Key Highlights

  • Niagen Bioscience (NASDAQ:NAGE) reported third-quarter net sales of USD 27.2 million, down 20% from USD 34.0 million a year earlier, with a net loss of USD 1.2 million against Net Income of USD 4.6 million.
  • Ingredients net sales fell 47% to USD 3.8 million from USD 7.2 million, as the largest ingredient customer cut purchases by USD 3.2 million on softer Downstream Demand and sell-through.
  • Consumer Products net sales declined 10% to USD 23.3 million, with lower A.S. Watson sales of USD 1.7 million and lower E-commerce sales of USD 0.9 million, partly tied to Amazon Prime Day timing.
  • On October 30, 2026, the Federal Circuit reversed an award of about USD 9.2 million in attorneys' fees and costs against the company in the Elysium Patent case, for which no accrual had been recorded.

Third-Quarter Sales Drop and a Small Loss

Niagen Bioscience (NASDAQ:NAGE) filed its Quarterly Report on November 4, 2026 for the period ended September 30. The company is a bioscience Business focused on healthy aging, built around nicotinamide riboside, a precursor to NAD+, sold as its Niagen ingredient and the Tru Niagen supplement. Net sales were USD 27.2 million versus USD 34.0 million, a 20% fall, and the company lost USD 1.2 million, or USD 0.01 per diluted share, compared with income of USD 0.05 per diluted share a year earlier. Gross Profit slid 22% to USD 17.1 million as cost of sales rose to 37.1% of net sales from 35.5%. For the nine months, net sales were USD 88.5 million versus USD 95.6 million, and net income was USD 6.1 million versus USD 13.3 million.

Ingredient Customer Pullback and Prime Day Timing

The steepest drop was in Ingredients, where food-grade sales fell by about USD 3.0 million and pharmaceutical-grade sales by USD 0.1 million. The filing attributes this mainly to reduced buying by the largest ingredient customer. Fixed overhead did not fall with sales, so ingredient cost of sales rose about 780 basis points as a share of sales. In Consumer Products, Tru Niagen sales fell USD 2.7 million, and the filing notes that Amazon Prime Day fell in the third quarter of 2025 but in the fourth quarter of 2026. The analytical reference standards business was sold in February 2026 for about USD 6.0 million in cash, so it no longer contributes revenue.

Cash of USD 69.5 Million, Elysium Reversal and Campaign Costs

Cash and equivalents were about USD 69.5 million at September 30, 2026, of which USD 69.4 million was unrestricted. Management says this and cash from sales should cover obligations for at least twelve months, though it may seek more Capital after that. The Elysium ruling removes a possible USD 9.2 million liability, but Elysium may seek rehearing or Supreme Court review. Marketing spending is set to rise, because the Don't Get Old. Age Better campaign launched in October 2026 and its costs were not material in the quarter. Marketing expense was already 13.0% of net sales versus 8.0% a year earlier. The 10-Q flags dependence on Tru Niagen, a single raw material supplier, customer concentration and competition from alternatives such as NMN as risks.

Where Things Stand

The swing to a loss came from lower ingredient orders and softer consumer sales, not from one event. Niagen Bioscience (NASDAQ:NAGE) still reports positive nine-month net income of USD 6.1 million and about USD 69.5 million in cash, but sales and gross Margin both weakened in the quarter. The filing gives no guidance, consensus or price move. Watch fourth-quarter Prime Day timing, whether the largest ingredient customer resumes purchases, the cost of the new campaign and any Elysium rehearing request.