Here are the 10-Q quarterly 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-Q covers the quarterly report filed between annual reports, 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 reports higher sales but continued losses for the quarter and nine months ended March 31, 2026. Quarterly net sales rose to $35.5M from $28.8M, driven by 25% growth in private-label manufacturing, while patent and trademark licensing was roughly flat.
Despite 13% year-to-date sales growth to $108.0M, gross margin remained low and the company posted a nine‑month net loss of $7.2M, similar to the prior year. Operating cash flow turned negative, with $7.9M used in operations and inventories and receivables rising.
To bolster liquidity and refinance prior Wells Fargo debt, the company entered a new credit facility with Legacy Corporate Lending for an $11.0M term loan and up to $20.0M working capital line, at higher SOFR‑based rates. Management also plans to sell the corporate headquarters building to free up capital and intends to relocate functions to other properties or leased space.
Natural Alternatives International reported modestly higher sales but ongoing losses for the quarter and six months ended December 31, 2025. Quarterly net sales rose to $34.8 million, with gross margin improving to 7.2% from 4.9% as factory utilization and mix improved.
Despite better margins, the company posted a quarterly net loss of $2.6 million (basic and diluted loss per share $0.42) and a six‑month net loss of $2.8 million, though the year‑to‑date loss narrowed versus the prior year. Private‑label manufacturing sales grew, while patent and trademark licensing revenue declined over six months.
Operating cash flow was weak: the business used $10.4 million of cash in the first half, driven by higher receivables and a sharp inventory build to $33.4 million. Cash and equivalents fell to $3.8 million, while borrowings included $5.8 million on a $10.0 million credit line and $8.8 million on a term loan.
The company disclosed non‑compliance with financial covenants on its Wells Fargo credit facility, received prior waivers, and is seeking further relief while also discussing a potential new asset‑based facility. Management now expects a net loss in the second half and for the full fiscal 2026 year.