Niagen 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.

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.

Products and 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.

Customers and end 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.

Value-chain role

Niagen Bioscience occupies an upstream ingredient technology and IP position: it develops proprietary NR synthesis processes, holds owned patents expiring between 2037 and 2038, and supplies ingredient inputs to downstream consumer product manufacturers and 503B compounders. It also operates a vertically integrated consumer brand (Tru Niagen) sold direct-to-consumer, giving it both ingredient supplier and finished-goods brand roles simultaneously.

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.

Source: SEC 10-K, filed 2026-03-04

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