Cyanotech reports Q4 EPS (23c) vs 4c last year

Reports Q4 revenue $5.39M vs. $8.13M last year. Commenting on the fiscal year results, changes shown vs. fiscal 2022. Cyanotech’s President and Chief Executive Officer, Matthew K. Custer, said: “Fiscal year 2023 was a challenging year as a result of a number of macroeconomic events and timing of sales. Consumers shifted their spend from goods to experiences and services. Lower sales in the bulk business were due in part to inventory adjustments after the global supply chain issues eased and lower sales in the e-commerce business were driven by a difference in strategy implemented by our third-party distributor.” “Our manufacturing operations produced consistent and high-quality algae, however, the cost per kilo for spirulina in particular was a drag on the gross margin as we reduced production volume resulting in a higher cost per kilo to align with consumer demand.” “In the fourth quarter of fiscal year 2023, the Company generated cash flow of $583,000 from operations as a result of the cash saving initiatives that we implemented in the second quarter, including slowing production and reducing headcount.” “Despite the disappointing sales figures, I am hopeful for the future. We are well positioned to meet customer needs in the growing market for naturally derived high value nutritional products.”