Key Highlights

  • Net sales were USD 27.19 million against a USD 30.22 million estimate; table EPS USD 0.01 against USD -0.01.
  • Net loss was USD 1.17 million, or USD 0.01 per share, against Net Income of USD 4.58 million.
  • Ingredients sales were USD 3.80 million against USD 7.20 million, tied mainly to lower purchasing by the largest customer.
  • Cash and cash equivalents were USD 69.5 million, and a USD 50.0 million at-the-market Facility remained unused.

What changed between a third quarter profit of USD 4.58 million a year ago and a net loss of USD 1.17 million this time? Niagen Bioscience, Inc. (NASDAQ:NAGE) pointed first to lower net sales of USD 27.19 million against USD 33.99 million, led by its ingredients business. The company's GAAP diluted loss per share was USD 0.01 against income of USD 0.05, while the table lists EPS of USD 0.01 against an estimate of USD -0.01.

Ingredient Orders and Consumer Channels

Ingredients sales were USD 3.80 million against USD 7.20 million. Food-grade Niagen partner sales declined by about USD 3.0 million, and the company said lower purchasing from its largest ingredient customer, citing softer Downstream Demand and sell-through, accounted for a USD 3.2 million decrease. Pharmaceutical-grade sales also reflected reduced partner purchasing, and management noted that ingredient orders remain subject to timing variability.

Consumer Products sales were USD 23.32 million against USD 26.02 million. Tru Niagen sales decreased USD 2.7 million, with lower A.S. Watson sales of USD 1.7 million and lower E-commerce sales of USD 0.9 million, which the company linked to Amazon Prime Day falling in the third quarter of 2025 and the fourth quarter of 2026. Cross-border sales into China rose about USD 0.5 million. The analytical reference standards business, sold in February 2026 for approximately USD 6.0 million in cash, contributed no sales in the quarter.

Margins, Marketing and Legal Costs

Gross profit was USD 17.11 million against USD 21.93 million. Cost of sales was 37.1% of net sales against 35.5%, which management tied to lower e-commerce sales in consumer products and to lower sales spread over largely fixed overhead in ingredients.

Sales and marketing expense was USD 8.71 million, or 32.0% of net sales against 25.8%. General and administrative expense was USD 8.18 million against USD 7.13 million, with a USD 1.5 million rise in legal fees partly offset by lower royalties and employee costs. On October 30, 2026 the U.S. Court of Appeals for the Federal Circuit reversed a district court award of approximately USD 9.2 million in attorneys' fees and costs to Elysium Health. The company had recorded no accrual, and Elysium may seek rehearing or Supreme Court review.

Cash, Obligations and Capital Access

Cash and cash equivalents were USD 69.5 million at September 30, 2026, of which USD 69.4 million was unrestricted. Nine-month Operating Cash Flow was USD 4.2 million against USD 12.8 million, and nine-month stock repurchases were USD 5.1 million. No borrowings were outstanding under the line of credit.

The company reported inventory purchase obligations of approximately USD 17.7 million and deferred consideration of approximately USD 9.5 million and GBP 0.4 million payable through 2038. Under a June 2026 sales agreement, an at-the-market facility allows up to USD 50.0 million of share sales, and none have been sold.

Benchmarks Ahead

Net sales of USD 27.19 million sit alongside a net loss of USD 1.17 million, cash of USD 69.5 million and ingredient sales of USD 3.80 million.

Management named several dated items: the October 2026 launch of the "Don't Get Old. Age Better" Brand campaign, early access to a new Los Angeles office on December 1, 2026 ahead of an April 1, 2027 Lease start, and the potential for rehearing or Supreme Court review of the Elysium ruling. Marketing expense linked to the campaign was not material in the quarter because it began in October.