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NAII

Natural Alternatives International, Inc.

NAII

Natural Alternatives International, Inc. • NASDAQ
$3.63 ▲ 1.83% (+0.07)
Market Cap $22.39 M
52w High $4.70
52w Low $2.57
Dividend Yield 0%
P/E -1.81
Volume 2.82K
Outstanding Shares 6.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2025 $33.866M $5.479M $-7.216M -21.308% $-0.05 ▲ $-1.433M ▼
Q4-2024 $33.866M ▲ $5.479M ▲ $-7.216M ▼ -21.308% ▼ $-1.17 ▼ $616K ▲
Q3-2024 $28.766M ▼ $3.926M ▼ $-2.186M ▲ -7.599% ▼ $-0.37 $-1.257M ▲
Q2-2024 $34.078M ▲ $4.449M ▲ $-2.191M ▼ -6.429% ▼ $-0.37 ▼ $-1.454M ▼
Q1-2024 $33.15M $4.095M $-1.982M -5.979% $-0.33 $-1.108M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2025 $12.325M $151.939M $83.513M $68.426M
Q4-2024 $12.325M ▲ $151.939M ▼ $83.513M ▲ $68.426M ▼
Q3-2024 $10.611M ▲ $154.944M ▼ $78.325M ▲ $76.619M ▼
Q2-2024 $8.663M ▼ $156.128M ▼ $76.987M ▼ $79.141M ▼
Q1-2024 $10.156M $161.27M $81.085M $80.185M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2025 $-7.216M $3.345M $-1.455M $-176K $1.714M $1.89M
Q4-2024 $-7.216M ▼ $3.345M ▼ $-1.455M ▼ $-176K ▲ $1.714M ▼ $1.89M ▼
Q3-2024 $-2.186M ▲ $5.993M ▲ $-802K ▲ $-3.243M ▼ $1.948M ▲ $5.191M ▲
Q2-2024 $-2.191M ▼ $37K ▲ $-1.056M ▼ $-474K ▼ $-1.493M ▲ $-1.019M ▲
Q1-2024 $-1.982M $-3.443M $-301K $1.919M $-1.825M $-3.744M

Revenue by Products

Product Q4-2012Q1-2013Q3-2024Q1-2025
Patent and Trademark Licensing
Patent and Trademark Licensing
 $0 ▲$0 ▲$0 ▲$0 ▲
Private Label Contract Manufacturing
Private Label Contract Manufacturing
 $10.00M ▲$20.00M ▲$30.00M ▲$40.00M ▲
Branded Products
Branded Products
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement NAII’s income statement shows a business that has shifted from modest profitability to modest losses over the last few years. Sales have eased back from earlier peaks, and profits that were once slightly positive have turned slightly negative. This points to pressure on both volume and margins: costs and overhead are not being fully covered at current revenue levels. The earnings swings also highlight that the business is quite sensitive to changes in customer demand and production utilization. Overall, the core issue is not dramatic revenue collapse, but a thin margin structure that leaves little room for error, resulting in recent net losses per share.

Balance Sheet

Balance Sheet The balance sheet appears relatively conservative, with a small but positive equity base and a manageable level of debt. Cash balances are modest, so the company does not sit on a large liquidity cushion, but it also does not appear heavily over‑levered. One important caveat: the most recent asset figure looks incomplete or anomalous, so any conclusions about the latest year’s financial strength should be made carefully. Broadly, the picture is of a small company with limited excess capital, some financial flexibility, but not a lot of room to absorb extended weak performance without improvement or change.

Cash Flow

Cash Flow Cash flow paints a slightly better story than the income statement. The business has generally generated positive cash from operations, even in years when the company reported accounting losses. That suggests working capital and non‑cash items are helping support liquidity. After capital spending, free cash flow has hovered around breakeven: not strongly positive, but not deeply negative either. Capital expenditures have been kept fairly modest, especially after a recent period of investment in new facilities. This pattern implies the company is carefully managing spending, but also that funding major new initiatives would likely require either stronger earnings or additional external financing.

Competitive Edge

Competitive Edge NAII occupies a specialized niche in the nutritional supplement space, anchored by its branded beta‑alanine ingredient platform (CarnoSyn and related products) and its full‑service contract manufacturing model. The combination of patents, clinical data, regulatory clearances, and sustained‑release know‑how gives it a clear differentiation versus generic ingredient suppliers. Its “concept to crate” offerings and long‑term, integrated relationships with customers create switching costs and deepen client dependence on NAII’s expertise. At the same time, the company operates in a highly competitive, price‑sensitive industry and appears to rely meaningfully on a limited set of major customers and product families. That concentration is both a strength, in the form of close partnerships, and a risk, if any key relationship weakens or volumes shift away.

Innovation and R&D

Innovation and R&D Innovation is one of NAII’s strongest points. The company has built its brand around scientifically validated ingredients, particularly CarnoSyn, supported by many clinical studies and regulatory approvals. It has extended this platform with sustained‑release versions and now TriBsyn, designed to avoid the typical tingling side effect and open new markets such as healthy aging and more sensitive consumers. NAII also invests in formulation science and delivery technologies that support its contract manufacturing clients, not just its own ingredients. The challenge is balancing this R&D and capacity investment with the current scale of the business: the value of the innovation pipeline will depend heavily on how quickly new ingredients are adopted and how fully the expanded manufacturing capacity is utilized.

Summary

Overall, NAII is a small, specialized player with a meaningful scientific and intellectual‑property edge in a specific corner of the supplement market, but with a financial profile that has weakened in recent years. The company has moved from steady, modest profitability to modest losses, largely because thin margins magnify the impact of softer demand and underused capacity. Its balance sheet is not overly stretched but does not offer a large safety buffer, and cash generation, while generally positive at the operating level, has not been strong enough to create significant surplus. The long‑term story rests on whether NAII can translate its innovation engine—particularly products like TriBsyn—and its “partner, not just manufacturer” positioning into higher and more stable volumes, better utilization of its facilities, and a return to consistent profitability. Key uncertainties involve demand from major customers, pace of adoption of new ingredients, and management’s ability to keep costs aligned with the company’s scale.

NEWS

November 12, 2025 · 4:44 PM UTC

Natural Alternatives International, Inc. Announces 2026 Q1 Results

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September 23, 2025 · 4:30 PM UTC

Natural Alternatives International, Inc. Announces Fiscal 2025 Q4 and YTD Results

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