Increase in Work-in-progress Inventory
Mid-quarter financing allowed Cyanotech to increase work in progress inventory by $1.9 million, despite a decrease in finished goods inventory.
Significant Growth in Contract Extraction Revenue
Revenue from contract extraction grew by 156%, reflecting a strong demand in this segment.
Increase in Cash and Working Capital
Cash increased to $780,000 and working capital increased to $550,000, up from $720,000 and $200,000 respectively as of June 30, 2024.