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Cyanotech
(OTC:CYAN)
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Rating:42Neutral
Price Target:
$0.39
▼(-12.44% Downside)
Action:Reiterated
Date:10/03/26
The score is weighed down primarily by weak financial performance—losses persist, cash flow is fragile, and leverage has risen—despite improving margins and early signs of recovery. Technicals remain bearish with the stock below major moving averages and negative MACD, and valuation is not supportive because earnings are negative and there is no dividend yield data.
Positive Factors
Revenue Stabilization
Revenue has stabilized and returned to modest growth over the past two years, indicating improving demand across the company’s algae-based ingredient and consumer-product portfolio. Continued top-line progress would support better operating leverage and provide a foundation for rebuilding profitability.
Negative Factors
Persistent Net Losses
Cyanotech remains loss-making despite materially improving from the 2024 trough, and negative operating income indicates that the business has not yet covered its fixed-cost burden. Persistent losses can limit reinvestment, weaken resilience, and delay the conversion of revenue growth into durable shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Stabilization
Revenue has stabilized and returned to modest growth over the past two years, indicating improving demand across the company’s algae-based ingredient and consumer-product portfolio. Continued top-line progress would support better operating leverage and provide a foundation for rebuilding profitability.
Read all positive factors
Cyanotech (CYAN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.59M
Dividend YieldN/A
Average Volume (3M)3.84K
Price to Earnings (P/E)―
Beta (1Y)0.01
Revenue Growth12.83%
EPS Growth97.83%
CountryUS
Employees83
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)0.04
Shares Outstanding7,392,243
10 Day Avg. Volume1,653
30 Day Avg. Volume3,840
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.28
Price to Sales (P/S)0.10
P/FCF Ratio-1.72
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Cyanotech Business Overview & Revenue Model
Company Description
Established in 1983 and headquartered in Kailua-Kona, Hawaii, Cyanotech Corporation specializes in the global cultivation, processing, and distribution of natural products derived from microalgae. Its key product offerings include BioAstin Hawaiia...
How the Company Makes Money
Cyanotech makes money primarily by producing and selling microalgae-based products through two main commercial paths: (1) bulk ingredient sales and (2) branded/packaged consumer products. Bulk ingredient revenue comes from supplying natural astaxa...
Cyanotech Earnings Call Summary
Earnings Call Date:Nov 12, 2024
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with notable growth in contract extraction revenue and improved inventory and capital metrics. However, significant declines in net sales, gross profit margin, and an increased net loss, largely due to inventory challenges, highlight ongoing challenges.Positive Updates
Increase in Work-in-progress Inventory
Mid-quarter financing allowed Cyanotech to increase work in progress inventory by $1.9 million, despite a decrease in finished goods inventory.
Negative Updates
Decrease in Total Net Sales
Total net sales for the second quarter of fiscal 2025 were $5.8 million, down from $6.4 million in the same quarter of fiscal 2024, marking a decrease of $528,000 or 8.3%.
Read all updates
Q2-2025 Updates
Positive
Negative
Increase in Work-in-progress Inventory
Mid-quarter financing allowed Cyanotech to increase work in progress inventory by $1.9 million, despite a decrease in finished goods inventory.
Read all positive updates
Company Guidance
In the earnings call for Cyanotech's Q2 2025, management highlighted several key metrics and provided guidance on future performance. Despite a 39% increase in bulk inventory sales and a 156% rise in contract extraction revenue, overall sales for the quarter dropped by 8% due to a 21% decline in packaged goods sales caused by stock shortages. For the first half of the year, sales were up by 2%. Total net sales for the quarter were $5.8 million, down from $6.4 million in Q2 2024, with a gross profit margin declining from 32.8% to 25.3%, driven by a higher sales mix of lower-margin bulk products. Operating loss increased to $975,000 from $632,000 in the previous year, and net loss was $1.15 million or $0.16 per diluted share, compared to $0.8 million or $0.13 per share in Q2 2024. The company reported cash reserves of $780,000 and an improved working capital of $550,000, attributed to higher inventories and a short-term debt reclassification. Management is focused on addressing inventory challenges to improve the sales mix and maintain strong sales in their algae-based products.Cyanotech Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
38
Negative
Cash Flow
33
Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.44M | 26.59M | 24.21M | 23.07M | 23.18M | 35.97M |
| Gross Profit | 5.13M | 8.67M | 6.88M | 5.95M | 7.26M | 13.57M |
| EBITDA | 1.52M | 1.31M | -629.00K | -2.51M | -825.00K | 4.50M |
| Net Income | 289.00K | -1.28M | -3.20M | -5.27M | -3.44M | 2.15M |
Balance Sheet | ||||||
| Total Assets | 21.86M | 22.13M | 23.49M | 25.11M | 29.73M | 32.05M |
| Cash, Cash Equivalents and Short-Term Investments | 1.09M | 810.00K | 257.00K | 707.00K | 974.00K | 2.59M |
| Total Debt | 11.37M | 11.60M | 11.56M | 10.90M | 11.17M | 9.00M |
| Total Liabilities | 13.88M | 14.46M | 14.61M | 13.30M | 13.38M | 12.56M |
| Stockholders Equity | 7.99M | 7.66M | 8.88M | 11.81M | 16.35M | 19.49M |
Cash Flow | ||||||
| Free Cash Flow | 408.00K | 92.00K | -1.44M | -836.00K | -3.17M | 1.11M |
| Operating Cash Flow | 531.00K | 234.00K | -1.19M | -455.00K | -2.10M | 2.38M |
| Investing Cash Flow | -123.00K | -142.00K | -247.00K | -381.00K | -1.07M | -1.27M |
| Financing Cash Flow | 142.00K | 461.00K | 990.00K | 569.00K | 1.55M | -2.29M |
Cyanotech Technical Analysis
Negative
0.45
Price Trends
0.48
Negative
0.48
Negative
0.43
Negative
Market Momentum
-0.02
Positive
42.79
Neutral
25.66
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CYAN, the sentiment is Negative. The current price of 0.45 is below the 20-day moving average (MA) of 0.46, below the 50-day MA of 0.48, and above the 200-day MA of 0.43, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 42.79 is Neutral, neither overbought nor oversold. The STOCH value of 25.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CYAN.
Cyanotech Risk Analysis
Cyanotech disclosed 30 risk factors in its most recent earnings report. Cyanotech reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cyanotech Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $1.19B | 10.16 | 16.36% | ― | 12.46% | 177.68% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
57 Neutral | $221.53M | 12.21 | 11.00% | 5.48% | 6.77% | 34.53% | |
49 Neutral | $38.73M | -8.87 | -11.36% | ― | 73.26% | -239.94% | |
47 Neutral | $265.51M | -12.28 | -4.16% | ― | 1.57% | -166.61% | |
44 Neutral | $46.44M | -0.15 | -106.47% | ― | -13.23% | 43.34% | |
42 Neutral | $2.59M | -45.56 | -0.87% | ― | 12.83% | 97.83% |
* Consumer Defensive Sector Average
CYAN
Cyanotech
0.41
0.08
24.24%
NATR
Nature's Sunshine Products
12.45
-3.06
-19.73%
SENEA
Seneca Foods
177.66
66.68
60.08%
HAIN
Hain Celestial
0.52
-1.04
-66.73%
USNA
USANA Health
14.82
-12.34
-45.43%
LSF
Laird Superfood
3.46
-2.24
-39.30%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.