CYAN
Cyanotech Corporation0.4000
+0.0100+2.56%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
2.96MP/E (TTM)
-Basic EPS (TTM)
-0.24Dividend Yield
0%Recent Filings
10-Q
8-K
Note amendment boosts liquidity
Cyanotech Corporation amended its revolving promissory note with Skywords Family Foundation, controlled by Chairman Michael Davis, boosting the borrowing limit from $4 million to $4.6 million while dropping the minimum draw to $200,000 and pushing maturity to April 12, 2027. This extension provides extra liquidity runway amid ongoing operations. All other terms hold steady. No new draws disclosed.
8-K
CFO appointment and meeting results
Cyanotech appointed Jennifer Miyashiro as CFO, VP of Finance and Administration, and Treasurer on August 21, 2025, replacing Jennifer Rogerson, with a $195,000 base salary, bonus eligibility, and options for 50,000 shares vesting over three years. At the annual meeting that day, stockholders elected four directors, ratified BPM LLP as auditors, and favored triennial say-on-pay votes. The board then named Michael A. Davis chairman and confirmed committee assignments, bolstering governance. Leadership refresh sharpens financial oversight amid operations.
10-Q
Q1 FY2026 results
Cyanotech's Q1 FY2026 revenue dipped 1.3% y/y to $5.8M, yet gross profit climbed 20.2% to $1.8M with margins expanding to 30.5% from 25.0%, thanks to higher production volumes and lower costs. Operating loss narrowed to $753K from $1.0M, while net loss eased to $926K or $0.13 per diluted share on 7.2M shares, matching the prior year's $1.2M or $0.17 on 6.9M shares. Bulk sales surged 48.8% y/y to $1.7M, offsetting softer packaged demand. Cash outflow from operations hit $328K, with free cash flow at -$350K (derived); quarter-end cash stood at $383K amid $7.3M in related-party and bank debt, including a $3.8M revolver drawn to $3.75M. Covenant waivers persist, but liquidity strains loom. Bulk demand volatility poses risks.
10-K
FY2025 results
Cyanotech's FY2025 net sales climbed 5% to $24.2M, propelled by a 63% surge in bulk astaxanthin and spirulina volumes that offset a 5% dip in packaged goods, while gross margins expanded 2.6 points to 28.4% on higher production efficiencies. Q4 delivered a sharp rebound, with sales up 5.5% to $6.3M and margins leaping to 27.7% from 11.3%, fueled by bulk demand acceleration and cost absorption amid seasonal tailwinds. Bulk channels drove the year's momentum, yet packaged sales softened on shipment timing. Liquidity tightened to $0.3M cash with $3.0M related-party revolver draws, while covenant waivers sustained debt access. No annual guidance disclosed. Hawaii's weather volatility threatens quarterly yields.
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