Cyanotech Reports Financial Results for the Second Quarter and First Six Months of Fiscal 2025
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.
- Bulk sales increased by 39%
- Contract extraction revenue grew by 156%
- First six months net sales increased by 1.9% to $11.74M
- 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
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
“Bulk inventory, which has a shorter production time, helped drive a
“For the first half of the year, sales were up
Second Quarter Fiscal 2025
Cyanotech reported net sales of
First Six Months of Fiscal 2025
Cyanotech reported net sales of
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
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,
*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
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
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September 30,
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March 31,
|
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ASSETS |
|
|
|
|
|||
Current assets: |
|
|
|
|
|||
Cash |
$ |
780 |
|
$ |
707 |
|
|
Accounts receivable, net of allowance for credit losses of |
|
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 |
|
— |
|
|
— |
|
|
Common stock of |
|
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
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Three Months Ended
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Six Months Ended
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2024 |
|
2023 |
2024 |
2023 |
||||||||||
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|
|
|
|
|
|
|
|
|||||||
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 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112749954/en/
Jennifer Rogerson
(808) 334-9455
investorrelations@cyanotech.com
Source: Cyanotech Corporation
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