Cyanotech (CYAN) AI Stock Analysis

• Market Cap: $2.18M
• Dividend Yield: N/A
• Average Volume (3M): 6.46K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.54
• Revenue Growth: 8.47%
• EPS Growth: 68.88%
• Country: US
• Employees: 77
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 0.00
• Shares Outstanding: 7,242,243
• 10 Day Avg. Volume: 1,585
• 30 Day Avg. Volume: 6,463
• PEG Ratio: 0.02
• Price to Book (P/B): 0.28
• Price to Sales (P/S): 0.10
• P/FCF Ratio: -1.72
• Enterprise Value/Market Cap: 6.39
• Enterprise Value/Revenue: 0.55
• Enterprise Value/Gross Profit: 1.72
• Enterprise Value/Ebitda: 15.32
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $0.50 ▼(-12.28% Downside)

Cyanotech's overall stock score is primarily impacted by its financial performance, which is marked by significant challenges including negative profitability and high leverage. Technical analysis provides some positive signals with the stock trading above key moving averages, but the overbought RSI suggests caution. The valuation is weak due to the negative P/E ratio and lack of dividend yield, reflecting the company's financial difficulties.

Positive Factors

Revenue Growth

Steady revenue growth indicates a growing demand for Cyanotech's products, which supports long-term business sustainability and market presence.

Product Demand

Increasing consumer preference for natural supplements positions Cyanotech well in the health and wellness market, potentially driving future sales.

Market Reach

Strategic partnerships expand Cyanotech's distribution channels, increasing brand awareness and potentially boosting sales over the long term.

Negative Factors

High Leverage

High leverage increases financial risk, potentially limiting Cyanotech's ability to invest in growth opportunities and affecting its financial stability.

Negative Profitability

Negative profitability indicates operational inefficiencies and challenges in cost management, which can hinder long-term financial health and growth.

Cash Flow Challenges

Negative cash flow impacts liquidity and limits Cyanotech's ability to fund operations and strategic initiatives, posing a risk to its financial resilience.

Cyanotech Business Overview & Revenue Model

Company Description

Cyanotech Corporation engages in the cultivation, production, and sale of natural products derived from microalgae worldwide. The company's products include BioAstin Hawaiian Astaxanthin, a dietary antioxidant to enhance skin, and to support eye, joint and immune health, as well as used as a human dietary supplement and dietary ingredient; and Hawaiian Spirulina Pacifica, a nutrient-rich dietary supplement, which is used for extra energy, strengthened immune system, cardiovascular benefits, and as a source of antioxidant carotenoids. It also provides contract extraction services. The company sells its products through distributors, retailers, and online channels; direct to consumers; and in bulk form to manufacturers, formulators, and distributors in the health foods, nutraceuticals, and dietary supplement markets. Cyanotech Corporation was incorporated in 1983 and is headquartered in Kailua-Kona, Hawaii.

How the Company Makes Money

Cyanotech generates revenue through the sale of its microalgae-based products, with key revenue streams including the sale of Astaxanthin and Spirulina in various forms such as powder, capsules, and tablets. The company markets its products directly to consumers, health food stores, and nutritional supplement manufacturers. Additionally, Cyanotech engages in partnerships with other companies for distribution and co-branding opportunities, which enhance its market reach and product visibility. The growing consumer demand for natural and organic supplements, along with Cyanotech's commitment to sustainable and high-quality production practices, contributes significantly to its earnings.

Cyanotech Financial Statement Overview

Summary

Cyanotech faces significant financial challenges. Despite some revenue growth, profitability remains elusive with negative margins. The balance sheet is burdened by high leverage, and cash flow issues further exacerbate financial instability.

Income Statement

Cyanotech's income statement reveals a challenging financial situation. The company has experienced a slight revenue growth of 4.69% in the TTM period, but profitability metrics are concerning. The gross profit margin is moderate at 29.72%, yet the net profit margin is negative at -12.13%, indicating losses. EBIT and EBITDA margins are also negative, reflecting operational inefficiencies. Despite some revenue growth, the company struggles with profitability, which is a significant weakness.

Balance Sheet

The balance sheet shows a high debt-to-equity ratio of 1.49 in the TTM period, suggesting significant leverage. Return on equity is negative, indicating that the company is not generating returns for shareholders. The equity ratio is not provided, but the high leverage and negative ROE highlight financial instability. While the company has a substantial asset base, the high debt levels pose a risk.

Cash Flow

Cyanotech's cash flow statement highlights cash management challenges. The operating cash flow is negative, and free cash flow has declined by 23.45% in the TTM period. The operating cash flow to net income ratio is negative, indicating cash flow issues relative to earnings. Although free cash flow to net income is slightly positive, the overall cash flow situation is concerning, reflecting liquidity challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	25.27M	24.21M	23.07M	23.18M	35.97M	32.34M
Gross Profit	8.09M	6.88M	5.95M	7.26M	13.57M	11.12M
EBITDA	910.00K	-629.00K	-2.51M	-825.00K	4.50M	3.54M
Net Income	-1.78M	-3.20M	-5.27M	-3.44M	2.15M	920.00K
Balance Sheet
Total Assets	24.03M	23.49M	25.11M	29.73M	32.05M	30.88M
Cash, Cash Equivalents and Short-Term Investments	649.00K	257.00K	707.00K	974.00K	2.59M	3.77M
Total Debt	4.02M	11.56M	10.90M	11.17M	9.00M	10.89M
Total Liabilities	15.96M	14.61M	13.30M	13.38M	12.56M	13.84M
Stockholders Equity	8.06M	8.88M	11.81M	16.35M	19.49M	17.04M
Cash Flow
Free Cash Flow	-1.44M	-1.44M	-836.00K	-3.17M	1.11M	1.64M
Operating Cash Flow	-1.21M	-1.19M	-455.00K	-2.10M	2.38M	2.40M
Investing Cash Flow	-228.00K	-247.00K	-381.00K	-1.07M	-1.27M	-760.00K
Financing Cash Flow	1.31M	990.00K	569.00K	1.55M	-2.29M	-290.00K

Cyanotech Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.57
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CYAN, the sentiment is Positive. The current price of 0.57 is above the 20-day moving average (MA) of 0.37, above the 50-day MA of 0.34, and above the 200-day MA of 0.36, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 70.42 is Negative, neither overbought nor oversold. The STOCH value of 43.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CYAN.

Cyanotech Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NATR	73 Outperform	$364.78M	25.69	9.52%	―	6.62%	-7.85%
SENEA	70 Outperform	$831.08M	14.06	9.41%	―	8.33%	47.71%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
USNA	61 Neutral	$362.33M	22.27	3.20%	―	5.88%	-68.62%
CYAN	48 Neutral	$2.18M	-0.73	-31.37%	―	8.47%	68.88%
LSF	46 Neutral	$27.78M	―	-14.63%	―	17.73%	-34.71%
HAIN	38 Underperform	$96.91M	-0.18	-75.51%	―	-10.13%	-532.32%

Cyanotech Corporate Events

Cyanotech Corp Reports Positive Earnings Amid Sales Growth

Cyanotech Corporation, based in Kailua-Kona, Hawaii, is a company specializing in the production of natural dietary supplements derived from microalgae, primarily serving the health and wellness industry with products like Hawaiian Spirulina Pacifica and BioAstin Hawaiian Astaxanthin.

Cyanotech Amends Promissory Note with Skywords

On August 29, 2025, Cyanotech Corporation amended its promissory note with Skywords Family Foundation, increasing its borrowing limit from $4,000,000 to $4,600,000 and extending the maturity date to April 12, 2027. This amendment, involving the company’s Chairman and largest stockholder, Michael Davis, reflects strategic financial adjustments that may impact the company’s liquidity and financial planning.

The most recent analyst rating on (CYAN) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Cyanotech stock, see the CYAN Stock Forecast page.

Cyanotech Elects New Board and Chairman

On August 21, 2025, Cyanotech held its 2025 Annual Meeting of Stockholders, where four nominees were elected to the Board of Directors, and BPM LLP was ratified as the independent registered public accounting firm for the fiscal year ending March 31, 2026. Additionally, the company decided to continue holding an advisory vote on executive compensation every three years. During the subsequent Organizational Meeting, Michael A. Davis was appointed Chairman of the Board, and committee members were appointed to the Audit, Nominating and Corporate Governance, and Compensation Committees.

The most recent analyst rating on (CYAN) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Cyanotech stock, see the CYAN Stock Forecast page.