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Cyanotech Reports Financial Results for the Second Quarter and First Six Months of Fiscal 2025

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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 (CYAN) ha riportato i risultati finanziari del secondo trimestre dell'anno fiscale 2025, con vendite nette di $5.85M, in calo dell'8.3% rispetto ai $6.37M del secondo trimestre dell'anno fiscale 2024. L'azienda ha registrato un aumento del 39% nelle vendite all'ingrosso e una crescita del 156% nell'estrazione dei contratti, mentre i beni confezionati sono diminuiti del 21%. Il margine di profitto lordo è sceso al 25.3% rispetto al 32.8%. Il trimestre ha riportato una perdita netta di $1.15M ($0.16 per azione) rispetto ai $797K ($0.13 per azione) dell'anno precedente. Nei primi sei mesi, le vendite nette sono aumentate dell'1.9% a $11.74M, sebbene il margine di profitto lordo sia diminuito al 25.2% rispetto al 31.4%, con una perdita netta di $2.35M.

Cyanotech (CYAN) reportó los resultados financieros del segundo trimestre del año fiscal 2025, con ventas netas de $5.85M, una disminución del 8.3% desde los $6.37M en el segundo trimestre del año fiscal 2024. La empresa vio un aumento del 39% en las ventas al por mayor y un crecimiento del 156% en la extracción por contrato, mientras que los productos envasados disminuyeron en un 21%. El margen de beneficio bruto cayó al 25.3% desde el 32.8%. El trimestre resultó en una pérdida neta de $1.15M ($0.16 por acción) en comparación con $797K ($0.13 por acción) el año pasado. En los primeros seis meses, las ventas netas aumentaron un 1.9% a $11.74M, aunque el margen de beneficio bruto disminuyó al 25.2% desde el 31.4%, con una pérdida neta de $2.35M.

시안otech (CYAN)은 2025 회계연도 2분기 재무 결과를 보고하며, 순매출이 $5.85M으로 2024 회계연도 2분기 $6.37M에 비해 8.3% 감소했다고 전했습니다. 이 회사는 벌크 판매에서 39% 증가하고 계약 추출에서 156% 성장했지만, 포장된 제품은 21% 감소했습니다. 총 이익률은 32.8%에서 25.3%로 하락했습니다. 이번 분기는 $1.15M($0.16 주당)의 순손실을 기록하며, 지난해의 $797K($0.13 주당)와 비교됩니다. 첫 6개월 동안 순매출은 $11.74M로 1.9% 증가했지만, 총 이익률은 31.4%에서 25.2%로 감소했으며, 순손실은 $2.35M이었습니다.

Cyanotech (CYAN) a annoncé les résultats financiers du deuxième trimestre de l'exercice 2025, avec des ventes nettes de 5,85 millions de dollars, en baisse de 8,3 % par rapport à 6,37 millions de dollars au deuxième trimestre de l'exercice 2024. L'entreprise a enregistré une augmentation de 39 % des ventes en gros et une croissance de 156 % dans l'extraction par contrat, tandis que les biens emballés ont diminué de 21 %. La marge brute a chuté à 25,3 % contre 32,8 %. Le trimestre a abouti à une perte nette de 1,15 million de dollars (0,16 $ par action), contre 797 000 $ (0,13 $ par action) l'année dernière. Pour les six premiers mois, les ventes nettes ont augmenté de 1,9 % pour atteindre 11,74 millions de dollars, bien que la marge brute ait diminué à 25,2 % contre 31,4 %, avec une perte nette de 2,35 millions de dollars.

Cyanotech (CYAN) berichtete über die finanziellen Ergebnisse des zweiten Quartals des Geschäftsjahres 2025 mit Nettoumsätzen von $5.85M, was einem Rückgang von 8.3% gegenüber $6.37M im zweiten Quartal des Geschäftsjahres 2024 entspricht. Das Unternehmen verzeichnete einen Anstieg von 39% im Großverkauf und ein Wachstum von 156% in der Vertragsentnahme, während die verpackten Waren um 21% zurückgingen. Die Bruttomarge fiel auf 25.3% von 32.8%. Im Quartal ergab sich ein Nettoverlust von $1.15M ($0.16 pro Aktie) im Vergleich zu $797K ($0.13 pro Aktie) im Vorjahr. In den ersten sechs Monaten stiegen die Nettoumsätze um 1.9% auf $11.74M, während die Bruttomarge von 31.4% auf 25.2% sank, mit einem Nettoverlust von $2.35M.

Positive
  • Bulk sales increased by 39%
  • Contract extraction revenue grew by 156%
  • First six months net sales increased by 1.9% to $11.74M
Negative
  • Q2 net sales decreased 8.3% to $5.85M
  • Q2 gross profit margin declined to 25.3% from 32.8%
  • Q2 net loss increased to $1.15M from $797K
  • Packaged goods sales decreased by 21%
  • First six months gross profit margin declined to 25.2% from 31.4%
  • TTM net loss increased to $5.45M from $4.20M

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 second quarter and first six months of fiscal year 2025, ended September 30, 2024.

Commenting on the second quarter fiscal year 2025 results, Cyanotech’s President and Chief Executive Officer, Matthew K. Custer, said:

“In prior quarters, our inventory levels were reduced to just-in-time levels to manage cash flow and strong sales in the first quarter of fiscal 2025 decreased inventory. However, mid-quarter financing allowed us to start restocking, increasing work-in-progress inventory by $1.9 million, even though finished goods were still down by $1.5 million.”

“Bulk inventory, which has a shorter production time, helped drive a 39% increase in sales, and revenue from contract extraction grew by 156%. However, packaged goods, which take longer to restock, saw a 21% decrease due to stock shortages and timing issues, contributing to an overall 8% drop in total sales for the quarter.”

“For the first half of the year, sales were up 2%. While progress with packaged goods has been slower than expected, we’re working quickly to replenish stock and continue promoting our algae-based products farmed in Hawaii’s pristine waters.”

Second Quarter Fiscal 2025

Cyanotech reported net sales of $5,845,000 for the second quarter of fiscal 2025 compared to $6,373,000 for the second quarter of fiscal 2024, a decrease of 8.3%. Gross profit was $1,479,000, with gross profit margin of 25.3%, compared to gross profit of $2,088,000, with gross profit margin of 32.8%. Operating loss for the second quarter of fiscal 2025 was $975,000 compared to operating loss of $632,000 in the same period of the prior year. Net loss for the current fiscal quarter was $1,150,000, or $0.16 per diluted share, compared to net loss of $797,000, or $0.13 per diluted share, for the same period of the prior year.

First Six Months of Fiscal 2025

Cyanotech reported net sales of $11,743,000 for the first six months of fiscal 2025 compared to $11,519,000 for the same period in fiscal 2024, an increase of 1.9%. Gross profit was $2,956,000, with gross profit margin of 25.2%, compared to gross profit of $3,620,000, with gross profit margin of 31.4%. Operating loss for the first six months of fiscal 2025 was $2,016,000 compared to operating loss of $1,841,000 in the same period of the prior year. Net loss for the first six months of fiscal 2025 was $2,352,000, or $0.34 per diluted share, compared to net loss of $2,166,000, or $0.34 per diluted share, for the same period of the prior year.

Trailing Twelve Months

For the trailing twelve months ended September 30, 2024, compared to the trailing twelve months ended September 30, 2023, net sales were $23,295,000 compared to $22,801,000, respectively. Gross profit was $5,280,000, with gross profit margin of 22.7%, compared to $6,771,000 and 29.7%. Net loss was $5,452,000, or $0.80 per diluted share, compared to net loss of $4,195,000, or $0.67 per diluted share.

Please review the Company’s Form 10-Q for the period ended September 30, 2024 for more detailed information.

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— Cyanotech will host a virtual broadcast at 8:00 PM ET on Wednesday, November 13, 2024 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, November 13, 2024. The Company will respond only to relevant questions relating to the Company’s second 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.

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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 second quarter fiscal 2025 ended September 30, 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)

 

September 30,
2024

 

March 31,
2024

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash

$

780

 

 

$

707

 

Accounts receivable, net of allowance for credit losses of $11 as of September 30, 2024 and March 31, 2024

 

1,592

 

 

 

2,102

 

Inventories

 

7,185

 

 

 

7,313

 

Prepaid expenses and other current assets

 

568

 

 

 

469

 

Total current assets

 

10,125

 

 

 

10,591

 

 

 

 

 

 

 

Equipment and leasehold improvements, net

 

9,505

 

 

 

10,109

 

Operating lease right-of-use assets, net

 

4,161

 

 

 

4,284

 

Other assets

 

122

 

 

 

128

 

Total assets

$

23,913

 

 

$

25,112

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

$

2,132

 

 

$

1,439

 

Accrued expenses

 

619

 

 

 

757

 

Customer deposits

 

272

 

 

 

198

 

Operating lease obligations, current portion

 

533

 

 

 

530

 

Short term debt - bank

 

1,000

 

 

 

1,240

 

Line of credit – related party

 

2,000

 

 

 

1,250

 

Current maturities of long-term debt

 

3,019

 

 

 

3,140

 

Total current liabilities

 

9,575

 

 

 

8,554

 

 

 

 

 

 

 

Long-term debt – related party

 

1,000

 

 

 

1,000

 

Long-term operating lease obligations

 

3,646

 

 

 

3,744

 

Total liabilities

 

14,221

 

 

 

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 7,142,700 shares at September 30, 2024 and 6,947,246 shares at March 31, 2024

 

143

 

 

 

139

 

Additional paid-in capital

 

34,802

 

 

 

34,576

 

Accumulated deficit

 

(25,253

)

 

 

(22,901

)

Total stockholders’ equity

 

9,692

 

 

 

11,814

 

Total liabilities and stockholders’ equity

$

23,913

 

 

$

25,112

 

CYANOTECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
(Unaudited)

 

Three Months Ended
September 30,

 

Six Months Ended
September 30,

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

5,845

 

 

$

6,373

 

 

$

11,743

 

 

$

11,519

 

Cost of sales

 

4,366

 

 

 

4,285

 

 

 

8,787

 

 

 

7,899

 

Gross profit

 

1,479

 

 

 

2,088

 

 

 

2,956

 

 

 

3,620

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

1,244

 

 

 

1,160

 

 

 

2,513

 

 

 

2,434

 

Sales and marketing

 

1,073

 

 

 

1,385

 

 

 

2,238

 

 

 

2,661

 

Research and development

 

137

 

 

 

175

 

 

 

221

 

 

 

366

 

Total operating expenses

 

2,454

 

 

 

2,720

 

 

 

4,972

 

 

 

5,461

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

(975

)

 

 

(632

)

 

 

(2,016

)

 

 

(1,841

)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(175

)

 

 

(163

_

 

 

(336

)

 

 

(323

)

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

(1,150

)

 

 

(795

)

 

 

(2,352

)

 

 

(2,164

)

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

2

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(1,150

)

 

$

(797

)

 

$

(2,352

)

 

$

(2,166

)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.16

)

 

$

(0.13

)

 

$

(0.34

)

 

$

(0.34

)

Diluted

$

(0.16

)

 

$

(0.13

)

 

$

(0.34

)

 

$

(0.34

)

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in calculation of net loss per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

7,004

 

 

 

6,366

 

 

 

6,976

 

 

 

6,328

 

Diluted

 

7,004

 

 

 

6,366

 

 

 

6,976

 

 

 

6,328

 

 

Jennifer Rogerson

(808) 334-9455

investorrelations@cyanotech.com

Source: Cyanotech Corporation

FAQ

What was Cyanotech's (CYAN) revenue for Q2 fiscal 2025?

Cyanotech reported net sales of $5,845,000 for Q2 fiscal 2025, an 8.3% decrease from $6,373,000 in Q2 fiscal 2024.

How much did Cyanotech (CYAN) lose per share in Q2 fiscal 2025?

Cyanotech reported a net loss of $0.16 per diluted share in Q2 fiscal 2025, compared to a net loss of $0.13 per diluted share in the same period last year.

What was Cyanotech's (CYAN) gross profit margin in Q2 fiscal 2025?

Cyanotech's gross profit margin was 25.3% in Q2 fiscal 2025, down from 32.8% in Q2 fiscal 2024.

How did Cyanotech's (CYAN) bulk sales perform in Q2 fiscal 2025?

Cyanotech's bulk sales increased by 39% in Q2 fiscal 2025, while contract extraction revenue grew by 156%.

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