Niagen Bioscience, Inc. · NASDAQ:NAGE
Niagen Bioscience — Q4 2025 Earnings Presentation
21 slides from Niagen Bioscience's earnings presentation, Mar 4, 2026
Slide 1: Niagen Bioscience Earnings Presentation: Fourth Quarter and Full Year 2025
Niagen Bioscience, Inc. Earnings Presentation Fourth Quarter and Full Year 2025 Nasdaq: NAGE | March 4, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation and other written or oral statements made from time to time by representatives of Niagen Bioscience contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act
Slide 3: Table of Contents & Leadership Team
Table of Contents & Leadership Team 1. Highlights 2. Financial Results & Outlook Rob Fried Chief Executive Officer Ozan Pamir Chief Financial Officer Andrew Shao SVP, Global Regulatory & Scientific Affairs 3.Scientific Updates Carlos Lopez Michiko Kelley 4.Contact Information SVP, General Counsel Ch
Slide 4: FY 2025 Financials Met or Exceeded Guidance Across All Key Metrics
FY 2025 Financials Met or Exceeded Guidance Across All Key Metrics +30% Y/Y net sales growth 64.3% gross profit margin, +250bps vs PY +103% Y/Y net income growth $0.20 diluted EPS, +$0.09 vs PY $20.4 million Adjusted EBITDA(1), +139% vs PY $64.8 million cash, no outstanding borrowings (1) See slide
Slide 5: Operational Execution Drove 2025 Performance
Operational Execution Drove 2025 Performance Enterprise • Successfully rolled out Niagen Bioscience rebrand, refocusing organization around its leading NAD+ position • Authorized $10 million share repurchase program Tru Niagen and Niagen Ingredient • Successfully captured increasing demand for Tru N
Slide 6: Core Brands Drove Growth Across Key Channels
Core Brands Drove Growth Across Key Channels FY 2025 FY 2025 Net Sales Y/Y Growth Takeaways • Sustained double-digit growth throughout the year, with Total Niagen Bioscience $129.4M +30% strong demand across the Company’s core commercial channels • Strong e-commerce performance with 28% growth Tru N
Slide 7: Q4 2025 & FY 2025: Strong Growth, Margin Expansion, and Cash
Q4 2025 & FY 2025: Strong Growth, Margin Expansion, and Cash Delivered across net sales, profitability, and cash flow Net Sales Gross Margin Net Income FY 2025 FY 2025 FY 2025 +30% YoY 64.3% $17.4M TN +27%, Ingredients +45% +250 bps Adj. EBITDA(1) $20.4M Q4 2025 Q4 2025 Q4 2025 +16% YoY 64.1% $4.1M
Slide 8: Financial Highlights
TRU NIAGEN TRU NIAGEN TRU NIAGEN
Slide 9: Q4 2025 Net Sales: $33.8M (+16% YoY)
Q4 2025 Net Sales: $33.8M (+16% YoY) Tru Niagen = 81% of total revenue $33.8M Q4 2025 Q4 2024 +16% Tru Niagen $27.5M $22.7M $29.1M 14% E-Commerce $20.2M $17.3M 15% 21% Watson's & Other B2B $7.3M $5.4M 19% Niagen Ingredients $5.6M $5.3M 60% Food-grade Niagen® $4.7M $4.5M 59% Pharmaceutical-grade Niag
Slide 10: Full Year 2025 Net Sales: $129.4M (+30% YoY)
Full Year 2025 Net Sales: $129.4M (+30% YoY) Tru Niagen =76% of total revenue $129.4M FY 2025 FY 2024 +30% Tru Niagen $97.7M $76.8M 19% E-Commerce $74.1M $58.0M $99.6M Watson's & Other B2B $23.6M $18.8M 19% 18% Niagen Ingredients $27.9M $19.2M 19% 57% Food-grade Niagen® $24.1M $17.5M 58% Pharmaceuti
Slide 11: 2024 – 2025 Net Sales Summary
2024 – 2025 Net Sales Summary ($ in millions) 2025 2024 Description Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Ecommerce 16.8 18.1 19.0 20.2 74.1 12.9 13.0 14.8 17.3 58.0 Watson's & Other B2B 4.7 4.6 7.0 7.3 23.6 4.5 5.6 3.3 5.4 18.8 Total Tru Niagen 21.5 22.7 26.0 27.5 97.7 17.4 18.6 18.1 22.7 76.8 Food-grade N
Slide 12: Key P&L Metrics
Key P&L Metrics (in thousands) Q4 2025 Q4 2024 FY 2025 FY 2024 Net Sales 33,839 29,125 129,423 99,597 Gross Profit 21,704 18,197 83,189 61,586 % of Net Sales 64.1% 62.5% 64.3% 61.8% Sales and Marketing 10,414 8,716 35,506 29,469 % of Net Sales 30.8% 29.9% 27.4% 29.6% Research and Development 1,710 1
Slide 13: Adjusted EBITDA Summary
Adjusted EBITDA Summary Reconciliation of Non-GAAP Financial Measures (In thousands) Three Months Ended FY Three Months Ended FY Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Net income (loss), as reported $ (492) $ (15) $ 1,878 $ 7,179 $ 8,550 $ 5,063 $ 3,609 $ 4,578 $ 4
Slide 14: Quarterly Balance Sheet Highlights
Quarterly Balance Sheet Highlights (in thousands) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Key Drivers (December 31 2025 vs 2024) Up $20.1 million primarily from improvements in net income Cash $27,565 $27,885 $32,398 $44,660 $55,616 $60,474 $64,290 $64,788 and proceeds from
Slide 15: Cash Flow Highlights
Cash Flow Highlights Three Months Ended Three Months Ended FY 2024 FY 2025 (in thousands) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Net Income (Loss) $(492) $(15) $1,878 $7,179 $8,550 $5,063 $3,609 $4,578 $4,132 $17,382 Working Capital (643) (1,837) 1,235 5,111 3,866 2,681 (4
Slide 16: 2025 Full Year Outlook Recap
2025 Full Year Outlook Recap 2024 Actual 2025 Actual 2025 Outlook (1) Comments Achieved(2) ($ in thousands) ($ in thousands) Net Sales $99,597 Between 25%-30% growth YoY $129,423 Total net sales grew by +30% ü Gross Margin % (as a % of net sales) 61.8% Improvement YoY 64.3% Improved 250 bps ü Sellin
Slide 17: 2026 Financial Outlook
2026 Financial Outlook 2025 Actual 2026 Full Year Outlook Key Drivers ($ in thousands) • Includes growth from E-commerce business and recurring Increasing between 10-15% Y/Y revenues from established partnerships Net Sales $129,423 (excluding Analytical Reference Standards and • Includes revenues fr
Slide 18: The Science
The Science 18 The information contained in this documents is confidential, privileged and only for the information of the intended recipient and may not be used, published or redistributed without the prior written consent (2019)
Slide 19: Scientific Advisory Board
Scientific Advisory Board 19
Slide 20: Clinical Studies on Oral Niagen in Multiple Health Areas
Clinical Studies on Oral Niagen® in Multiple Health Areas Note: Highlighted achievements in duration, participation, and dosage only consider peer-reviewed, published studies. Status of clinical studies presented as of February 13, 2026. 20
Slide 21: Contact Info
Contact Info: Niagen Bioscience Investor Relations: KCSA Strategic Communications Valter Pinto, Managing Director T: +1 (212) 896-1254 Niagen@kcsa.com www.niagenbioscience.com Where to purchase Tru Niagen® TruNiagen.com Find Health Clinics Offering Niagen® Plus NiagenPlus.com 21