Cyanotech Earnings Call Transcripts
Fiscal Year 2026
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Second quarter results showed a 19.3% year-over-year increase in net sales and a 9-point gross margin expansion, with operating income turning positive. Cash and working capital declined, while operational improvements and price increases supported profitability.
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Net sales declined 1.3% year-over-year, but gross profit rose 20% due to production efficiencies. Bulk spirulina and astaxanthin sales surged, offsetting a decline in packaged products, while net loss improved 23% from last year.
Fiscal Year 2025
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Net sales increased 15% year-over-year to $5.9 million, driven by astaxanthin sales and new product launches. Gross margin declined due to higher costs, but net loss narrowed to $1.2 million. Working capital fell sharply, with liquidity and debt reclassification noted.
Fiscal Year 2024
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Sales remained flat for the year, with a shift toward packaged products and new gummy launches. Gross margins and net income declined due to higher costs and lower production, while preliminary financing was secured to support anticipated demand growth.