Natural Alternatives International

What Natural Alternatives International does

Natural Alternatives International (NAI), founded in 1980 by Mark LeDoux and headquartered in Carlsbad, California, is a publicly traded nutritional supplement contract manufacturer (NASDAQ: NAII) operating across facilities in Vista, California (160,000 sq ft) and Manno, Switzerland (100,000 sq ft, via the wholly owned NAIE subsidiary). The company runs a vertically integrated production platform that spans custom formulation, manufacturing, quality assurance testing, stability programs, materials receiving, weighing and blending, warehousing, and finished goods packaging. The Carlsbad headquarters includes a state-of-the-art 54,154 sq ft high-volume powder blending and packaging facility commissioned in 2023, with annual capacity exceeding 26 million pounds of powder and nearly 100,000 sq ft of climate-controlled storage supporting outputs of approximately 2 billion capsules, 2 billion tablets, and 26 million pounds of powder per year. The company holds an unusually dense certification stack including cGMP, FDA registration, Health Canada GMP, NSF GMP and Sport, SSCI (first company certified in May 2021), SwissMedic GMP, Informed Sport, Organic NFC, Halal, and Kosher, with dedicated Client Success Managers overseeing enterprise B2B customers on minimum order quantities of 10,000 bottles or bags and distribution reaching 40+ countries.

The business operates two revenue streams: private-label contract manufacturing for supplement brands (approximately $102.7M of $108.0M, or 84%, of net sales in 9-month FY2026) and CarnoSyn® Brands, a proprietary portfolio of patented beta-alanine ingredients (CarnoSyn® instant-release, SR CarnoSyn® sustained-release, CarnoSyn® 4X, and TriBsyn® carnosine booster) generating royalty, licensing, and raw material sales ($5.3M in 9-month FY2026). The CarnoSyn® platform is the only beta-alanine with FDA New Dietary Ingredient (NDI) status and is supported by 35+ global patents and more than 55 clinical studies; SR CarnoSyn® received Self-Affirmed GRAS in 2017 and CarnoSyn® in 2019. FY2025 net sales of $129.9M grew 14% from $113.8M, and growth has accelerated to 23% in Q3 FY2026 ($35.5M), although a 9-month FY2026 net loss of $7.2M has been attributed to underutilization of factory capacity.

Go-to-market is direct B2B enterprise field sales complemented by distribution partnerships (B&D Nutritional Ingredients in the US since September 2024, Barentz for Brazil) and channel presence at industry events such as SupplySide West plus scientific conferences (ISSN, ESPEN, ACSM). Recent strategic actions include the April 2026 launch of patent-pending CarnoSyn® 4X, the May 2026 expansion of TriBsyn® into ready-to-drink beverages, gummies, dairy, and medical nutrition, the May 2026 closing of a $31 million credit facility with Legacy Corporate Lending that replaced a Wells Fargo line after a Q1 FY2025 covenant breach, and CEO Mark LeDoux's May 2026 assumption of Managing Director duties at NAIE alongside a salary reduction.

Name

Natural Alternatives International

Legal name

Natural Alternatives International, Inc.

Website

https://nai-online.com

Company type

Public

Founded year

1980

Operating status

Operating

Headcount range

51–100 employees

Short description

Natural Alternatives International is a publicly traded nutritional supplement contract manufacturer (NASDAQ: NAII) that formulates, produces, and packages private-label supplements for brands across 40+ countries and licenses its proprietary CarnoSyn® beta-alanine ingredient platform.

Ownership category

akta.pro rank

Headquarters

HQ city

Carlsbad

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Private-label contract manufacturing: Custom formulation, manufacturing, and packaging services for supplement brands. Production of capsules, tablets, and powders with minimum order quantities of 10,000 bottles or bags. Major revenue driver representing ~84% of net sales ($102.7M of $108.0M in 9-months FY2026).
2. CarnoSyn® beta-alanine royalties, licensing and raw materials: Patent licensing, trademark royalties, and raw material sales for proprietary beta-alanine ingredients (CarnoSyn®, SR CarnoSyn®, CarnoSyn® 4X, TriBsyn®). Revenue decreased 11% to $5.3M in first nine months of FY2026.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Natural Alternatives International (NAI) is a custom contract manufacturer of nutritional supplements, providing formulation, manufacturing, quality assurance testing, packaging, and warehousing services to supplement brands on a B2B basis with a 10,000-unit minimum order quantity. The company also develops, patents, and licenses its proprietary CarnoSyn® beta-alanine ingredient portfolio (instant-release powder, sustained-release tablets, CarnoSyn® 4X, TriBsyn®) to sports nutrition and wellness brands.

Product overview

Natural Alternatives International (NAI) operates as a nutritional supplement formulator and contract manufacturer offering a vertically integrated suite of services. The company's product portfolio centers on the proprietary CarnoSyn® Brands family of patented beta-alanine ingredients, including CarnoSyn® instant-release powder, SR CarnoSyn® sustained-release tablets, CarnoSyn® 4X high-bioavailability powder, and TriBsyn® carnosine booster. Complementing its proprietary ingredients, NAI provides comprehensive custom contract manufacturing services spanning custom formulation, manufacturing, QA testing, stability programs, warehousing, weighing and blending, and packaging. The company manufactures on two continents with facilities in Vista and Carlsbad, California and Manno, Switzerland, serving customers in 40 countries.

Differentiator

Problem solved

Functional benefit

Brands

• CarnoSyn Brands: Portfolio of patented beta-alanine ingredients including CarnoSyn instant-release, SR CarnoSyn sustained-release, CarnoSyn 4X high-bioavailability, and TriBsyn carnosine booster products
• CarnoSyn
• SR CarnoSyn
• TriBsyn
• CarnoSyn 4X

Products and services

• CarnoSyn® Instant-Release Beta-Alanine Powder The gold standard instant-release beta-alanine powder for sports nutrition and the only beta-alanine to achieve New Dietary Ingredient (NDI) status with the FDA. Backed by more than 55 clinical studies supporting endurance, recovery, mental focus, and lean muscle gains; supplied to supplement brands for incorporation into their products.
• SR CarnoSyn® Sustained-Release Beta-Alanine Tablets Advanced tablet delivery form of beta-alanine with a sustained-release delivery system designed for everyday wellness and healthy aging. Received Self-Affirmed GRAS affirmation in 2017 and supports brain health, muscle health, heart health, systemic protection, and bone health with gradual, controlled release to avoid paresthesia.
• CarnoSyn® 4X Beta-Alanine Powder Next-generation beta-alanine formulation delivering more than four times the bioavailability of standard beta-alanine without paresthesia (tingling sensation). Patent-pending proprietary ingredient optimized for sports nutrition and performance-focused users, supporting strength, endurance, and overall training capacity.
• TriBsyn® Carnosine Booster Powder Paresthesia-free beta-alanine powder designed for daily wellness use with enhanced bioavailability and a low-dose, user-friendly format. Application footprint expanded in May 2026 into ready-to-drink beverages, protein drinks, dairy products, gummies, and medical nutrition formulations. Supports healthy aging, cognitive performance, and carnosine levels.
• Custom Contract Manufacturing Services Full-service nutritional supplement contract manufacturing for private-label supplement brands, including custom formulation, high-volume production of capsules, tablets, and powders, in-house quality assurance testing, stability programs, materials receiving, climate-controlled warehousing, weighing and blending, and finished goods packaging. Minimum order quantity of 10,000 bottles or bags. Annual production capacity of over 2 billion capsules, 26 million pounds of powder, and 2 billion tablets.

Quantifiable outcome

• 4x bioavailability improvement with CarnoSyn® 4X vs standard beta-alanine
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• B&D Nutritional IngredientscoreChannel Partner/ Reseller/ Distributor · 30 September 2024U.S. distribution agreement for CarnoSyn® beta-alanine ingredient sales through B&D's established supplement industry distribution network.
• BarentzcoreChannel Partner/ Reseller/ DistributorExclusive Brazilian distribution partnership for CarnoSyn® beta-alanine, expanding market reach in South America through Barentz's regional distribution capabilities.
• The Juice Plus+® CompanycoreStrategic or Co-development PartnerMulti-year exclusive manufacturing agreement for nutritional supplement products; longstanding partnership with extension announcements in recent years.

Scale indicators7 records

Recent moves11 records

Expansion highlights5 records

Broad incumbents

• Catalent: Large-scale pharmaceutical and nutraceutical contract development and manufacturing organization (CDMO). Comparable to NAI as a CMO serving consumer health and supplement brands, but operates at vastly greater scale with a much broader softgel, oral dose and biologics portfolio rather than specializing in nutritional capsules/tablets/powders.
• Lonza Group: Global contract manufacturer with nutraceutical and oral dose capabilities serving supplement and consumer health brands. Comparable as a vertically integrated CMO with similar B2B model, but Lonza is diversified across pharma APIs, biologics and cell therapy and is not specialized in private-label sports nutrition or beta-alanine ingredients.

Direct peers

• Glanbia Nutritionals: Ingredient and premix manufacturer serving sports nutrition and functional food brands, including competing beta-alanine and amino acid offerings sold to supplement companies. Directly comparable to NAI on the proprietary ingredient/licensing side, with comparable B2B distribution into supplement brands and similar end-customers.
• NOW Foods: Large-scale nutritional supplement manufacturer with its own brand portfolio plus private-label and bulk ingredient services. Comparable to NAI in vertical integration (own manufacturing, in-house QA, multiple certifications) and customer base (private-label supplement brands and direct retailers), though NOW is significantly larger and more retail-distribution-weighted.
• Standard Process: Vertically integrated whole-food nutritional supplement manufacturer with proprietary ingredients and in-house manufacturing facilities. Comparable to NAI on vertical integration, GMP manufacturing and proprietary ingredient differentiation, though Standard Process is focused on whole-food supplements rather than beta-alanine and sports nutrition.
• NutraScience Labs: Mid-size US nutritional supplement contract manufacturer offering custom formulation, manufacturing and packaging services to supplement brands. Most directly comparable peer to NAI's private-label CMO business model, with similar MOQ requirements, turnkey service offering and customer base of indie and mid-market supplement brands.
• TSI Group: Specialty ingredient manufacturer with a portfolio that includes beta-alanine and amino-acid ingredients sold into sports nutrition and supplement brands. Directly comparable to NAI's CarnoSyn business as a competing supplier of beta-alanine raw materials to the same supplement brand customers.
• Vitakem: Nutritional supplement contract manufacturer offering custom formulation, encapsulation, tableting and packaging. Comparable to NAI's CMO business in service offering, customer base (private-label supplement brands) and B2B go-to-market, though smaller and without a proprietary beta-alanine ingredient franchise.

Others

• Herbalife: Direct-selling nutrition and weight management company that outsources manufacturing to third-party CMOs. Comparable as a large consumer of private-label contract manufacturing services (a potential NAI customer archetype) and overlaps with NAI in sports nutrition, vitamins and meal replacement categories.

Emerging players

• Thorne HealthTech: Scientifically positioned nutritional supplement company with proprietary formulations and contract manufacturing partnerships. Comparable to NAI in science-backed positioning and NSF/Sport-style certifications, but Thorne is a DTC brand rather than a CMO; NAI serves as a manufacturing partner to similar brand archetypes.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/NaturalAlternativesInternationalInc
• LinkedInlinkedin.com/company/natural-alternatives-international

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Natural Alternatives International