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Glass House Brands vs Niagen Bioscience: revenue, profit, margins and growth compared

Glass House Brands brought in $182M of revenue in fiscal 2025, Niagen Bioscience $129.4M in fiscal 2025. Revenue changed by -9.4% at Glass House Brands and +29.9% at Niagen Bioscience on the year before, so Niagen Bioscience grew faster. Glass House Brands kept -16.3% of its revenue as net profit, Niagen Bioscience 13.4%.

Side by side, latest fiscal year

GLASNAGE
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$182M$129.4M
Revenue growth-9.4%+29.9%
Net income-$29.7M$17.4M
Net margin-16.3%13.4%
Free cash flow-$15.7Mn/a
Free cash flow margin-8.6%n/a
Earnings per share (diluted)-$0.55$0.20
Cash$23.4M$64.8M
Debt$68.7Mn/a
Price to earningsn/a15.3
Market value$598.4M$241.3M
Dividend yieldn/an/a
Rank by revenue in sector#261 of 523 · Health care#282 of 523 · Health care

Over the years

Revenue
GLAS FY2021: $48.3MGLAS FY2021: $63.2MGLAS FY2022: $84.9MGLAS FY2023: $160.8MGLAS FY2024: $200.9MGLAS FY2025: $182MNAGE FY2018: $31.6MNAGE FY2019: $46.3MNAGE FY2020: $59.3MNAGE FY2021: $67.4MNAGE FY2022: $72.1MNAGE FY2023: $83.6MNAGE FY2024: $99.6MNAGE FY2025: $129.4MFY18FY19FY20FY21FY22FY23FY24FY25
GLAS $182MNAGE $129.4M
Net income
GLAS FY2021: -$16.7MGLAS FY2021: -$43.1MGLAS FY2022: -$32.9MGLAS FY2023: -$98.3MGLAS FY2024: $519KGLAS FY2025: -$29.7MNAGE FY2018: -$33.3MNAGE FY2019: -$32.1MNAGE FY2020: -$19.9MNAGE FY2021: -$27.1MNAGE FY2022: -$16.5MNAGE FY2023: -$4.9MNAGE FY2024: $8.6MNAGE FY2025: $17.4MFY18FY19FY20FY21FY22FY23FY24FY25
GLAS -$29.7MNAGE $17.4M
Net margin
GLAS FY2021: -34.5%GLAS FY2021: -68.2%GLAS FY2022: -38.8%GLAS FY2023: -61.1%GLAS FY2024: 0.3%GLAS FY2025: -16.3%NAGE FY2018: -105.6%NAGE FY2019: -69.4%NAGE FY2020: -33.6%NAGE FY2021: -40.2%NAGE FY2022: -23.0%NAGE FY2023: -5.9%NAGE FY2024: 8.6%NAGE FY2025: 13.4%FY18FY19FY20FY21FY22FY23FY24FY25
GLAS -16.3%NAGE 13.4%
Revenue growth
GLAS FY2021: +30.9%GLAS FY2022: +34.3%GLAS FY2023: +89.5%GLAS FY2024: +24.9%GLAS FY2025: -9.4%NAGE FY2019: +46.7%NAGE FY2020: +28.0%NAGE FY2021: +13.8%NAGE FY2022: +6.8%NAGE FY2023: +16.0%NAGE FY2024: +19.2%NAGE FY2025: +29.9%FY19FY20FY21FY22FY23FY24FY25
GLAS -9.4%NAGE +29.9%
Free cash flow
GLAS FY2021: -$11.5MGLAS FY2021: -$128.8MGLAS FY2022: -$68.6MGLAS FY2023: $10.9MGLAS FY2024: $18.1MGLAS FY2025: -$15.7MNAGE FY2018: -$22.2MNAGE FY2019: -$21.2MFY18FY19FY21FY22FY23FY24FY25
GLAS -$15.7MNAGE -$21.2M

Fiscal years as each company reports them; the two may end in different months.

Questions about Glass House Brands and Niagen Bioscience

Which is bigger by revenue, Glass House Brands or Niagen Bioscience?

Glass House Brands is bigger by revenue: $182M in fiscal 2025, against $129.4M for Niagen Bioscience in fiscal 2025.

Which keeps more of its revenue as profit, Glass House Brands or Niagen Bioscience?

Glass House Brands had a net margin of -16.3% in fiscal 2025; Niagen Bioscience had 13.4% in fiscal 2025.

Which grew revenue faster, Glass House Brands or Niagen Bioscience?

In their latest fiscal years revenue changed by -9.4% at Glass House Brands and +29.9% at Niagen Bioscience.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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