Niagen Bioscience (NAGE) Q3 2026 earnings summary

Executive summary

• Q3 2026 net sales fell 20% YoY to $27.192M; operating loss was $1.587M and net loss was $1.173M, while Adjusted EBITDA remained positive at $0.455M.

• Cash ended the quarter at $69.509M with no borrowings; Q3 operating cash flow was $2.6M.

• 2026 was framed as an investment year, with launches and distribution expansion supporting growth initiatives for 2027 and beyond.

Financial highlights

• Q3 gross profit was $17.105M versus $21.928M a year earlier; gross margin was 62.9% versus 64.5%.

• Q3 operating expenses rose to $18.7M from $17.7M, led by G&A; Q3 G&A was $8.2M, primarily reflecting higher legal fees.

• Nine-month net sales were $88.451M versus $95.584M; net income was $6.108M versus $13.250M, including a $4.8M divestiture gain in 2026.

• Nine-month operating cash flow was $4.203M versus $12.8M in 2025; cash rose to $69.509M from $64.8M at year-end 2025.

Outlook and guidance

• Q4 revenue is expected to improve sequentially from Q3; FY2026 e-commerce growth is forecast at ~5%, with the remainder of consumer business expected to offset it.

• FY2026 direct website revenue growth of 15%–20% is expected; Niagen Plus and skincare are expected to contribute beginning in 2027.

• Ingredient revenue is expected below prior year, mainly due to lower key-partner volumes; commercialization of a lower-cost NR salt is expected in early 2027, with COGS benefits thereafter.

• 2026 investment priorities include brand, distribution, products, research, NB4168 and operational expansion; operating expenses are expected to increase.

• NB4168 IND-enabling studies are expected to finish in early 2027, with first-in-human studies planned for 2027, subject to development completion and regulatory clearance.