$CYAN
CYANOTECH CORP

2024 Q1 Form 10-Q Financial Statement

#000143774924003511 Filed on February 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $5.582M
YoY Change -5.25%
Cost Of Revenue $3.933M
YoY Change -4.7%
Gross Profit $1.649M
YoY Change -6.52%
Gross Profit Margin 29.54%
Selling, General & Admin $2.334M
YoY Change 13.19%
% of Gross Profit 141.54%
Research & Development $163.0K
YoY Change 53.77%
% of Gross Profit 9.88%
Depreciation & Amortization $395.0K
YoY Change -3.42%
% of Gross Profit 23.95%
Operating Expenses $2.497M
YoY Change 15.18%
Operating Profit -$848.0K
YoY Change 109.9%
Interest Expense $172.0K
YoY Change -7.53%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.020M
YoY Change 72.88%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.020M
YoY Change 70.57%
Net Earnings / Revenue -18.27%
Basic Earnings Per Share -$0.16
Diluted Earnings Per Share -$0.16
COMMON SHARES
Basic Shares Outstanding 6.887M 6.487M
Diluted Shares Outstanding 6.554M

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $661.0K
YoY Change 28.85%
Cash & Equivalents $707.0K $661.0K
Short-Term Investments
Other Short-Term Assets $464.0K
YoY Change 63.38%
Inventory $7.313M $9.124M
Prepaid Expenses
Receivables $2.102M $2.036M
Other Receivables $0.00
Total Short-Term Assets $10.59M $12.29M
YoY Change -21.52% -15.43%
LONG-TERM ASSETS
Property, Plant & Equipment $10.11M $10.43M
YoY Change -11.06% -10.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $128.0K $126.0K
YoY Change 42.22% 41.57%
Total Long-Term Assets $14.52M $14.97M
YoY Change -10.54% -1.81%
TOTAL ASSETS
Total Short-Term Assets $10.59M $12.29M
Total Long-Term Assets $14.52M $14.97M
Total Assets $25.11M $27.25M
YoY Change -15.53% -8.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.439M $1.389M
YoY Change 40.94% 34.72%
Accrued Expenses $757.0K $753.0K
YoY Change -31.24% -23.79%
Deferred Revenue $198.0K $70.00K
YoY Change 122.47% -27.84%
Short-Term Debt $1.240M $1.360M
YoY Change -39.22% -33.66%
Long-Term Debt Due $5.630M $5.809M
YoY Change 4.09% 151.36%
Total Short-Term Liabilities $8.554M $8.538M
YoY Change 5.57% 82.83%
LONG-TERM LIABILITIES
Long-Term Debt $1.000M $1.000M
YoY Change 0.0% -76.0%
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0%
Total Long-Term Liabilities $1.000M $1.000M
YoY Change -0.3% -76.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.554M $8.538M
Total Long-Term Liabilities $1.000M $1.000M
Total Liabilities $13.30M $13.42M
YoY Change -0.62% 11.48%
SHAREHOLDERS EQUITY
Retained Earnings -$22.90M -$20.82M
YoY Change 29.87% 28.49%
Common Stock $139.0K $138.0K
YoY Change 11.2% 10.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.81M $13.83M
YoY Change
Total Liabilities & Shareholders Equity $25.11M $27.25M
YoY Change -15.53% -8.46%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$1.020M
YoY Change 70.57%
Depreciation, Depletion And Amortization $395.0K
YoY Change -3.42%
Cash From Operating Activities -$1.002M
YoY Change 349.33%
INVESTING ACTIVITIES
Capital Expenditures $33.00K
YoY Change -89.94%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$33.00K
YoY Change -89.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 462.0K
YoY Change -32.55%
NET CHANGE
Cash From Operating Activities -1.002M
Cash From Investing Activities -33.00K
Cash From Financing Activities 462.0K
Net Change In Cash -573.0K
YoY Change -527.61%
FREE CASH FLOW
Cash From Operating Activities -$1.002M
Capital Expenditures $33.00K
Free Cash Flow -$1.035M
YoY Change 87.84%

Facts In Submission

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IncreaseDecreaseInInventories
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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1368000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-333000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-424000 usd
us-gaap Increase Decrease In Contract With Customer Liability
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IncreaseDecreaseInContractWithCustomerLiability
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-357000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-333000 usd
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IncreaseDecreaseInOtherOperatingLiabilities
-3000 usd
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NetCashProvidedByUsedInOperatingActivities
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NetCashProvidedByUsedInOperatingActivities
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PaymentsForCapitalImprovements
323000 usd
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PaymentsForCapitalImprovements
1018000 usd
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NetCashProvidedByUsedInInvestingActivities
-323000 usd
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NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
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ProceedsFromRepaymentsOfLinesOfCredit
1550000 usd
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ProceedsFromLinesOfCreditRelatedParties
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ProceedsFromLinesOfCreditRelatedParties
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179000 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
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ProceedsFromIssuanceOfCommonStock
392000 usd
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ProceedsFromIssuanceOfCommonStock
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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
661000 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
513000 usd
us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
242000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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CashAndCashEquivalentsAtCarryingValue
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LongTermDebtAndCapitalLeaseObligationsCurrentAndNoncurrent
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us-gaap Use Of Estimates
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Use of Estimates</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:45pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of any contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods reported.  Management reviews these estimates and assumptions periodically and reflects the effect of revisions in the period that they are determined to be necessary.  Actual results could differ from those estimates and assumptions.</p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Concentration Risk</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:45pt;">A significant portion of revenues and accounts receivables are derived from a few major customers. For the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> December 31, 2023, </em><span style="-sec-ix-hidden:c106169743">two</span> customers individually accounted for 34% and 22% of the Company’s total net sales, and for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> December 31, 2022, </em><span style="-sec-ix-hidden:c106169756">one</span> customer accounted for 36% of the Company’s total net sales. For the <em style="font: inherit;">nine</em> months ended <em style="font: inherit;"> December 31, 2023, </em><span style="-sec-ix-hidden:c106169762">two</span> customers individually accounted for 36% and 18% of the Company’s total net sales, and for the <em style="font: inherit;">nine</em> months ended <em style="font: inherit;"> December 31, 2022, </em><span style="-sec-ix-hidden:c106169768">two</span> customers individually accounted for 35% and 8% of the Company’s total net sales. Two customers accounted for 82% and 46% of the Company’s accounts receivable balance as of <em style="font: inherit;"> December 31, 2023 </em>and <em style="font: inherit;"> March 31, 2023, </em>respectively.</p>
CY2023Q4 us-gaap Contract With Customer Liability Revenue Recognized
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ContractWithCustomerLiabilityRevenueRecognized
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RevenueFromContractWithCustomerExcludingAssessedTax
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InventoryRawMaterialsNetOfReserves
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InventoryWorkInProcessNetOfReserves
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InventoryWorkInProcessNetOfReserves
2049000 usd
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InventoryFinishedGoodsNetOfReserves
4977000 usd
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InventoryFinishedGoodsNetOfReserves
6502000 usd
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InventorySuppliesNetOfReserves
270000 usd
CY2023Q1 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
269000 usd
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10707000 usd
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InventoryAbnormalProductionCosts
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CY2023Q1 us-gaap Construction In Progress Gross
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AssetImpairmentCharges
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CY2023Q4 us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
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1360000 usd
CY2023Q1 us-gaap Short Term Borrowings
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LongTermDebtNoncurrent
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92000 usd
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LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
3282000 usd
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1000000 usd
CY2023Q4 us-gaap Long Term Debt
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4282000 usd
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P9Y3M18D
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615000 usd
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OperatingLeaseRightofuseAssetBeforeAccumulatedAmortization
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OperatingLeaseRightofuseAssetBeforeAccumulatedAmortization
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OperatingLeaseRightofuseAssetAccumulatedAmortization
1740000 usd
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OperatingLeaseRightofuseAssetAccumulatedAmortization
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OperatingLeaseRightOfUseAsset
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517000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
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483000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3883000 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4275000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
204000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
429000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
3054000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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6062000 usd
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1662000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2023Q4 us-gaap Accrued Bonuses Current
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100000 usd
CY2023Q1 us-gaap Accrued Bonuses Current
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143000 usd
CY2023Q4 us-gaap Accrued Salaries Current
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112000 usd
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215000 usd
CY2023Q4 us-gaap Accrued Vacation Current
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354000 usd
CY2023Q1 us-gaap Accrued Vacation Current
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393000 usd
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29000 usd
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AccruedInterestAndLegalLiabilitiesCurrent
30000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
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158000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
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320000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
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753000 usd
CY2023Q1 us-gaap Accrued Liabilities Current
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1101000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1950000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
838579
CY2023Q4 cyan Sharebased Compensation Arrangement By Sharebased Payment Award Number Of Shares Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardNumberOfSharesOutstanding
355416
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
253000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.88
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
50000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.79
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
6000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
5.56
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
297000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.47
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y4M24D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
4995 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
172000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.76
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y7M6D
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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141667
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
1.55
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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50000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.48
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
66667
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
1.49
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
125000
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
1.16
cyan Sharebased Compensation Arrangement By Share Based Payment Award Weighted Average Grant Date Fair Value Optionsgranted
SharebasedCompensationArrangementByShareBasedPaymentAwardWeightedAverageGrantDateFairValueOptionsgranted
24000 usd
CY2023Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8000 usd
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.014 pure
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2000 usd
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IncomeTaxExpenseBenefit
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EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q4 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6554000
CY2023Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6404000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Net Income Loss
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-2010000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6235000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32

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