NATURAL ALTERNATIVES INTERNATIONAL Business Summary

Natural Alternatives International Inc. (NAII) operates a dual-revenue business model centered on the formulation, manufacturing, and licensing of customized nutritional supplements. The company generates the vast majority of its revenue through its Private-Label Contract Manufacturing segment, providing end-to-end services—including clinical research, science-based formulation, and international regulatory support—to major brands in the health and wellness sector. Its secondary, high-margin segment is Patent and Trademark Licensing, which manages the global distribution and royalty streams for its proprietary CarnoSyn® and SR CarnoSyn® beta-alanine ingredients. As of early 2026, NAII is positioned as a specialized Contract Development and Manufacturing Organization (CDMO) that differentiates itself from high-volume competitors like Robinson Pharma, Vitaquest, and Sirio Pharma through its deep intellectual property portfolio and rigorous scientific validation. While smaller in scale than these peers, NAII maintains a strategic niche by integrating proprietary ingredient technology directly into its manufacturing partnerships. The company was founded in 1980 by Mark A. LeDoux, who continues to serve as Chairman and CEO. LeDoux is a prominent industry figure with over 45 years of experience, having previously served as Chairman of the Natural Products Association (NPA) and the Council for Responsible Nutrition (CRN). The executive team is further anchored by President and COO Kenneth E. Wolf, a CPA and former Callaway Golf executive who joined in 2008, and CFO Michael E. Fortin, who also joined in 2008 and brings a background in Big 4 public accounting. Other key leadership includes Dr. Nancy Steely (VP of Global R&D) and Shane Conti (VP of Global Sales). The company is publicly traded on the NASDAQ, with significant insider alignment as LeDoux remains a major shareholder, and the board features seasoned manufacturing experts such as Alan G. Dunn.