Here are the 10-K annual reports from Natural Alternatives International Inc. (NAII) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow NAII and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NAII filings page.
Natural Alternatives International, Inc. (NAII) reported fiscal 2026 net sales of $142.515 million, up 10% from $129.860 million in fiscal 2025. Private-label contract manufacturing sales rose 11% to $134.615 million, while patent and trademark licensing sales declined 2% to $7.900 million. Gross profit was $8.997 million, compared with $9.289 million.
Net loss widened to $20.695 million from $13.575 million. Operating loss was $18.752 million, including a non-cash $10.409 million impairment charge on its Carlsbad manufacturing facility. Cash used in operating activities was $8.916 million, versus $5.932 million provided in fiscal 2025. Cash, cash equivalents and restricted cash totaled $7.474 million as of June 30, 2026.
Management anticipates it will not comply with a domestic fixed charge coverage ratio covenant as of September 30, 2026, following downward revisions by one of its largest customers to projected fiscal 2027 orders and purchases. The company disclosed substantial doubt about its ability to continue as a going concern. Management has determined the Carlsbad facility should be sold and initiated a review of strategic alternatives; it said there is no assurance a covenant waiver, amendment or remedy will be available.
Natural Alternatives International, Inc. (NAII) reports key balance sheet and risk disclosures for fiscal 2025. The company had 6,178,213 shares issued and outstanding and a market capitalization of $26,717,000 based on a $4.31 close on December 31, 2024. As of June 30, 2025 the company had $1.9 million outstanding on its line of credit and $8.9 million outstanding on its term loan. On June 20, 2025 NAII entered a Sixth Amendment to its Credit Agreement extending the credit line to December 31, 2026, reducing the maximum borrowing from $12.5 million to $10.0 million and increasing borrowing costs and fees. Management disclosed a potential inability to comply with covenant requirements in early fiscal 2026 and is negotiating with the lender. The company accrued a $1.25 million maximum settlement related to employee litigation and recorded a net $1.6 million loss in OCI related to cash flow hedges. NAII states it is not aware of any material cybersecurity breaches and describes governance and IT controls.