Cyanotech Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Cyanotech has an operating margin of -10.4%, meaning the company retains $-10 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -19.9% the prior year.
Cyanotech's revenue grew 5.0% year-over-year to $24.2M, a solid pace of expansion. This earns a growth score of 43/100.
Cyanotech carries a low D/E ratio of 0.11, meaning only $0.11 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Cyanotech's current ratio of 1.03 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 21/100, which could limit financial flexibility.
Cyanotech passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Cyanotech generates $0.37 in operating cash flow (-$1.2M OCF vs -$3.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Cyanotech earns $-3.7 in operating income for every $1 of interest expense (-$2.5M vs $687K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Cyanotech (CYAN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Cyanotech generated $24.2M in revenue in fiscal year 2025. This represents an increase of 5.0% from the prior year.
Cyanotech's EBITDA was -$1.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 65.7% from the prior year.
Cyanotech reported -$3.2M in net income in fiscal year 2025. This represents an increase of 39.2% from the prior year.
Cyanotech held $257K in cash against $1.0M in long-term debt as of fiscal year 2025.
Cyanotech had 7M shares outstanding in fiscal year 2025. This represents an increase of 3.6% from the prior year.
Cyanotech's gross margin was 28.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.6 percentage points from the prior year.
Cyanotech's operating margin was -10.4% in fiscal year 2025, reflecting core business profitability. This is up 9.5 percentage points from the prior year.
Cyanotech's net profit margin was -13.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 9.6 percentage points from the prior year.
Cyanotech invested $449K in research and development in fiscal year 2025. This represents a decrease of 34.8% from the prior year.
CYAN Income Statement
| Metric | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.0M+19.9% | $5.8M-5.7% | $6.2M+5.6% | $5.8M-0.9% | $5.9M+5.7% | $5.6M-12.4% | $6.4M+23.8% | $5.1M |
| Cost of Revenue | $4.6M+13.2% | $4.0M+1.4% | $4.0M-8.5% | $4.4M-1.3% | $4.4M+12.4% | $3.9M-8.2% | $4.3M+18.6% | $3.6M |
| Gross Profit | $2.4M+35.0% | $1.8M-18.6% | $2.2M+47.3% | $1.5M+0.2% | $1.5M-10.5% | $1.6M-21.0% | $2.1M+36.3% | $1.5M |
| R&D Expenses | $78K+5.4% | $74K-41.7% | $127K-7.3% | $137K+63.1% | $84K-48.5% | $163K-6.9% | $175K-8.4% | $191K |
| SG&A Expenses | $996K-23.4% | $1.3M+28.5% | $1.0M-18.6% | $1.2M-1.9% | $1.3M+33.9% | $947K-18.4% | $1.2M-8.9% | $1.3M |
| Operating Income | $190K+125.2% | -$753K-1406.0% | -$50K+94.9% | -$975K+6.3% | -$1.0M-22.8% | -$848K-34.2% | -$632K+47.7% | -$1.2M |
| Interest Expense | $189K+9.2% | $173K-0.6% | $174K-0.6% | $175K+8.7% | $161K-6.4% | $172K+5.5% | $163K+1.9% | $160K |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $2K | $0 |
| Net Income | $1K+100.1% | -$926K-313.4% | -$224K+80.5% | -$1.1M+4.3% | -$1.2M-17.8% | -$1.0M-28.0% | -$797K+41.8% | -$1.4M |
| EPS (Diluted) | $0.00 | N/A | N/A | $-0.16+5.9% | $-0.17-6.3% | $-0.16-23.1% | $-0.13+40.9% | $-0.22 |
CYAN Balance Sheet
| Metric | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $24.0M+4.5% | $23.0M-4.0% | $24.0M+0.2% | $23.9M-2.1% | $24.4M-10.4% | $27.3M-2.9% | $28.1M-3.6% | $29.1M |
| Current Assets | $11.9M+13.4% | $10.5M-0.3% | $10.6M+4.2% | $10.1M-2.4% | $10.4M-15.6% | $12.3M-3.2% | $12.7M-4.8% | $13.3M |
| Cash & Equivalents | $649K+69.5% | $383K+6.7% | $359K-54.0% | $780K+8.3% | $720K+8.9% | $661K-46.5% | $1.2M+90.7% | $648K |
| Inventory | $8.4M+3.3% | $8.1M+4.6% | $7.8M+7.9% | $7.2M+3.2% | $7.0M-23.7% | $9.1M-4.9% | $9.6M-8.7% | $10.5M |
| Accounts Receivable | $2.4M+50.9% | $1.6M-18.2% | $1.9M+19.8% | $1.6M-25.5% | $2.1M+5.0% | $2.0M+42.4% | $1.4M-20.3% | $1.8M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $16.0M+6.4% | $15.0M+3.7% | $14.5M+1.7% | $14.2M+3.3% | $13.8M+2.6% | $13.4M-1.9% | $13.7M-3.0% | $14.1M |
| Current Liabilities | $11.9M+10.3% | $10.8M+8.3% | $9.9M+3.9% | $9.6M-5.8% | $10.2M+19.0% | $8.5M-1.4% | $8.7M-3.2% | $8.9M |
| Long-Term Debt | $1.0M0.0% | $1.0M0.0% | $1.0M0.0% | $1.0M | $0-100.0% | $1.0M0.0% | $1.0M0.0% | $1.0M |
| Total Equity | $8.1M+0.8% | $8.0M-15.8% | $9.5M-2.0% | $9.7M-9.1% | $10.7M-22.9% | $13.8M-4.0% | $14.4M-4.2% | $15.0M |
| Retained Earnings | -$27.0M0.0% | -$27.0M-6.1% | -$25.5M-0.9% | -$25.3M-4.8% | -$24.1M-15.8% | -$20.8M-5.2% | -$19.8M-4.2% | -$19.0M |
CYAN Cash Flow Statement
| Metric | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $108K+132.9% | -$328K+64.9% | -$935K-110.6% | -$444K-282.7% | $243K+124.3% | -$1.0M-219.9% | $834K+239.9% | -$596K |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$64K-190.9% | -$22K+62.1% | -$58K0.0% | -$58K-23.4% | -$47K-27.0% | -$37K+72.8% | -$136K+9.3% | -$150K |
| Financing Cash Flow | $222K-53.4% | $476K-16.8% | $572K+1.8% | $562K+407.1% | -$183K-139.6% | $462K+520.0% | -$110K-126.2% | $420K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CYAN Financial Ratios
| Metric | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.3%+3.8pp | 30.5%-4.8pp | 35.3%+10.0pp | 25.3%+0.3pp | 25.0%-4.5pp | 29.5%-3.2pp | 32.8%+3.0pp | 29.8% |
| Operating Margin | 2.7%+15.7pp | -12.9%-12.1pp | -0.8%+15.9pp | -16.7%+1.0pp | -17.6%-2.5pp | -15.2%-5.3pp | -9.9%+13.6pp | -23.5% |
| Net Margin | 0.0%+15.9pp | -15.9%-12.3pp | -3.6%+16.0pp | -19.7%+0.7pp | -20.4%-2.1pp | -18.3%-5.8pp | -12.5%+14.1pp | -26.6% |
| Return on Equity | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 0.0%+4.0pp | -4.0%-3.1pp | -0.9%+3.9pp | -4.8%+0.1pp | -4.9%-1.2pp | -3.7%-0.9pp | -2.8%+1.9pp | -4.7% |
| Current Ratio | 1.00+0.0 | 0.98-0.1 | 1.060.0 | 1.06+0.0 | 1.02-0.4 | 1.44-0.0 | 1.46-0.0 | 1.49 |
| Debt-to-Equity | 0.120.0 | 0.13+0.0 | 0.110.0 | 0.10+0.1 | 0.00-0.1 | 0.070.0 | 0.070.0 | 0.07 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Similar Companies
Frequently Asked Questions
What is Cyanotech's annual revenue?
Cyanotech (CYAN) reported $24.2M in total revenue for fiscal year 2025. This represents a 5.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cyanotech's revenue growing?
Cyanotech (CYAN) revenue grew by 5% year-over-year, from $23.1M to $24.2M in fiscal year 2025.
Is Cyanotech profitable?
No, Cyanotech (CYAN) reported a net income of -$3.2M in fiscal year 2025, with a net profit margin of -13.2%.
What is Cyanotech's EBITDA?
Cyanotech (CYAN) had EBITDA of -$1.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cyanotech have?
As of fiscal year 2025, Cyanotech (CYAN) had $257K in cash and equivalents against $1.0M in long-term debt.
What is Cyanotech's gross margin?
Cyanotech (CYAN) had a gross margin of 28.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cyanotech's operating margin?
Cyanotech (CYAN) had an operating margin of -10.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Cyanotech's net profit margin?
Cyanotech (CYAN) had a net profit margin of -13.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Cyanotech's operating cash flow?
Cyanotech (CYAN) generated -$1.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cyanotech's total assets?
Cyanotech (CYAN) had $23.5M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Cyanotech spend on research and development?
Cyanotech (CYAN) invested $449K in research and development during fiscal year 2025.
How many shares does Cyanotech have outstanding?
Cyanotech (CYAN) had 7M shares outstanding as of fiscal year 2025.
What is Cyanotech's current ratio?
Cyanotech (CYAN) had a current ratio of 1.03 as of fiscal year 2025, which is considered adequate.
What is Cyanotech's debt-to-equity ratio?
Cyanotech (CYAN) had a debt-to-equity ratio of 0.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cyanotech's return on assets (ROA)?
Cyanotech (CYAN) had a return on assets of -13.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cyanotech's cash runway?
Based on fiscal year 2025 data, Cyanotech (CYAN) had $257K in cash against an annual operating cash burn of $1.2M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Cyanotech's Piotroski F-Score?
Cyanotech (CYAN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cyanotech's earnings high quality?
Cyanotech (CYAN) has an earnings quality ratio of 0.37x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cyanotech cover its interest payments?
Cyanotech (CYAN) has an interest coverage ratio of -3.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cyanotech?
Cyanotech (CYAN) scores 41 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.