Niagen Bioscience (NAGE) Q4 2025 earnings summary

Executive summary

• Net sales rose 30% year-over-year to $129.4M in 2025, with Tru Niagen accounting for up to 81% of revenue and ingredient sales up 45%.

• Net income increased 103% year-over-year to $17.4M, with diluted EPS of $0.20 and basic EPS of $0.22.

• Adjusted EBITDA grew 139% to $20.4M, and year-end cash stood at $64.8M with no debt.

• Successfully launched new products, expanded into beauty and injectables, and grew pharmaceutical-grade ingredient sales by 123%.

• Divested the reference standards business for $6M to focus on core NAD science and commercial growth.

Financial highlights

• Gross margin for 2025 was 64.3%, up 250bps year-over-year; Q4 gross margin was 64.1%, up 160bps.

• Q4 2025 revenue was $33.8M, led by Tru Niagen (up 21% YoY to $27.5M); e-commerce revenue grew up to 28% YoY.

• Ingredient revenue reached $27.9M for FY2025, with pharmaceutical-grade sales up 123% to $3.8M.

• Operating income for FY2025 was $16.3M, up from $7.7M in FY2024.

• Cash from operations for FY2025 totaled $13.5M.

Outlook and guidance

• Projecting 10–15% net sales growth for 2026, excluding divested reference standards segment.

• Gross margin expected to improve slightly, with increased investments in R&D, sales, and marketing.

• G&A expenses projected to rise by $4.0–$5.0M due to infrastructure and legal costs.

• Sales growth expected to be more backloaded in 2026; additional brand marketing not yet included in guidance.

• Strategic focus on customer acquisition, new product launches, and pharmaceutical development.