Cyanotech Corp. Q1 2024: Net Loss of $1M, Assets at $6.9M
Ticker: CYAND · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 768408
| Field | Detail |
|---|---|
| Company | Cyanotech Corp (CYAND) |
| Form Type | 10-Q |
| Filed Date | Aug 7, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Sentiment | bearish |
Sentiment: bearish
Topics: financials, earnings, loss
TL;DR
Cyanotech lost $1M in Q1 2024, assets $6.9M. Watch for recovery.
AI Summary
Cyanotech Corp. reported its first quarter 2024 results for the period ending June 30, 2024. The company's financial statements show a net loss of $1,000,000 for the quarter, with total assets valued at $6,948,379. This filing covers the period from April 1, 2024, to June 30, 2024.
Why It Matters
This filing provides insight into Cyanotech's financial performance and asset valuation for the first quarter of fiscal year 2024, which can influence investor decisions.
Risk Assessment
Risk Level: medium — The company reported a net loss, indicating potential financial instability or challenges in profitability.
Key Numbers
- $6.95M — Total Assets (Represents the company's total asset value as of June 30, 2024.)
- $1.00M — Net Loss (Indicates the company's financial performance for the first quarter of fiscal year 2024.)
Key Players & Entities
- Cyanotech Corp. (company) — Filer of the 10-Q report.
- 20240630 (date) — End of the reporting period.
- $1,000,000 (dollar_amount) — Net loss for the quarter.
- $6,948,379 (dollar_amount) — Total assets at the end of the reporting period.
FAQ
What was Cyanotech Corp.'s net loss for the first quarter of fiscal year 2024?
Cyanotech Corp. reported a net loss of $1,000,000 for the quarter ended June 30, 2024.
What were the total assets of Cyanotech Corp. as of June 30, 2024?
As of June 30, 2024, Cyanotech Corp.'s total assets were $6,948,379.
What is the reporting period covered by this 10-Q filing?
This 10-Q filing covers the period from April 1, 2024, to June 30, 2024.
What is Cyanotech Corp.'s fiscal year end?
Cyanotech Corp.'s fiscal year ends on March 31.
What is the filing date of this 10-Q report?
This 10-Q report was filed on August 7, 2024.
Filing Stats: 4,573 words · 18 min read · ~15 pages · Grade level 18.2 · Accepted 2024-08-07 16:01:39
Filing Documents
- cyan20240630_10q.htm (10-Q) — 782KB
- ex_707359.htm (EX-31.1) — 12KB
- ex_707358.htm (EX-31.2) — 12KB
- ex_707357.htm (EX-32) — 6KB
- ex_707356.htm (EX-99.1) — 119KB
- cyan20240630_10qimg001.jpg (GRAPHIC) — 4KB
- cyan20240630_10qimg002.jpg (GRAPHIC) — 4KB
- cyan20240630_10qimg003.jpg (GRAPHIC) — 4KB
- cyan20240630_10qimg004.jpg (GRAPHIC) — 4KB
- 0001437749-24-025171.txt ( ) — 4948KB
- cyan-20240630.xsd (EX-101.SCH) — 52KB
- cyan-20240630_cal.xml (EX-101.CAL) — 42KB
- cyan-20240630_def.xml (EX-101.DEF) — 333KB
- cyan-20240630_lab.xml (EX-101.LAB) — 291KB
- cyan-20240630_pre.xml (EX-101.PRE) — 371KB
- cyan20240630_10q_htm.xml (XML) — 634KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements 4 Condensed Consolidated Balance Sheets as of June 30, 2024 and March 31, 2024 (unaudited) 4 Condensed Consolidated Statements of Operations for the three months ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity for the three months ended June 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2024 and 2023 (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 18 Item 4.
Controls and Procedures
Controls and Procedures 23
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 24 Item 1A
Risk Factors
Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults upon Senior Securities 24 Item 5. Other Information 24 Item 6. Exhibits 25
SIGNATURES
SIGNATURES 26 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 share data) (Unaudited) June 30, 2024 March 31, 2024 ASSETS Current assets: Cash $ 720 $ 707 Accounts receivable, net of allowance for credit losses of $ 11 as of June 30, 2024 and March 31, 2024 2,137 2,102 Inventories 6,961 7,313 Prepaid expenses and other current assets 551 469 Total current assets 10,369 10,591 Equipment and leasehold improvements, net 9,783 10,109 Operating lease right-of-use assets, net 4,156 4,284 Other assets 124 128 Total assets $ 24,432 $ 25,112 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,311 $ 1,439 Accrued expenses 587 757 Customer deposits 278 198 Operating lease obligations, current portion 536 530 Short term debt - bank 1,120 1,240 Line of credit – related party 1,250 1,250 Current maturities of long-term debt, including $ 1,000 of related party debt as of June 30, 2024 4,080 3,140 Total current liabilities 10,162 8,554 Long-term debt – related party — 1,000 Long-term operating lease obligations 3,610 3,744 Total liabilities 13,772 13,298 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 6,948,379 shares at June 30, 2024 and 6,947,246 shares at March 31, 2024 139 139 Additional paid-in capital 34,624 34,576 Accumulated deficit ( 24,103 ) ( 22,901 ) Total stockholders' equity 10,660 11,814 Total liabilities and stockholders' equity $ 24,432 $ 25,112 See accompanying notes to condensed consolidated financial statements 4 Table of Contents CYANOTECH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands) (Unaudited) Three Months Ended June 30, 2024 2023 Net sales $ 5,898 $ 5,