NATURAL ALTERNATIVES INTERNATIONAL INC

Natural Alternatives International, Inc.

Overview

Natural Alternatives International, Inc. (NAI) is a private-label contract manufacturer of vitamins, minerals, herbs, and other nutritional supplements for domestic and international customers. The company also owns and commercializes patents and trademarks for beta-alanine products under the CarnoSyn® family, selling beta-alanine raw material and licensing rights.

Fiscal year 2026 net sales: $142.5 million

• Private-label contract manufacturing: $134.6 million (94%)
• Patent and trademark licensing: $7.9 million (6%)

Business segments

• Private-label contract manufacturing
• Royalty, licensing, and raw material sales related to beta-alanine (CarnoSyn®, SR CarnoSyn®, CarnoSyn® 4X, TriBsyn®)

Products and brands

• CarnoSyn® (instant-release beta-alanine)
• SR CarnoSyn® (sustained-release beta-alanine)
• CarnoSyn® 4X (new beta-alanine formulation)
• TriBsyn® (beta-alanine with proprietary technology)
• Beta-alanine raw material (sold directly)
• Historical direct-to-consumer brands (discontinued in fiscal 2025): SustainedRx® and Perfect Synergy®

Patents and trademarks

• Patents: two U.S. patents and corresponding international patents covering beta-alanine applications
• Instant-release beta-alanine patents expired July 2026
• SR CarnoSyn® patents extend through 2036; TriBsyn® and CarnoSyn® 4X patent applications pending
• Trademarks: 61 registered trademarks (13 U.S. registrations incontestable; 48 foreign registrations covering 40 countries)
• Core marks: CarnoSyn®, SR CarnoSyn®, CarnoSyn® 4X, TriBsyn®

Customer profile

• Two private-label customers each represented more than 10% of consolidated net sales
• The two largest customers accounted for 52% of consolidated net sales in fiscal 2026
• One of the two largest customers informed the company of a material downward revision to their forecast for fiscal 2027 (post-year-end)

Geography and markets

• U.S. operations in Vista and Carlsbad, California, plus international activities
• Major non-U.S. markets: Europe and Asia
• NAIE (Natural Alternatives International Europe S.A.) operates in Manno, Switzerland

Facilities and certifications

• Vista, California: multi-functional facility with private-label manufacturing, formulation, QA/lab, and R&D; GMP-certified; NSF Certified for Sport; Health Canada compliance; Organic (NFC) processor/handler; Kosher and Halal certifications
• Carlsbad, California: high-volume powder blending and packaging facility (acquired 2021; fully operational by 2023); NSF Dietary Supplements Certification; NSF Certified for Sport; SSCI certification; Organic (NFC); Kosher and Halal
• NAIE, Manno, Switzerland: manufacturing, packaging, testing, and warehousing under Swissmedic oversight; GMP-compliant; FSSC 22000 certification (renewed April 2026)

Research and development

• R&D expenses: $2.3 million in fiscal 2026; $1.8 million in fiscal 2025
• Focus areas: development of science-based products, quality control, stability/potency/safety validation, and support for customers’ product claims

Raw materials and supply

• Primary raw material: beta-alanine, critical to the CarnoSyn® family
• One supplier accounted for more than 10% of total raw material purchases in 2026 and 2025
• Beta-alanine for the CarnoSyn® family is sourced from a single Japanese manufacturer
• Supply chain exposure includes supplier concentration and potential impacts from geopolitical events, pandemics, and price or lead-time fluctuations

Employees

• U.S. workforce (as of June 30, 2026): 219 employees
  • Research, laboratory, and quality control: 46
  • Sales and marketing: 10
  • Manufacturing and administration: 162
  • Temporary staff in the U.S.: 11
• NAIE workforce (as of June 30, 2026): 82 employees (including 11 temporary staff)
• Employees are not represented by a collective bargaining agreement

Corporate and financial context

• The company operates a private-label manufacturing and beta-alanine licensing business model and continues efforts to expand product offerings and geographic reach
• Fiscal 2026 results reflect a higher concentration of revenue from two large customers (52% of net sales)

Discontinued products

• SustainedRx® and Perfect Synergy® were discontinued in fiscal 2025 due to lack of commercial success

This information is current as of the fiscal year ended June 30, 2026.