# Cyanotech Corporation (CYAN)

**Exchange:** NASDAQ  
**Sector:** Consumer Defensive  
**Market cap:** $3M  
**Price:** $0.44

> Cyanotech Corporation is an agricultural company specializing in the cultivation, production, and sale of natural products derived from microalgae, primarily for the nutritional supplements market. Founded in 1983 and based in Kailua-Kona, Hawaii, the company operates extensive open-air cultivation ponds dedicated to producing high-value microalgae strains. Cyanotech’s flagship products include BioAstin Hawaiian Astaxanthin, a natural antioxidant formulated to support skin, eye, joint, and immune health, and Hawaiian Spirulina Pacifica, a nutrient-rich dietary supplement known for promoting energy, immune function, and cardiovascular health. These products are distributed globally, serving health-conscious consumers through both bulk and branded finished goods channels. Cyanotech also offers contract extraction and research and development services, extending its reach into custom formulations for third parties. The company’s role in the market centers on advancing naturally-derived nutritional products with a strong emphasis on sustainable and environmentally sensitive operations, addressing growing global demand for functional food ingredients and wellness supplements.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $24M | $7M | -$3M | -$3M | — |
| 2024 | $23M | $6M | -$5M | -$5M | $-0.81 |
| 2023 | $23M | $7M | -$3M | -$3M | $-0.55 |
| 2022 | $36M | $14M | $3M | $2M | $0.35 |
| 2021 | $32M | $11M | $84,000 | $920,000 | $0.15 |
| 2020 | $32M | $13M | $1M | $387,000 | $0.06 |
| 2019 | $30M | $10M | -$3M | -$4M | $-0.62 |
| 2018 | $34M | $13M | $1M | $1M | $0.18 |
| 2017 | $32M | $12M | -$682,000 | -$1M | $-0.21 |
| 2016 | $32M | $12M | -$785,000 | -$4M | $-0.79 |
| 2015 | $34M | $14M | $322,000 | -$24,000 | $0.00 |
| 2014 | $28M | $11M | -$210,000 | -$420,000 | $-0.08 |
| 2013 | $27M | $11M | $2M | — | $0.74 |
| 2012 | $25M | $10M | $3M | — | $0.66 |
| 2011 | $17M | $6M | $1M | — | $0.32 |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $23M | $15M | $9M | $257,000 | $5M |
| 2024 | $25M | $13M | $12M | $707,000 | $5M |
| 2023 | $30M | $13M | $16M | $974,000 | $4M |
| 2022 | $32M | $13M | $19M | $3M | $5M |
| 2021 | $31M | $14M | $17M | $4M | $6M |
| 2020 | $32M | $16M | $16M | $2M | $7M |
| 2019 | $30M | $15M | $15M | $840,000 | $126,000 |
| 2018 | $30M | $12M | $18M | $1M | $156,000 |
| 2017 | $29M | $13M | $17M | $1M | — |
| 2016 | $31M | $13M | $18M | $1M | — |
| 2015 | $31M | $9M | $21M | $2M | $5M |
| 2014 | $30M | $9M | $21M | $4M | — |
| 2013 | $29M | $8M | $20M | $4M | $6M |
| 2012 | $19M | $4M | $15M | $5M | $400,000 |
| 2011 | $14M | $3M | $11M | $2M | $553,000 |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$1M | — | — |
| 2024 | -$455,000 | — | — |
| 2023 | -$2M | — | — |
| 2022 | $2M | — | — |
| 2021 | $2M | — | — |
| 2020 | $1M | — | — |
| 2019 | -$847,000 | — | — |
| 2018 | $1M | — | — |
| 2017 | $1M | — | — |
| 2016 | $745,000 | — | — |

Source: [CompaniesByCap](https://companiesbycap.com/company/CYAN)