On March 4, 2026 Niagen Bioscience, Inc. (NASDAQ:NAGE) reported its fourth quarter and fiscal year 2025 financial results.
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Fourth Quarter 2025 Financial Highlights Compared to Prior Year Quarter
Total net sales increased 16% to $33.8 million, with Tru Niagen sales of $27.5 million, up 21% from the prior year quarter.
Gross margin increased 160 basis points to 64.1%.
Net income of $4.1 million compared to $7.2 million in the prior year quarter. Q4 2024 benefited from a $3.5 million reversal of previously accrued royalties and license maintenance fees, and a $1.3 million recovery of credit losses related to the Elysium Health settlement, while the current-year quarter benefited from a $2.0 million gain related to the settlement of royalty obligations.
Basic earnings per share was $0.05, and diluted earnings per share was $0.05, compared to $0.09 earnings per share in the prior year quarter for each.
Adjusted EBITDA, a non-GAAP measure, was $4.1 million, an increase of $0.7 million from the prior year quarter.
Full Year 2025 Financial Highlights Compared to Prior Year
Delivered on latest financial outlook across key metrics, demonstrating strong operational execution and focus on delivering shareholder value.
Total net sales increased 30% to $129.4 million, with Tru Niagen sales of $97.7 million and Niagen ingredient sales of $27.9 million, up 27% and 45%, respectively.
Gross margin increased 250 basis points to 64.3%.
Selling and marketing expense improved 220 basis points as a percentage of net sales to 27.4%, reflecting increased operating leverage.
Net income of $17.4 million, an increase of $8.8 million from $8.6 million in the prior year. The prior year included a $3.5 million reversal of previously accrued royalties and license maintenance fees, while 2025 included a $2.0 million gain related to the settlement of royalty obligations. Both years included a $1.3 million recovery of credit losses related to the Elysium Health settlement.
Basic earnings per share was $0.22, and diluted earnings per share was $0.20, improving from $0.11 earnings per share in the prior year for each.
Adjusted EBITDA, a non-GAAP measure, was $20.4 million, increasing $11.9 million year-over-year.
Generated positive operating cash flow of $13.5 million, ending the year with $64.8 million in cash and no outstanding borrowings.
Recent Operational Highlights
In February 2026, the Company sold substantially all of the assets of its analytical reference standards and services operating segment to a third party in an all-cash transaction for total consideration of approximately $6.0 million, less working capital adjustments of approximately $0.2 million. As of December 31, 2025, the assets of this segment were classified as held for sale and presented as such in the Company’s consolidated balance sheets.
In January 2026, the Company announced a partnership with Truemed enabling qualified U.S. customers to use Health Savings Account (HSA) and Flexible Spending Account (FSA) funds to purchase Tru Niagen on the Company’s direct-to-consumer website with a Truemed Letter of Medical Necessity (LMN). This update expands payment flexibility for eligible customers and reflects continued development of the Company’s consumer sales channels.
In December 2025, the Company acquired the core nicotinamide riboside (NR) patent portfolio from Queen’s University Belfast, resulting in sole ownership of the foundational composition-of-matter intellectual property underlying NR and its salt forms. The acquisition enhances the Company’s control over key IP supporting existing and potential future applications, including pharmaceutical development, and increases strategic and financial flexibility for the development, licensing, and commercialization of its intellectual property portfolio.
In November 2025, the Company launched Tru Niagen Beauty, a dietary supplement formulated with Niagen and other clinically studied ingredients designed to support skin, hair, and nail health. The product represents an expansion of the Company’s consumer portfolio into the beauty and nutricosmetics category and reflects the continued application of NAD+ science across additional consumer health verticals.
In November 2025, the Company announced results from a randomized, double-blind, placebo-controlled clinical trial evaluating Niagen supplementation in individuals with long COVID. The study demonstrated that Niagen supplementation increased NAD+ levels, supporting continued scientific evaluation of NAD+ restoration in populations experiencing prolonged post-viral symptoms.
"Niagen Bioscience delivered net sales of $33.8 million for the fourth quarter of 2025, representing a 16% increase compared to the prior year period, and generated net income of $4.1 million. For the full year, net sales were $129.4 million, an increase of 30% year-over-year, with net income of $17.4 million and operating cash flow of $13.5 million," said Rob Fried, Niagen Bioscience Chief Executive Officer. "We ended the year with $64.8 million in cash, providing a strong financial foundation to support continued investment in our strategic priorities and growth."
Results of operations for the three months ended December 31, 2025 compared to the prior year quarter
Net Sales for Niagen Bioscience increased 16%, or $4.7 million, to $33.8 million. Net sales growth was driven by a $4.8 million increase in Tru Niagen sales, largely attributed to e-commerce growth, partially offset by lower ingredient sales.
Gross Margin improved 160 basis points to 64.1% driven by the sale of lower-cost inventory and improved labor and overhead utilization on higher sales volume.
Operating Expense, net increased 59%, or $6.5 million, to $17.6 million.
General and administrative (G&A) expense increased by $6.4 million compared to the prior year quarter, primarily reflecting the absence of a $3.5 million reversal of previously accrued royalties and license maintenance fees, and a $1.3 million recovery of credit losses related to the Elysium Health legal settlement in the prior year quarter, as well as higher employee-related and share-based compensation expenses.
Selling and marketing (S&M) expense and research and development (R&D) expense increased by $1.7 million and $0.4 million, respectively, reflecting higher investments to support brand growth, product development initiatives, and clinical activities.
Higher operating expenses were partially offset by a $2.0 million gain recognized during the fourth quarter of 2025 related to the settlement of royalty obligations under a settlement agreement with Queen’s University Belfast.
Net Income was $4.1 million compared to $7.2 million for the fourth quarter of 2024, primarily driven by elevated operating expenses in the current year quarter, as the prior year quarter included benefits that exceeded the $2.0 million gain recognized in the current quarter.
Basic and Diluted Earnings Per Share were $0.05 and $0.05, respectively, compared to $0.09 for both basic and diluted earnings per share in the prior year quarter.
Adjusted EBITDA, a non-GAAP measure, was $4.1 million, an increase of $0.7 million from $3.4 million for the fourth quarter of 2024. See "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of non-GAAP Adjusted EBITDA to net income, the most directly comparable GAAP measure.
Results of operations for the year ended December 31, 2025 compared to the prior year
Net Sales for Niagen Bioscience increased 30%, or $29.8 million, to $129.4 million. Net sales growth was driven by $20.9 million increase in Tru Niagen sales and $8.9 million increase in ingredient sales, largely from food-grade Niagen.
Gross Margin improved 250 basis points to 64.3%, driven by favorable product mix, the sale of lower-cost inventory, and improved labor and overhead utilization on higher sales volume.
Operating Expense, net increased 24%, or $13.1 million, to $66.9 million.
G&A expense increased by $8.7 million, year-over-year, reflecting the absence of a $3.5 million reversal of previously accrued royalties and license maintenance fees recorded in 2024, as well as higher employee-related expenses, share-based compensation, and professional and consulting fees.
S&M expense increased by $6.0 million and R&D expense of $0.3 million, reflecting increased investments to support brand growth, product development initiatives, and clinical activities.
Higher operating expenses were partially offset by a $2.0 million gain recognized during 2025 related to the settlement of royalty obligations under an agreement with Queen’s University Belfast.
Net Income was $17.4 million compared to $8.6 million for fiscal year 2024.
Basic and Diluted Earnings Per Share were $0.22 and $0.20, respectively, compared to a $0.11 for both basic and diluted earnings per share in the prior year.
Adjusted EBITDA, a non-GAAP measure, was $20.4 million, an increase of $11.9 million compared to $8.5 million for fiscal year 2024. See "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of non-GAAP Adjusted EBITDA to net income, the most directly comparable GAAP measure.
Cash Flow from Operating Activities had a net cash inflow of $13.5 million, compared to $12.1 million for fiscal year 2024 driven by improvements in net income, largely offset by increased investment in working capital, including higher inventory levels to support business growth.
Cash and cash equivalents totaled $64.8 million at December 31, 2025, compared to $44.7 million at December 31, 2024.
2026 Outlook
Net sales: Increasing between 10-15% year-over-year excluding 2025 revenue attributable to the Analytical Reference Standards and Services segment, driven primarily by e-commerce business and new strategic partnerships.
Gross margin: Slight improvement year-over-year, driven by improvements in inventory cost and product mix.
Sales & marketing: Increase in absolute dollars, but stable as a percentage of sales, driven by optimized investments to drive customer acquisition and support the launch of new verticals.
Research & development: Increase in absolute dollars, driven by investment into pharmaceutical development and continued external research initiatives.
General & administrative: $4.0 million to $5.0 million increase driven by infrastructure investments and legal expenses to support the growth of existing business and new market launches, as well as increased share-based compensation expense with the absence of credit loss recovery.
Investor Conference Call
A live webcast will be held Wednesday, March 4, 2026 at 4:30 p.m. Eastern Standard Time (1:30 p.m. Pacific Standard Time) to discuss Niagen Bioscience’s fourth quarter and fiscal year 2025 financial results and provide a general business update.
To listen to the webcast, or to view the earnings press release and its accompanying financial exhibits, please visit the Investor Relations section of Niagen Bioscience’s website at View Source The toll-free dial-in information for this call is 1-800-715-9871 with Conference ID: 8584242.
The webcast will be recorded, and will be available for replay via the website from 7:30 p.m. Eastern Standard Time on March 4, 2026 to 11:59 p.m. Eastern Daylight Time on March 11, 2026. The replay of the call can also be accessed by dialing 1-800-770-2030, using the Replay ID: 8584242 followed by the # key.
(Press release, ChromaDex, MAR 4, 2026, View Source [SID1234663243])