StockNews.AI
CYAN
StockNews.AI
189 days

Cyanotech Reports Financial Results for the Third Quarter and First Nine Months of Fiscal 2025

1. Cyanotech reports 10.6% net sales growth in Q3 fiscal 2025. 2. Gross profit margin improved to 35.3%, up from 29.5% last year. 3. Operating losses decreased significantly compared to the previous year. 4. Net loss for Q3 fiscal 2025 was $224,000, lower than $1 million last year. 5. Total assets decreased, but cash remained stable at $359,000.

Earnings
+5.71%Current Return
VS
+0.13%S&P 500
$0.3502/11 08:42 AM EDTEvent Start
$0.3702/12 03:29 PM EDTLatest Updated
14m saved
Insight
Article

FAQ

Why Bullish?

The positive sales growth and improved margins indicate solid performance, which may attract investors. Historically, sustained growth has led to price increases for CYAN when momentum builds.

How important is it?

Strong quarterly results enhance investor confidence and can lead to upward price movement. The consistent improvement in sales and margin makes this news significant for future trading.

Why Short Term?

The recent financial performance is likely to influence short-term trading sentiment positively. Investors may react quickly to strong quarterly results.

Related Companies

CYANNTRPVERB
KAILUA KONA, Hawaii--(BUSINESS WIRE)--Cyanotech Corporation (OTCQB: CYAN), a world leader in microalgae-based, high-value nutrition and health dietary supplement products, announced financial results for the third quarter and first nine months of fiscal year 2025, ended December 31, 2024. Commenting on the third quarter fiscal year 2025 results, Cyanotech’s President and Chief Executive Officer, Matthew K. Custer, said: “I am pleased by our continued progress in the third quarter, with a 10.6% increase in net sales, building on the momentum that we established in the first half of the fiscal year.” “As we noted last quarter, our focus on inventory management and strategic restocking has allowed us to meet demand more effectively. The increase in our gross profit to 35.3% reflects the positive results of those efforts. While bulk sales are helping drive growth, addressing the slower growth of packaged sales remains a priority.” “We’ve reduced our operating losses compared to last year, however, we remain focused on navigating these challenges and proceeding cautiously as we enter the next quarter.” Third Quarter Fiscal 2025 Cyanotech reported net sales of $6,172,000 for the third quarter of fiscal 2025 compared to $5,582,000 for the third quarter of fiscal 2024, an increase of 10.6%. Gross profit was $2,179,000, with gross profit margin of 35.3%, compared to gross profit of $1,649,000, with gross profit margin of 29.5%. Operating loss for the third quarter of fiscal 2025 was $50,000 compared to operating loss of $848,000 in the same period of the prior year. Net loss for the current fiscal quarter was $224,000, or $0.03 per diluted share, compared to net loss of $1,020,000, or $0.16 per diluted share, for the same period of the prior year. First Nine Months of Fiscal 2025 Cyanotech reported net sales of $17,915,000 for the first nine months of fiscal 2025 compared to $17,101,000 for the same period in fiscal 2024, an increase of 4.8%. Gross profit was $5,134,000, with gross profit margin of 28.7%, compared to gross profit of $5,270,000, with gross profit margin of 30.8%. Operating loss for the first nine months of fiscal 2025 was $2,066,000 compared to operating loss of $2,689,000 in the same period of the prior year. Net loss for the first nine months of fiscal 2025 was $2,576,000, or $0.37 per diluted share, compared to net loss of $3,186,000, or $0.50 per diluted share, for the same period of the prior year. Trailing Twelve Months For the trailing twelve months ended December 31, 2024, compared to the trailing twelve months ended December 31, 2023, net sales were $23,885,000 compared to $22,492,000, respectively. Gross profit was $5,810,000, with gross profit margin of 24.3%, compared to $6,656,000 and 29.6%. Net loss was $4,657,000, or $0.66 per diluted share, compared to net loss of $4,616,000, or $0.72 per diluted share. Please review the Company’s Form 10-Q for the period ended December 31, 2024 for more detailed information. --------------- — Cyanotech will host a virtual broadcast at 8:00 PM ET on Wednesday, February 12, 2025 to respond to questions about its operating results and other topics of interest. Interested parties are asked to submit questions to questions@cyanotech.com before 12 p.m. (noon) ET on Wednesday, February 12, 2025. The Company will respond only to relevant questions relating to the Company’s third quarter fiscal 2025 financial performance and will not be accepting any questions or comments during the broadcast. To join the broadcast, please browse http://cyanotech.com/meet approximately five minutes prior to the start time. --------------- About Cyanotech — Cyanotech Corporation, a world leader in microalgae technology for more than 30 years, produces BioAstin® Hawaiian Astaxanthin® and Hawaiian Spirulina Pacifica®. These all-natural, dietary ingredients and supplements leverage our experience and reputation for quality, building nutritional brands which promote health and well-being. The Company’s mission is to fulfill the promise of whole health through Hawaiian microalgae. Cyanotech’s BioAstin® offers superior antioxidant activity which supports skin, eye and joint health, as well as recovery from exercise*. Cyanotech's Spirulina products offer nutrition that supports cardiovascular health and immunity*. All Cyanotech products are produced from microalgae grown at our 96-acre facility in Kona, Hawaii using patented and proprietary technology and are Generally Recognized as Safe (“GRAS”) for use in food products. Cyanotech sells its products direct to consumers at retail locations in the United States and online at www.nutrex-hawaii.com and also distributes to dietary supplement, nutraceutical and cosmeceutical manufacturers and marketers. The Company is regulated by the Food and Drug Administration. Visit www.cyanotech.com for more information. *These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure or prevent any disease. “Safe Harbor” Statement under the U.S. Private Securities Litigation Reform Act of 1995 Besides statements of present fact and historical fact, this press release may contain forward-looking statements. Forward-looking statements relate to the future and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by forward-looking statements. We caution against relying on forward-looking statements. Important factors that could change actual, future results include: changes in sales levels to our largest customers, weather patterns in Hawaii, production problems, risks associated with new products, foreign exchange fluctuations, and availability of financing, as well as national and global political, economic, business, competitive, market and regulatory conditions. Other factors are more fully detailed in the Company’s annual Form 10-K filings with the Securities and Exchange Commission. Financial Tables Follow: The following tables do not contain footnotes or other information contained in the Company’s Form 10-Q for the third quarter fiscal 2025 ended December 31, 2024, which can be found on the Cyanotech website (www.cyanotech.com) under Investors>Investor Filings upon filing. As such, the following Financial Tables are provided only as a guide and other factors are more fully detailed in the Company’s annual Form 10-K filings with the Securities and Exchange Commission. CYANOTECH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited)   December 31, 2024 March 31, 2024 ASSETS Current assets: Cash $ 359 $ 707 Accounts receivable, net of allowance for credit losses of $29 and $11 as of December 31, 2024 and March 31, 2024, respectively 1,908 2,102 Inventories 7,751 7,313 Prepaid expenses and other current assets 533 469 Total current assets 10,551 10,591 Equipment and leasehold improvements, net 9,256 10,109 Operating lease right-of-use assets, net 4,032 4,284 Other assets 117 128 Total assets $ 23,956 $ 25,112 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 2,151 $ 1,439 Accrued expenses 593 757 Customer deposits 65 198 Operating lease obligations, current portion 545 530 Short term debt - bank 890 1,240 Line of credit – related party 2,750 1,250 Current maturities of long-term debt 2,955 3,140 Total current liabilities 9,949 8,554 Long-term debt – related party 1,000 1,000 Long-term operating lease obligations 3,507 3,744 Total liabilities 14,456 13,298 Commitments and contingencies Stockholders’ equity: Preferred stock of $0.01 par value, authorized 10,000,000 shares; no shares issued and outstanding — — Common stock of $0.02 par value, authorized 50,000,000 shares; issued and outstanding 7,155,858 shares at December 31, 2024 and 6,947,246 shares at March 31, 2024 143 139 Additional paid-in capital 34,834 34,576 Accumulated deficit (25,477 ) (22,901 ) Total stockholders’ equity 9,500 11,814 Total liabilities and stockholders’ equity $ 23,956 $ 25,112 CYANOTECH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands) (Unaudited)   Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Net sales $ 6,172 $ 5,582 $ 17,915 $ 17,101 Cost of sales 3,993 3,933 12,781 11,831 Gross profit 2,179 1,649 5,134 5,270 Operating expenses: General and administrative 1,012 947 3,524 3,381 Sales and marketing 1,090 1,387 3,328 4,048 Research and development 127 163 348 530 Total operating expenses 2,229 2,497 7,200 7,959 Loss from operations (50 ) (848 ) (2,066 ) (2,689 ) Interest expense, net (174 ) (172 ) (510 ) (495 ) Loss before income taxes (224 ) (1,020 ) (2,576 ) (3,184 ) Income tax expense — — — 2 Net loss $ (224 ) $ (1,020 ) $ (2,576 ) $ (3,186 ) Net loss per share: Basic and diluted $ (0.03 ) $ (0.16 ) $ (0.37 ) $ (0.50 ) Shares used in calculation of net loss per share: Basic and diluted 7,156 6,554 7,036 6,404

Related News