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UPDATE: Monday, Aug. 22, 2:37 p.m. ET: Lochte's Olympic contract with Ralph Lauren won't be renewed and his contract with Gentle Hair Removal has been canceled on Monday, according to ESPN. This means he has lost three endorsement deals in one day.

The swimwear brand Speedo has dumped U.S. Olympian Ryan Lochte.

It comes after the swimmer somewhat admitting he lied about a robbery during a night out in Rio, Brazil. Lochte had said he was robbed at gunpoint while traveling in a taxi early Sunday morning with three USA Swimming teammates. After a lengthy investigation, it turns out he was in an altercation with armed guards after the group vandalized a gas station.

SEE ALSO:Why it matters if Ryan Lochte lied about being robbed in Rio

Speedo USA announced its decision via Twitter on Monday, saying it "cannot condone behavior that is counter to the values this brand has long stood for." Lochte has been sponsored by Speedo for more than a decade.

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The company said it will donate $50,000 to Save The Children, a charity focussed on children in Brazil.

"I respect Speedo's decision and am grateful for the opportunities that our partnership has afforded me over the years. I am proud of the accomplishments that we have achieved together," Lochte said in a statement emailed to Mashable.

The official response regarding our sponsorship of Ryan Lochte. pic.twitter.com/0DdP2RyceD

— Speedo USA (@SpeedoUSA) August 22, 2016

Lochte, who has won 12 Olympic medals, is also sponsored by mattress company Airweave and Polo Ralph Lauren. It is unclear if these companies will also distance themselves from the 32-year-old athlete. In 2012, Lochte's endorsements totalled $2.3 million. Today, he is looking at a future with a lot less money rolling in.

-- Additional reporting by Nicole Gallucci.