Cyanotech Corp income statement CYAN

Annual Quarterly

In Q2 of fiscal 2025, the quarter ended Sep 30, 2025, Cyanotech Corp reported revenue of $7.0 million, up 19.3% from the same quarter a year earlier. Net income was $1,000, a profit margin of 0.0%. Operating income came to $190,000, an operating margin of 2.7%. Diluted earnings per share were $0.00.

USD in millions, except per-share amounts and margins. The percent under a figure is the change from the same quarter a year earlier.

Line	TTM Sep 30, 2025	Q2 FY2025 Sep 30, 2025	Q1 FY2025 Jun 30, 2025	Q3 FY2024 Dec 31, 2024	Q2 FY2024 Sep 30, 2024	Q1 FY2024 Jun 30, 2024	Q4 FY2024 Mar 31, 2024	Q3 FY2023 Dec 31, 2023	Q2 FY2023 Sep 30, 2023
Revenue	24 +3.1%	7 +19.3%	6 -1.3%	6 +10.6%	6 -8.3%	6 +14.6%	5 -15.2%	6 -41.0%	6 -32.3%
Cost of revenue	17 +1.0%	5 +5.0%	4 -8.5%	4 +1.5%	4 +1.9%	4 +22.4%	4 +6.3%	4 -36.8%	4 -24.3%
Gross profit	7 +8.5%	2 +61.8%	2 +20.1%	2 +32.1%	1 -29.2%	1 -3.7%	1 -59.2%	2 -49.1%	2 -44.5%
Research and development	1 -0.8%	0 -43.1%	0 -11.9%	0 -22.1%	0 -21.7%	0 -56.0%	0 +42.1%	0 -18.5%	0 +37.8%
Selling, general and administrative	10 +6.7%	2 -8.3%	2 +0.8%	2 -9.9%	2 -9.0%	2 -4.6%	3 +51.3%	2 -7.7%	3 -0.3%
Operating expenses	10 +6.2%	2 -10.2%	3 +0.4%	2 -10.7%	2 -9.8%	3 -8.2%	3 +50.3%	2 -8.5%	3 +1.5%
Operating income	-3 -1.5%	0 +119.5%	-1 +27.7%	-0 +94.1%	-1 -54.3%	-1 +13.9%	-3 -993.5%	-1 -266.9%	-1 -158.4%
Interest expense	1 +34.6%	0 +8.0%	0 +7.5%	0 +1.2%	0 +7.4%	0 +0.6%	0 +2157.1%	0 +48.3%	0 +61.4%
Pretax income	-4 -6.2%	0 +100.1%	-1 +23.0%	-0 +78.0%	-1 -44.7%	-1 +12.2%	-3 -1027.7%	-1 -360.2%	-1 -181.0%
Income tax	0 -56.2%	0	0	0	0 -100.0%	0	0 -56.2%	0 -100.0%	0 -81.8%
Net income	-4 -5.9%	0 +100.1%	-1 +23.0%	-0 +78.0%	-1 -44.3%	-1 +12.2%	-3 -959.4%	-1 -364.2%	-1 -182.2%
Basic EPS	-0.58 +94.8%	0.00 +100.0%	-0.13 +23.5%	-0.03 +81.2%	-0.16 -23.1%	-0.17 +22.7%	-0.54 -4217.2%	-0.16 -366.7%	-0.13 -181.3%
Diluted EPS	-26.64 -142.6%	0.00 +100.0%	—	—	-0.16 -23.1%	-0.17 +22.7%	—	—	-0.13 -181.3%
Weighted average shares, basic	7 +1919.3%	7 +4.1%	7 +3.8%	7 +9.2%	7 +10.0%	7 +10.5%	5 +125.7%	7 +6.0%	6 +3.8%
Weighted average shares, diluted	0 -56.3%	7 +4.1%	—	—	7 +10.0%	7 +10.5%	—	—	6 +3.7%
Other measures
Depreciation and amortization	2 -3.1%	0 -7.2%	0 -4.2%	0 -6.3%	0 -7.7%	0 -7.1%	0 +4.2%	0 -2.2%	0 +1.5%
EBITDA	-2 -6.3%	1 +189.0%	-0 +41.0%	0 +170.6%	-1 -164.0%	-1 +17.3%	-2 -1044.0%	-0 -149.7%	-0 -115.4%
Interest coverage	-4.53x	1.01x	-4.35x	-0.29x	-5.57x	-6.47x	-15.99x	-4.93x	-3.88x
Margins
Gross margin	29.66%	34.30%	30.46%	35.30%	25.30%	25.03%	15.73%	29.54%	32.76%
Operating margin	-13.02%	2.72%	-12.94%	-0.81%	-16.68%	-17.65%	-48.99%	-15.19%	-9.92%
Pretax margin	-15.89%	0.01%	-15.91%	-3.63%	-19.67%	-20.38%	-52.06%	-18.27%	-12.47%
Profit margin	-15.92%	0.01%	-15.91%	-3.63%	-19.67%	-20.38%	-52.19%	-18.27%	-12.51%
EBITDA margin	-6.61%	7.68%	-6.72%	5.18%	-10.30%	-11.24%	-39.91%	-8.12%	-3.58%
Effective tax rate	—	0.00%	—	—	—	—	—	—	—

How these figures are calculated

Quarterly columns are single-quarter amounts. When a 10-Q reports only a year-to-date total, as cash flow statements do, the quarter is that total minus the previous quarter's year-to-date total. The fourth quarter is the annual report's full year minus the first nine months. A column marked YTD is a year-to-date total, shown when the earlier report needed for the single quarter is missing. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. The first column is the trailing twelve months through the latest quarter. More on our methodology.

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Company profile

Industry: Medicinal Chemicals & Botanical Products (SIC 2833)
Listed as: CYAN (OTC)
Fiscal year ends: March 31
Incorporated in: NV
Headquarters: Kailua Kona, HI
SEC filer status: Non-accelerated filer, Smaller reporting company
SEC CIK: 768408

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.