Niagen Bioscience — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total net sales were $27.2 million, down from $33.986 million in the third quarter of 2025; sales from Tru Niagen specifically totaled $23.3 million.
• Gross margin was 62.9%.
• Net loss was $1.2 million, or $(0.01) per share (basic and diluted), compared to net income of $4.578 million, or $0.06 basic and $0.05 diluted per share, in the prior year period.
• Adjusted EBITDA was positive $0.5 million for the quarter, compared to $6.361 million in the third quarter of 2025.
• Cash provided by operating activities was $2.6 million for the three months ended September 30, 2026, and $4.2 million for the nine-month period, compared to $12.825 million for the nine months ended September 30, 2025.
• Cash and cash equivalents ended the quarter at $69.5 million, up from $66.7 million at the end of June 2026 and $64.788 million at the end of 2025.
• Total assets were $108.694 million as of September 30, 2026, compared to $106.406 million as of December 31, 2025.
• Deferred revenue was $2.162 million as of September 30, 2026, down from $2.674 million at the end of 2025.
• Total current liabilities were $16.907 million, down from $19.919 million at the end of 2025.

Guidance and Future Outlook:

• For the full year 2026, the Company expects direct website revenues to grow 15% to 20% year-over-year and overall e-commerce to grow approximately 5% year-over-year.
• The Company expects consumer business performance to offset e-commerce growth.
• The ingredient business is expected to be lower than the prior year due to decreased volume from key partners, though additional partners were added in Q3 2026.
• A lower-cost NR salt form, patented by the Company, is planned to reduce cost of goods sold and strengthen the ingredient business.
• Niagen Plus growth and new skincare partnerships are expected to become meaningful contributors beginning in 2027.
• Operating expenses are expected to increase in 2026 as the Company invests across commercial, research, and administrative functions.

Business Segments and Product Lines:

• Launched Niagen™ Plus Niagen™ Liquid At-Home Injections, a ready-to-inject kit formulated with pharmaceutical-grade NR via the Niagen™ Plus telehealth platform.
• Launched Tru Niagen® Skincare, a permanent new category, with the inaugural product Niagen NanoCloud™, the first dermatologist-tested topical product powered by Niagen NR.
• Direct-to-consumer sales on the Company's website grew 13% year-over-year.
• Expanded retail footprint by launching Tru Niagen at nearly 300 GNC and Sam's Club locations across 44 states.
• Launched Tru Niagen on Walmart.com to diversify e-commerce marketplace presence.
• Announced a Start-Up Agreement with Mass General Brigham (MGB) to plan the largest and most comprehensive clinical trial of Niagen to date.
• NAD Pharmaceuticals engaged Red Sky Partners to advance NB4168, an investigational small molecule drug candidate targeting rare genetic diseases and aging-related disorders.
• Published a new peer-reviewed analysis in Aging Cell associating Niagen® supplementation with reduced muscle epigenetic age acceleration.

Market and Competitive Landscape:

• The Company faces competitive market dynamics impacting volume from key ingredient partners.
• Competition includes other providers and products, specifically mentioning NMN as a competitor in the supplement market.
• The Company is investing in brand awareness through the "Don't Get Old. Age Better.®" campaign featuring 11-time world champion surfer Kelly Slater and over 20 partners across sports, entertainment, and medicine.

Risks and Challenges:

• Risks include relationships with major customers, decline in general economic conditions, and market size fluctuations in the vitamin, mineral, dietary supplement, and intravenous markets.
• Challenges involve market acceptance of products, success of marketing investments, and potential interruptions in third-party online marketplace sales.
• Intellectual property protection, litigation, and regulatory compliance (FTC, state authorities) are cited as risks.
• Product development risks include the success of the therapeutic pipeline (NB4168), clinical trial enrollment, and FDA regulatory designations.
• Risks related to capital raising, inflation, reliance on limited third-party suppliers, and securing pharmaceutical-grade Niagen quantities are noted.
• The Company notes its history of operating losses and the risk of inability to maintain and grow sales and distribution capabilities.

Management Commentary and Tone:

• CEO Rob Fried stated the Company navigated near-term commercial headwinds while generating positive adjusted EBITDA and operating cash flow.
• Management views 2026 as an "investment year" and believes progress across consumer health, ingredients, injectables, skincare, and pharmaceuticals provides a strong springboard for growth in 2027 and beyond.
• The tone emphasizes disciplined capital allocation and positive cash flow from operations despite increased operating expenses.

Other Key Points:

• The Company announced a Start-Up Agreement with Mass General Brigham (MGB) for a major clinical trial.
• NAD Pharmaceuticals engaged Red Sky Partners to support the advancement of drug candidate NB4168.
• A new peer-reviewed analysis was published in Aging Cell regarding Niagen® and muscle epigenetic age.
• The Company expanded distribution to Walmart.com, GNC, and Sam's Club.
• New product launches include Niagen™ Plus At-Home Injections and Niagen NanoCloud™ skincare.
• A new brand campaign featuring Kelly Slater was launched.
• The Company expects to introduce a lower-cost, patented NR salt form to reduce cost of goods sold.
• Investor webcast scheduled for November 4, 2026, at 4:30 p.m. Eastern Standard Time.