The headline net income beat masks a deteriorating operating picture — adjusted EBITDA fell 22% and operating cash flow turned negative. The 10-15% revenue growth guidance is unchanged but now requires higher sales & marketing spend as a % of sales, implying margin pressure. Watch for Q2 results to see if e-commerce growth (14% in Q1) can sustain and if inventory normalization improves cash flow.
Price Chart
Executive Summary
Niagen Bioscience reported Q1 2026 net sales of $31.5M (+3% YoY, +5% excluding divested segment) and GAAP net income of $6.3M, including a $4.8M gain on divestiture. However, adjusted EBITDA fell to $3.8M from $4.9M a year ago, operating cash flow was negative $1.2M, and operating income dropped 67% to $1.6M as operating expenses rose 26%. The company reaffirmed 10-15% full-year revenue growth guidance (ex-divested segment) and improved G&A expense outlook, but the underlying operating deterioration and cash burn are concerning.
Key Financial Metrics
Key Facts
- Q1 2026 net sales $31.5M, +3% YoY (+5% ex-divested segment)
- GAAP net income $6.3M, up from $5.1M, but includes $4.8M divestiture gain
- Adjusted EBITDA fell to $3.8M from $4.9M in Q1 2025
- Operating income dropped 67% to $1.6M as operating expenses rose 26%
- Operating cash flow was negative $1.2M, vs positive $7.9M a year ago
- Repurchased $2.4M of stock; share buyback program increased to $20M
- Reaffirmed FY2026 net sales growth of 10-15% (ex-divested segment)
- G&A expense outlook improved to up $3-$4M from prior $4-$5M
- Sales & marketing expense expected to increase as % of sales (prior: stable)
- Cash and equivalents $66.5M, no outstanding borrowings
Financial Impact
Net income of $6.3M includes $4.8M one-time gain; adjusted EBITDA declined 22% YoY to $3.8M; operating cash flow swung from +$7.9M to -$1.2M
Risk Factors
- Operating expenses rising faster than revenue, compressing margins
- Negative operating cash flow driven by inventory build and receivables timing
- Sales & marketing spend increasing as % of sales, potentially pressuring profitability
- Dependence on e-commerce growth and A.S. Watson order variability
- Divestiture gain not repeatable; core operating income declined sharply
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001386570-26-000031 |
| Exhibit: ex992earningspresentatio.htm | 0001386570-26-000031 |
| Document: cdxc-20260506.htm | 0001386570-26-000031 |
| Document: 0001386570-26-000031-index-headers.html | 0001386570-26-000031 |
| Document: 0001386570-26-000031-index.html | 0001386570-26-000031 |
| Document: 0001386570-26-000031.txt | 0001386570-26-000031 |
| 8-K Data (Synthetic) | 0001386570-26-000031 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 10, 2026 15w ago | 424B5 | $3.47 $2.69 | ▲ +22.48% | ▲ +26.47% | $2.44 (+29.68%) |
Jul 10, 2026 15w ago | EFFECT | $3.39 $2.68 | ▲ +20.94% | ▲ +23.58% | $2.44 (+28.02%) |
Jun 26, 2026 17w ago | S-3 | $3.30 $3.09 | ▲ +6.36% | ▲ +10.75% | $2.44 (+26.06%) |
May 6, 2026 24w ago | 8-K | $4.19 $3.53 | ▼ −15.75% | ▼ −19.58% | $2.44 (−41.77%) |
Mar 4, 2026 33w ago | 8-K | $5.10 $3.61 | ▼ −29.22% | ▼ −40.52% | $2.44 (−52.16%) |
Feb 26, 2026 34w ago | 8-K | $5.18 $3.79 | ▼ −26.83% | ▼ −34.58% | $2.44 (−52.90%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers