Cyanotech Reports Financial Results for the First Quarter of Fiscal 2026
Commenting on the first quarter of fiscal year 2026 results, Cyanotech’s President and Chief Executive Officer,
“While top-line revenue remained relatively flat compared to the prior year, I am encouraged by the meaningful improvement in both gross margin and net loss reduction. Our margin expansion, from 25.0% in the prior year to 30.5%, reflects the continuation of strong operational discipline and improved production efficiency.”
“We remain focused on executing our long-term strategy. This includes driving brand value through differentiated storytelling, deepening relationships in key e-commerce and bulk ingredient markets, and focusing on sustainable cash flows.”
“As we navigate the continued macroeconomic challenges, I am proud of the resilience our team has shown and am confident in the progress that we are making.”
First Quarter Fiscal 2026
Trailing Twelve Months
For the trailing twelve months ended
Please review the Company’s Form 10-Q for the period ended
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About
†These statements have not been evaluated by the |
“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 first quarter fiscal 2026 ended
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) |
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ASSETS |
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Current assets: |
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Cash |
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$ |
383 |
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$ |
257 |
|
Accounts receivable, net of allowance for credit losses of |
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1,560 |
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1,953 |
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Inventories |
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8,110 |
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7,788 |
|
Prepaid expenses and other current assets |
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470 |
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|
547 |
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Total current assets |
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10,523 |
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10,545 |
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Equipment and leasehold improvements, net |
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8,590 |
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8,927 |
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Operating lease right-of-use assets, net |
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3,769 |
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|
3,902 |
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Other assets |
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113 |
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|
116 |
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Total assets |
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$ |
22,995 |
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$ |
23,490 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
2,234 |
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$ |
2,217 |
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Accrued expenses |
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740 |
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|
715 |
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Customer deposits |
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106 |
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110 |
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Operating lease obligations, current portion |
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566 |
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555 |
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Short term debt - bank |
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565 |
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760 |
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Line of credit – related party |
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3,750 |
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|
3,000 |
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Current maturities of long-term debt |
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2,817 |
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2,886 |
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Total current liabilities |
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10,778 |
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10,243 |
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Long-term debt – related party |
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1,000 |
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1,000 |
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Long-term operating lease obligations |
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3,217 |
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3,363 |
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Total liabilities |
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14,995 |
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14,606 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Preferred stock of |
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— |
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— |
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Common stock of |
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145 |
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144 |
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Additional paid-in capital |
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34,885 |
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34,844 |
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Accumulated deficit |
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(27,030 |
) |
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(26,104 |
) |
Total stockholders’ equity |
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8,000 |
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|
8,884 |
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Total liabilities and stockholders’ equity |
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$ |
22,995 |
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$ |
23,490 |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands) (Unaudited) |
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Three Months Ended
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2025 |
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2024 |
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Net sales |
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$ |
5,820 |
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$ |
5,898 |
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Cost of sales |
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4,047 |
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4,422 |
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Gross profit |
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1,773 |
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1,476 |
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Operating expenses: |
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General and administrative |
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1,300 |
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1,268 |
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Sales and marketing |
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1,152 |
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1,165 |
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Research and development |
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74 |
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|
84 |
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Total operating expenses |
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2,526 |
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2,517 |
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Loss from operations |
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(753 |
) |
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(1,041 |
) |
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Interest expense, net |
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(173 |
) |
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(161 |
) |
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Loss before income taxes |
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(926 |
) |
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(1,202 |
) |
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Income tax expense |
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— |
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— |
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Net loss |
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$ |
(926 |
) |
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$ |
(1,202 |
) |
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Net loss per share: |
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Basic and diluted |
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$ |
(0.13 |
) |
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$ |
(0.17 |
) |
Shares used in calculation of net loss per share: |
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Basic and diluted |
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7,211 |
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6,948 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250806598572/en/
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