CYANOTECH CORP (CYAN) Financials

CYAN

Trailing 12 months to September 30, 2025

Revenue $25.3M +8.5% YoY

Net Income -$1.8M +67.4% YoY

Operating Cash Flow -$1.2M -35.6% YoY

Gross Profit $8.1M +53.2% YoY

Market Cap $5.1M as of Oct 14, 2026

Price / Sales 0.2x on $25.3M revenue, trailing 12 months to September 30, 2025

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to September 30, 2025

Price / Book 0.6x on $8.1M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Sep 30, 2025 Reported Nov 10, 2025 Currency USD FYE March

Newest figures come from the 10-Q for Q2 FY2026, filed Nov 10, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CYAN SEC filings page.

CYANOTECH CORP (CYAN) reported $25.3M in revenue over the twelve months to Sep 30, 2025, up 8.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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 2026-10-04

Cash consumption and shrinking equity show a business still dependent on external financing despite recovering revenue.

From FY2024 to FY2025, the operating loss narrowed from $4.6M to $2.5M, yet operating cash flow worsened from -$455K to -$1.2M; the accounting improvement did not translate into cash. FY2025 financing cash flow of $990K helped fund that gap, making external financing part of the current operating model.

A modest revenue recovery to $24.2M coincided with gross-margin recovery to 28.4% from 25.8% in FY2024, suggesting improved gross economics after the trough. However, the margin remained below FY2022's 37.7%, so the improvement was not yet a return to earlier performance.

The balance sheet is tightening: total assets fell to $23.5M in FY2025 while total equity fell to $8.9M, leaving less financial cushion. The current ratio was 1.0x, down from 1.2x in FY2024, indicating short-term resources were approaching a one-for-one relationship with near-term obligations.

Financial Health Signals

Financial health score not available

CYANOTECH CORP does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Altman Z-Score Distress

-0.65

CYANOTECH CORP scores -0.65, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($5.1M) 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 CORP 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 No Cash Backing

N/A

CYANOTECH CORP reported a net loss of $3.2M while operations used $1.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

CYANOTECH CORP reported an operating loss of $2.5M against $687K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$7.0M

YoY+19.3%

QoQ+19.9%

5Y CAGR-4.0%

10Y CAGR-2.0%

CYANOTECH CORP generated $7.0M in revenue in Q2 2026. This represents an increase of 19.3% from the same quarter a year earlier. Against the prior quarter it is up 19.9%.

EBITDA

$536K

YoY+189.0%

QoQ+237.1%

CYANOTECH CORP's EBITDA was $536K in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 189.0% from the same quarter a year earlier. Against the prior quarter it is up 237.1%.

Net Income

$1K

YoY+100.1%

QoQ+100.1%

5Y CAGR-63.5%

10Y CAGR-23.2%

CYANOTECH CORP reported $1K in net income in Q2 2026. This represents an increase of 100.1% from the same quarter a year earlier. Against the prior quarter it is up 100.1%.

EPS (Diluted)

$0.00

YoY+100.0%

CYANOTECH CORP earned $0.00 per diluted share (EPS) in Q2 2026. This represents an increase of 100.0% from the same quarter a year earlier.

Cash & Balance Sheet

Cash & Debt

$649K

YoY-16.8%

QoQ+69.5%

5Y CAGR-31.3%

10Y CAGR-10.9%

CYANOTECH CORP held $649K in cash against $1.0M in long-term debt as of Q2 2026, with $11.9M of liabilities due within a year.

Shares Outstanding

YoY+3.3%

QoQ+2.1%

5Y CAGR+3.9%

10Y CAGR+2.8%

CYANOTECH CORP had 7M shares outstanding in Q2 2026. This represents an increase of 3.3% from the same quarter a year earlier. Against the prior quarter it is up 2.1%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

34.3%

YoY+9.0pp

QoQ+3.8pp

5Y change-4.2pp

10Y change-2.1pp

CYANOTECH CORP's gross margin was 34.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 9.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.8 percentage points.

Operating Margin

2.7%

YoY+19.4pp

QoQ+15.7pp

CYANOTECH CORP's operating margin was 2.7% in Q2 2026, reflecting core business profitability. This is up 19.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 15.7 percentage points.

Net Margin

0.0%

YoY+19.7pp

QoQ+15.9pp

5Y change-1.8pp

10Y change-0.1pp

CYANOTECH CORP's net profit margin was 0.0% in Q2 2026, showing the share of revenue converted to profit. This is up 19.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 15.9 percentage points.

Return on Equity

0.0%

YoY+11.9pp

QoQ+11.6pp

5Y change-0.9pp

10Y change0.0pp

CYANOTECH CORP's ROE was 0.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 11.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 11.6 percentage points.

Capital Allocation

R&D Spending

$78K

YoY-43.1%

QoQ+5.4%

CYANOTECH CORP invested $78K in research and development in Q2 2026. This represents a decrease of 43.1% from the same quarter a year earlier. Against the prior quarter it is up 5.4%.

Share Buybacks

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

CYAN Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CYAN quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$25.3M	$24.2M+5.0%	$23.1M-0.5%	$23.2M-35.6%	$36.0M+11.2%	$32.3M+1.4%	$31.9M+5.6%	$30.2M-11.5%	$34.1M+6.5%	$32.0M+0.6%	$31.8M-5.8%	$33.8M+20.0%	$28.2M+2.6%	$27.5M+11.5%	$24.6M+46.4%	$16.8M
Cost of Revenue	$17.2M	$17.3M+1.2%	$17.1M+7.6%	$15.9M-28.9%	$22.4M+5.5%	$21.2M+10.6%	$19.2M-2.7%	$19.7M-4.9%	$20.7M+4.7%	$19.8M-0.8%	$20.0M+3.3%	$19.3M+13.9%	$17.0M+2.5%	$16.6M+11.6%	$14.9M+41.7%	$10.5M
Gross Profit	$8.1M	$6.9M+15.7%	$5.9M-18.1%	$7.3M-46.5%	$13.6M+22.0%	$11.1M-12.5%	$12.7M+21.3%	$10.5M-21.7%	$13.4M+9.4%	$12.2M+3.0%	$11.9M-18.0%	$14.5M+29.3%	$11.2M+2.8%	$10.9M+11.4%	$9.8M+54.1%	$6.3M
R&D Expenses	$380K	$449K-34.8%	$689K-10.5%	$770K+8.1%	$712K+11.4%	$639K+5.1%	$608K-34.1%	$923K+63.9%	$563K-5.1%	$593K-6.3%	$633K+22.4%	$517K+10.2%	$469K+81.8%	$258K-19.4%	$320K+13.5%	$282K
SG&A Expenses	$4.2M	$4.4M-1.5%	$4.5M-4.2%	$4.7M-13.2%	$5.4M+10.1%	$4.9M-7.7%	$5.3M-7.6%	$5.7M+15.4%	$5.0M-18.1%	$6.1M+4.5%	$5.8M-27.2%	$8.0M+24.1%	$6.4M+37.1%	$4.7M+16.6%	$4.0M+42.2%	$2.8M
Operating Income	-$1.1M	-$2.5M+45.4%	-$4.6M-57.3%	-$2.9M-213.4%	$2.6M+2964.3%	$84K-92.0%	$1.1M+135.1%	-$3.0M-312.0%	$1.4M+307.3%	-$682K+13.1%	-$785K-343.8%	$322K+253.3%	-$210K-109.4%	$2.2M-23.4%	$2.9M+136.2%	$1.2M
EBITDA	N/A	-$1.0M+65.7%	-$3.0M-137.4%	-$1.3M-130.3%	$4.2M+127.8%	$1.8M-38.7%	$3.0M+374.3%	-$1.1M-133.1%	$3.3M+153.9%	$1.3M+76.3%	$735K-53.0%	$1.6M+78.7%	$876K-71.5%	$3.1M-14.6%	$3.6M+94.9%	$1.8M
Interest Expense	$713K	$687K+2.8%	$668K+33.1%	$502K+28.1%	$392K-28.7%	$550K-16.3%	$657K+12.9%	$582K+16.6%	$499K-5.5%	$528K+87.2%	$282K+203.2%	$93K-21.2%	$118K+96.7%	$60K+9.1%	$55K-21.4%	$70K
Income Tax	$8K	$8K+14.3%	$7K-61.1%	$18K-35.7%	$28K+833.3%	$3K-66.7%	$9K-47.1%	$17K+115.5%	-$110K-2300.0%	$5K-99.8%	$3.3M+1215.4%	$253K+175.0%	$92K+104.5%	-$2.0M-163.2%	-$779K-37.4%	-$567K
Net Income	-$1.8M	-$3.2M+39.2%	-$5.3M-53.1%	-$3.4M-259.7%	$2.2M+134.1%	$920K+137.7%	$387K+110.8%	-$3.6M-450.8%	$1.0M+184.4%	-$1.2M+72.4%	-$4.4M-18212.5%	-$24K+94.3%	-$420K-110.1%	$4.2M+14.6%	$3.6M+109.9%	$1.7M
EPS (Basic)	N/A	-$0.45+44.4%	-$0.81-47.3%	-$0.55-257.1%	$0.35+133.3%	$0.15+150.0%	$0.06+109.7%	-$0.62-444.4%	$0.18+185.7%	-$0.21+73.4%	-$0.79	$0.00+100.0%	-$0.08-110.5%	$0.76+13.4%	$0.67+109.4%	$0.32
EPS (Diluted)	—	N/A	-$0.81-47.3%	-$0.55-257.1%	$0.35+133.3%	$0.15+150.0%	$0.06+109.7%	-$0.62-444.4%	$0.18+185.7%	-$0.21+73.4%	-$0.79	$0.00+100.0%	-$0.08-110.8%	$0.74+12.1%	$0.66+106.3%	$0.32
Diluted Shares (Avg)	N/A	N/A	6,531+4.6%	6,244+1.2%	6,168-99.9%	6M+2.0%	6M+2.4%	6M+0.7%	6M+2.2%	6M+1.4%	6M+1.2%	6M+0.7%	5M-3.1%	6M+2.2%	6M+2.2%	5M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$7.0M+19.3%	$5.8M-1.3%	$6.3M+5.5%	$6.2M+10.6%	$5.8M-8.3%	$5.9M+14.6%	$6.0M+10.7%	$5.6M-5.2%
Cost of Revenue	$4.6M+5.0%	$4.0M-8.5%	$4.6M-13.9%	$4.0M+1.5%	$4.4M+1.9%	$4.4M+22.4%	$5.3M+32.2%	$3.9M-4.7%
Gross Profit	$2.4M+61.8%	$1.8M+20.1%	$1.7M+157.7%	$2.2M+32.1%	$1.5M-29.2%	$1.5M-3.7%	$676K-51.3%	$1.6M-6.5%
R&D Expenses	$78K-43.1%	$74K-11.9%	$101K-36.9%	$127K-22.1%	$137K-21.7%	$84K-56.0%	$160K-24.5%	$163K+53.8%
SG&A Expenses	$996K-19.9%	$1.3M+2.5%	$873K-19.4%	$1.0M+6.9%	$1.2M+7.2%	$1.3M-0.5%	$1.1M+5.1%	$947K-7.2%
Operating Income	$190K+119.5%	-$753K+27.7%	-$442K+76.8%	-$50K+94.1%	-$975K-54.3%	-$1.0M+13.9%	-$1.9M-51.8%	-$848K-109.9%
EBITDA	$536K+189.0%	-$391K+41.0%	-$84K+94.5%	$320K+170.6%	-$602K-164.0%	-$663K+17.3%	-$1.5M-80.5%	-$453K-9160.0%
Interest Expense	$189K+8.0%	$173K+7.5%	$177K+2.3%	$174K+1.2%	$175K+7.4%	$161K+0.6%	$173K+2.4%	$172K-7.5%
Income Tax	$0	$0	$8K+60.0%	$0	$0-100.0%	$0	$5K-28.6%	$0-100.0%
Net Income	$1K+100.1%	-$926K+23.0%	-$627K+69.9%	-$224K+78.0%	-$1.1M-44.3%	-$1.2M+12.2%	-$2.1M-45.5%	-$1.0M-70.6%
EPS (Basic)	$0.00+100.0%	-$0.13+23.5%	-$0.08+74.2%	-$0.03+81.3%	-$0.16-23.1%	-$0.17+22.7%	-$0.31-34.8%	-$0.16-60.0%
EPS (Diluted)	$0.00+100.0%	N/A	N/A	N/A	-$0.16-23.1%	-$0.17+22.7%	-$0.31-34.8%	-$0.16-60.0%
Diluted Shares (Avg)	7M+4.1%	N/A	N/A	N/A	7M+10.0%	7M+10.5%	N/A	7M+4.5%

CYAN Balance Sheet

CYAN quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$23.5M-6.5%	$25.1M-15.5%	$29.7M-7.2%	$32.0M+3.8%	$30.9M-2.9%	$31.8M+7.3%	$29.6M-0.3%	$29.7M+1.9%	$29.2M-6.4%	$31.1M+0.8%	$30.9M+3.1%	$30.0M+4.9%	$28.6M+50.2%	$19.0M+37.4%	$13.9M
Current Assets	$10.5M-0.4%	$10.6M-21.5%	$13.5M-17.0%	$16.3M+7.7%	$15.1M+2.6%	$14.7M+0.9%	$14.6M+7.2%	$13.6M+11.3%	$12.2M-3.3%	$12.7M+7.3%	$11.8M-6.3%	$12.6M+3.2%	$12.2M+6.8%	$11.4M+34.6%	$8.5M
Cash & Equivalents	$257K-63.6%	$707K-27.4%	$974K-62.4%	$2.6M-31.3%	$3.8M+55.9%	$2.4M+187.7%	$840K-36.8%	$1.3M-5.5%	$1.4M+13.5%	$1.2M-44.3%	$2.2M-48.4%	$4.3M-1.2%	$4.4M-13.8%	$5.1M+145.4%	$2.1M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$7.8M+6.5%	$7.3M-31.7%	$10.7M+13.1%	$9.5M+12.5%	$8.4M-12.8%	$9.7M-14.4%	$11.3M+24.8%	$9.0M+13.3%	$8.0M+1.5%	$7.9M+38.4%	$5.7M+6.3%	$5.3M+44.8%	$3.7M+3.9%	$3.5M-2.2%	$3.6M
Accounts Receivable	$2.0M-7.1%	$2.1M+57.9%	$1.3M-63.7%	$3.7M+50.4%	$2.4M+13.1%	$2.2M+8.7%	$2.0M-25.6%	$2.7M+24.8%	$2.1M-28.4%	$3.0M-8.4%	$3.3M+37.1%	$2.4M-36.9%	$3.8M+58.7%	$2.4M-10.1%	$2.6M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$14.6M+9.8%	$13.3M-0.6%	$13.4M+6.6%	$12.6M-9.2%	$13.8M-13.2%	$15.9M+8.3%	$14.7M+26.9%	$11.6M-7.6%	$12.6M-5.7%	$13.3M+41.2%	$9.4M+0.1%	$9.4M+12.8%	$8.4M+121.6%	$3.8M+37.2%	$2.7M
Current Liabilities	$10.2M+19.7%	$8.6M+5.6%	$8.1M+68.1%	$4.8M-17.0%	$5.8M-8.7%	$6.4M-33.0%	$9.5M+66.3%	$5.7M-5.4%	$6.0M-1.5%	$6.1M+41.9%	$4.3M+3.9%	$4.2M+44.0%	$2.9M-14.2%	$3.4M+53.1%	$2.2M
Non-Current Liabilities	$4.4M-8.0%	$4.7M-10.1%	$5.3M-31.8%	$7.7M-3.6%	$8.0M-16.2%	$9.6M+83.2%	$5.2M-11.3%	$5.9M-9.6%	$6.5M-9.4%	$7.2M+40.7%	$5.1M-2.9%	$5.3M-3.7%	$5.5M+1228.9%	$412K-25.5%	$553K
Long-Term Debt	$1.0M0.0%	$1.0M0.0%	$1.0M-76.9%	$4.3M-10.1%	$4.8M-19.7%	$6.0M+16.2%	$5.2M-14.1%	$6.0M-7.6%	$6.5M-11.9%	$7.4M+44.8%	$5.1M-2.9%	$5.3M-3.5%	$5.5M+1263.5%	$400K-27.7%	$553K
Total Equity	$8.9M-24.8%	$11.8M-27.7%	$16.3M-16.1%	$19.5M+14.4%	$17.0M+7.5%	$15.8M+6.3%	$14.9M-17.7%	$18.1M+9.0%	$16.6M-6.8%	$17.8M-17.0%	$21.5M+4.5%	$20.6M+2.0%	$20.2M+32.3%	$15.2M+37.2%	$11.1M
Retained Earnings	-$26.1M-14.0%	-$22.9M-29.9%	-$17.6M-24.2%	-$14.2M+13.2%	-$16.3M+5.3%	-$17.3M+2.2%	-$17.7M-25.6%	-$14.1M+6.8%	-$15.1M-8.8%	-$13.9M-46.4%	-$9.5M-0.3%	-$9.4M-4.7%	-$9.0M+31.6%	-$13.2M+21.5%	-$16.8M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$24.0M+0.5%	$23.0M-5.9%	$23.5M-6.5%	$24.0M-12.1%	$23.9M-14.8%	$24.4M-16.1%	$25.1M-15.5%	$27.3M-8.5%
Current Assets	$11.9M+17.8%	$10.5M+1.5%	$10.5M-0.4%	$10.6M-14.1%	$10.1M-20.2%	$10.4M-22.2%	$10.6M-21.5%	$12.3M-15.4%
Cash & Equivalents	$649K-16.8%	$383K-46.8%	$257K-63.6%	$359K-45.7%	$780K-36.9%	$720K+11.1%	$707K-27.4%	$661K+28.8%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$8.4M+16.6%	$8.1M+16.5%	$7.8M+6.5%	$7.8M-15.0%	$7.2M-25.1%	$7.0M-33.7%	$7.3M-31.7%	$9.1M-21.2%
Accounts Receivable	$2.4M+47.9%	$1.6M-27.0%	$2.0M-7.1%	$1.9M-6.3%	$1.6M+11.3%	$2.1M+19.1%	$2.1M+57.9%	$2.0M-5.6%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$16.0M+12.2%	$15.0M+8.9%	$14.6M+9.8%	$14.5M+7.7%	$14.2M+4.0%	$13.8M-2.3%	$13.3M-0.6%	$13.4M+11.5%
Current Liabilities	$11.9M+24.2%	$10.8M+6.1%	$10.2M+19.7%	$9.9M+16.5%	$9.6M+10.6%	$10.2M+13.6%	$8.6M+5.6%	$8.5M+82.8%
Non-Current Liabilities	$4.1M-12.4%	$4.2M+16.8%	$4.4M-8.0%	$4.5M-7.7%	$4.6M-7.4%	$3.6M-29.8%	$4.7M-10.1%	$4.9M-33.7%
Long-Term Debt	$1.0M0.0%	$1.0M	$1.0M0.0%	$1.0M0.0%	$1.0M0.0%	$0-100.0%	$1.0M0.0%	$1.0M-76.0%
Total Equity	$8.1M-16.8%	$8.0M-25.0%	$8.9M-24.8%	$9.5M-31.3%	$9.7M-32.7%	$10.7M-29.1%	$11.8M-27.7%	$13.8M-22.0%
Retained Earnings	-$27.0M-7.0%	-$27.0M-12.1%	-$26.1M-14.0%	-$25.5M-22.4%	-$25.3M-27.5%	-$24.1M-26.8%	-$22.9M-29.9%	-$20.8M-28.5%

Not reported in any period shown, so not listed: Goodwill.

CYAN Cash Flow Statement

CYAN quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$1.2M	-$1.2M-162.2%	-$455K+78.3%	-$2.1M-188.3%	$2.4M-0.9%	$2.4M+93.1%	$1.2M+246.8%	-$847K-156.8%	$1.5M+22.1%	$1.2M+63.8%	$745K-38.3%	$1.2M-43.8%	$2.1M+13.3%	$1.9M-62.7%	$5.1M+190.9%	$1.7M
Depreciation & Amortization	N/A	$1.5M-6.9%	$1.6M-4.0%	$1.7M+3.5%	$1.6M-8.5%	$1.7M-9.6%	$1.9M+1.4%	$1.9M+1.7%	$1.9M-5.1%	$2.0M+30.1%	$1.5M+22.3%	$1.2M+14.5%	$1.1M+28.2%	$847K+21.9%	$695K+12.6%	$617K
Stock-Based Compensation	N/A	$247K-31.2%	$359K+15.8%	$310K-9.9%	$344K+60.7%	$214K-62.9%	$577K+79.2%	$322K-19.5%	$400K+72.4%	$232K-65.1%	$665K-10.3%	$741K-3.8%	$770K+5.5%	$730K+61.1%	$453K+512.2%	$74K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$431K-57.1%	$1.0M+18.7%	$847K-80.3%	$4.3M+3.0%	$4.2M+1.5%	$4.1M+5.7%	$3.9M+91.9%	$2.0M+294.7%	$514K
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$1.3M-363.5%	$485K+30.0%	$373K+110.5%	-$3.6M-19.8%	-$3.0M-51.0%	-$2.0M+1.5%	-$2.0M-165.4%	$3.1M+147.6%	$1.2M
Investing Cash Flow	-$228K	-$247K+35.2%	-$381K+64.3%	-$1.1M+15.9%	-$1.3M-67.1%	-$760K-239.3%	-$224K+57.8%	-$531K+47.2%	-$1.0M-18.7%	-$847K+77.8%	-$3.8M	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$1.3M	$990K+74.0%	$569K-63.4%	$1.6M+167.9%	-$2.3M-688.6%	-$290K-152.0%	$558K-32.3%	$824K+265.5%	-$498K-141.7%	-$206K-109.9%	$2.1M	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$108K+124.3%	-$328K-235.0%	-$57K-118.6%	-$935K+6.5%	-$444K-153.2%	$243K+140.8%	$307K-47.3%	-$1.0M-348.4%
Depreciation & Amortization	$346K-7.2%	$362K-4.2%	$358K-6.5%	$370K-6.3%	$373K-7.7%	$378K-7.1%	$383K-7.0%	$395K-3.4%
Stock-Based Compensation	N/A	$49K+2.1%	N/A	N/A	N/A	$48K+2.1%	N/A	N/A
Investing Cash Flow	-$64K-10.3%	-$22K+53.2%	-$84K-44.8%	-$58K-56.8%	-$58K+57.4%	-$47K+68.7%	-$58K-16.0%	-$37K+88.7%
Financing Cash Flow	$222K-60.5%	$476K+360.1%	$39K+119.2%	$572K+23.8%	$562K+610.9%	-$183K-143.6%	-$203K-181.9%	$462K-32.6%

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

CYAN Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CYAN quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	28.4%+2.6pp	25.8%-5.5pp	31.3%-6.4pp	37.7%+3.3pp	34.4%-5.4pp	39.8%+5.2pp	34.6%-4.5pp	39.2%+1.0pp	38.1%+0.9pp	37.3%-5.5pp	42.8%+3.1pp	39.7%+0.1pp	39.6%0.0pp	39.7%+2.0pp	37.7%
Operating Margin	-10.4%+9.5pp	-19.9%-7.3pp	-12.6%-19.8pp	7.2%+6.9pp	0.3%-3.0pp	3.3%+13.2pp	-9.9%-14.1pp	4.1%+6.3pp	-2.1%+0.3pp	-2.5%-3.4pp	0.9%+1.7pp	-0.8%-8.8pp	8.1%-3.7pp	11.8%+4.5pp	7.3%
Net Margin	-13.2%+9.6pp	-22.8%-8.0pp	-14.8%-20.8pp	6.0%+3.1pp	2.8%+1.6pp	1.2%+13.1pp	-11.9%-14.9pp	3.0%+6.8pp	-3.8%+10.0pp	-13.8%-13.7pp	-0.1%+1.4pp	-1.5%-16.7pp	15.2%+0.4pp	14.8%+4.5pp	10.3%
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%+26.6pp	-24.1%-29.8pp	5.7%+13.0pp	-7.3%+17.3pp	-24.6%-24.5pp	-0.1%+1.9pp	-2.0%-22.7pp	20.7%-3.2pp	23.8%+8.3pp	15.6%
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%+13.4pp	-12.1%-15.6pp	3.5%+7.6pp	-4.2%+9.9pp	-14.1%-14.0pp	-0.1%+1.3pp	-1.4%-16.0pp	14.6%-4.5pp	19.1%+6.6pp	12.5%
Current Ratio	1.03-0.2x	1.24-0.4x	1.67-1.7x	3.37+0.8x	2.60+0.3x	2.32+0.8x	1.54-0.8x	2.39+0.4x	2.030.0x	2.07-0.7x	2.73-0.3x	3.03-1.2x	4.23+0.8x	3.40-0.5x	3.86
Debt-to-Equity	0.110.0x	0.080.0x	0.06-0.2x	0.22-0.1x	0.28-0.1x	0.380.0x	0.350.0x	0.33-0.1x	0.390.0x	0.41+0.2x	0.240.0x	0.260.0x	0.27+0.2x	0.030.0x	0.05
Asset Turnover	1.03+0.1x	0.92+0.1x	0.78-0.3x	1.12+0.1x	1.050.0x	1.000.0x	1.02-0.1x	1.150.0x	1.10+0.1x	1.02-0.1x	1.09+0.2x	0.940.0x	0.96-0.3x	1.29+0.1x	1.21
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	-4.2%-5.6pp	1.4%+0.3pp	1.2%+12.3pp	-11.2%-2.4pp	-8.8%-1.8pp	-7.0%+0.3pp	-7.3%-19.7pp	12.4%+5.1pp	7.3%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	34.3%+9.0pp	30.5%+5.4pp	27.7%+16.3pp	35.3%+5.8pp	25.3%-7.5pp	25.0%-4.7pp	11.3%-14.4pp	29.5%-0.4pp
Operating Margin	2.7%+19.4pp	-12.9%+4.7pp	-7.0%+24.9pp	-0.8%+14.4pp	-16.7%-6.8pp	-17.6%+5.8pp	-31.9%-8.6pp	-15.2%-8.3pp
Net Margin	0.0%+19.7pp	-15.9%+4.5pp	-10.0%+24.9pp	-3.6%+14.6pp	-19.7%-7.2pp	-20.4%+6.2pp	-34.9%-8.3pp	-18.3%-8.1pp
Return on Equity	0.0%+11.9pp	-11.6%-0.3pp	-7.1%+10.6pp	-2.4%+5.0pp	-11.9%-6.3pp	-11.3%-2.2pp	-17.6%-8.9pp	-7.4%-4.0pp
Return on Assets	0.0%+4.8pp	-4.0%+0.9pp	-2.7%+5.6pp	-0.9%+2.8pp	-4.8%-2.0pp	-4.9%-0.2pp	-8.3%-3.5pp	-3.7%-1.7pp
Current Ratio	1.00-0.1x	0.980.0x	1.03-0.2x	1.06-0.4x	1.06-0.4x	1.02-0.5x	1.24-0.4x	1.44-1.7x
Debt-to-Equity	0.120.0x	0.13+0.1x	0.110.0x	0.110.0x	0.100.0x	0.00-0.1x	0.080.0x	0.07-0.2x
Asset Turnover	0.290.0x	0.250.0x	0.270.0x	0.26+0.1x	0.240.0x	0.24+0.1x	0.24+0.1x	0.200.0x

Not reported in any period shown, so not listed: FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
CYANOTECH CORP CYAN	FY2025	$24.2M	-$3.2M	-13.2%	$5.1M	—
GLUCOSE HEALTH INC GLUC	FY2016	$313K	-$410K	N/A	$12.0M	—

Where CYANOTECH CORP Ranks

Frequently Asked Questions

What is CYANOTECH CORP's annual revenue?

CYANOTECH CORP (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 CORP's revenue growing?

CYANOTECH CORP (CYAN) revenue grew by 5.0% year-over-year, from $23.1M to $24.2M in fiscal year 2025.

Is CYANOTECH CORP profitable?

No, CYANOTECH CORP (CYAN) reported a net income of -$3.2M in fiscal year 2025, with a net profit margin of -13.2%.

What is CYANOTECH CORP's EBITDA?

CYANOTECH CORP (CYAN) had EBITDA of -$1.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does CYANOTECH CORP have?

As of fiscal year 2025, CYANOTECH CORP (CYAN) had $257K in cash and equivalents against $1.0M in long-term debt.

What is CYANOTECH CORP's gross margin?

CYANOTECH CORP (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 CORP's operating margin?

CYANOTECH CORP (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 CORP's net profit margin?

CYANOTECH CORP (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 CORP's return on equity (ROE)?

CYANOTECH CORP (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 CORP's operating cash flow?

CYANOTECH CORP (CYAN) recorded an outflow of $1.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are CYANOTECH CORP's total assets?

CYANOTECH CORP (CYAN) had $23.5M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does CYANOTECH CORP spend on research and development?

CYANOTECH CORP (CYAN) invested $449K in research and development during fiscal year 2025.

How many shares does CYANOTECH CORP have outstanding?

CYANOTECH CORP (CYAN) had 7M shares outstanding as of fiscal year 2025.

What is CYANOTECH CORP's current ratio?

CYANOTECH CORP (CYAN) had a current ratio of 1.03 as of fiscal year 2025, which is considered adequate.

What is CYANOTECH CORP's debt-to-equity ratio?

CYANOTECH CORP (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 CORP's return on assets (ROA)?

CYANOTECH CORP (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 CORP's P/E ratio?

CYANOTECH CORP (CYAN) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to September 30, 2025). The market capitalization is $5.1M as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is CYANOTECH CORP's price-to-sales ratio?

CYANOTECH CORP (CYAN) trades at 0.2x sales, its market capitalization divided by revenue of $25.3M revenue, trailing 12 months to September 30, 2025. The market capitalization is $5.1M as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does CYANOTECH CORP's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, CYANOTECH CORP (CYAN) held $257K in cash, cash equivalents and investments, and reported an operating cash outflow of $1.2M over that year. Dividing the one by the other, the reported balance equals about 3 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is CYANOTECH CORP's Altman Z-Score?

CYANOTECH CORP (CYAN) has an Altman Z-Score of -0.65, 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 CORP's Piotroski F-Score?

CYANOTECH CORP (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 CORP's earnings high quality?

CYANOTECH CORP (CYAN) reported a net loss of $3.2M while operations used $1.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 CORP cover its interest payments?

CYANOTECH CORP (CYAN) reported an operating loss of $2.5M against $687K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.