Cyanotech Reports Financial Results for the Fourth Quarter and Fiscal Year 2024
Commenting on the fiscal year results (changes shown vs. fiscal 2023), Cyanotech’s President and Chief Executive Officer,
“Although the year was filled with challenges, our team effectively managed spending, production and inventory to conclude the year with only slightly increased debt of
“Our sales were essentially flat with the prior year, however, the product mix shifted as we saw an increase in our packaged sales. This increase was offset by declines in spirulina bulk sales as the market for bulk material is increasingly price sensitive with many companies sourcing lower priced international ingredients.”
“Our re-aligned commercial function continues to expand on and create market awareness with strategic initiatives. These initiatives include restructuring the sales team to bolster both the business to business and business to consumer channels, aligning our selling materials and messaging with our commitment to transparency and sustainability, and refining our core value proposition to emphasize and educate the consumer about our high-quality farm-direct, and responsibly grown products. We have also expanded our product offerings by launching our BioAstin® Hawaiian Astaxanthin® and Hawaiian Spirulina® in new, convenient gummy formats.”
Fiscal Year 2024
Net loss was
Fourth Quarter Fiscal 2024
Please review the Company’s Form 10-K for the period ended
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About
*These statements have not been evaluated by the |
“Safe Harbor” Statement under the
Financial Tables Follow: The following tables do not contain footnotes or other information contained in the Company’s Form 10-K for the fiscal year ended
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CONSOLIDATED BALANCE SHEETS |
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2024 |
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2023 |
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(in thousands, except
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ASSETS |
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Current assets: |
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|
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Cash |
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$ |
707 |
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$ |
974 |
|
Accounts receivable, net of allowance for credit losses of |
|
|
2,102 |
|
|
|
1,331 |
|
Inventories |
|
|
7,313 |
|
|
|
10,707 |
|
Prepaid expenses and other current assets |
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|
469 |
|
|
|
484 |
|
Total current assets |
|
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10,591 |
|
|
|
13,496 |
|
Equipment and leasehold improvements, net |
|
|
10,109 |
|
|
|
11,366 |
|
Operating lease right-of-use assets, net |
|
|
4,284 |
|
|
|
4,776 |
|
Other assets |
|
|
128 |
|
|
|
90 |
|
Total assets |
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$ |
25,112 |
|
|
$ |
29,728 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
|
$ |
1,439 |
|
|
$ |
1,021 |
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Accrued expenses |
|
|
757 |
|
|
|
1,101 |
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Customer deposits |
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|
198 |
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|
89 |
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Operating lease obligations, current portion |
|
|
530 |
|
|
|
483 |
|
Short term debt – bank |
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|
1,240 |
|
|
|
— |
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Line of credit – bank |
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— |
|
|
|
1,540 |
|
Line of credit – related party |
|
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1,250 |
|
|
|
500 |
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Current maturities of long-term debt |
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3,140 |
|
|
|
3,369 |
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Total current liabilities |
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8,554 |
|
|
|
8,103 |
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|
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|
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Long-term debt, less current maturities |
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1,000 |
|
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|
1,000 |
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Long-term operating lease obligations |
|
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3,744 |
|
|
|
4,275 |
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Other long-term liabilities |
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— |
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|
|
3 |
|
Total liabilities |
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13,298 |
|
|
|
13,381 |
|
|
|
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|
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|
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Commitments and contingencies |
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|
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Stockholders’ equity: |
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Preferred stock of |
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— |
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— |
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Common stock of |
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139 |
|
|
|
125 |
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Additional paid-in capital |
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34,576 |
|
|
|
33,856 |
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Accumulated deficit |
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(22,901 |
) |
|
|
(17,634 |
) |
Total stockholders’ equity |
|
|
11,814 |
|
|
|
16,347 |
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Total liabilities and stockholders’ equity |
|
$ |
25,112 |
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$ |
29,728 |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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Years ended |
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2024 |
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2023 |
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2022 |
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(in thousands, except per share data) |
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Net sales |
|
$ |
23,071 |
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|
$ |
23,178 |
|
|
$ |
35,968 |
|
Cost of sales |
|
|
17,126 |
|
|
|
15,919 |
|
|
|
22,402 |
|
Gross profit |
|
|
5,945 |
|
|
|
7,259 |
|
|
|
13,566 |
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Operating expenses: |
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|
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|
|
|
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|
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General and administrative |
|
|
4,464 |
|
|
|
4,659 |
|
|
|
5,367 |
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Sales and marketing |
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|
5,384 |
|
|
|
4,750 |
|
|
|
4,913 |
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Research and development |
|
|
689 |
|
|
|
770 |
|
|
|
712 |
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Total operating expense |
|
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10,537 |
|
|
|
10,179 |
|
|
|
10,992 |
|
(Loss) income from operations |
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|
(4,592 |
) |
|
|
(2,920 |
) |
|
|
2,574 |
|
Other income (expense): |
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|
|
|
|
|
|
|
|
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Interest expense, net |
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(668 |
) |
|
|
(502 |
) |
|
|
(392 |
) |
(Loss) income before income taxes |
|
|
(5,260 |
) |
|
|
(3,422 |
) |
|
|
2,182 |
|
Income tax expense |
|
|
(7 |
) |
|
|
(18 |
) |
|
|
(28 |
) |
Net (loss) income |
|
$ |
(5,267 |
) |
|
$ |
(3,440 |
) |
|
$ |
2,154 |
|
Net (loss) income per share: |
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|
|
|
|
|
|
|
|
|
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Basic |
|
$ |
(0.81 |
) |
|
$ |
(0.55 |
) |
|
$ |
0.35 |
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Diluted |
|
$ |
(0.81 |
) |
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$ |
(0.55 |
) |
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$ |
0.35 |
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Shares used in calculation of net (loss) income per share: |
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|
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|
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Basic |
|
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6,531 |
|
|
|
6,244 |
|
|
|
6,157 |
|
Diluted |
|
|
6,531 |
|
|
|
6,244 |
|
|
|
6,168 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240626673784/en/
(808) 334-9455
investorrelations@cyanotech.com
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