Natural Alternatives International Inc (NASDAQ: NAII) is a nutritional supplement contract manufacturing company that provides private-label manufacturing services to companies that market and distribute vitamins, minerals, herbs, and other nutritional supplements to consumers in the U.S. and internationally. Revenue comes from two streams: private-label contract manufacturing fees paid by brand-owner customers, and raw material sales plus royalty and licensing income generated from NAII's beta-alanine patent estate under the CarnoSyn®, SR CarnoSyn®, and TriBsyn™ trademarks. The company's filing notes that revenue has historically been concentrated among two or three private-label contract manufacturing customers, creating material customer concentration risk. NAII operates certified manufacturing facilities in Vista, California, holding NSF GMP and NSF Certified for Sport registrations as of the 10-K filed September 23, 2025. The company trades on the Nasdaq Global Market under the symbol NAII, has never paid a common stock dividend (as of FY2025), and retains earnings for operations. As of September 19, 2025, there were 169 stockholders of record.

Revenue model

Two revenue streams: (1) fees from private-label contract manufacturing services for nutritional supplement brand owners, and (2) raw material sales, royalties, and licensing fees from the beta-alanine patent estate under CarnoSyn®, SR CarnoSyn®, and TriBsyn™ trademarks via license and supply agreements with third parties.

Products and services

Private-label contract manufacturing of vitamins, minerals, herbal and other nutritional supplements in capsule, tablet, chewable wafer, and powder forms. Ancillary services include customized product formulation, clinical study design and support, marketing support, international regulatory and label law compliance, international product registration, and packaging and labeling design. Beta-alanine ingredients sold under CarnoSyn®, SR CarnoSyn®, and TriBsyn™ trademarks into sports nutrition, wellness, healthy aging, and medical foods channels.

Customers and end markets

Private-label contract manufacturing customers that distribute through direct sales marketing channels, direct-to-consumer e-commerce, and retail stores. Revenue historically concentrated among two to three customers (noted as material risk in the 10-K filed September 23, 2025). End markets include sports nutrition, general wellness, healthy aging, and medical foods.

Value-chain role

Contract manufacturer and ingredient supplier sitting between raw material suppliers and brand-owner customers. Provides formulation, manufacturing, regulatory compliance, and packaging services on a private-label basis, and licenses patented beta-alanine ingredients to third-party distributors.

Geographic exposure

Primary manufacturing operations in Vista, California. Customers distribute products both within and outside the U.S. Facilities are certified by Health Canada as compliant with Canadian Natural Health Products Regulations GMP requirements, indicating Canadian market exposure.

Source: SEC 10-K, filed 2025-09-23

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