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: Forward-looking statements
2 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 of 1934, as amended
Slide 3: Table of Contents & Leadership Team
Table of Contents & Leadership Team 3 Rob Fried Chief Executive Officer Ozan Pamir Chief Financial Officer Carlos Lopez SVP, General Counsel Andrew Shao SVP, Global Regulatory & Scientific Affairs Michiko Kelley Chief Marketing Officer 1. Highlights 2. Financial Results & Outlook 3.Scientific Update
Slide 4: FY 2025 Financials Met or Exceeded Guidance Across All Key Metrics
(1) See slide 13 for the non-GAAP reconciliation 4 64.3% gross profit margin, +250bps vs PY $0.20 diluted EPS, +$0.09 vs PY +103% Y/Y net income growth $20.4 million Adjusted EBITDA(1), +139% vs PY $64.8 million cash, no outstanding borrowings FY 2025 Financials Met or Exceeded Guidance Across All K
Slide 5: 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 Niagen products across direct-to-consumer plat
Slide 6: Core Brands Drove Growth Across Key Channels
Core Brands Drove Growth Across Key Channels 6 FY 2025 Net Sales FY 2025 Y/Y Growth Takeaways Total Niagen Bioscience $129.4M +30% • Sustained double-digit growth throughout the year, with strong demand across the Company’s core commercial channels Tru Niagen $97.7M +27% • Strong e-commerce performa
Slide 7: Q4 2025 & FY 2025: Strong Growth, Margin Expansion, and Cash
Q4 2025 & FY 2025: Strong Growth, Margin Expansion, and Cash (1) See slide 13 for the non-GAAP reconciliation. 7 Net Sales Q4 2025 +16% YoY Tru Niagen +21% FY 2025 +30% YoY TN +27%, Ingredients +45% Gross Margin Q4 2025 64.1% +160 bps FY 2025 64.3% +250 bps Net Income Q4 2025 $4.1M Adj. EBITDA(1) $4
Slide 8: Tru Niagen
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Slide 9: Q4 2025 Net Sales: $33.8M (+16% YoY)
Q4 2025 Net Sales: $33.8M (+16% YoY) 9 Tru Niagen = 81% of total revenue Q4 2025 Q4 2024 Tru Niagen $27.5M $22.7M E-Commerce $20.2M $17.3M Watson's & Other B2B $7.3M $5.4M Niagen Ingredients $5.6M $5.3M Food-grade Niagen® $4.7M $4.5M Pharmaceutical-grade Niagen® $0.9M $0.8M Other Ingredients $0.0M $
Slide 10: Full Year 2025 Net Sales: $129.4M (+30% YoY)
Full Year 2025 Net Sales: $129.4M (+30% YoY) 10 $99.6M $129.4M FY 2024 FY 2025 +30% 58% 19% 18% 57% 19% 19% Tru Niagen =76% of total revenue FY 2025 FY 2024 Tru Niagen $97.7M $76.8M E-Commerce $74.1M $58.0M Watson's & Other B2B $23.6M $18.8M Niagen Ingredients $27.9M $19.2M Food-grade Niagen® $24.1M
Slide 11: 2024 – 2025 Net Sales Summary
2024 – 2025 Net Sales Summary 11 ($ 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-grad
Slide 12: 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 % of Net Sales 21,704 64.1% 18,197 62.5% 83,189 64.3% 61,586 61.8% Sales and Marketing % of Net Sales 10,414 30.8% 8,716 29.9% 35,506 27.4% 29,469 29.6% Research and Development 1,710 1,315 6,330 6,016
Slide 13: Adjusted EBITDA Summary
Adjusted EBITDA Summary FY 2025 Adjusted EBITDA increased to $20.4 million from $8.5 million, driven by higher net income and increased share-based compensation, partially offset by higher interest income. 13 (1) Gain recognized related to the settlement of royalty obligations from an agreement with
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) Cash $27,565 $27,885 $32,398 $44,660 $55,616 $60,474 $64,290 $64,788 Up $20.1 million primarily from improvements in net income and proceeds from
Slide 15: Cash Flow Highlights
Cash Flow Highlights Three Months Ended FY 2024 Three Months Ended 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 $17,382 Working Capital (643) (1,837) 1,235 5,111 3,866 2,681 (4
Slide 16: 2025 Full Year Outlook Recap
2025 Full Year Outlook Recap Delivered on latest financial outlook across key metrics, demonstrating strong operational execution and focus on delivering shareholder value. 16 2024 Actual ($ in thousands) 2025 Outlook (1) 2025 Actual ($ in thousands) Comments Achieved(2) Net Sales $99,597 Between 25
Slide 17: 2026 Financial Outlook
Positioned to deliver double-digit net sales growth, supported by strategic investments in customer acquisition, pipeline advancement, and scalable infrastructure. 2026 Financial Outlook 17(1) FY 2025 actual G&A includes the recovery of approximately $1.3 million in credit losses related to the lega
Slide 18: The Science
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) 18 The Science
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