Cyanotech Financials

CYAN

Source SEC Filings (10-K/10-Q) Data as of Sep 30, 2025 Currency USD FYE March

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).

Rhea AI CYAN FY2025 2026-04-22

Thin gross profit and inventory-heavy working capital keep this business operating off a steadily thinner liquidity cushion.

Over the last two years, revenue stayed roughly flat while cash fell from $974K to $257K, a sign that top-line stabilization did not bring balance-sheet relief. With equity down to $8.9M and the current ratio at 1.0x, the core issue looks less like demand alone and more like a business whose cost structure and working-capital needs still consume liquidity even after sales stopped shrinking.

Most current assets were tied up in inventory: inventory was $7.8M versus cash of $257K. That leaves only a thin cash buffer, so day-to-day flexibility depends on moving stock efficiently and collecting those sales rather than drawing on readily available cash.

The recent margin recovery helped, but it has not repaired the earnings model: gross margin improved from 25.8% to 28.4% while operations still lost money. That suggests fixed costs and interest are still absorbing too much of each sales dollar, so the improvement looks like partial cost absorption rather than a fully repaired earnings engine.

Financial Health Signals

Financial health score pending refresh

We are recalculating Cyanotech's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Distress

-0.70

Cyanotech scores -0.70, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.8M) relative to total liabilities ($14.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

4/9

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.

Earnings Quality Low Quality

0.37x

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.

Interest Coverage At Risk

-3.7x

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.

Key Financial Metrics

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Earnings & Revenue

Revenue

$24.2M

YoY+5.0%

5Y CAGR-5.4%

10Y CAGR-3.3%

Cyanotech generated $24.2M in revenue in fiscal year 2025. This represents an increase of 5.0% from the prior year.

EBITDA

-$1.0M

YoY+65.7%

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.

Net Income

-$3.2M

YoY+39.2%

Cyanotech reported -$3.2M in net income in fiscal year 2025. This represents an increase of 39.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$257K

YoY-63.6%

5Y CAGR-36.1%

10Y CAGR-19.4%

Cyanotech held $257K in cash against $1.0M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY+3.6%

5Y CAGR+3.7%

10Y CAGR+2.6%

Cyanotech had 7M shares outstanding in fiscal year 2025. This represents an increase of 3.6% from the prior year.

Margins & Returns

Gross Margin

28.4%

YoY+2.6pp

5Y CAGR-11.4pp

10Y CAGR-14.4pp

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.

Operating Margin

-10.4%

YoY+9.5pp

5Y CAGR-13.7pp

10Y CAGR-11.3pp

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.

Net Margin

-13.2%

YoY+9.6pp

5Y CAGR-14.4pp

10Y CAGR-13.2pp

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.

Return on Equity

-36.0%

YoY+8.5pp

5Y CAGR-38.5pp

10Y CAGR-35.9pp

Cyanotech's ROE was -36.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 8.5 percentage points from the prior year.

Capital Allocation

R&D Spending

$449K

YoY-34.8%

5Y CAGR-5.9%

10Y CAGR-1.4%

Cyanotech invested $449K in research and development in fiscal year 2025. This represents a decrease of 34.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

CYAN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$24.2M+5.0%	$23.1M-0.5%	$23.2M-35.6%	$36.0M+11.2%	$32.3M+1.4%	$31.9M
Cost of Revenue	$17.3M+1.2%	$17.1M+7.6%	$15.9M-28.9%	$22.4M+5.5%	$21.2M+10.6%	$19.2M
Gross Profit	$6.9M+15.7%	$5.9M-18.1%	$7.3M-46.5%	$13.6M+22.0%	$11.1M-12.5%	$12.7M
R&D Expenses	$449K-34.8%	$689K-10.5%	$770K+8.1%	$712K+11.4%	$639K+5.1%	$608K
SG&A Expenses	$4.4M-1.5%	$4.5M-4.2%	$4.7M-13.2%	$5.4M+10.1%	$4.9M-7.7%	$5.3M
Operating Income	-$2.5M+45.4%	-$4.6M-57.3%	-$2.9M-213.4%	$2.6M+2964.3%	$84K-92.0%	$1.1M
Interest Expense	$687K+2.8%	$668K+33.1%	$502K+28.1%	$392K-28.7%	$550K-16.3%	$657K
Income Tax	$8K+14.3%	$7K-61.1%	$18K-35.7%	$28K+833.3%	$3K-66.7%	$9K
Net Income	-$3.2M+39.2%	-$5.3M-53.1%	-$3.4M-259.7%	$2.2M+134.1%	$920K+137.7%	$387K
EPS (Diluted)	N/A	$-0.81-47.3%	$-0.55-257.1%	$0.35+133.3%	$0.15+150.0%	$0.06

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$7.0M+19.9%	$5.8M-7.6%	$6.3M+2.1%	$6.2M+5.6%	$5.8M-0.9%	$5.9M-1.2%	$6.0M+7.0%	$5.6M
Cost of Revenue	$4.6M+13.2%	$4.0M-11.2%	$4.6M+14.1%	$4.0M-8.5%	$4.4M-1.3%	$4.4M-16.5%	$5.3M+34.6%	$3.9M
Gross Profit	$2.4M+35.0%	$1.8M+1.8%	$1.7M-20.1%	$2.2M+47.3%	$1.5M+0.2%	$1.5M+118.3%	$676K-59.0%	$1.6M
R&D Expenses	$78K+5.4%	$74K-26.7%	$101K-20.5%	$127K-7.3%	$137K+63.1%	$84K-47.5%	$160K-1.8%	$163K
SG&A Expenses	$996K-23.4%	$1.3M+48.9%	$873K-13.7%	$1.0M-18.6%	$1.2M-1.9%	$1.3M+17.1%	$1.1M+14.4%	$947K
Operating Income	$190K+125.2%	-$753K-70.4%	-$442K-784.0%	-$50K+94.9%	-$975K+6.3%	-$1.0M+45.3%	-$1.9M-124.4%	-$848K
Interest Expense	$189K+9.2%	$173K-2.3%	$177K+1.7%	$174K-0.6%	$175K+8.7%	$161K-6.9%	$173K+0.6%	$172K
Income Tax	$0	$0-100.0%	$8K	$0	$0	$0-100.0%	$5K	$0
Net Income	$1K+100.1%	-$926K-47.7%	-$627K-179.9%	-$224K+80.5%	-$1.1M+4.3%	-$1.2M+42.2%	-$2.1M-104.0%	-$1.0M
EPS (Diluted)	$0.00	N/A	N/A	N/A	$-0.16+5.9%	$-0.17	N/A	$-0.16

CYAN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$23.5M-6.5%	$25.1M-15.5%	$29.7M-7.2%	$32.0M+3.8%	$30.9M-2.9%	$31.8M
Current Assets	$10.5M-0.4%	$10.6M-21.5%	$13.5M-17.0%	$16.3M+7.7%	$15.1M+2.6%	$14.7M
Cash & Equivalents	$257K-63.6%	$707K-27.4%	$974K-62.4%	$2.6M-31.3%	$3.8M+55.9%	$2.4M
Inventory	$7.8M+6.5%	$7.3M-31.7%	$10.7M+13.1%	$9.5M+12.5%	$8.4M-12.8%	$9.7M
Accounts Receivable	$2.0M-7.1%	$2.1M+57.9%	$1.3M-63.7%	$3.7M+50.4%	$2.4M+13.1%	$2.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$14.6M+9.8%	$13.3M-0.6%	$13.4M+6.6%	$12.6M-9.2%	$13.8M-13.2%	$15.9M
Current Liabilities	$10.2M+19.7%	$8.6M+5.6%	$8.1M+68.1%	$4.8M-17.0%	$5.8M-8.7%	$6.4M
Long-Term Debt	$1.0M0.0%	$1.0M0.0%	$1.0M-76.9%	$4.3M-10.1%	$4.8M-19.7%	$6.0M
Total Equity	$8.9M-24.8%	$11.8M-27.7%	$16.3M-16.1%	$19.5M+14.4%	$17.0M+7.5%	$15.8M
Retained Earnings	-$26.1M-14.0%	-$22.9M-29.9%	-$17.6M-24.2%	-$14.2M+13.2%	-$16.3M+5.3%	-$17.3M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$24.0M+4.5%	$23.0M-2.1%	$23.5M-1.9%	$24.0M+0.2%	$23.9M-2.1%	$24.4M-2.7%	$25.1M-7.9%	$27.3M
Current Assets	$11.9M+13.4%	$10.5M-0.2%	$10.5M-0.1%	$10.6M+4.2%	$10.1M-2.4%	$10.4M-2.1%	$10.6M-13.8%	$12.3M
Cash & Equivalents	$649K+69.5%	$383K+49.0%	$257K-28.4%	$359K-54.0%	$780K+8.3%	$720K+1.8%	$707K+7.0%	$661K
Inventory	$8.4M+3.3%	$8.1M+4.1%	$7.8M+0.5%	$7.8M+7.9%	$7.2M+3.2%	$7.0M-4.8%	$7.3M-19.8%	$9.1M
Accounts Receivable	$2.4M+50.9%	$1.6M-20.1%	$2.0M+2.4%	$1.9M+19.8%	$1.6M-25.5%	$2.1M+1.7%	$2.1M+3.2%	$2.0M
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+2.7%	$14.6M+1.0%	$14.5M+1.7%	$14.2M+3.3%	$13.8M+3.6%	$13.3M-0.9%	$13.4M
Current Liabilities	$11.9M+10.3%	$10.8M+5.2%	$10.2M+3.0%	$9.9M+3.9%	$9.6M-5.8%	$10.2M+18.8%	$8.6M+0.2%	$8.5M
Long-Term Debt	$1.0M0.0%	$1.0M0.0%	$1.0M0.0%	$1.0M0.0%	$1.0M	$0-100.0%	$1.0M0.0%	$1.0M
Total Equity	$8.1M+0.8%	$8.0M-10.0%	$8.9M-6.5%	$9.5M-2.0%	$9.7M-9.1%	$10.7M-9.8%	$11.8M-14.6%	$13.8M
Retained Earnings	-$27.0M0.0%	-$27.0M-3.5%	-$26.1M-2.5%	-$25.5M-0.9%	-$25.3M-4.8%	-$24.1M-5.2%	-$22.9M-10.0%	-$20.8M

CYAN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$1.2M-162.2%	-$455K+78.3%	-$2.1M-188.3%	$2.4M-0.9%	$2.4M+93.1%	$1.2M
Capital Expenditures	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
Investing Cash Flow	-$247K+35.2%	-$381K+64.3%	-$1.1M+15.9%	-$1.3M-67.1%	-$760K-239.3%	-$224K
Financing Cash Flow	$990K+74.0%	$569K-63.4%	$1.6M+167.9%	-$2.3M-688.6%	-$290K-152.0%	$558K
Dividends Paid	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

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$108K+132.9%	-$328K-475.4%	-$57K+93.9%	-$935K-110.6%	-$444K-282.7%	$243K-20.8%	$307K+130.7%	-$1.0M
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+73.8%	-$84K-44.8%	-$58K0.0%	-$58K-23.4%	-$47K+19.0%	-$58K-56.8%	-$37K
Financing Cash Flow	$222K-53.4%	$476K+1120.5%	$39K-93.2%	$572K+1.8%	$562K+407.1%	-$183K+9.9%	-$203K-143.9%	$462K
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	28.4%+2.6pp	25.8%-5.5pp	31.3%-6.4pp	37.7%+3.3pp	34.4%-5.4pp	39.8%
Operating Margin	-10.4%+9.5pp	-19.9%-7.3pp	-12.6%-19.8pp	7.2%+6.9pp	0.3%-3.0pp	3.3%
Net Margin	-13.2%+9.6pp	-22.8%-8.0pp	-14.8%-20.8pp	6.0%+3.1pp	2.8%+1.6pp	1.2%
Return on Equity	-36.0%+8.5pp	-44.6%-23.5pp	-21.0%-32.1pp	11.1%+5.7pp	5.4%+3.0pp	2.4%
Return on Assets	-13.6%+7.3pp	-21.0%-9.4pp	-11.6%-18.3pp	6.7%+3.7pp	3.0%+1.8pp	1.2%
Current Ratio	1.03-0.2	1.24-0.4	1.67-1.7	3.37+0.8	2.60+0.3	2.32
Debt-to-Equity	0.11+0.0	0.08+0.0	0.06-0.2	0.22-0.1	0.28-0.1	0.38
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	34.3%+3.8pp	30.5%+2.8pp	27.7%-7.6pp	35.3%+10.0pp	25.3%+0.3pp	25.0%+13.7pp	11.3%-18.2pp	29.5%
Operating Margin	2.7%+15.7pp	-12.9%-5.9pp	-7.0%-6.2pp	-0.8%+15.9pp	-16.7%+1.0pp	-17.6%+14.2pp	-31.9%-16.7pp	-15.2%
Net Margin	0.0%+15.9pp	-15.9%-6.0pp	-10.0%-6.3pp	-3.6%+16.0pp	-19.7%+0.7pp	-20.4%+14.5pp	-34.9%-16.6pp	-18.3%
Return on Equity	0.0%+11.6pp	-11.6%-4.5pp	-7.1%-4.7pp	-2.4%+9.5pp	-11.9%-0.6pp	-11.3%+6.3pp	-17.6%-10.2pp	-7.4%
Return on Assets	0.0%+4.0pp	-4.0%-1.4pp	-2.7%-1.7pp	-0.9%+3.9pp	-4.8%+0.1pp	-4.9%+3.4pp	-8.3%-4.5pp	-3.7%
Current Ratio	1.00+0.0	0.98-0.1	1.03-0.0	1.060.0	1.06+0.0	1.02-0.2	1.24-0.2	1.44
Debt-to-Equity	0.120.0	0.13+0.0	0.110.0	0.110.0	0.10+0.1	0.00-0.1	0.08+0.0	0.07
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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 return on equity (ROE)?

Cyanotech (CYAN) has a return on equity of -36.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

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 Altman Z-Score?

Cyanotech (CYAN) has an Altman Z-Score of -0.70, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

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 to 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.