自然替代方案国际有限公司2024年度报告

FORM10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedJune 30, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 000-15701 (Commission file number) NATURAL ALTERNATIVES INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) 1535 Faraday AveCarlsbad,CA92008(760)736-7700(Address of principal executive offices)(Registrant’s telephone number)Securities registered pursuant to Section12(b) of the Act:Title of each className of exchange on which registeredCommon Stock, $0.01 par value per shareNasdaq Global Market Indicate by check mark if Natural Alternatives International, Inc. (NAI) is a well-known seasoned issuer, as defined in Rule 405 of theSecurities Act of 1933.☐Yes☒No Indicate by check mark if NAI is not required to file reports pursuant to Section13 or Section15(d) of the Securities Exchange Act of 1934.☐Yes☒No Indicate by check mark whether NAI (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that NAI was required to file such reports), and (2)has been subject to suchfiling requirements for the past 90 days.☒Yes☐No Indicate by check mark whether NAI has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T during the preceding 12 months (or for such shorter period that NAI was required to submit such files).☒Yes☐No Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein, and will not becontained, to the best of NAI’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form10-K or any amendment to this Form 10-K.☐ Table of Contents Indicate by check mark whether NAI is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether NAI is a shell company (as defined in Rule 12b-2 of the Exchange Act):☐Yes☒No The aggregate market value of NAI’s common stock held by non-affiliates of NAI as of the last business day of NAI’s most recentlycompleted second fiscal quarter (December 31, 2024) was approximately $26,717,000(based on the closing sale price of $4.31 reported byNasdaq on December31, 2024). As of September 23, 2025,6,176,778shares of NAI’s common stock were outstanding, net of 3,328,128treasury shares. DOCUMENTS INCORPORATED BY REFERENCE Part III (Items 10, 11, 12, 13 and 14) of this Form 10-K incorporates by reference portions of NAI’s definitive proxy statement, to be filedon or before October 28, 2025, for its Annual Meeting of Stockholders to be held December 5, 2025. Table of Contents TABLE OF CONTENTS SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS PARTI Item1.Business2Item1A.Risk Factors8Item1C.Cybersecurity14Item2.Properties15Item3.Legal Proceedings15Item4.Mine Safety Disclosures15PARTIIItem5.Market for Our Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities16Item6.Selected Financial Data16Item7.Management’s Discussion and Analysis of Financial Condition and Results of Operations17Item7A.Quantitative and Qualitative Disclosures About Market Risk19Item8.Financial Statements and Supplementary Data20Report of Independent Registered Public Accounting Firm(PCAOB ID 200)20Consolidated Financial Statements21Item9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure42Item9A.Controls and Procedures42Item9B.Other Information42PARTIIIItem10.Directors, Executive Officers and Corporate Governance42Item11.Executive Compensation42Item12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters42I