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NBY customer relationships

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NBY customers relationship map

NovaBay (NBY) — customer map and commercial posture

Thesis: NovaBay monetizes proprietary consumer and prescription eyecare and wound-care products by selling Avenova directly through its own channel and major e-commerce platforms, while historically relying on large wholesale distributors for prescription and international wound‑care sales; value is driven by DTC recurring revenue from Avenova and the economics of distribution agreements and asset sales. For investors evaluating counterparty risk and deal leverage, the FY2024 10‑K and subsequent press coverage show a transition from a distributor‑dependent model toward cash realization and strategic divestitures. Learn more at https://nullexposure.com/.

What NovaBay sells and how revenue is realized

NovaBay historically generated revenue from two distinct routes to market: direct-to-consumer (DTC) e‑commerce for Avenova and wholesale/distributor relationships for prescription and wound‑care products. The FY2024 10‑K records that Avenova Spray was sold directly on Amazon.com and Avenova.com and was also offered on Walmart.com; prescription Avenova Spray was made available nationwide via agreements with the major drug distributors (McKesson, Cardinal Health and AmerisourceBergen), and wound‑care products were distributed through partners in the U.S. and China (FY2024 10‑K). The company has since monetized these assets through selective sales of the Avenova business and trademarks (news, early 2026).

Key commercial drivers: direct e‑commerce margins and repeat purchase behavior for Avenova, offset historically by lumpier revenue from wholesale distributor orders and by proceeds from asset sales. Investors should weight the predictability of DTC revenue against the concentration and intermittency of distributor orders.

Customer and partner roll call (each relationship in the record)

Below I list every counterparty referenced in the collected results, with a short plain‑English summary and the source cited.

Walmart.com

NovaBay made Avenova branded products available on Walmart.com as part of its DTC and retail e‑commerce distribution (FY2024 10‑K). (Source: NovaBay FY2024 10‑K filing.)

Avenova.com

NovaBay promoted and sold Avenova Spray directly via its own Avenova.com storefront, which the company highlights as a primary consumer channel (FY2024 10‑K). (Source: NovaBay FY2024 10‑K filing.)

Amazon.com / AMZN

NovaBay promoted Avenova Spray directly to consumers on Amazon.com, which the company lists alongside its own site as a core direct sales channel (FY2024 10‑K). (Source: NovaBay FY2024 10‑K filing.)

McKesson Corporation / MCK

McKesson is listed among the national distributors that made prescription Avenova Spray accessible across U.S. retail pharmacies, reflecting a wholesale distribution arrangement (FY2024 10‑K). (Source: NovaBay FY2024 10‑K filing.)

AmerisourceBergen Corporation

AmerisourceBergen is named as a distribution partner that enabled nationwide access of prescription Avenova Spray through retail pharmacy channels (FY2024 10‑K). (Source: NovaBay FY2024 10‑K filing.)

Cardinal Health / CAH

Cardinal Health is identified alongside McKesson and AmerisourceBergen as a distributor facilitating retail pharmacy availability for prescription Avenova Spray (FY2024 10‑K). (Source: NovaBay FY2024 10‑K filing.)

Chongqing Pioneer Pharma Holdings Limited

Post‑divestiture NovaBay continued to manufacture wound‑care products under contractual obligations to its Chinese distribution partner, Chongqing Pioneer, which had also distributed NeutroPhase in China (FY2024 10‑K). (Source: NovaBay FY2024 10‑K filing.)

PRN Physician Recommended Nutriceuticals / PRN Physician Recommended Nutriceuticals, LLC

Multiple news outlets reported that NovaBay completed the sale of its Avenova eyecare business and related assets to PRN for $11.5 million, and that the transaction was a material step toward shareholder distributions and company dissolution steps (Vision Monday, Finviz and other March 2026 coverage). (Sources: Vision Monday report on the sale; Finviz Mar 2026 news.)

Acumen Health Holdings

Finviz reported that Acumen Health Holdings intended to acquire the Avenova brand from NovaBay (news sentiment, March 2026 reporting). (Source: Finviz news coverage, Mar 2026.)

R01 Fund

TradingView reported that NovaBay signed a securities purchase agreement including R01 Fund as a purchaser in a financing package announced in early 2026. (Source: TradingView report, Mar 2026.)

Framework Ventures

Framework Ventures is named alongside R01 Fund, Tether Investments and Sky Frontier Foundation in a securities purchase agreement reported by TradingView (Mar 2026 coverage). (Source: TradingView report, Mar 2026.)

Tether Investments

Tether Investments is listed in the same securities purchase agreement reported by TradingView as a participant in NovaBay’s financing arrangements (Mar 2026 reporting). (Source: TradingView report, Mar 2026.)

Sky Frontier Foundation

Sky Frontier Foundation is identified as a counterparty in the securities purchase agreement reported by TradingView (Mar 2026 reporting). (Source: TradingView report, Mar 2026.)

Note: several relationships in the results are duplicate entity references (AMZN/Amazon, MCK/McKesson, PRN variants); I listed each as represented in filings and press to reflect how NovaBay disclosed and how the market reported those counterparties.

Constraints and what they imply about the operating model

The extracted constraint signals from filings and news manifest distinct business model characteristics:

  • Contracting posture — mixture of direct retail contracts and large wholesale agreements. NovaBay used standard channel contracts for DTC sales and maintained formal distribution agreements with McKesson, Cardinal Health and AmerisourceBergen to reach pharmacies (FY2024 10‑K). This dual posture produces predictable small‑ticket recurring sales via DTC and irregular, lumpy receipts from distributor orders.

  • Concentration and spend bands — DTC revenue material but moderate in scale. NovaBay reported Avenova Spray revenue of $7.2 million in 2024 and $6.1 million in 2023 from Amazon.com, Avenova.com and Walmart.com channels, placing DTC Avenova in a mid‑range spend band rather than negligible volume (FY2024 10‑K). That positions DTC as a meaningful, repeatable cash flow line item for NBY.

  • Geographic posture — North America primary, China as material for wound care. The company disclosed nationwide U.S. distribution for prescription Avenova and that NeutroPhase was distributed in China by Chongqing Pioneer (FY2024 10‑K). The China relationship is an explicit APAC exposure and was a channel for the firm’s wound‑care products.

  • Criticality and maturity — distributor reliance for certain product lines; transitional state post‑divestiture. The filings note the wound‑care business historically relied solely on distribution partners for NeutroPhase and PhaseOne, which indicates critical dependency for those products; however, NovaBay has executed a wound‑care divestiture and sold Avenova assets in early 2026, reflecting a shift to capital realization and company wind‑down. (FY2024 10‑K; news coverage March 2026.)

  • Specific relationship signals: Chongqing Pioneer is explicitly identified as a distributor in China for NeutroPhase (FY2024 10‑K); the Phase One supplier/distributor relationship was contractually terminated upon the Wound Care divestiture, per the company’s transition agreement language in the filing.

(Second resource: for further company and counterparty signal analysis visit https://nullexposure.com/.)

Investment implications — risk and upside in plain terms

  • Upside: DTC Avenova delivered consistent mid‑single‑digit million revenue that is scalable and higher margin than lumpier distributor sales; asset sales in early 2026 have produced cash for shareholder returns and reduced operating complexity (FY2024 10‑K; Mar 2026 press).

  • Risk: Historical dependency on large pharmaceutical distributors and an international distribution partner created concentration and lumpiness; the wound‑care line’s reliance on third‑party distributors was explicitly described as critical, though divestitures reduce that exposure (FY2024 10‑K).

  • Governance and capital posture: The mix of securities purchasers and asset sales (reported financings and purchase agreements in Mar 2026) suggests management prioritized liquidity and structured exits over reinvestment in manufacturing or scaling legacy product lines (TradingView; various news).

Bottom line: NovaBay’s cash flows and counterparty map shifted from distributor‑dependent product sales to monetization through asset sales and selective financings, leaving a smaller but more direct DTC revenue base and a simpler counterparty footprint for investors to evaluate. For more detailed counterparty scoring and exposure analytics, visit https://nullexposure.com/.

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