Niagen Bioscience Q3 Sales Soar 33%, Net Income Jumps 144%

TL;DR

**NAGE is crushing it with massive sales and profit growth, making it a strong buy in the bioscience space.**

AI Summary

Niagen Bioscience, Inc. (NAGE) reported robust financial performance for the three and nine months ended September 30, 2025. Net sales increased significantly, reaching $33.986 million for the three months, up 32.8% from $25.580 million in the prior year, and $95.584 million for the nine months, a 35.6% increase from $70.472 million. The company achieved a net income of $4.578 million for the three-month period, a substantial rise from $1.878 million in Q3 2024, and $13.250 million for the nine-month period, up from $1.371 million. Gross profit also saw strong growth, reaching $21.928 million for the quarter and $61.485 million year-to-date. Operating income surged to $4.236 million for the quarter and $12.193 million for the nine months, demonstrating improved operational efficiency. Cash and cash equivalents increased to $64.290 million as of September 30, 2025, from $44.660 million at December 31, 2024, with net cash provided by operating activities at $12.825 million for the nine months. The company's strategic outlook remains focused on its NAD+ precursor, Niagen, and its Tru Niagen consumer product line, alongside supplying raw materials and providing research services.

Why It Matters

Niagen Bioscience's strong financial performance, particularly the 35.6% increase in nine-month net sales to $95.584 million and a significant jump in net income to $13.250 million, signals growing market acceptance for its NAD+ precursor products like Tru Niagen. This growth could attract more investors looking for opportunities in the healthy aging and supplement sectors, potentially driving NAGE's stock price. For employees, sustained profitability and cash generation, with $12.825 million in operating cash flow, suggest job security and potential for expansion. Customers benefit from a company with increased resources for research and development, potentially leading to enhanced product offerings in a competitive bioscience market.

Risk Assessment

Risk Level: medium — While Niagen Bioscience reported strong financial results, the filing notes a 'history of recurring operating losses and a history of negative cash flows from operating activities' in its liquidity section, despite recent positive trends. As of September 30, 2025, the company had an accumulated deficit of $(168.660) million, indicating past financial challenges that could resurface, warranting a medium risk assessment.

Analyst Insight

Investors should consider initiating or increasing a position in NAGE, given the significant revenue growth of 35.6% year-to-date and the substantial improvement in net income to $13.250 million. The positive operating cash flow of $12.825 million for the nine months ended September 30, 2025, demonstrates improved financial health and operational efficiency.

Financial Highlights

debt To Equity

0.39

revenue

$95.584M

operating Margin

12.76%

total Assets

$98.139M

total Debt

$27.463M

net Income

$13.250M

eps

$0.17

gross Margin

64.33%

cash Position

$64.290M

revenue Growth

+35.6%

Revenue Breakdown

Key Numbers

• $95.584M — Net Sales (Nine Months) (Increased 35.6% from $70.472 million in 2024)
• $33.986M — Net Sales (Three Months) (Increased 32.8% from $25.580 million in 2024)
• $13.250M — Net Income (Nine Months) (Increased from $1.371 million in 2024)
• $4.578M — Net Income (Three Months) (Increased from $1.878 million in 2024)
• $61.485M — Gross Profit (Nine Months) (Increased from $43.389 million in 2024)
• $12.193M — Operating Income (Nine Months) (Increased from $615 thousand in 2024)
• $64.290M — Cash and Cash Equivalents (As of September 30, 2025, up from $44.660 million at December 31, 2024)
• $12.825M — Net Cash Provided by Operating Activities (For the nine months ended September 30, 2025)
• $0.17 — Basic EPS (Nine Months) (Increased from $0.02 in 2024)
• 79,806,139 — Shares Outstanding (As of November 3, 2025)

Key Players & Entities

• Niagen Bioscience, Inc. (company) — Registrant and global bioscience company
• ChromaDex Corporation (company) — Former name of Niagen Bioscience, Inc.
• NAD+ (other) — Essential coenzyme and key regulator of cellular metabolism
• Niagen (other) — Flagship ingredient, commercialized nicotinamide riboside chloride (NRC)
• Tru Niagen (other) — Dietary supplement consumer product line
• SEC (regulator) — Securities and Exchange Commission
• FASB (regulator) — Financial Accounting Standards Board
• Nasdaq Capital Market (other) — Exchange where NAGE Common Stock is registered
• ChromaDex, Inc. (company) — Wholly owned subsidiary of Niagen Bioscience, Inc.
• ChromaDex International, Inc. (company) — Wholly owned subsidiary of Niagen Bioscience, Inc.

FAQ

Risk Factors

• Inventory Management [medium — operational]: Inventories increased significantly from $9.192 million at December 31, 2024, to $18.791 million as of September 30, 2025. This substantial build-up could indicate potential overstocking or slower-than-anticipated sales, posing a risk to working capital and potential obsolescence.
• Product Efficacy and Claims [high — regulatory]: The company's core products are NAD+ precursors like Niagen. Ensuring scientific validation and compliance with regulatory bodies regarding health claims is crucial. Any adverse findings or changes in regulatory landscape could impact sales and market acceptance.
• Competition in Health Supplements [medium — market]: The health and wellness supplement market is highly competitive. Niagen Bioscience faces competition from established players and new entrants, requiring continuous innovation and marketing to maintain market share and pricing power.
• Reliance on Key Products [medium — financial]: The company's strategic outlook is heavily focused on Niagen and its Tru Niagen line. A significant downturn in demand or regulatory issues affecting these specific products could disproportionately impact overall financial performance.

Industry Context

The health and wellness supplement industry, particularly focusing on cellular health and aging, is experiencing significant growth driven by increasing consumer awareness of preventative health measures. Companies like Niagen Bioscience are positioned to capitalize on this trend with products like NAD+ precursors. However, the market is competitive, with a constant need for scientific validation and differentiation.

Regulatory Implications

Niagen Bioscience operates in a highly regulated sector. Ensuring compliance with FDA and other international health authorities regarding product safety, manufacturing practices (cGMP), and marketing claims is paramount. Any misstep in regulatory compliance could lead to product recalls, fines, or market access restrictions.

What Investors Should Do

1. Monitor inventory levels closely.
2. Evaluate R&D spending efficiency.
3. Assess the sustainability of margin expansion.
4. Track competitive landscape and new product introductions.

Key Dates

• 2025-09-30: End of Third Quarter 2025 — Reporting period for the Q3 and YTD 2025 financial results, showing significant revenue and net income growth.
• 2024-09-30: End of Third Quarter 2024 — Prior year comparison period for Q3 and YTD 2024 financial results, highlighting substantial year-over-year improvements.
• 2025-12-31: End of Fiscal Year 2024 — Prior year-end balance sheet date, used as a comparison for current assets and cash position.
• 2025-11-03: Shares Outstanding Date — Indicates the number of shares outstanding as of a recent date, relevant for EPS calculations and market capitalization.

Glossary

NAD+

Nicotinamide Adenine Dinucleotide, a coenzyme found in all living cells that is vital for metabolism and cellular energy. (Niagen Bioscience's core product, Niagen, is a precursor to NAD+, a key focus for the company's strategy.)

Accumulated deficit

The total cumulative net losses of a company since its inception, minus any cumulative net profits. (Indicates the company has historically incurred more expenses than revenues, though the deficit is decreasing ($168.660M in Q3 2025 vs $181.910M in FY 2024).)

Right-of-use assets

Assets recognized under lease accounting standards, representing the right to use an underlying asset for the lease term. (These assets are part of the company's long-term assets, reflecting its use of leased properties or equipment.)

Deferred revenue

Revenue that has been received by a company for goods or services that have not yet been delivered or rendered. (Represents future revenue obligations, with $2.674 million recorded as of September 30, 2025.)

Year-Over-Year Comparison

Niagen Bioscience has demonstrated substantial year-over-year improvement across key financial metrics. Net sales for the nine months increased by 35.6% to $95.584 million, and net income surged from $1.371 million to $13.250 million. Gross profit also saw a significant rise, and operating income expanded dramatically from $615 thousand to $12.193 million, indicating improved operational leverage. The company's cash position has strengthened considerably, with cash and cash equivalents growing to $64.290 million. No new significant risks were highlighted in the provided excerpt compared to the general nature of risks in the supplement industry.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share NAGE The Nasdaq Cap

Filing Documents

• cdcx-20250930.htm (10-Q) — 1549KB
• nageex-311q32025.htm (EX-31.1) — 10KB
• nageex-312q32025.htm (EX-31.2) — 10KB
• nageex-321q32025.htm (EX-32.1) — 6KB
• cdcx-20250930_g1.jpg (GRAPHIC) — 140KB
• 0001386570-25-000020.txt ( ) — 7388KB
• cdcx-20250930.xsd (EX-101.SCH) — 39KB
• cdcx-20250930_cal.xml (EX-101.CAL) — 55KB
• cdcx-20250930_def.xml (EX-101.DEF) — 153KB
• cdcx-20250930_lab.xml (EX-101.LAB) — 530KB
• cdcx-20250930_pre.xml (EX-101.PRE) — 352KB
• cdcx-20250930_htm.xml (XML) — 1278KB

- Financial Information (unaudited)

PART I - Financial Information (unaudited) Pg.

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited): 3 Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 3 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and September 30, 2024 4 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2025 and September 30, 2024 5 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and September 30, 2024 7 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 35

- Other Information

PART II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 38

Other information

Item 5. Other information 58

Exhibits

Item 6. Exhibits 59

Signatures

Signatures 60 2 Table of Contents PART I

FINANCIAL STATEMENTS (unaudited)

Item 1. FINANCIAL STATEMENTS (unaudited) Niagen Bioscience, Inc. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets (In thousands except par values, unless otherwise indicated) September 30, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents, including restricted cash of $ 152 for both periods presented $ 64,290 $ 44,660 Trade receivables, net of allowances of $ 137 and $ 95 , respectively 8,506 7,768 Inventories 18,791 9,192 Prepaid expenses and other assets 2,029 2,482 Total current assets 93,616 64,102 Leasehold improvements and equipment, net 1,499 1,719 Intangible assets, net 246 359 Right-of-use assets, net 2,361 1,730 Other long-term assets 417 368 Total assets $ 98,139 $ 68,278 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 12,742 $ 8,526 Accrued expenses 8,700 7,817 Current maturities of operating lease obligations 976 982 Current maturities of finance lease obligations 2 12 Customer deposits 292 611 Total current liabilities 22,712 17,948 Deferred revenue 2,674 2,579 Operating lease obligations, less current maturities 2,077 1,657 Total liabilities 27,463 22,184 Commitments and Contingencies (Note 10) Stockholders' Equity Common stock, $ 0.001 par value; authorized 150,000 shares; 79,639 shares and 77,330 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 79 77 Additional paid-in capital 239,266 227,931 Accumulated deficit ( 168,660 ) ( 181,910 ) Cumulative translation adjustments ( 9 ) ( 4 ) Total stockholders' equity 70,676 46,094 Total liabilities and stockholders' equity $ 98,139 $ 68,278 See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements. 3 Table of Contents Niagen Bioscience, Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Operations (In thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2025 202

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View this 10-Q filing on SEC EDGAR