Revenue growth has significantly slowed from a 37.6% peak in 2025Q1 to 3.3% in 2026Q1, though the company maintains pricing power with gross margins consistently hovering around 64%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Sales/Revenue | 130.42M | 129.42M | 99.6M | 83.57M | 72.05M | 67.45M | 59.26M | 46.29M | 31.56M | 21.2M | 21.66M | 17.88M | 15.31M | 10.16M | 11.61M | 8.11M | 7.57M | 5.78M | 4.51M | 0 |
| Revenue Growth % | 20.84% | 29.95% | 19.18% | 15.99% | 6.82% | 13.82% | 28.01% | 46.69% | 48.85% | -2.14% | 21.13% | 16.79% | 50.71% | -12.48% | 43.12% | 7.22% | 30.95% | 28.22% | - | - |
| Cost of Goods Sold | 46.58M | 46.23M | 38.01M | 32.79M | 29.25M | 25.96M | 23.98M | 20.52M | 15.5M | 10.72M | 11.27M | 10.35M | 9.99M | 7.03M | 9.34M | 5.64M | 4.62M | 3.74M | 3.27M | 0 |
| COGS % of Revenue | - | 35.72% | 38.16% | 39.24% | 40.6% | 38.49% | 40.47% | 44.33% | 49.12% | 50.58% | 52.04% | 57.87% | 65.22% | 69.16% | 80.4% | 69.53% | 61.08% | 64.67% | 72.67% | - |
| Gross Profit | 83.83M | 83.19M | 61.59M | 50.78M | 42.8M | 41.49M | 35.27M | 25.77M | 16.05M | 10.48M | 10.39M | 7.53M | 5.33M | 3.13M | 2.28M | 2.47M | 2.94M | 2.04M | 1.23M | 0 |
| Gross Margin % | 64.28% | 64.28% | 61.84% | 60.76% | 59.4% | 61.51% | 59.53% | 55.67% | 50.88% | 49.42% | 47.96% | 42.13% | 34.78% | 30.84% | 19.6% | 30.47% | 38.92% | 35.33% | 27.33% | - |
| Gross Profit Growth % | - | 35.08% | 21.28% | 18.65% | 3.15% | 17.62% | 36.89% | 60.5% | 53.24% | 0.83% | 37.9% | 41.48% | 69.98% | 37.69% | -7.94% | -16.06% | 44.25% | 65.77% | - | - |
| Operating Expenses | 72.73M | 68.89M | 53.86M | 56.38M | 61.42M | 68.56M | 55.13M | 57.07M | 49.23M | 26.85M | 13.3M | 9.6M | 10.56M | 7.52M | 13.91M | 10.34M | 4.96M | 2.93M | 3.3M | 38.38K |
| OpEx % of Revenue | - | 53.23% | 54.08% | 67.46% | 85.25% | 101.65% | 93.03% | 123.28% | 155.99% | 126.66% | 61.37% | 53.68% | 68.94% | 74% | 119.82% | 127.41% | 65.58% | 50.78% | 73.13% | - |
| Selling, General & Admin | 66.18M | 62.56M | 47.84M | 51.42M | 56.6M | 64.73M | 51.71M | 52.52M | 43.67M | 22.1M | 10.77M | 8.71M | 10M | 7.34M | 13.91M | 10.34M | 4.96M | 2.93M | 3.3M | 38.38K |
| SG&A % of Revenue | - | 48.34% | 48.04% | 61.53% | 78.56% | 95.97% | 87.27% | 113.46% | 138.4% | 104.25% | 49.73% | 48.7% | 65.29% | 72.24% | 119.82% | 127.41% | 65.58% | 50.78% | 73.13% | - |
| Research & Development | 6.55M | 6.33M | 6.02M | 4.96M | 4.83M | 3.83M | 3.42M | 4.42M | 5.48M | 4.01M | 2.52M | 891.6K | 513.67K | 134.04K | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 4.89% | 6.04% | 5.93% | 6.7% | 5.68% | 5.76% | 9.55% | 17.36% | 18.9% | 11.64% | 4.99% | 3.35% | 1.32% | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 125K | 75K | 746K | 0 | 0 | 45.83K | 44.96K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 11.1M | 14.3M | 7.73M | -5.6M | -18.63M | -27.07M | -19.85M | -31.3M | -33.17M | -16.38M | -2.91M | -2.07M | -5.23M | -4.39M | -11.64M | -7.86M | -2.02M | -892.73K | -2.06M | -38.38K |
| Operating Margin % | 8.51% | 11.05% | 7.76% | -6.7% | -25.85% | -40.14% | -33.5% | -67.62% | -105.12% | -77.25% | -13.41% | -11.55% | -34.16% | -43.17% | -100.22% | -96.94% | -26.66% | -15.45% | -45.8% | - |
| Operating Income Growth % | - | 85.04% | 237.99% | 69.94% | 31.19% | -36.36% | 36.57% | 5.64% | -102.55% | -463.71% | -40.61% | 60.51% | -19.26% | 62.3% | -47.97% | -289.87% | -125.95% | 56.75% | -5277.53% | - |
| EBITDA | 12.8M | 15.75M | 9.21M | -3.89M | -16.74M | -25.45M | -18.34M | -29.78M | -32.33M | -15.66M | -2.49M | -1.74M | -4.97M | -4.12M | -11.29M | -7.47M | -1.63M | -498.23K | -1.69M | -38.38K |
| EBITDA Margin % | 9.82% | 12.17% | 9.25% | -4.66% | -23.24% | -37.73% | -30.95% | -64.33% | -102.45% | -73.87% | -11.47% | -9.7% | -32.48% | -40.52% | -97.26% | -92.02% | -21.54% | -8.62% | -37.45% | - |
| EBITDA Growth % | -12.84% | 70.97% | 336.52% | 76.74% | 34.2% | -38.74% | 38.41% | 7.9% | -106.44% | -530.06% | -43.22% | 65.1% | -20.8% | 63.54% | -51.26% | -358.07% | -227.1% | 70.48% | -4297.17% | - |
| D&A (Non-Cash Add-back) | 1.71M | 1.45M | 1.48M | 1.71M | 1.88M | 1.63M | 1.51M | 1.52M | 842K | 716K | 419.56K | 330.55K | 258.31K | 269.71K | 344.03K | 398.88K | 387.41K | 394.5K | 376.28K | 0 |
| EBIT | 11.66M | 14.3M | 7.73M | -5.6M | -18.63M | -27.07M | -19.85M | -31.3M | -33.17M | -16.38M | -2.91M | -2.07M | -5.23M | -4.39M | -11.63M | -7.86M | -2.02M | -892.73K | -2.06M | -38.38K |
| Net Interest Income | 2.04M | 2.13M | 1.13M | 661K | 3K | -55K | -71K | -847K | -79K | -153K | -333.29K | -612.71K | -156.84K | -33.08K | -25.99K | -30.75K | -34.52K | -14.84K | -40.47K | 0 |
| Interest Income | 2.04M | 2.13M | 1.13M | 661K | 3K | 0 | 0 | 0 | 0 | 0 | 2.25K | 3.33K | 2.01K | 1.25K | 3.01K | 1.4K | 1.54K | 2.25K | 29.61K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 55K | 71K | 847K | 79K | 153K | 371.9K | 616.03K | 158.85K | 34.33K | 29.01K | 32.14K | 36.07K | 17.09K | 70.08K | 0 |
| Other Income/Expense | 8.6M | 3.9M | 1.13M | 661K | 2.09M | -55K | -71K | -847K | -144K | -153K | -646.38K | -566.92K | -156.84K | -33.08K | -25.99K | -30.75K | 2.02M | 892.73K | 2.06M | 38.38K |
| Pretax Income | 19.7M | 18.19M | 8.86M | -4.94M | -16.54M | -27.13M | -19.93M | -32.15M | -33.32M | -16.53M | -3.55M | -2.63M | -5.39M | -4.42M | -11.66M | -7.89M | 0 | 0 | 0 | 0 |
| Pretax Margin % | 15.1% | 14.06% | 8.89% | -5.91% | -22.96% | -40.22% | -33.62% | -69.45% | -105.57% | -77.97% | -16.39% | -14.72% | -35.19% | -43.5% | -100.45% | -97.32% | - | - | - | - |
| Income Tax | 1.06M | 810K | 305K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.53K | 0 | 0 | 0 | 0 | 2.05M | 907.57K | 2.1M | 38.38K |
| Effective Tax Rate % | 5.38% | 4.45% | 3.44% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.17% | 0% | 0% | 0% | 0% | - | - | - | - |
| Net Income | 18.64M | 17.38M | 8.55M | -4.94M | -16.54M | -27.13M | -19.93M | -32.15M | -33.32M | -11.38M | -2.93M | -2.77M | -5.39M | -4.42M | -11.66M | -7.89M | -2.05M | -907.57K | -2.1M | -38.38K |
| Net Margin % | 14.29% | 13.43% | 8.58% | -5.91% | -22.96% | -40.22% | -33.62% | -69.45% | -105.57% | -53.67% | -13.52% | -15.49% | -35.19% | -43.5% | -100.45% | -97.32% | -27.12% | -15.71% | -46.7% | - |
| Net Income Growth % | 32.13% | 103.3% | 273.15% | 70.15% | 39.03% | -36.15% | 38.02% | 3.51% | -192.81% | -288.57% | -5.67% | 48.57% | -21.92% | 62.1% | -47.72% | -284.81% | -126.06% | 56.87% | -5382.98% | - |
| Net Income (Continuing) | 18.64M | 17.38M | 8.55M | -4.94M | -16.54M | -27.13M | -19.93M | -32.15M | -33.32M | -16.53M | -3.55M | -2.64M | -5.39M | -4.42M | -11.66M | -7.89M | -2.05M | -907.57K | -2.1M | -38.38K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.15M | 623.41K | -133.53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.22 | 0.20 | 0.11 | -0.07 | -0.24 | -0.40 | -0.33 | -0.56 | -0.61 | -0.26 | -0.08 | -0.08 | -0.15 | -0.13 | -0.36 | -0.35 | -0.13 | -0.09 | -0.22 | -0.01 |
| EPS Growth % | 26.42% | 81.82% | 266.92% | 72.54% | 40% | -21.21% | 41.07% | 8.2% | -134.62% | -231.21% | -1.68% | 48.53% | -15.38% | 63.89% | -2.86% | -169.23% | -37.71% | 57.09% | - | - |
| EPS (Basic) | - | 0.22 | 0.10 | -0.07 | -0.24 | -0.40 | -0.33 | -0.56 | -0.61 | -0.26 | -0.08 | -0.08 | -0.15 | -0.13 | -0.39 | -0.35 | -0.13 | -0.09 | -0.22 | -0.01 |
| Diluted Shares Outstanding | 84.57M | 85.44M | 79.72M | 74.98M | 69.73M | 67.19M | 61.07M | 57.06M | 55.01M | 44.6M | 37.29M | 35.88M | 35.49M | 33.33M | 32M | 22.77M | 16.08M | 9.61M | 9.44M | 5.35M |
| Basic Shares Outstanding | 79.92M | 79.18M | 85.42M | 70.54M | 68.92M | 67.19M | 61.07M | 57.06M | 55.01M | 44.6M | 37.29M | 35.88M | 35.49M | 33.33M | 30.09M | 22.77M | 16.08M | 9.61M | 9.44M | 5.35M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and Patent Litigation
As reported in financial statements, NAGE's year-over-year revenue growth has decelerated from a peak of 37.6% in 2025Q1 to 3.3% by 2026Q1, suggesting that the initial rapid adoption phase of its proprietary NR molecule may be encountering market saturation or increased competitive pressure in the longevity space.
The sharp decline in growth rates over the last four quarters indicates that the company's primary consumer channels are struggling to maintain the high-velocity expansion seen throughout 2024 and early 2025. Investors should monitor whether this deceleration reflects a structural ceiling in the current addressable market or merely a temporary lull in new customer acquisition.
Based on reported figures, NAGE has maintained a resilient gross margin profile, consistently hovering around 64% over the last ten quarters, which suggests that the company retains significant pricing power despite the broader commoditization risks inherent in the dietary supplement and wellness industry.
This stability in gross margins appears to validate the company's strategy of leveraging clinical validation and patent protection to differentiate its NR molecule from generic alternatives. However, the inability to expand these margins further suggests that input costs or manufacturing efficiencies have reached a plateau, limiting the potential for margin-driven earnings growth.
According to recent SEC filings, NAGE's operating margins have fluctuated significantly, swinging from a negative 3.3% in 2024Q1 to a peak of 24.4% in 2024Q4, highlighting a lack of consistent operating leverage as the company balances aggressive marketing spend against high fixed legal and R&D costs.
The erratic nature of operating income suggests that management's expense discipline is frequently compromised by non-recurring legal expenditures or discretionary marketing pushes. This volatility warrants further investigation into whether the company can achieve a sustainable, predictable operating margin as it scales its direct-to-consumer platform.
As noted in the provided data, NAGE has utilized stock-based compensation totaling several million dollars over the last two years, which may artificially inflate reported net income figures and obscure the underlying cash-burn reality for shareholders evaluating the company's true operational performance.
The reliance on equity-based incentives appears to be a mechanism for preserving cash, yet it introduces a persistent dilution risk that investors must account for when assessing EPS growth. The inconsistency between net income and cash-generative capacity suggests that the quality of earnings remains moderate at best.
Quick answers to the most common questions about buying NAGE stock.
For fiscal year 2025, Niagen Bioscience Inc (NAGE) reported total revenue of $129.4M.
Niagen Bioscience Inc (NAGE) is profitable, generating $17.4M in net income for the fiscal year ending 2025 with a net profit margin of 13.4%.
Niagen Bioscience Inc (NAGE) reported an operating income of $14.3M, resulting in an operating profit margin of 11.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Niagen Bioscience Inc (NAGE) generated $83.2M in gross profit for the year, representing a gross profit margin of 64.3%. This demonstrates the company's core pricing power and production efficiency.