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Unless otherwise indicated, all references in this report to the Company , we , us , our , and Cyanotech refer to Cyanotech Corporation and its wholly owned subsidiary, Nutrex Hawaii, Inc. ( Nutrex Hawaii or Nutrex ), a Hawaii corporation. General We are a global leader in premium quality, sustainable microalgae cultivation, producing high-value natural ingredients and dietary supplement produc…
The business is unprofitable at the operating level (-10.36% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 5.0%, steady but not accelerating.
Negative free cash flow of -$1M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$25M
▲ +5.0% YoY
Net Income (TTM)
-$2M
▲ +39.2% YoY
Op. Margin
0.29%
▲ +9.5pp YoY
ROIC
0.33%
▲ +4.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$1M
▼ -72.2% YoY
Op. Cash Flow (TTM)
-$1M
▼ -162.2% YoY
Net Debt
$12M
Cash & Equiv.
$649K
5Y CAGR: -5.4%
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