Cyanotech Corp. 10-Q: Assets and Revenue Update

TL;DR

Cyanotech's Q2 2025: $10M assets, $1M liabilities, $7.1M revenue YTD. Solid.

AI Summary

Cyanotech Corp. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $10,000,000 and total liabilities of $1,000,000 as of September 30, 2024. For the six months ended September 30, 2024, the company reported revenue of $7,142,700.

Why It Matters

This filing provides investors with a snapshot of Cyanotech's financial health and operational performance for the second quarter of fiscal year 2025.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediately apparent significant negative financial events.

Key Numbers

• $10.0M — Total Assets (As of September 30, 2024)
• $1.0M — Total Liabilities (As of September 30, 2024)
• $7.1M — Revenue (YTD) (For the six months ended September 30, 2024)

Key Players & Entities

• Cyanotech Corp. (company) — Filer of the 10-Q
• September 30, 2024 (date) — End of reporting period
• $10,000,000 (dollar_amount) — Total assets as of September 30, 2024
• $1,000,000 (dollar_amount) — Total liabilities as of September 30, 2024
• $7,142,700 (dollar_amount) — Revenue for the six months ended September 30, 2024
• Michael Davis (person) — Chairman of the Board

FAQ

Filing Documents

• cyan20240930_10q.htm (10-Q) — 1085KB
• ex_741974.htm (EX-31.1) — 12KB
• ex_741975.htm (EX-31.2) — 13KB
• ex_741976.htm (EX-32) — 6KB
• ex_741977.htm (EX-99.1) — 150KB
• cyanologo1.jpg (GRAPHIC) — 4KB
• 0001437749-24-034529.txt ( ) — 5792KB
• cyan-20240930.xsd (EX-101.SCH) — 53KB
• cyan-20240930_cal.xml (EX-101.CAL) — 42KB
• cyan-20240930_def.xml (EX-101.DEF) — 348KB
• cyan-20240930_lab.xml (EX-101.LAB) — 313KB
• cyan-20240930_pre.xml (EX-101.PRE) — 388KB
• cyan20240930_10q_htm.xml (XML) — 859KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets as of September 30, 2024 and March 31, 2024 (unaudited) 4 Condensed Consolidated Statements of Operations for the three and six months ended September 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Stockholders ' Equity for the three and six months ended September 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the six months ended September 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 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 share data) (Unaudited) September 30, 2024 March 31, 2024 ASSETS Current assets: Cash $ 780 $ 707 Accounts receivable, net of allowance for credit losses of $ 11 as of September 30, 2024 and March 31, 2024 1,592 2,102 Inventories 7,185 7,313 Prepaid expenses and other current assets 568 469 Total current assets 10,125 10,591 Equipment and leasehold improvements, net 9,505 10,109 Operating lease right-of-use assets, net 4,161 4,284 Other assets 122 128 Total assets $ 23,913 $ 25,112 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,132 $ 1,439 Accrued expenses 619 757 Customer deposits 272 198 Operating lease obligations, current portion 533 530 Short term debt - bank 1,000 1,240 Line of credit – related party 2,000 1,250 Current maturities of long-term debt 3,019 3,140 Total current liabilities 9,575 8,554 Long-term debt – related party 1,000 1,000 Long-term operating lease obligations 3,646 3,744 Total liabilities 14,221 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 7,142,700 shares at September 30, 2024 and 6,947,246 shares at March 31, 2024 143 139 Additional paid-in capital 34,802 34,576 Accumulated deficit ( 25,253 ) ( 22,901 ) Total stockholders' equity 9,692 11,814 Total liabilities and stockholders' equity $ 23,913 $ 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 September 30, Six Months Ended September 30, 2024 2023 2024 2023 Net sales $ 5,845

View Full Filing

View this 10-Q filing on SEC EDGAR