10-Q · May 6, 2026
Niagen Bioscience, Inc. reported strong results for Q1 2026, achieving net sales of $31.474 million, up 3% from $30.481 million in Q1 2025. Net income rose to $6.318 million, with diluted EPS increasing to $0.07,…
Earnings analysis · 10-Q
NAGE earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Niagen Bioscience posted Q2 revenue of $29.785 million, down 4% year over year, and diluted EPS of $0.01 versus $0.04, as strong Consumer Products growth was outweighed by a 29% Ingredients decline and the disposed…
Read full summary
Niagen Bioscience posted Q2 revenue of $29.785 million, down 4% year over year, and diluted EPS of $0.01 versus $0.04, as strong Consumer Products growth was outweighed by a 29% Ingredients decline and the disposed analytical-services business. Gross margin was nearly stable at 64.8%, but sharply higher sales and marketing investment reduced operating margin to approximately 2.4% from approximately 10.2%. Liquidity is strong at $66.7 million of cash with no borrowings, though first-half operating cash flow fell to $1.6 million from $9.1 million and the filing provides no quantitative earnings guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.01
What stood out
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Consumer segment delivered 6% growth
Consumer Products revenue increased 6% year over year to $24.162 million, with Tru Niagen sales up $1.5 million. E-commerce grew approximately $2.5 million, more than offsetting a $2.3 million decline in A.S. Watson Group sales.
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Consumer mix modestly improved margins
Consumer Products gross profit rose 7% to $16.323 million, and its cost of sales rate improved 40 basis points to 32.4%, helped by a higher mix of e-commerce sales.
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Liquidity remains substantial and debt-free
The company held $66.7 million of cash and cash equivalents, including $66.6 million unrestricted, with no line-of-credit borrowings outstanding as of June 30, 2026.
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Operations remained cash generative
Niagen Bioscience generated $1.6 million of operating cash flow in the first six months and received $5.2 million of net investing cash flow, primarily from the analytical-services business sale.
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Rare-disease program added regulatory designations
NB4168 received FDA Rare Pediatric Disease designation and EMA Orphan Medicinal Product Designation during 2026, supporting development of the Ataxia-Telangiectasia candidate.
What to watch
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Revenue, EPS and operating margin contracted
Quarterly revenue fell 4% to $29.785 million and diluted EPS declined to $0.01 from $0.04. Operating income was approximately $0.700 million, implying a 2.4% operating margin versus approximately 10.2% a year earlier.
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Ingredients weakness and margin pressure
Ingredients revenue declined 29% to $5.387 million and segment gross profit fell 37% to $3.013 million. Management cites softer downstream demand, lower pharmaceutical-grade purchases, competitive pricing concessions, and the shift toward lower-margin food-grade sales.
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Higher acquisition spending compressed profits
Sales and marketing expense rose $1.9 million to $10.130 million, or 34.0% of revenue versus 26.4%. Consumer segment marketing expense reached 41.0% of its revenue, as spending was directed toward longer-term customer acquisition rather than immediate sales.
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Single-source supply and inventory commitments
Risk-factor update: the company has approximately $20.5 million of inventory purchase commitments and relies on a single NRC supplier. Lower-than-expected demand could leave it with excess inventory, margin pressure, or write-down risk.
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Financing and equity dilution overhang
Risk-factor update: the company can raise up to $50.0 million through its new ATM facility and had not sold shares under it as of the filing date. It also had approximately 10.0 million options outstanding at a $3.82 weighted-average exercise price, creating potential dilution.
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Operating cash conversion materially weakened
Operating cash flow decreased $7.6 million year over year to $1.6 million for the first six months. Working capital used cash as accounts payable fell by $1.4 million and accrued expenses fell by $3.9 million.
Management's outlook
The 10-Q does not provide a quantitative revenue or EPS outlook. Management states that unrestricted cash of $66.6 million plus operating cash generation is expected to fund obligations for at least the next 12 months, while it may seek additional capital for longer-term plans.
Earlier filings 4
10-K · March 4, 2026
Niagen Bioscience, Inc. reported a strong year for 2025, showcasing a 30% revenue increase to $129.4 million, primarily driven by consumer demand for its Tru Niagen® products. The company also improved its net income to…
10-Q · November 4, 2025
Niagen Bioscience, Inc. reported strong Q3 2025 results, with revenue of $33.99 million, up 33% year-over-year, and an EPS of $0.05, exceeding consensus estimates. Strong performance was driven primarily by consumer…
10-Q · August 6, 2025
For the second quarter of 2025, Niagen Bioscience, Inc. (NAGE) reported robust financial performance with a 37% increase in revenue compared to the prior year and a swing to profitability, achieving net income of $3.6…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.