Cyanotech Reports Financial Results for the First Quarter of Fiscal 2025
Commenting on the first quarter fiscal year 2025 results, Cyanotech’s President and Chief Executive Officer,
“This quarter’s net sales increased 15% as compared to prior year primarily due to increased sales of Astaxanthin in both our bulk and packaged markets. As we continue to expand our product offerings, we were excited to launch our Hawaiian Spirulina® gummies in May to complement the Astaxanthin gummy product.”
“Our growth in sales for the quarter was offset by a lower gross profit. Production has been at a low for the trailing six quarters resulting in higher costs which resulted in this gross profit decline. This strategic production management has allowed us to manage both spending and inventory to mitigate cash outflow. Now we turn our focus to meeting this changing demand with a well-managed increase in supply. We have preliminarily secured the financing to ensure we can meet market demand.”
“We feel positive about the future of our brand and the consumers interest for sustainable, high quality dietary supplements.”
First Quarter Fiscal 2025
Trailing Twelve Months
For the trailing twelve months ended
Please review the Company’s Form 10-Q 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-Q for the first quarter fiscal 2025 ended
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(In thousands, except share data) |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash |
$ |
720 |
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$ |
707 |
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Accounts receivable, net of allowance for credit losses of |
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2,137 |
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2,102 |
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Inventories |
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6,961 |
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|
7,313 |
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Prepaid expenses and other current assets |
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551 |
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|
469 |
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Total current assets |
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10,369 |
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10,591 |
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Equipment and leasehold improvements, net |
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9,783 |
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10,109 |
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Operating lease right-of-use assets, net |
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4,156 |
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|
4,284 |
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Other assets |
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124 |
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|
128 |
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Total assets |
$ |
24,432 |
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$ |
25,112 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
$ |
2,311 |
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$ |
1,439 |
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Accrued expenses |
|
587 |
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|
757 |
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Customer deposits |
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278 |
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|
198 |
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Operating lease obligations, current portion |
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536 |
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530 |
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Short term debt - bank |
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1,120 |
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1,240 |
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Line of credit – related party |
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1,250 |
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|
1,250 |
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Current maturities of long-term debt |
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4,080 |
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|
3,140 |
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Total current liabilities |
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10,162 |
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8,554 |
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Long-term debt, less current maturities |
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— |
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1,000 |
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Long-term operating lease obligations |
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3,610 |
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3,744 |
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Total liabilities |
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13,772 |
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13,298 |
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Commitments and contingencies |
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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 |
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|
139 |
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Additional paid-in capital |
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34,624 |
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34,576 |
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Accumulated deficit |
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(24,103 |
) |
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(22,901 |
) |
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Total stockholders’ equity |
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10,660 |
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|
11,814 |
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Total liabilities and stockholders’ equity |
$ |
24,432 |
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$ |
25,112 |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(In thousands) |
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(Unaudited) |
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Three Months Ended
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2024 |
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2023 |
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Net sales |
$ |
5,898 |
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$ |
5,146 |
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Cost of sales |
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4,422 |
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3,614 |
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Gross profit |
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1,476 |
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1,532 |
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Operating expenses: |
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General and administrative |
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1,268 |
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1,274 |
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Sales and marketing |
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1,165 |
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1,276 |
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Research and development |
|
84 |
|
|
191 |
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Total operating expenses |
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2,517 |
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|
2,741 |
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Loss from operations |
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(1,041 |
) |
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(1,209 |
) |
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Interest expense, net |
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(161 |
) |
|
(160 |
) |
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Loss before income taxes |
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(1,202 |
) |
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(1,369 |
) |
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Income tax expense |
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— |
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— |
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Net loss |
$ |
(1,202 |
) |
$ |
(1,369 |
) |
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Net loss per share: |
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Basic |
$ |
(0.17 |
) |
$ |
(0.22 |
) |
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Diluted |
$ |
(0.17 |
) |
$ |
(0.22 |
) |
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Shares used in calculation of net loss per share: |
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Basic |
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6,948 |
|
|
6,290 |
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Diluted |
|
6,948 |
|
|
6,290 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240807649624/en/
(808) 334-9455
investorrelations@cyanotech.com
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