Revenue growth remains highly inconsistent, oscillating between a 46.4% decline in 2025Q3 and a 63.4% increase in 2025Q1, while gross margins fluctuate significantly from 17.0% to 45.4%.
Nutriband Inc. (NTRB) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 |
|---|
| Sales/Revenue | 1.62M | 2.04M | 2.14M | 2.09M | 2.08M | 1.42M | 943.7K | 370.65K | 245.28K | 0 | 0 | 0 |
| Revenue Growth % | -37.25% | -4.83% | 2.62% | 0.27% | 46.23% | 50.7% | 154.61% | 51.11% | - | - | - | - |
| Cost of Goods Sold | 1.11M | 1.51M | 1.44M | 1.22M | 1.33M | 917.84K | 582.38K | 549.11K | 288.3K | 0 | 0 | 0 |
| COGS % of Revenue | - | 74.32% | 67.29% | 58.66% | 63.92% | 64.54% | 61.71% | 148.15% | 117.54% | - | - | - |
| Gross Profit | 509.93K | 523.11K | 699.3K | 862.11K | 750.41K | 504.31K | 361.32K | -178.46K | -43.02K | 0 | 0 | 0 |
| Gross Margin % | 31.52% | 25.68% | 32.68% | 41.34% | 36.08% | 35.46% | 38.29% | -48.15% | -17.54% | - | - | - |
| Gross Profit Growth % | - | -25.2% | -18.88% | 14.88% | 48.8% | 39.57% | 302.47% | -314.87% | - | - | - | - |
| Operating Expenses | 7.56M | 8.84M | 7.39M | 5.73M | 4.9M | 4.43M | 2.96M | 1.79M | 3.29M | 171.95K | 151.26K | 400 |
| OpEx % of Revenue | - | 434.1% | 345.28% | 274.97% | 235.54% | 311.8% | 313.37% | 483.2% | 1340.57% | - | - | - |
| Selling, General & Admin | 6.34M | 6.95M | 4.27M | 3.77M | 3.92M | 4.02M | 2.96M | 1.79M | 3.29M | 171.95K | 151.26K | 400 |
| SG&A % of Revenue | - | 341.24% | 199.53% | 180.96% | 188.31% | 282.87% | 313.37% | 483.2% | 1340.57% | - | - | - |
| Research & Development | 1.21M | 1.89M | 3.12M | 1.96M | 982.23K | 411.38K | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 92.85% | 145.75% | 94.01% | 47.23% | 28.93% | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -7.05M | -8.32M | -6.69M | -4.87M | -4.15M | -3.93M | -2.6M | -1.97M | -3.33M | -171.95K | -151.26K | -400 |
| Operating Margin % | -435.58% | -408.41% | -312.62% | -233.63% | -199.45% | -276.33% | -275.08% | -531.35% | -1358.11% | - | - | - |
| Operating Income Growth % | - | -24.33% | -37.32% | -17.46% | -5.55% | -51.39% | -31.81% | 40.88% | -1837.38% | -13.68% | -37715% | - |
| EBITDA | -6.9M | -8.12M | -6.4M | -4.58M | -3.78M | -3.61M | -2.43M | -1.88M | -3.29M | -24.69K | 0 | 4.4K |
| EBITDA Margin % | -426.53% | -398.9% | -299.3% | -219.83% | -181.71% | -253.96% | -257.1% | -506.57% | -1343.02% | - | - | - |
| EBITDA Growth % | -5.39% | -26.84% | -39.72% | -21.31% | -4.63% | -48.86% | -29.22% | 43% | -13244.52% | - | -100% | - |
| D&A (Non-Cash Add-back) | 146.34K | 193.8K | 285.05K | 287.72K | 368.96K | 318.26K | 169.72K | 91.84K | 37.01K | 147.26K | 151.26K | 4.8K |
| EBIT | -7.05M | -8.32M | -10.46M | -5.41M | -4.48M | -6.06M | -2.65M | -2.65M | -3.33M | -2.67M | -151.26K | 0 |
| Net Interest Income | 83.3K | 88.33K | 170.26K | -58.97K | -8.29K | -118.42K | -349.82K | -73.41K | 0 | 0 | 0 | 0 |
| Interest Income | 104.06K | 110.86K | 191.67K | 16.85K | 0 | 0 | 280.69K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.75K | 22.54K | 21.41K | 75.81K | 8.29K | 118.42K | 280.69K | 73.41K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 83.3K | 88.33K | -3.79M | -613.39K | -335.62K | -2.25M | -336.88K | -752.19K | 0 | -2.5M | 0 | 0 |
| Pretax Income | -6.96M | -8.23M | -10.48M | -5.49M | -4.48M | -6.18M | -2.93M | -2.72M | -3.33M | -2.67M | -151.26K | -400 |
| Pretax Margin % | -430.43% | -404.08% | -489.86% | -263.05% | -215.59% | -434.28% | -310.78% | -734.29% | -1358.11% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -6.96M | -8.23M | -10.48M | -5.49M | -4.81M | -8.42M | -3.21M | -2.8M | -3.33M | -2.67M | -151.26K | -400 |
| Net Margin % | -430.43% | -404.08% | -489.86% | -263.05% | -231.33% | -592.23% | -340.52% | -754.1% | -1358.11% | - | - | - |
| Net Income Growth % | 32.19% | 21.5% | -91.11% | -14.02% | 42.88% | -162.09% | -14.97% | 16.1% | -24.67% | -1666.46% | -37715% | - |
| Net Income (Continuing) | -6.96M | -8.23M | -10.48M | -5.49M | -4.48M | -6.18M | -2.93M | -2.72M | -3.33M | -2.67M | -151.26K | -400 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.57 | -2.58 | -0.99 | -0.69 | -0.57 | -1.06 | -0.48 | -0.44 | -0.53 | -0.48 | -0.03 | -0.00 |
| EPS Growth % | 80.07% | -160.61% | -43.48% | -21.05% | 46.23% | -120.83% | -9.09% | 16.98% | -10.42% | -1820% | - | - |
| EPS (Basic) | - | -2.58 | -0.99 | -0.69 | -0.57 | -1.06 | -0.48 | -0.44 | -0.53 | -0.48 | -0.03 | -0.00 |
| Diluted Shares Outstanding | 12.16M | 11.64M | 10.61M | 7.95M | 8.46M | 7.93M | 6.73M | 6.33M | 6.24M | 5.6M | 6.06M | 6.06M |
| Basic Shares Outstanding | 12.16M | 11.64M | 10.61M | 7.95M | 8.46M | 7.93M | 6.73M | 6.33M | 6.24M | 5.6M | 6.06M | 6.06M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NTRB stock.
For fiscal year 2025, Nutriband Inc. (NTRB) reported total revenue of $2.0M.
Nutriband Inc. (NTRB) reported a net loss of $8.2M for the fiscal year ending 2025.
Nutriband Inc. (NTRB) reported an operating income of $-8.3M, resulting in an operating profit margin of -408.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Nutriband Inc. (NTRB) generated $0.5M in gross profit for the year, representing a gross profit margin of 25.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Liquidity and clinical binary
Metrics are mathematically derived from official filings.
Volatile Revenue Lacks Sustained Momentum
According to the provided quarterly data, Nutriband's revenue trajectory remains highly inconsistent, with year-over-year growth rates fluctuating between a 46.4% decline in 2025Q3 and a 63.4% increase in 2025Q1, reflecting a lack of stable commercial demand for its current product portfolio as it transitions toward clinical-stage development.
The erratic revenue performance suggests that the company's top line is driven by non-recurring or legacy contract manufacturing rather than a predictable pharmaceutical sales model. Investors should monitor whether the company can establish a consistent revenue base as it pivots toward its AVERSA technology, as current figures indicate a business model that has yet to achieve meaningful scale.
Structural Margin Compression Remains Prevalent
As reported in financial statements, Nutriband's gross margins have exhibited significant volatility, ranging from a low of 17.0% in 2025Q4 to a high of 45.4% in 2026Q1, which underscores the company's inability to maintain consistent pricing power or cost control within its current operational framework.
The low and fluctuating gross margins are characteristic of a firm reliant on low-margin legacy products rather than the high-margin proprietary drugs it aims to commercialize. This margin profile suggests that the company's current manufacturing activities may be serving as a bridge to future clinical success rather than a source of sustainable profitability.
Operating Expenses Outpace Revenue Generation
Based on the income statement data, Nutriband's operating expenses, particularly SG&A and R&D, consistently exceed gross profits, with SG&A reaching as high as $3.5M in 2025Q3, indicating a cost structure that is heavily weighted toward administrative and development overhead rather than revenue-generating activities.
The persistent operating losses suggest that the company is prioritizing long-term clinical development over immediate expense discipline. This high burn rate warrants further investigation into how the company intends to manage its cost structure if the regulatory pathway for its lead assets faces further delays or increased capital requirements.
Binary Risk Overshadows Operational Viability
Analysis of the income statement reveals that Nutriband's negative operating margins, which reached -408.41% on a TTM basis, suggest a precarious financial position where the company's survival is entirely dependent on external capital infusions rather than internal cash generation from its current, declining revenue streams.
Short-sellers would likely focus on the company's inability to achieve operating leverage, as SG&A costs remain stubbornly high despite the lack of revenue growth. The reliance on equity dilution to fund R&D creates a significant risk for existing shareholders, as the company's valuation appears to be untethered from its current financial performance.