NATURAL ALTERNATIVES INTERNATIONAL INC: management transactions · United States · SEC (Form 4)

About NATURAL ALTERNATIVES INTERNATIONAL INC

Natural Alternatives International, Inc. (NAII) is a U.S.-listed company traded on the Nasdaq Global Market in the United States. Founded in 1980 by CEO and Chairman Mark A. LeDoux, the company began in San Marcos, California and has since developed into a specialized nutrition platform focused on the formulation, manufacturing and commercialization of nutritional supplements. Its corporate headquarters is in Carlsbad, California, while its manufacturing and distribution footprint includes facilities in Vista, California and Manno, Switzerland. NAII’s core business is private-label contract manufacturing. In practical terms, the company develops and produces vitamins, minerals, herbs and other nutritional supplements for third-party brands that sell through direct sales, e-commerce and retail channels. The company manufactures multiple dosage forms, including capsules, tablets, chewable wafers and powders. Beyond manufacturing, NAII provides a broader suite of services that makes it more than a simple toll manufacturer: custom formulation, clinical study support, regulatory compliance, international product registration, packaging, labeling design and market support. This integrated offering is important for customers that want a single partner across product development and supply chain execution. A second strategic pillar is NAII’s intellectual-property portfolio. The company commercializes proprietary ingredients and trademarks such as CarnoSyn®, SR CarnoSyn® and TriBsyn™, with a particular focus on beta-alanine-related products. This gives the business a dual profile: one part industrial manufacturer, one part ingredient and IP licensor. In management’s own disclosure, the company emphasizes that it seeks to expand revenue not only through contract manufacturing, but also through royalties, license agreements and direct sales tied to its patent and trademark estate. From a competitive standpoint, NAII operates in a crowded global market where customer relationships, product quality, regulatory capability, innovation and manufacturing reliability are critical differentiators. The company states that it competes with other manufacturers, distributors and marketers of nutritional products and that its advantage lies in comprehensive customer solutions, certified operations and research and development capabilities. That said, investors should note the company’s exposure to customer concentration, as a meaningful share of sales still comes from a small number of large private-label clients. Recent developments matter for the investment case. In fiscal 2025, NAII reported higher sales, led by private-label contract manufacturing, but still posted a net loss for the year. The company also referred to increased legal costs tied to its expanding beta-alanine patent estate. More recently, NAII disclosed banking covenant issues and subsequently obtained a waiver and release agreement with Wells Fargo. For French-speaking investors, NAII is best viewed as a small-cap U.S. nutrition and supplement manufacturer with proprietary ingredient exposure, but also with earnings volatility and customer-concentration risk.