CYAN · Cyanotech Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q3 '23 | Q2 '23 | Q1 '23 | Q1 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.98M | $5.82M | $6.17M | $5.84M | $5.90M | $5.58M | $6.37M | $5.15M | $6.72M | $9.46M |
| Cost of Revenue | $4.58M | $4.05M | $3.99M | $4.37M | $4.42M | $3.93M | $4.29M | $3.61M | $4.40M | $6.22M |
| Gross Profit | $2.39M | $1.77M | $2.18M | $1.48M | $1.48M | $1.65M | $2.09M | $1.53M | $2.32M | $3.24M |
| R&D | $78.0K | $74.0K | $127.0K | $137.0K | $84.0K | $163.0K | $175.0K | $191.0K | $246.0K | $200.0K |
| SG&A | $996.0K | $1.30M | $1.01M | $1.24M | $1.27M | $947.0K | $1.16M | $1.27M | $1.33M | $1.40M |
| Total Operating Expenses | $2.20M | $2.53M | $2.23M | $2.45M | $2.52M | $2.50M | $2.72M | $2.74M | $2.74M | $2.73M |
| D&A | $373.0K | $362.0K | $370.0K | $373.0K | $378.0K | $395.0K | $404.0K | $407.0K | $417.0K | $404.0K |
| Operating Income | $190.0K | ($753.0K) | ($50.0K) | ($975.0K) | ($1.04M) | ($848.0K) | ($632.0K) | ($1.21M) | ($425.0K) | $508.0K |
| Interest Expense | $189.0K | $173.0K | $174.0K | $175.0K | $161.0K | $172.0K | $163.0K | $160.0K | $44.0K | $116.0K |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $2.0K | $0 | $3.0K | $6.0K |
| Net Income | $1.0K | ($926.0K) | ($224.0K) | ($1.15M) | ($1.20M) | ($1.02M) | ($797.0K) | ($1.37M) | ($472.0K) | $386.0K |
| EPS - Basic | $0.00 | ($0.13) | ($0.03) | ($0.16) | ($0.17) | ($0.16) | ($0.13) | ($0.22) | ($0.08) | $0.06 |
| EPS - Diluted | $0.00 | - | - | ($0.16) | ($0.17) | ($0.16) | ($0.13) | ($0.22) | ($0.08) | $0.06 |
Balance Sheet
| Line item | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q3 '23 | Q2 '23 | Q1 '23 | Q1 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $649.0K | $383.0K | $359.0K | $780.0K | $720.0K | $661.0K | $1.24M | $648.0K | $737.0K | $2.30M |
| Accounts Receivable | $2.35M | $1.56M | $1.91M | $1.59M | $2.14M | $2.04M | $1.43M | $1.79M | $3.20M | $4.53M |
| Inventory | $8.38M | $8.11M | $7.75M | $7.18M | $6.96M | $9.12M | $9.59M | $10.51M | $10.70M | $8.72M |
| Accounts Payable | $2.97M | $2.23M | $2.15M | $2.13M | $2.31M | $1.39M | $1.39M | $1.72M | $1.93M | $2.27M |
| Current Assets | $11.93M | $10.52M | $10.55M | $10.13M | $10.37M | $12.29M | $12.69M | $13.33M | $15.02M | $15.84M |
| Total Assets | $24.03M | $23.00M | $23.96M | $23.91M | $24.43M | $27.25M | $28.08M | $29.13M | $30.72M | $31.30M |
| Current Liabilities | $11.89M | $10.78M | $9.95M | $9.57M | $10.16M | $8.54M | $8.66M | $8.95M | $4.07M | $4.66M |
| Long-term Debt | $1.00M | $1.00M | $1.00M | $1.00M | $0 | $1.00M | $1.00M | $1.00M | $4.27M | $4.40M |
| Total Liabilities | $15.96M | $14.99M | $14.46M | $14.22M | $13.77M | $13.42M | $13.68M | $14.09M | $11.68M | $12.10M |
| Stockholders' Equity | $8.06M | $8.00M | $9.50M | $9.69M | $10.66M | $13.83M | $14.41M | $15.04M | $19.03M | $19.20M |
| Retained Earnings | ($27.03M) | ($27.03M) | ($25.48M) | ($25.25M) | ($24.10M) | ($20.82M) | ($19.80M) | ($19.00M) | ($14.67M) | ($14.47M) |
Cash Flow
| Line item | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q3 '23 | Q2 '23 | Q1 '23 | Q1 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | ($328.0K) | - | - | $243.0K | - | - | ($596.0K) | ($1.30M) | - |
| Investing Cash Flow | - | ($22.0K) | - | - | ($47.0K) | - | - | ($150.0K) | ($376.0K) | - |
| Financing Cash Flow | - | $476.0K | - | - | ($183.0K) | - | - | $420.0K | ($177.0K) | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q3 '23 | Q2 '23 | Q1 '23 | Q1 '22 | Q3 '22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 34.3% | 30.5% | 35.3% | 25.3% | 25.0% | 29.5% | 32.8% | 29.8% | 34.5% | 34.2% |
| Operating margin | 2.7% | -12.9% | -0.8% | -16.7% | -17.7% | -15.2% | -9.9% | -23.5% | -6.3% | 5.4% |
| EBITDA margin | 8.1% | -6.7% | 5.2% | -10.3% | -11.2% | -8.1% | -3.6% | -15.6% | -0.1% | 9.6% |
| Net margin | 0.0% | -15.9% | -3.6% | -19.7% | -20.4% | -18.3% | -12.5% | -26.6% | -7.0% | 4.1% |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | 1.1% | 1.3% | 2.1% | 2.3% | 1.4% | 2.9% | 2.7% | 3.7% | 3.7% | 2.1% |
| SG&A / Revenue | 14.3% | 22.3% | 16.4% | 21.3% | 21.5% | 17.0% | 18.2% | 24.8% | 19.8% | 14.8% |
| Effective tax rate | 0.0% | - | - | - | - | - | - | - | - | 1.5% |
| Return on assets | 0.0% | -4.0% | -0.9% | -4.8% | -4.9% | -3.7% | -2.8% | -4.7% | -1.5% | 1.2% |
| Return on equity | 0.0% | -11.6% | -2.4% | -11.9% | -11.3% | -7.4% | -5.5% | -9.1% | -2.5% | 2.0% |
| Return on invested capital | 2.1% | -6.6% | -0.4% | -7.2% | -7.7% | -4.5% | -3.2% | -6.0% | -1.4% | 2.1% |
| Liquidity | ||||||||||
| Current ratio | 1.00 | 0.98 | 1.06 | 1.06 | 1.02 | 1.44 | 1.46 | 1.49 | 3.69 | 3.40 |
| Quick ratio | 0.30 | 0.22 | 0.28 | 0.31 | 0.34 | 0.37 | 0.36 | 0.32 | 1.06 | 1.53 |
| Cash ratio | 0.05 | 0.04 | 0.04 | 0.08 | 0.07 | 0.08 | 0.14 | 0.07 | 0.18 | 0.49 |
| Leverage | ||||||||||
| Debt / Equity | 0.12 | 0.13 | 0.11 | 0.10 | 0.00 | 0.07 | 0.07 | 0.07 | 0.22 | 0.23 |
| Debt / Assets | 0.04 | 0.04 | 0.04 | 0.04 | 0.00 | 0.04 | 0.04 | 0.03 | 0.14 | 0.14 |
| Debt / EBITDA | 1.78 | - | 3.13 | - | - | - | - | - | - | 4.82 |
| Interest coverage | 1.0x | -4.4x | -0.3x | -5.6x | -6.5x | -4.9x | -3.9x | -7.6x | -9.7x | 4.4x |
| Equity multiplier | 2.98 | 2.87 | 2.52 | 2.47 | 2.29 | 1.97 | 1.95 | 1.94 | 1.61 | 1.63 |
| Liabilities / Assets | 0.66 | 0.65 | 0.60 | 0.59 | 0.56 | 0.49 | 0.49 | 0.48 | 0.38 | 0.39 |
| Efficiency | ||||||||||
| Asset turnover | 0.29 | 0.25 | 0.26 | 0.24 | 0.24 | 0.20 | 0.23 | 0.18 | 0.22 | 0.30 |
| Inventory turnover | 0.55 | 0.50 | 0.52 | 0.61 | 0.64 | 0.43 | 0.45 | 0.34 | 0.41 | 0.71 |
| Days sales outstanding | 123d | 98d | 113d | 99d | 132d | 133d | 82d | 127d | 174d | 175d |
| Days inventory outstanding | 667d | 731d | 709d | 601d | 575d | 847d | 817d | 1061d | 888d | 512d |
| Days payable outstanding | 237d | 201d | 197d | 178d | 191d | 129d | 119d | 174d | 160d | 133d |
| Cash conversion cycle | 554d | 628d | 625d | 522d | 516d | 851d | 780d | 1014d | 902d | 553d |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | 54.0x |
| P / B | 0.3x | - | - | 0.5x | 0.2x | 0.4x | 0.4x | 0.4x | 1.0x | 1.1x |
| P / S | 0.3x | - | - | 0.9x | 0.4x | 1.0x | 0.8x | 1.1x | 2.7x | 2.2x |
| EV / EBITDA | 4.5x | - | - | - | - | - | - | - | - | 24.9x |
| Growth | ||||||||||
| Revenue growth (YoY) | 19.3% | -1.3% | 10.6% | -8.3% | 14.6% | -41.0% | -32.3% | -23.4% | -8.7% | 35.4% |
| Revenue CAGR (3y) | -9.5% | -4.7% | -4.0% | -12.0% | -7.1% | -9.4% | -6.1% | -13.9% | -2.0% | 1.1% |
| Revenue CAGR (5y) | -1.9% | -6.3% | -7.6% | -3.4% | -3.8% | -9.4% | -4.6% | -10.2% | -1.7% | 4.5% |
| Gross profit growth (YoY) | 61.8% | 20.1% | 32.1% | -29.2% | -3.7% | -49.1% | -44.5% | -33.9% | -22.1% | 56.3% |
| Operating income growth (YoY) | - | 27.7% | 94.1% | -54.3% | 13.9% | - | - | -184.5% | - | - |
| Net income growth (YoY) | - | 23.0% | 78.0% | -44.3% | 12.2% | - | - | -190.0% | - | -53.3% |
| EPS growth (YoY) | - | - | - | -23.1% | 22.7% | - | - | -175.0% | - | -53.8% |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | 6.3% |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -16.8% | -25.0% | -31.3% | -32.7% | -29.1% | -27.9% | -22.6% | -21.0% | 11.7% | 11.9% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-03-31.
Product / service
$47.58M totalPackaged Products$18.37M · 38.6%
Packaged Astaxanthin$13.14M · 27.6%
Packaged Spirulina$5.22M · 11.0%
Bulk Products$5.00M · 10.5%
Bulk Astaxanthin$2.59M · 5.4%
Bulk Spirulina$2.40M · 5.1%
Contract Extraction And RDServices$849.0K · 1.8%
Geographic
$24.21M totalUS$19.05M · 78.7%
Europe$2.64M · 10.9%
Other Countries$1.47M · 6.0%
Asia Pacific$1.06M · 4.4%
Peer comparison
Same SIC group: Medicinal Chemicals & Botanical Products
Comparing CYANOTECH CORP against the 5 most active filers in the same SIC group.