Niagen Bioscience, Inc. · NASDAQ:NAGE
Niagen Bioscience — Q3 2025 Earnings Presentation
19 slides from Niagen Bioscience's earnings presentation, Nov 4, 2025
Slide 1: Niagen Bioscience Earnings Presentation Third Quarter 2025
Niagen Bioscience, Inc. Earnings Presentation Third Quarter 2025 Nasdaq: NAGE | November 4, 2025
Slide 2: 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 of 1934, as amended.
Slide 3: Q3 2025 & Recent Highlights
Q3 2025 & Recent Highlights • Total company and Tru Niagen® net sales: $34.0 million and $26.0 million, up 33%, and 44% YoY, respectively. • Gross margin: 64.5%, up 100bps YoY. • Sales and marketing expense as a percentage of net sales: 25.8%, an improvement of 170 basis points YoY. • Net income: $4
Slide 4: Leadership Team
Leadership Team Rob Fried Ozan Pamir Chief Executive Officer Chief Financial Officer E-commerce & Over a decade of capital entertainment industry markets and public company executive experience in the life sciences industry Savoy Pictures, Columbia Pictures, Fried Films, FeeIn, CFA Charterholder WHN
Slide 5: Financial Highlights
Financial Highlights 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 6: Q3 2025 Net Sales Mix
Q3 2025 Net Sales Mix Q3 2025 Q3 2024 Watson's & Other B2B Watson's & Other B2B 13% 21% E-Commerce 58% E-Commerce 56% Food-grade Niagen® Food-grade Niagen® 18% 23% $34.0 MM $25.6 MM Pharmaceutical-grade Niagen® 2% Pharmaceutical-grade Niagen® Analytical Reference 3% Standards & Services 2% Analytica
Slide 7: Q3 2025 Net Sales
Q3 2025 Net Sales Q3 2025 Net Sales Growth Rates ($ in millions) YoY % (vs Q3 2024) E-Commerce 19.0 +29% $26.0 Watson's & Other B2B 7.0 +109% Food-grade Niagen® 6.4 +11% Pharmaceutical-grade Niagen® .5 (43)% Analytical Reference Standards 0.8 (2)% & Services Other Ingredients 0.3 N/A Total +33% Tota
Slide 8: Year-to-Date 2025 Net Sales
Year-to-Date 2025 Net Sales YTD 2025 Net Sales Growth Rates ($ in millions) YoY % (vs YTD 2024) E-Commerce 53.9 +33% Watson's & Other B2B 16.3 $70.2 21% Food-grade Niagen® 19.4 +49% Pharmaceutical-grade Niagen® 2.9 +222% Analytical Reference Standards 2.4 +4% & Services Other Ingredients 0.7 N/A Tot
Slide 9: 2024 – 2025 Net Sales Summary
2024 – 2025 Net Sales Summary ($ in millions) 2025 2024 Description Q1 Q2 Q3 Q1 Q2 Q3 Q4 FY Ecommerce 16.8 18.1 19.0 12.9 13.0 14.8 17.3 58.0 Watsons & Other B2B 4.7 4.6 7.0 4.5 5.6 3.3 5.4 18.8 Total TRU NIAGEN 21.5 22.7 26.0 17.4 18.6 18.1 22.7 76.8 Food-grade NIAGEN 7.0 6.0 6.4 4.1 3.1 5.8 4.5 17
Slide 10: Q3 2025 vs Q3 2024 Key P&L Metrics
Q3 2025 vs Q3 2024 Key P&L Metrics (in thousands) Q3 2025 Q3 2024 Notes Tru Niagen® business up 44% driven by strong E-commerce performance, Net Sales $33,986 $25,580 paired with modest Niagen® ingredient growth. Up 100bps primarily driven by changes in product mix, the use of lower-cost Gross Profi
Slide 11: Adjusted EBITDA Summary
Adjusted EBITDA Summary Niagen Bioscience, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (In thousands) Three Months Ended FY Three Months Ended Nine Months Ended Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 September 30, 2025 Net income (loss), as reported $ (4
Slide 12: Q3 2025 Operating Income vs Q3 2024
Q3 2025 Operating Income vs Q3 2024 +$6.2 MM -$3.6 MM ($ in millions) $9.0 $8.0 0.2 0.4 0.3 5.3 $7.0 $6.0 (1.7) $5.0 (1.0) 4.2 (0.4) $4.0 (0.5) $3.0 $2.0 1.6 $1.0 $0.0 Q3 2024 Volume Gross Margin Legal Severance and Sales & Equity Comp Other G+A Research and Q3 2025 Operating Improvement Restructuri
Slide 13: 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 Key Drivers (Q4 2024 vs Q3 2025) Up $19.6 million primarily driven by net income and proceeds Cash $27,565 $27,885 $32,398 $44,660 $55,616 $60,474 $64,290 from stock option exercises Up $9.6 mi
Slide 14: Cash Flow Highlights
Cash Flow Highlights Three Months Ended Three Months Ended Nine Months Ended FY 2024 September 30, 2025 (in thousands) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Net Income (Loss) $(492) $(15) $1,878 $7,179 $8,550 $5,063 $3,609 $4,578 $13,250 Working Capital (643) (1,837) 1,235 5,111 3
Slide 15: 2025 Financial Outlook
2025 Financial Outlook (in thousands) 2024 Actual 2025 Full Year Outlook Key Drivers • Includes growth from E-commerce business and recurring Between 25%-30% growth YoY revenues from established partnerships. Net Sales $99,597 • Includes revenues from new B2B partnerships in the (Previously between
Slide 16: The Science
The Science 16 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 17: Scientific Advisory Board
Scientific Advisory Board 17
Slide 18: 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 October 20, 2025. 18
Slide 19: Contact Info
Contact Info: Niagen Bioscience Investor Relations: ICR, LLC Reed Anderson T: +1 (626) 277-1260 Stephanie Carrington T: +1 (626) 277-1282 [email protected] www.niagenbioscience.com Where to purchase Tru Niagen® TruNiagen.com Find Health Clinics Offering Niagen® Plus NiagenPlus.com The information