying our whole e-commerce model. It's going to take about a year of development time for us to get there. It will modify significantly that end customer experience when we launch with that. The capital allocation, which is kind of the darker blue. We've got to change the colors on this slide. We have a share buyback program in place. We launched a dividend a couple of years ago. Most recently, the acquisition of LoveBiome. Multiple approaches to drive sustained growth.
A couple of years ago, we launched what we call LV360 to look at really the core operating models, aspects of our business, and focused very critically on improving each one of these areas, again, with the goal of providing a foundation that would allow for future growth. At a glance, this is our business model. Over the last three or four years, our revenue has ebbed and flowed. From a model P&L standpoint, you can see we operate in around 80% gross margins. We pay out about 43% to these independent consultants. They are both our sales arm as well as our primary marketing, really. We do some independent marketing of them. That also includes sales incentives that we would offer. Our contribution margin is about 37%. We have SG&A and then kind of our EBITDA model. It's to get to 12%.
You can see over the last few years how that has steadily improved. We will be on track to hit 12%. I don't know if this next fiscal year or the year after for sure. Our revenue trends, we were down in 2024 but grew about 14% in 2025 and have provided our fiscal 2026 guidance. Geographically, the growth in 2025 came primarily from the U.S. It's where we launched our GLP-1 product. That product was not available in our international markets until late in our fiscal year. We expect growth coming from that in our fiscal 2026. Here's our balance sheet. It's very clean. We've got about $20 million in cash, no debt. Working capital of $24 million. Very clean equity. There's only one class of stock. We do have access to a $5 million revolver if we need it.
We also have in place an active shelf in the event that we were to do a transaction requiring equity. The LoveBiome acquisition that we made was paid for out of cash that we have on our balance sheet. There was a cash element to it. Then there is an earnout over the following two years based on financial performance. Our capital allocation, I touched on this earlier. We have, I believe, a very balanced approach to our capital. I'd say first and foremost, we focus on internal investments. Expansion capabilities to new markets, new product development. Most of our product development has occurred internally. We have a small R&D team that is responsible for all of our product development. We also don't do any of our manufacturing. We contract manufacture as well as all of our supply chain is done through 3PLs.
Our R&D team does partner with our contract manufacturers, but ultimately, we own all of the formulas and primarily are formulated by our team. LV360, I mentioned, that was a heavy investment for us to improve our operational efficiencies in order to allow us to scale. The IT investment, I mentioned, we're partnering with Shopify now, which is going to be a huge improvement for our customers as that goes live. Lastly, strategic acquisitions. This is the first acquisition that we've done as a company, but it was a way for us to acquire a company that was committed in our space, committed to our space with a product that is very much on point right now. I won't say on trend because I don't think that gut health is a trend. It's something that we're all looking at. It is the first of what may become other M&A activities.
The integration is going well. Like I said, we expect November 1, we will be fully integrated. Over a very short period of time, we will be able to integrate them. The transaction will be accretive within the first year. Looking forward to what comes through this new partnership. In terms of returning cash to our shareholders, we have a dividend, sorry, a stock buyback program in place. It was originally about a $60 million repurchase plan. We've purchased about $17 million out of that $60 million over the last several years. There is still $17 million remaining. We are active each quarter in repurchasing. I mentioned we also have a dividend that we launched about three years ago. We've increased the dividend payout amount each year on the anniversary.
A couple of years ago, we also did a one-time dividend of about $0.40 per share as we had accumulated some excess cash and felt it was a more efficient return to our shareholders rather than increasing our share repurchase at the time. From a return standpoint, you can see our one-year and three-year TSRs have been very positive as we compare to our peers and the Russell. In summary, we're a company probably a little different than most other companies at this conference. We have revenue. We are profitable. We have a strong foundation that we are positioned to build off of. Our products, our activation story is on trend as people are more and more interested in being proactive around their health rather than waiting for something to happen and then going and seeing a doctor and taking drugs that might help cure.
Our consumers tend to be more health conscious to begin with. We will continue to innovate both from a product standpoint. Geographically, we have a massive opportunity. Other companies in our space are much more heavily indexed towards international and Asia in particular. We have just barely cracked the code in those markets. Our subscription model lends itself to kind of consistent purchasing. We don't start every month at zero. I mentioned 70% of our revenue is on a subscription. The way we packaged our products lends itself to that. Lastly, we're in a market that is, and the changes that we made to our compensation plan really is attracting, I'd say, the next generation of people that are interested in the direct selling space with an opportunity to earn income based on their individual efforts and selling products.
What's surprising is that as we talk to many of these micro-influencers, and they start to understand the business model, the historical business model that if they attract two or three or five micro-influencers, they also have the ability to earn income off of those other influencers' activities. It's important because they're realizing that maybe for many of them, what started off as a hobby or a passion that they had is now becoming a job because to maintain that following that they have, they realize they have to post every day and stay relevant, or they start losing their following. It's an amazing way for social sellers to leverage a company like LifeVantage that has invested millions of dollars over the years in science-backed products that we stand behind, many of which are patented, that have clinical studies on them.
They can sell with confidence the products as well as now leverage alternative sources of income that weren't previously available to them. That's LifeVantage in a nutshell. Thank you for your participation and your being here. I look forward to updating you in the future.