Cyanotech (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 $3.8M as of Sep 3, 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 0.5x 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 Sep 3, 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 (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 2026-08-30

Cyanotech’s operating recovery is margin-driven, but recurring losses still consume cash while financing increasingly supports a weakening balance sheet.

The 2025 gross-margin rebound to 28.4% from 25.8% improved the economics of each sales dollar, but did not repair the cost structure. Operating cash flow reached -$1.2M even as operating losses narrowed, so the reported recovery has not yet converted into cash.

By FY2025, total assets were $23.5M against $14.6M of liabilities, leaving a balance sheet with less room to absorb operating setbacks. Equity was $8.9M and the current ratio had fallen to 1.0x, indicating tighter near-term flexibility alongside the shrinking asset base.

The combination of operating cash flow of -$1.2M and financing inflow of $990K indicates cash needs were being met through non-operating funding rather than by operations. Shares outstanding rose from 6.3M in FY2023 to 7.2M in FY2025, making that funding mix more consequential for existing owners.

Financial Health Signals

Financial health score not available

Cyanotech 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

-0.70

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 No Cash Backing

N/A

Cyanotech 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 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 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'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 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 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 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 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 CAGR-4.2pp

10Y CAGR-2.1pp

Cyanotech'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'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 CAGR-1.8pp

10Y CAGR-0.1pp

Cyanotech'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 CAGR-0.9pp

10Y CAGR0.0pp

Cyanotech'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 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	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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 CYAN	FY2025	$24.2M	-$3.2M	-13.2%	$3.8M	—
Glucose Health Inc GLUC	FY2016	$313K	-$410K	N/A	$12.0M	—

Where Cyanotech Ranks

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 5.0% 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) recorded an outflow of $1.2M in operating cash flow during fiscal year 2025, representing cash used by 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 P/E ratio?

Cyanotech (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 $3.8M as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Cyanotech's price-to-sales ratio?

Cyanotech (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 $3.8M as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

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

At the end of fiscal year 2025, Cyanotech (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'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) 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 cover its interest payments?

Cyanotech (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.