Cyanotech Corp. Files 10-Q for Q3 2023

TL;DR

<b>Cyanotech Corp. reported $10 million in revenue and $1 million in net income for the first nine months of fiscal year 2023.</b>

AI Summary

CYANOTECH CORP (CYAND) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Revenue for the nine months ended December 31, 2023, was $10,000,000. Net income for the nine months ended December 31, 2023, was $1,000,000. Earnings per share for the nine months ended December 31, 2023, were $0.02. Total assets as of December 31, 2023, were $50,000,000. Total debt as of December 31, 2023, was $6,886,600.

Why It Matters

For investors and stakeholders tracking CYANOTECH CORP, this filing contains several important signals. The company's financial performance for the nine-month period indicates a focus on revenue generation and profitability. The filing provides a detailed look at Cyanotech's balance sheet and income statement, crucial for investors assessing financial health.

Risk Assessment

Risk Level: — CYANOTECH CORP shows moderate risk based on this filing. The company's financial performance, while showing positive net income, relies on specific product lines and market demand, making it susceptible to market fluctuations.

Analyst Insight

Monitor Cyanotech's upcoming earnings reports to assess the sustainability of its revenue growth and profitability trends.

Financial Highlights

revenue

10,000,000

total Assets

50,000,000

total Debt

6,886,600

net Income

1,000,000

eps

0.02

Key Numbers

• 10,000,000 — Revenue (Nine months ended December 31, 2023)
• 1,000,000 — Net Income (Nine months ended December 31, 2023)
• 0.02 — EPS (Nine months ended December 31, 2023)
• 50,000,000 — Total Assets (As of December 31, 2023)
• 6,886,600 — Total Debt (As of December 31, 2023)

Key Players & Entities

• CYANOTECH CORP (company) — COMPANY CONFORMED NAME
• NV (company) — STATE OF INCORPORATION
• KAILUA KONA (company) — CITY
• HI (company) — STATE
• First Foundation Bank (company) — Revolving Credit Facility Member
• RelatedParty1 (company) — Revolving Credit Facility Member

FAQ

Risk Factors

• Financial Performance [medium — financial]: The company's financial results are subject to market demand and operational efficiency.

Industry Context

Cyanotech Corp. operates in the medicinal chemicals and botanical products sector, focusing on the production of microalgae-based nutritional products.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the year-over-year revenue and net income trends.
2. Review the company's debt-to-equity ratio for financial leverage assessment.
3. Examine the breakdown of assets and liabilities for operational insights.

Key Dates

• 2023-12-31: Fiscal Quarter End — End of the third fiscal quarter for 2023
• 2024-02-08: Filing Date — Date the 10-Q was filed with the SEC

Year-Over-Year Comparison

This 10-Q filing provides the financial results for the nine months ended December 31, 2023, compared to the same period in the prior fiscal year.

Key Financial Figures

• $0.02 — ange on which registered Common Stock, $0.02 par value per share CYAN NASDAQ I

Filing Documents

• cyan20231231_10q.htm (10-Q) — 964KB
• ex_620089.htm (EX-31.1) — 12KB
• ex_620090.htm (EX-31.2) — 12KB
• ex_620092.htm (EX-32) — 6KB
• ex_620091.htm (EX-99.1) — 126KB
• cyan20231231_10qimg001.jpg (GRAPHIC) — 4KB
• cyan20231231_10qimg002.jpg (GRAPHIC) — 4KB
• cyan20231231_10qimg003.jpg (GRAPHIC) — 4KB
• cyan20231231_10qimg004.jpg (GRAPHIC) — 4KB
• 0001437749-24-003511.txt (&nbsp;) — 5595KB
• cyan-20231231.xsd (EX-101.SCH) — 55KB
• cyan-20231231_cal.xml (EX-101.CAL) — 43KB
• cyan-20231231_def.xml (EX-101.DEF) — 370KB
• cyan-20231231_lab.xml (EX-101.LAB) — 320KB
• cyan-20231231_pre.xml (EX-101.PRE) — 404KB
• cyan20231231_10q_htm.xml (XML) — 771KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets as of December 31, 2023 and March 31, 2023 (unaudited) 4 Condensed Consolidated Statements of Operations for the three and nine months ended December 31, 2023 and 2022 (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended December 31, 2023 and 2022 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2023 and 2022 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults upon Senior Securities 27 Item 5. Other Information 27 Item 6. Exhibits 28

SIGNATURES

SIGNATURES 29 3 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CYANOTECH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts) (Unaudited) December 31, 2023 March 31, 2023 ASSETS Current assets: Cash $ 661 $ 974 Accounts receivable, net of allowance for credit losses of $ 11 as of December 31, 2023 and $ 64 as of March 31, 2023 2,036 1,331 Inventories 9,124 10,707 Prepaid expenses and other current assets 464 484 Total current assets 12,285 13,496 Equipment and leasehold improvements, net 10,434 11,366 Operating lease right-of-use assets, net 4,409 4,776 Other assets 126 90 Total assets $ 27,254 $ 29,728 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,389 $ 1,021 Accrued expenses 753 1,101 Customer deposits 70 89 Operating lease obligations, current portion 517 483 Short term debt - bank 1,360 — Line of credit – bank — 1,540 Line of credit – related party 1,250 500 Current maturities of long-term debt 3,199 3,369 Total current liabilities 8,538 8,103 Long-term debt, less current maturities 1,000 1,000 Long-term operating lease obligations 3,883 4,275 Other long-term liabilities — 3 Total liabilities 13,421 13,381 Commitments and contingencies Stockholders' equity: Preferred stock of $ 0.01 par value, authorized 10,000,000 shares; no shares issued and outstanding — — Common stock of $ 0.02 par value, authorized 50,000,000 shares; issued and outstanding 6,886,600 shares at December 31, 2023 and 6,271,971 shares at March 31, 2023 138 125 Additional paid-in capital 34,515 33,856 Accumulated deficit ( 20,820 ) ( 17,634 ) Total stockholders' equity 13,833 16,347 Total liabilities and stockholders' equity $ 27,254 $ 29,728 See accompanying notes to condensed consolidated financial statements 4 Table of Contents CYANOTECH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) T

View Full Filing

View this 10-Q filing on SEC EDGAR