NutriBand's Net Loss Widens Amid Soaring Expenses, Revenue Mixed

TL;DR

**NutriBand is burning cash faster than it's growing, making it a high-risk bet despite recent financing.**

AI Summary

NutriBand Inc. (NTRBW) reported a significant increase in net loss for the nine months ended October 31, 2025, reaching $7,261,573, compared to $4,966,179 for the same period in 2024. This was primarily driven by a substantial rise in selling, general, and administrative expenses to $6,071,320 from $2,554,155, and a preferred shares dividend of $21,814,166. Revenue for the nine months increased to $1,635,942 from $1,497,158, a modest 9.27% growth. However, for the three months ended October 31, 2025, revenue decreased to $346,058 from $645,796 in 2024, a 46.41% decline. The company's cash and cash equivalents improved to $5,312,177 as of October 31, 2025, up from $4,311,719 at January 31, 2025, largely due to $5,305,503 from warrant exercises and $8,400,000 from equity financing with European investors in April 2024. Despite ongoing operating losses, management believes it has sufficient funds for the next twelve months, citing improved operations and a $5,000,000 credit line facility.

Why It Matters

NutriBand's widening net loss and significant increase in SG&A expenses raise red flags for investors, despite a slight revenue increase over nine months. The substantial preferred shares dividend of $21.8 million also heavily impacts common stockholders' net loss per share, making profitability a distant prospect. While the company secured significant financing, its ability to translate this into sustainable operating profits and FDA approvals for its Aversa technology remains unproven, putting it at a disadvantage against larger, more established pharmaceutical developers. Employees and customers of its contract manufacturing services might see stability in the short term due to the cash infusion, but long-term viability hinges on successful drug development and market penetration.

Risk Assessment

Risk Level: high — NutriBand reported a net loss of $7,261,573 for the nine months ended October 31, 2025, and used $4,402,800 in cash from operations. The company has generated operating losses since its inception, indicating a persistent inability to fund operations through core business activities. The significant increase in selling, general and administrative expenses by 137.7% to $6,071,320 for the nine months ended October 31, 2025, further exacerbates cash burn.

Analyst Insight

Investors should exercise extreme caution and consider avoiding NTRBW. The company's continued operating losses and substantial increase in SG&A expenses, coupled with a massive preferred shares dividend, indicate a challenging path to profitability. Monitor future filings for concrete progress on FDA approvals and a clear path to positive operating cash flow before considering any investment.

Financial Highlights

debt To Equity

0.11

revenue

$1,635,942

operating Margin

N/A

total Assets

$8,419,160

total Debt

$870,208

net Income

-$7,261,573

eps

N/A

gross Margin

N/A

cash Position

$5,312,177

revenue Growth

+9.27%

Key Numbers

• $7,261,573 — Net Loss (for the nine months ended October 31, 2025, up from $4,966,179 in 2024)
• $21,814,166 — Preferred Shares Dividend (for the nine months ended October 31, 2025, significantly impacting net loss available to common stockholders)
• $1,635,942 — Revenue (for the nine months ended October 31, 2025, a 9.27% increase from $1,497,158 in 2024)
• $346,058 — Revenue (for the three months ended October 31, 2025, a 46.41% decrease from $645,796 in 2024)
• $6,071,320 — Selling, General and Administrative Expenses (for the nine months ended October 31, 2025, a 137.7% increase from $2,554,155 in 2024)
• $5,312,177 — Cash and Cash Equivalents (as of October 31, 2025, up from $4,311,719 at January 31, 2025)
• $5,305,503 — Proceeds from Warrant Exercises (during the nine months ended October 31, 2025)
• $8,400,000 — Proceeds from Equity Financing (received on April 19, 2024, from European investors)
• $4,402,800 — Net Cash Used In Operating Activities (for the nine months ended October 31, 2025)
• $5,000,000 — Credit Line Note Facility (amended on July 13, 2023, for research and development funding)

Key Players & Entities

• NutriBand Inc. (company) — registrant
• 4P Therapeutics LLC (company) — acquired subsidiary developing transdermal pharmaceutical products
• Pocono Pharmaceuticals Inc. (company) — wholly owned subsidiary for contract development and manufacturing
• Active Intelligence LLC (company) — acquired subsidiary manufacturing activated kinesiology tape
• SEC (regulator) — Securities and Exchange Commission
• FDA (regulator) — Food and Drug Administration
• European investors (person) — source of equity financing
• Nasdaq Stock Market LLC (company) — exchange where common stock and warrants are registered

FAQ

Risk Factors

• Significant Increase in Net Loss [high — financial]: The company reported a net loss of $7,261,573 for the nine months ended October 31, 2025, a substantial increase from $4,966,179 in the prior year. This widening loss is exacerbated by a significant preferred shares dividend of $21,814,166, which heavily impacts net income available to common stockholders.
• Deteriorating Short-Term Revenue Trend [high — operational]: While nine-month revenue grew 9.27% to $1,635,942, the most recent quarter (three months ended October 31, 2025) saw a sharp 46.41% decline in revenue to $346,058 from $645,796 in the prior year, indicating a concerning recent downturn in sales.
• Explosive SG&A Expense Growth [high — operational]: Selling, general, and administrative expenses surged by 137.7% to $6,071,320 for the nine months ended October 31, 2025, up from $2,554,155 in the same period last year. This rapid increase in operating costs is a primary driver of the widening net loss.
• Reliance on Financing and Warrant Exercises [medium — financial]: The company's improved cash position of $5,312,177 is largely attributable to $5,305,503 from warrant exercises and $8,400,000 from equity financing in April 2024. This highlights a dependence on capital raises rather than operational cash flow for liquidity.
• Ongoing Operating Losses [high — financial]: Despite management's belief in sufficient funds for the next twelve months, the company incurred $4,402,800 in net cash used in operating activities for the nine months ended October 31, 2025. Continued operating losses pose a long-term financial risk.
• Dilution from Preferred Stock and Warrants [medium — financial]: The issuance of preferred stock (3,008,643 shares as of Oct 31, 2025) and the exercise of warrants ($5,305,503 in proceeds) indicate potential future dilution for common stockholders, impacting earnings per share and ownership percentages.
• Declining Asset Base in Certain Areas [low — operational]: While cash increased, property & equipment decreased from $695,063 to $587,968, and inventory fell from $212,041 to $135,998. Intangible assets also declined from $261,092 to $215,593, suggesting potential divestment or write-downs.

Industry Context

NutriBand operates in the health and wellness sector, which is characterized by increasing consumer demand for innovative health monitoring and personalized nutrition solutions. The market is competitive, with numerous players ranging from established medical device companies to agile startups. Trends include the integration of AI for data analysis, wearable technology advancements, and a growing focus on preventative health.

Regulatory Implications

As a company involved in health-related products, NutriBand may face regulatory scrutiny from bodies like the FDA or equivalent international agencies, depending on the nature of its devices and claims. Compliance with data privacy regulations (e.g., HIPAA, GDPR) is also critical, especially if handling sensitive health information.

What Investors Should Do

1. Monitor SG&A Expense Control
2. Analyze Quarterly Revenue Trends
3. Evaluate Cash Burn Rate and Runway
4. Assess Impact of Preferred Dividends

Key Dates

• 2025-10-31: Nine months ended October 31, 2025 financial reporting period — Reveals significant increase in net loss and SG&A expenses, alongside a sharp quarterly revenue decline.
• 2025-01-31: January 31, 2025 balance sheet date — Provides a baseline for comparison of cash and cash equivalents, which increased by approximately $1 million by October 31, 2025.
• 2024-04-19: Equity financing from European investors — Provided $8,400,000 in capital, contributing to the current cash position and supporting operations.
• 2023-07-13: Amendment of Credit Line Note Facility — Established a $5,000,000 facility, cited by management as a source of funds for the next twelve months.

Glossary

Accumulated deficit

The cumulative net losses of a company since its inception, minus any net profits. (Indicates the company has historically operated at a loss, with the deficit growing to $45,724,209 as of October 31, 2025.)

Preferred stock

A class of stock that has priority over common stock in terms of dividends and asset claims, but typically does not carry voting rights. (A significant dividend of $21,814,166 was paid on preferred stock, heavily impacting net loss available to common shareholders.)

Warrant exercises

The process by which holders of warrants purchase shares of stock at a specified price. (Proceeds of $5,305,503 from warrant exercises contributed significantly to the company's cash balance.)

Goodwill

An intangible asset that arises when one company acquires another for a price greater than the fair market value of its net assets. (Represents a significant portion of the company's other assets at $1,719,535, suggesting past acquisitions.)

Operating lease right of use asset

An asset recognized under accounting standards for the right to use an asset over the lease term. (Appeared on the balance sheet as of October 31, 2025 ($81,000), indicating new lease agreements.)

Deferred revenue

Revenue that has been received by the company but not yet earned. (Decreased significantly from $155,880 to $6,974, suggesting a reduction in future revenue obligations.)

Year-Over-Year Comparison

Compared to the prior year's nine-month period, NutriBand Inc. has seen a modest revenue increase of 9.27% to $1,635,942. However, this growth is overshadowed by a substantial increase in net loss, driven by a 137.7% surge in Selling, General, and Administrative expenses. While cash reserves have improved due to financing and warrant exercises, the company's operating performance has weakened, evidenced by a sharp decline in revenue for the latest quarter and continued net cash used in operating activities.

Key Financial Figures

• $0.001 — of the issuer's common stock, par value $0.001 per share, was 12,174,883 shares as of

Filing Documents

• ea0268722-10q_nutriband.htm (10-Q) — 890KB
• ea026872201ex31-1_nutriband.htm (EX-31.1) — 10KB
• ea026872201ex31-2_nutriband.htm (EX-31.2) — 10KB
• ea026872201ex32-1_nutriband.htm (EX-32.1) — 3KB
• ea026872201ex32-2_nutriband.htm (EX-32.2) — 3KB
• 0001213900-25-120204.txt ( ) — 6416KB
• ntrb-20251031.xsd (EX-101.SCH) — 52KB
• ntrb-20251031_cal.xml (EX-101.CAL) — 33KB
• ntrb-20251031_def.xml (EX-101.DEF) — 319KB
• ntrb-20251031_lab.xml (EX-101.LAB) — 556KB
• ntrb-20251031_pre.xml (EX-101.PRE) — 331KB
• ea0268722-10q_nutriband_htm.xml (XML) — 791KB

: Financial Information

Part I: Financial Information 1 Item 1

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of October 31, 2025 (unaudited) and January 31, 2025. 2 Condensed Consolidated Statements of Operations for the three and nine months ended October 31, 2025 and 2024 (unaudited), 3 Consolidated 4 Condensed Consolidated Statements of Cash Flows for the nine months ended October 31, 2025, and 2024 (unaudited) 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 26 Item 4

Controls and Procedures

Controls and Procedures 26

: Other Information

Part II: Other Information 27 Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A

Risk Factors

Risk Factors 27 Item 6 Exhibits 29 i NUTRIBAND INC.

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Certain information and footnote disclosures required under accounting principles generally accepted in the United States of America have been condensed or omitted from the following financial The results of operations for the three and nine months ended October 31, 2025, and 2024 are not necessarily indicative of the results for the entire fiscal year or for any other period. 1 NUTRIBAND INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS October 31, January 31, 2025 2025 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 5,312,177 $ 4,311,719 Accounts receivable-net 147,562 73,847 Inventory 135,998 212,041 Prepaid expenses 219,327 196,658 Total Current Assets 5,815,064 4,794,265 PROPERTY & EQUIPMENT-net 587,968 695,063 OTHER ASSETS: Goodwill 1,719,535 1,719,535 Operating lease right of use asset 81,000 - Intangible assets-net 215,593 261,092 TOTAL ASSETS $ 8,419,160 $ 7,469,955 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses $ 605,209 $ 698,821 Deferred revenue 6,974 155,880 Operating lease liability-current portion 31,722 - Notes payable-current portion 128,619 128,144 Total Current Liabilities 772,524 982,845 LONG-TERM LIABILITIES: Note payable-net of current portion 41,603 58,205 Operating lease liability-net of current portion 56,081 - Total Liabilities 870,208 1,041,050 Commitments and Contingencies - - STOCKHOLDERS' EQUITY: Preferred stock, $ .001 par value, 10,000,000 shares authorized, 3,008,643 and - 0 - issued and outstanding as of October 31, 2025 and January 31, 2025, respectively 3,009 - Common stock, $ .001 par value, 291,666,666 shares authorized, 12,174,883 and 11,107,210 shares issued at October 31, 2025 and January 31, 2025, respectively, 12,155,983 and 11,074,810 shar

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