Cyanotech Corp (NASDAQ: CYAN) is a microalgae cultivation company that grows, processes, and sells spirulina and astaxanthin products from its single production facility in Kailua-Kona, Hawaii. Revenue comes from two channels: packaged consumer products sold under branded labels and bulk ingredient sales to manufacturers and distributors. Net sales for fiscal year ended March 31, 2025 were $24.2 million, up 5.0% year-over-year, driven by a $1.9 million, or 63.2%, increase in bulk spirulina and astaxanthin sales, partially offset by a $1.0 million, or 5.3%, decline in packaged sales. The company reported a pretax loss of $3.2 million in FY2025, an improvement from a $5.3 million pretax loss in FY2024. All cultivation, processing, and corporate functions operate from approximately 96 developed acres leased from the Natural Energy Laboratory of Hawaii Authority (NELHA) under leases expiring in 2035 and 2037. CEO Matthew K. Custer has held the role since June 2022.

Revenue model

Transactional sales across two product formats: packaged consumer products (spirulina and astaxanthin dietary supplements sold direct and through retail channels) and bulk ingredient sales to third-party manufacturers and distributors. FY2025 net sales were $24.2 million, with bulk sales growth of 63.2% year-over-year partially offset by a 5.3% decline in packaged sales (10-K, filed 2025-06-20).

Products and services

Hawaiian Spirulina Pacifica branded spirulina powder and tablets; natural astaxanthin products derived from microalgae cultivation. Products sold in both packaged consumer formats and as bulk ingredients. Proprietary cultivation technologies include Integrated Culture Biology Management (ICBM) and Ocean-Chill Drying processes.

Customers and end markets

Dietary supplement consumers (packaged channel) and ingredient buyers such as nutraceutical manufacturers and distributors (bulk channel). The company flags dependence on its largest customers and notes that consumer demand for packaged products has softened due to inflation and discretionary spending pressure as of FY2025.

Value-chain role

Vertically integrated producer: Cyanotech cultivates microalgae in open ponds, harvests, processes, dries, and packages finished products, as well as sells unprocessed bulk ingredients. All production originates from the single NELHA facility in Hawaii. Warehouse space is also rented in Rancho Cucamonga, California for distribution.

Geographic exposure

Production and corporate headquarters located entirely in Kailua-Kona, Hawaii, on land leased from the State of Hawaii. Supplemental warehouse space in Rancho Cucamonga, California. The company notes single-location concentration risk from natural disasters and infrastructure outages.

Source: SEC 10-K, filed 2025-06-20

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