Niagen Bioscience Inc
niagenbioscience.comNiagen Bioscience Inc (NASDAQ: NAGE) is a dietary supplement and nutraceutical ingredient company that develops, manufactures, and sells nicotinamide riboside (NR) products under three reportable segments: Consumer Products, Ingredients, and Analytical Reference Standards and Services. Revenue comes from direct-to-consumer and e-commerce sales of its Tru Niagen branded supplements, business-to-business supply of proprietary Niagen ingredient to consumer product manufacturers and U.S. FDA-registered 503B outsourcing facilities, and analytical reference standards sales. Total net sales were $129.4 million in FY2025, up 30% from $99.6 million in FY2024, with Consumer Products contributing $97.7 million (75%), Ingredients $28.7 million (22%), and Analytical Reference Standards and Services $3.1 million (2%). Gross margin was 64.3% in FY2025, a 250 basis point improvement over FY2024. Net income was $17.4 million in FY2025 versus $8.6 million in FY2024. As of December 31, 2025, the company held $64.8 million in cash and cash equivalents with no borrowings outstanding under its line of credit.
Products & Services
Tru Niagen branded nicotinamide riboside dietary supplements (Consumer Products segment); food-grade Niagen as a raw material for dietary supplement and food product manufacturers; pharmaceutical-grade Niagen supplied to U.S. FDA-registered 503B outsourcing facilities for compounding into Niagen IV and injectable Niagen formulations; analytical reference standards and laboratory services. Niagen holds GRAS (Generally Recognized as Safe) status with the U.S. FDA for use as a food ingredient.
Revenue Model
Three revenue streams: (1) transactional consumer product sales of Tru Niagen branded supplements, primarily through e-commerce; (2) business-to-business ingredient supply of food-grade and pharmaceutical-grade Niagen to manufacturers and 503B outsourcing facilities; (3) sales of analytical reference standards and related services. Tru Niagen e-commerce sales drove $16.2 million of the $20.9 million Consumer Products growth in FY2025.
Customers & Markets
Consumer end market: direct purchasers of Tru Niagen supplements via e-commerce and retail channels. Ingredient end market: manufacturers of dietary supplement and food products (food-grade Niagen) and U.S. FDA-registered 503B outsourcing facilities that compound prescription injectable formulations (pharmaceutical-grade Niagen). Analytical reference standards customers include laboratory and research end users. The pharmaceutical segment generated no revenue during FY2025 or FY2024.
Geographic Exposure
The filing references sales from e-commerce broadly and mentions independent sales representatives within and outside the United States, but does not disclose a specific geographic revenue breakdown by region in the excerpts provided.
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