Cyanotech Reports Financial Results for the Third Quarter and First Nine Months of Fiscal 2025
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
“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
“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
First Nine Months of Fiscal 2025
Cyanotech reported net sales of
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
Please review the Company’s Form 10-Q for the period ended December 31, 2024 for more detailed information.
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— 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.
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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 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) |
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|
|
December 31,
|
|
March 31,
|
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ASSETS |
|
|
|
|
|
|
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Current assets: |
|
|
|
|
|
|
||
Cash |
|
$ |
359 |
|
|
$ |
707 |
|
Accounts receivable, net of allowance for credit losses of |
|
|
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 |
|
|
— |
|
|
|
— |
|
Common stock of |
|
|
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) |
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|
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Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
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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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net loss |
|
$ |
(224 |
) |
|
$ |
(1,020 |
) |
|
$ |
(2,576 |
) |
|
$ |
(3,186 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
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Basic and diluted |
|
$ |
(0.03 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.50 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Shares used in calculation of net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
|
|
7,156 |
|
|
|
6,554 |
|
|
|
7,036 |
|
|
|
6,404 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250211948393/en/
Jennifer Rogerson
(808) 334-9455
investorrelations@cyanotech.com
Source: Cyanotech Corporation