v3.25.2
Business Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company has the following three reportable segments:
•Consumer Products segment: provides finished dietary supplement products that contain the Company's proprietary ingredients directly to consumers and distributors and offers NAD+ test kits exclusively to healthcare practitioners;
•Ingredients segment: develops and commercializes proprietary-based ingredient technologies, including food-grade Niagen® and pharmaceutical-grade Niagen®, and supplies these ingredients as raw materials to the manufacturers of consumer products and U.S. FDA-registered 503B outsourcing facilities, respectively; and
•Analytical Reference Standards and Services segment: offers the supply of phytochemical reference standards and other research and development services.
The Company’s reportable segments are significant operating segments that offer differentiated services. This structure reflects the Company’s current operational and financial management and provides the best structure to maximize the Company's objectives and investment strategy, while maintaining financial discipline. The Company's Chief Executive Officer, who is its chief operating decision maker (CODM), reviews financial information for each operating segment to evaluate performance and allocate resources. The Company evaluates performance and allocates resources based on reviewing net sales, gross profit (loss) and operating income (loss) by reportable segment. The Company's CODM does not review assets by segment in his evaluation and therefore assets by segment are not disclosed below. There are no intersegment sales that require elimination. The “Corporate and other” classification includes corporate items not allocated by the Company to each reportable segment.
The following tables set forth financial information by segment:
Three months ended June 30, 2025Consumer Products segmentIngredients segmentAnalytical Reference Standards and Services segmentCorporate and otherTotal
(In thousands)
Net sales$22,699 $7,619 $799 $— $31,117 
Cost of sales7,453 2,808 630 — 10,891 
Gross profit 15,246 4,811 169 — 20,226 
Operating expenses:
Sales and marketing
Advertising2,882 — — — 2,882 
Marketing2,514 45 — — 2,559 
Selling2,678 7 81 — 2,766 
Research and development1,169 398 — — 1,567 
General and administrative— — — 7,267 7,267 
Operating expenses9,243 450 81 7,267 17,041 
Operating income (loss)$6,003 $4,361 $88 $(7,267)$3,185 

Three months ended June 30, 2024Consumer Products segmentIngredients segmentAnalytical Reference Standards and Services segmentCorporate and otherTotal
(In thousands)
Net sales$18,647 $3,301 $791 $— $22,739 
Cost of sales6,785 1,545 716 — 9,046 
Gross profit11,862 1,756 75 — 13,693 
Operating expenses:
Sales and marketing
Advertising2,548 — — — 2,548 
Marketing2,069 50 3 — 2,122 
Selling2,160 16 123 — 2,299 
Research and development1,135 181 — — 1,316 
General and administrative— — — 5,664 5,664 
Operating expenses7,912 247 126 5,664 13,949 
Operating income (loss)$3,950 $1,509 $(51)$(5,664)$(256)
Six Months Ended June 30, 2025Consumer Products segmentIngredients segmentAnalytical Reference Standards and Services segmentCorporate and otherTotal
(In thousands)
Net sales$44,200 $15,788 $1,610 $— $61,598 
Cost of sales14,860 5,909 1,272 — 22,041 
Gross profit29,340 9,879 338 — 39,557 
Operating expenses:
Sales and marketing
Advertising5,858 — — — 5,858 
Marketing4,967 70 — — 5,037 
Selling5,185 56 188 — 5,429 
Research and development2,081 744 — — 2,825 
General and administrative— — — 12,451 12,451 
Operating expenses18,091 870 188 12,451 31,600 
Operating income (loss)$11,249 $9,009 $150 $(12,451)$7,957 

Six Months Ended June 30, 2024Consumer Products segmentIngredients segmentAnalytical Reference Standards and Services segmentCorporate and otherTotal
(In thousands)
Net sales$35,998 $7,389 $1,505 $— $44,892 
Cost of sales12,939 3,382 1,422 — 17,743 
Gross profit
23,059 4,007 83 — 27,149 
Operating expenses:
Sales and marketing
Advertising5,035 — — — 5,035 
Marketing3,966 62 4 — 4,032 
Selling4,372 16 254 — 4,642 
Research and development2,830 581 — — 3,411 
General and administrative— — — 11,016 11,016 
Operating expenses16,203 659 258 11,016 28,136 
Operating income (loss)$6,856 $3,348 $(175)$(11,016)$(987)
Disaggregation of Revenue
The Company disaggregates its revenue from contracts with customers by type of goods or services for each of its segments, as the Company believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Disaggregated revenues are as follows:
Three Months Ended June 30, 2025Consumer Products SegmentIngredients SegmentAnalytical Reference Standards and Services SegmentTotal
(In thousands)
Tru Niagen®, Consumer Product$22,699 $— $— $22,699 
Food-grade Niagen®
— 5,994 — 5,994 
Pharmaceutical-grade Niagen®
— 1,390 — 1,390 
Subtotal Niagen® Related22,699 7,384 — 30,083 
Other Ingredients— 235 — 235 
Reference Standards— — 772 772 
Consulting and Other— — 27 27 
Subtotal Other Goods and Services— 235 799 1,034 
Total Net Sales$22,699 $7,619 $799 $31,117 

Three Months Ended June 30, 2024Consumer Products SegmentIngredients SegmentAnalytical Reference Standards and Services SegmentTotal
(In thousands)
Tru Niagen®, Consumer Product$18,647 $— $— $18,647 
Food-grade Niagen®— 3,144 — 3,144 
Subtotal Niagen® Related18,647 3,144 — 21,791 
Other Ingredients— 157 — 157 
Reference Standards— — 755 755 
Consulting and Other— — 36 36 
Subtotal Other Goods and Services— 157 791 948 
Total Net Sales$18,647 $3,301 $791 $22,739 
Six Months Ended June 30, 2025Consumer Products SegmentIngredients SegmentAnalytical Reference Standards and Services SegmentTotal
(In thousands)
Tru Niagen®, Consumer Product$44,200 $— $— $44,200 
Food-grade Niagen®— 12,968 — 12,968 
Pharmaceutical-grade Niagen®— 2,390 — 2,390 
Subtotal Niagen® Related44,200 15,358 — 59,558 
Other Ingredients— 430 — 430 
Reference Standards— — 1,570 1,570 
Consulting and Other— — 40 40 
Subtotal Other Goods and Services— 430 1,610 2,040 
Total Net Sales$44,200 $15,788 $1,610 $61,598 

Six Months Ended June 30, 2024Consumer Products SegmentIngredients SegmentAnalytical Reference Standards and Services SegmentTotal
(In thousands)
Tru Niagen®, Consumer Product$35,998 $— $— $35,998 
Food-grade Niagen®— 7,232 — 7,232 
Subtotal Niagen® Related35,998 7,232 — 43,230 
Other Ingredients— 157 — 157 
Reference Standards— — 1,436 1,436 
Consulting and Other— — 69 69 
Subtotal Other Goods and Services— 157 1,505 1,662 
Total Net Sales$35,998 $7,389 $1,505 $44,892 
Disclosure of Major Customers
Major customers are defined as customers whose sales or trade receivables individually consist of more than ten percent of total sales or total trade receivables, respectively. Percentage of net sales from major customers of the Company’s consumer products segment and ingredients segment for the periods indicated were as follows:
Three Months Ended June 30,Six Months Ended June 30,
Major Customers2025202420252024
A.S. Watson Group - Former Related Party (1)*16.4 %*14.9 %
Life Extension10.2 %*12.7 %11.4 %
* Represents less than 10%
(1) For additional information regarding the relationship between the Company and A.S. Watson Group, see Note 6, Related Party Transactions.
The percentage of the amounts due from major customers to total trade receivables, net for the periods indicated were as follows:
Percentage of the Company's Total Trade Receivables
Major CustomersAt June 30, 2025At December 31, 2024
A.S. Watson Group - Former Related Party (1)24.1 %47.6 %
Amazon Marketplaces12.2 %14.3 %
Life Extension22.0 %*
Wells Pharma of Houston13.4 %10.3 %
* Represents less than 10%
(1) For additional information regarding the relationship between the Company and A.S. Watson Group, see Note 6, Related Party Transactions.
As of June 30, 2025, the Company had total outstanding trade receivables of $9.7 million, with approximately 71.7% of this total concentrated among four customers. Whenever a significant concentration is present it poses a potential risk to the Company's financial performance and cash flows, as any adverse changes in the payment behavior or financial health of these major customers could impact the Company's cash flows and financial results.

The Company has determined that the current concentration is primarily due to the timing of purchases, and the Company does not consider the concentration of its trade receivables to be a significant risk. Nevertheless, to ensure prudence and safeguard against potential challenges arising from this concentration, the Company remains vigilant in monitoring the creditworthiness and payment behavior of these major customers. Furthermore, the Company continues to pursue new partnerships and business opportunities which helps to diversify its customer base and minimize the risk of an overreliance on any particular trade receivable. Despite the Company’s risk mitigation efforts, there is no assurance that the Company will not experience delays or defaults in payment from its customers, which could result in an increase in the Company's bad debt expense, a reduction in cash flows, and a negative impact on its financial performance.