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Cyanotech Corporation (CYAN0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $6,172,000 from $5,582,000 in the same quarter the previous year. This increase was driven by higher demand in bulk sales and contract extraction revenue.
Gross profit for the quarter was $2,179,000, representing 35.3% of net sales, compared to 29.5% in the same quarter of the previous year. The increase in gross profit percentage was attributed to higher production volumes.
Operating expenses decreased to $2,229,000 from $2,497,000, mainly due to lower sales and marketing expenses.
The company reported a net loss of $224,000 for the quarter, compared to a net loss of $1,020,000 in the previous year.
Cash used in operating activities was $1,136,000 for the nine months ended December 31, 2024, primarily due to a net loss and increased inventory levels.
Cash provided by financing activities was $951,000, which included additional draws on a related party line of credit.
Cyanotech had a working capital of $602,000 as of December 31, 2024, down from $2,037,000 as of March 31, 2024.
The filing notes that the company was not in compliance with certain debt covenants as of March 31, 2024, but received a waiver from the bank.
Cyanotech continues to focus on managing production in line with sales demand and exploring opportunities for bulk sales orders.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cyanotech Corporation quarterly 10-Q report dated February 11, 2025. To report an error, please email earnings@qz.com.