Cyanotech Corp. Q3 FY25: Strong Net Income Reported

TL;DR

Cyanotech Q3 FY25: $7.16M Revenue, $6.95M Net Income. Assets $10M, Liabilities $0.

AI Summary

Cyanotech Corp. reported its third quarter results for fiscal year 2025, ending December 31, 2024. The company's financial statements show total assets of $10,000,000 and total liabilities of $0 for the period. Revenue for the nine months ending December 31, 2024, was $7,155,858, with net income of $6,947,246.

Why It Matters

This filing provides insight into Cyanotech's financial performance for the third quarter of fiscal year 2025, which could influence investor decisions regarding the company's stock.

Risk Assessment

Risk Level: low — The filing indicates a very strong balance sheet with no reported liabilities, suggesting low financial risk.

Key Numbers

• $10.0M — Total Assets (As of December 31, 2024, indicating the company's resources.)
• $0 — Total Liabilities (As of December 31, 2024, showing no outstanding debts.)
• $7.16M — Revenue (9 Months) (For the period ending December 31, 2024, reflecting sales performance.)
• $6.95M — Net Income (9 Months) (For the period ending December 31, 2024, indicating profitability.)

Key Players & Entities

• Cyanotech Corp. (company) — Filer of the 10-Q report
• 2024-12-31 (date) — End of the reporting period
• $10,000,000 (dollar_amount) — Total assets as of December 31, 2024
• $0 (dollar_amount) — Total liabilities as of December 31, 2024
• $7,155,858 (dollar_amount) — Revenue for the nine months ending December 31, 2024
• $6,947,246 (dollar_amount) — Net income for the nine months ending December 31, 2024

FAQ

Filing Documents

• cyan20241231_10q.htm (10-Q) — 1073KB
• ex_773453.htm (EX-31.1) — 12KB
• ex_773452.htm (EX-31.2) — 13KB
• ex_773451.htm (EX-32) — 6KB
• ex_773450.htm (EX-99.1) — 145KB
• cyanotech.jpg (GRAPHIC) — 12KB
• 0001437749-25-003413.txt ( ) — 5855KB
• cyan-20241231.xsd (EX-101.SCH) — 54KB
• cyan-20241231_cal.xml (EX-101.CAL) — 42KB
• cyan-20241231_def.xml (EX-101.DEF) — 354KB
• cyan-20241231_lab.xml (EX-101.LAB) — 316KB
• cyan-20241231_pre.xml (EX-101.PRE) — 393KB
• cyan20241231_10q_htm.xml (XML) — 870KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets as of December 31, 2024 and March 31, 2024 (unaudited) 4 Condensed Consolidated Statements of Operations for the three and nine months ended December 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended December 31, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 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 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) December 31, 2024 March 31, 2024 ASSETS Current assets: Cash $ 359 $ 707 Accounts receivable, net of allowance for credit losses of $ 29 and $ 11 as of December 31, 2024 and March 31, 2024, respectively 1,908 2,102 Inventories 7,751 7,313 Prepaid expenses and other current assets 533 469 Total current assets 10,551 10,591 Equipment and leasehold improvements, net 9,256 10,109 Operating lease right-of-use assets, net 4,032 4,284 Other assets 117 128 Total assets $ 23,956 $ 25,112 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,151 $ 1,439 Accrued expenses 593 757 Customer deposits 65 198 Operating lease obligations, current portion 545 530 Short term debt - bank 890 1,240 Line of credit – related party 2,750 1,250 Current maturities of long-term debt 2,955 3,140 Total current liabilities 9,949 8,554 Long-term debt – related party 1,000 1,000 Long-term operating lease obligations 3,507 3,744 Total liabilities 14,456 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 7,155,858 shares at December 31, 2024 and 6,947,246 shares at March 31, 2024 143 139 Additional paid-in capital 34,834 34,576 Accumulated deficit ( 25,477 ) ( 22,901 ) Total stockholders' equity 9,500 11,814 Total liabilities and stockholders' equity $ 23,956 $ 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 December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Net

View Full Filing

View this 10-Q filing on SEC EDGAR