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Cyanotech Corporation is a renowned accounting firm situated in Madrid, Spain. Based out of Calle Laguna del Marquesado, Nave 16 Edificio Adriana, 1ª Planta, Polígono Industrial La Resina, Villaverde, the company serves a diverse clientele within the Community of Madrid and beyond.
Cyanotech Corporation specializes in providing comprehensive accounting services that include financial planning, auditing, tax advisory, and bookkeeping. The firm is known for its meticulous attention to detail, ensuring that clients' financial records are accurate and compliant with the latest regulations.
Recently, Cyanotech Corporation has been involved in several noteworthy projects aimed at enhancing their service offerings. They have implemented advanced accounting software to improve efficiency and accuracy, and have formed strategic partnerships with leading financial institutions to provide clients with a broader range of services.
Financially, the company maintains a robust and stable condition, continually investing in training and development for its staff to stay ahead in the rapidly evolving field of accounting. Their team comprises experienced professionals who are well-versed in both local and international accounting standards.
Cyanotech Corporation's commitment to excellence is evident in their consistent delivery of high-quality services, which has garnered them a loyal client base and a strong reputation in the industry. As they continue to innovate and expand, they remain focused on helping their clients achieve their financial goals with confidence and precision.
Cyanotech (CYAN) reported Q2 fiscal 2025 financial results with net sales of $5.85M, down 8.3% from $6.37M in Q2 fiscal 2024. The company saw a 39% increase in bulk sales and 156% growth in contract extraction, while packaged goods decreased by 21%. Gross profit margin declined to 25.3% from 32.8%. The quarter resulted in a net loss of $1.15M ($0.16 per share) compared to $797K ($0.13 per share) last year. For the first six months, net sales increased 1.9% to $11.74M, though gross profit margin decreased to 25.2% from 31.4%, with a net loss of $2.35M.
Cyanotech (OTCQB: CYAN) reported financial results for Q1 FY2025, ended June 30, 2024. Net sales increased 15% to $5,898,000, primarily due to higher Astaxanthin sales. However, gross profit declined to $1,476,000 (25.0% margin) from $1,532,000 (29.8% margin) in Q1 FY2024. The company reported an operating loss of $1,041,000 and a net loss of $1,202,000 ($0.17 per diluted share).
CEO Matthew K. Custer highlighted the launch of Hawaiian Spirulina® gummies in May and noted that lower production levels over the past six quarters resulted in higher costs. The company is now focusing on increasing supply to meet changing demand and has preliminarily secured financing to support this effort.
Cyanotech announced its financial results for Q4 and FY 2024, ending March 31, 2024. The company reported annual net sales of $23.071M, a slight decrease of 0.5% from $23.178M in FY 2023. Gross profit for the year fell to $5.945M with a margin of 25.8%, down from $7.259M and 31.3% respectively. The operating loss widened to $4.592M from $2.920M, and the net loss increased to $5.267M or $0.81 per share, compared to $3.440M or $0.55 per share in FY 2023.
For Q4 FY 2024, net sales rose by 10.7% to $5.970M from $5.391M in Q4 FY 2023. However, gross profit dropped significantly to $675,000 with a margin of 11.3%, from $1.387M and 25.7% respectively. The operating loss was $1.903M, up from $1.255M, while net loss increased to $2.081M or $0.30 per share, from $1.430M or $0.23 per share.
CEO Matthew K. Custer highlighted shifts in product mix, increasing packaged sales but declining bulk spirulina sales due to price sensitivity. The company aims to meet rising demand with well-managed supply increases and has introduced new gummy formats for its flagship products.
Cyanotech Corporation (CYAN) reported its financial results for the third quarter and first nine months of fiscal year 2023, revealing a 37.7% decrease in net sales, totaling $5.89 million compared to $9.46 million in the same quarter last year. The company experienced a gross profit margin decline to 29.9%, down from 34.2%. Net loss stood at $598,000 or $0.10 per diluted share. For the first nine months, net sales decreased 36.1% to $17.79 million. Operating losses were significant, with a loss of $1.67 million for the nine months, compared to an operating income the previous year.
The company cites ongoing inventory adjustments and global supply chain challenges as key factors affecting performance.
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