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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $24.21M | $23.07M | $23.18M | $35.97M | $32.34M | $31.90M |
| Cost of Revenue | $17.34M | $17.13M | $15.92M | $22.40M | $21.23M | $19.20M |
| Gross Profit | $6.88M | $5.95M | $7.26M | $13.57M | $11.12M | $12.70M |
| R&D | $449.0K | $689.0K | $770.0K | $712.0K | $639.0K | $608.0K |
| SG&A | $4.40M | $4.46M | $4.66M | $5.37M | $4.88M | $5.28M |
| Total Operating Expenses | $9.38M | $10.54M | $10.18M | $10.99M | $11.03M | $11.65M |
| D&A | $1.48M | $1.59M | $1.66M | $1.60M | $1.75M | $1.93M |
| Operating Income | ($2.51M) | ($4.59M) | ($2.92M) | $2.57M | $84.0K | $1.05M |
| Interest Expense | $687.0K | $668.0K | $502.0K | $392.0K | $550.0K | $657.0K |
| Income Tax | $8.0K | $7.0K | $18.0K | $28.0K | $3.0K | $9.0K |
| Net Income | ($3.20M) | ($5.27M) | ($3.44M) | $2.15M | $920.0K | $387.0K |
| EPS - Basic | ($0.45) | ($0.81) | ($0.55) | $0.35 | $0.15 | $0.06 |
| EPS - Diluted | - | ($0.81) | ($0.55) | $0.35 | $0.15 | $0.06 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $257.0K | $707.0K | $974.0K | $2.59M | $3.77M | $2.42M |
| Accounts Receivable | $1.95M | $2.10M | $1.33M | $3.66M | $2.44M | $2.15M |
| Inventory | $7.79M | $7.31M | $10.71M | $9.47M | $8.41M | $9.65M |
| Accounts Payable | $2.22M | $1.44M | $1.02M | $2.36M | $2.29M | $2.14M |
| Current Assets | $10.54M | $10.59M | $13.50M | $16.26M | $15.11M | $14.73M |
| Total Assets | $23.49M | $25.11M | $29.73M | $32.05M | $30.88M | $31.79M |
| Current Liabilities | $10.24M | $8.55M | $8.10M | $4.82M | $5.81M | $6.36M |
| Long-term Debt | $1.00M | $1.00M | $1.00M | $4.34M | $4.82M | $6.01M |
| Total Liabilities | $14.61M | $13.30M | $13.38M | $12.56M | $13.84M | $15.94M |
| Stockholders' Equity | $8.88M | $11.81M | $16.35M | $19.49M | $17.04M | $15.85M |
| Retained Earnings | ($26.10M) | ($22.90M) | ($17.63M) | ($14.19M) | ($16.35M) | ($17.27M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($1.19M) | ($455.0K) | ($2.10M) | $2.38M | $2.40M | $1.24M |
| Investing Cash Flow | ($247.0K) | ($381.0K) | ($1.07M) | ($1.27M) | ($760.0K) | ($224.0K) |
| Financing Cash Flow | $990.0K | $569.0K | $1.55M | ($2.29M) | ($290.0K) | $558.0K |
| CapEx | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 28.4% | 25.8% | 31.3% | 37.7% | 34.4% | 39.8% |
| Operating margin | -10.4% | -19.9% | -12.6% | 7.2% | 0.3% | 3.3% |
| EBITDA margin | -4.2% | -13.0% | -5.5% | 11.6% | 5.7% | 9.4% |
| Net margin | -13.2% | -22.8% | -14.8% | 6.0% | 2.8% | 1.2% |
| Free cash flow margin | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - |
| R&D / Revenue | 1.9% | 3.0% | 3.3% | 2.0% | 2.0% | 1.9% |
| SG&A / Revenue | 18.2% | 19.3% | 20.1% | 14.9% | 15.1% | 16.6% |
| Effective tax rate | - | - | - | 1.3% | 0.3% | 2.3% |
| Return on assets | -13.6% | -21.0% | -11.6% | 6.7% | 3.0% | 1.2% |
| Return on equity | -36.1% | -44.6% | -21.0% | 11.1% | 5.4% | 2.4% |
| Return on invested capital | -20.0% | -28.3% | -13.3% | 10.7% | 0.4% | 4.7% |
| Liquidity | ||||||
| Current ratio | 1.03 | 1.24 | 1.67 | 3.37 | 2.60 | 2.32 |
| Quick ratio | 0.27 | 0.38 | 0.34 | 1.41 | 1.15 | 0.80 |
| Cash ratio | 0.03 | 0.08 | 0.12 | 0.54 | 0.65 | 0.38 |
| Leverage | ||||||
| Debt / Equity | 0.11 | 0.08 | 0.06 | 0.22 | 0.28 | 0.38 |
| Debt / Assets | 0.04 | 0.04 | 0.03 | 0.14 | 0.16 | 0.19 |
| Debt / EBITDA | - | - | - | 1.04 | 2.63 | 2.01 |
| Interest coverage | -3.7x | -6.9x | -5.8x | 6.6x | 0.2x | 1.6x |
| Equity multiplier | 2.64 | 2.13 | 1.82 | 1.64 | 1.81 | 2.01 |
| Liabilities / Assets | 0.62 | 0.53 | 0.45 | 0.39 | 0.45 | 0.50 |
| Efficiency | ||||||
| Asset turnover | 1.03 | 0.92 | 0.78 | 1.12 | 1.05 | 1.00 |
| Inventory turnover | 2.23 | 2.34 | 1.49 | 2.37 | 2.52 | 1.99 |
| Days sales outstanding | 29d | 33d | 21d | 37d | 27d | 25d |
| Days inventory outstanding | 164d | 156d | 245d | 154d | 145d | 184d |
| Days payable outstanding | 47d | 31d | 23d | 38d | 39d | 41d |
| Cash conversion cycle | 147d | 158d | 243d | 153d | 133d | 168d |
| Valuation | ||||||
| P / E | - | - | - | 9.6x | 22.0x | 34.3x |
| P / B | - | 0.0x | 0.3x | 1.1x | 1.2x | 0.8x |
| P / S | - | 0.0x | 0.2x | 0.6x | 0.6x | 0.4x |
| EV / EBITDA | - | - | - | 5.4x | 11.7x | 5.3x |
| Growth | ||||||
| Revenue growth (YoY) | 5.0% | -0.5% | -35.6% | 11.2% | 1.4% | - |
| Revenue CAGR (3y) | -12.4% | -10.7% | -10.1% | - | 0.5% | -0.1% |
| Revenue CAGR (5y) | -5.4% | - | -6.2% | 2.3% | 0.3% | -1.2% |
| Gross profit growth (YoY) | 15.7% | -18.1% | -46.5% | 22.0% | -12.5% | - |
| Operating income growth (YoY) | 45.4% | -57.3% | - | 2964.3% | -92.0% | - |
| Net income growth (YoY) | 39.2% | -53.1% | - | 134.1% | 137.7% | - |
| EPS growth (YoY) | - | -47.3% | - | 133.3% | 150.0% | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -24.8% | -27.7% | -16.1% | 14.4% | 7.5% | - |
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%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.02
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- -No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Medicinal Chemicals & Botanical Products
Comparing CYANOTECH CORP against the 5 most active filers in the same SIC group.