Press Release: Cyanotech Reports Financial Results for the Fourth Quarter and Fiscal Year 2024

                                              ---------    -------- 
      Total liabilities and 
       stockholders' equity               $      25,112   $  29,728 
                                              =========    ======== 
 
 
 
                       CYANOTECH CORPORATION 
               CONSOLIDATED STATEMENTS OF OPERATIONS 
 
 
                       Years ended March 31, 
 
                         2024              2023           2022 
                     ------------      -------------   ---------- 
                        (in thousands, except per share data) 
 
Net sales            $     23,071      $      23,178   $   35,968 
Cost of sales              17,126             15,919       22,402 
                         --------          ---------    --------- 
   Gross profit             5,945              7,259       13,566 
                         --------          ---------    --------- 
Operating 
expenses: 
   General and 
    administrative          4,464              4,659        5,367 
   Sales and 
    marketing               5,384              4,750        4,913 
   Research and 
    development               689                770          712 
                         --------          ---------    --------- 
      Total 
       operating 
       expense             10,537             10,179       10,992 
                         --------          ---------    --------- 
      (Loss) income 
       from 
       operations          (4,592)            (2,920)       2,574 
                         --------          ---------    --------- 
Other income 
(expense): 
   Interest 
    expense, net             (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: 
   Basic             $      (0.81)     $       (0.55)  $     0.35 
                         ========          =========    ========= 
   Diluted           $      (0.81)     $       (0.55)  $     0.35 
                         ========          =========    ========= 
Shares used in 
calculation of net 
(loss) income per 
share: 
   Basic                    6,531              6,244        6,157 
                         ========          =========    ========= 
   Diluted                  6,531              6,244        6,168 
                         ========          =========    ========= 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240626673784/en/

 
    CONTACT:    Felicia Ladin 

(808) 334-9455

investorrelations@cyanotech.com

(END) Dow Jones Newswires

June 26, 2024 08:04 ET (12:04 GMT)