Cyanotech, a global leader in microalgae-based nutritional and health supplements, has disclosed its financial outcomes for the fourth quarter and fiscal year 2024, concluding on March 31, 2024.
Reflecting on the fiscal year’s achievements and challenges compared to fiscal 2023, Matthew K. Custer, President and CEO of Cyanotech, remarked, “Despite a challenging year, we maintained prudent control over spending, production, and inventory, resulting in a modest increase in debt to $209,000. Looking ahead, we are optimistic about the growing interest in our products and new offerings. We are preparing to meet this rising demand with expanded supply capabilities, supported by secured financing.”
He further added, “While our overall sales remained steady compared to the previous year, we observed a shift in product mix favoring packaged sales. This shift offset declines in bulk spirulina sales, reflecting heightened price sensitivity in the bulk ingredient market due to competitive international sourcing.”
Cyanotech’s strategic initiatives included enhancing market awareness through a restructured commercial approach. This involved strengthening both business-to-business and business-to-consumer channels, aligning sales strategies with transparency and sustainability commitments, and emphasizing the superior quality and responsible sourcing of their farm-direct products. Additionally, Cyanotech expanded its product range by introducing BioAstin® Hawaiian Astaxanthin® and Hawaiian Spirulina® in new, convenient gummy formats.
Financial Highlights for Fiscal Year 2024:
- Net sales totaled $23,071,000, slightly down from $23,178,000 in fiscal 2023, reflecting a marginal decrease of 0.5%.
- Gross profit amounted to $5,945,000, with a gross profit margin of 25.8%, compared to $7,259,000 and 31.3% respectively in fiscal 2023.
- Operating loss was $4,592,000, compared to $2,920,000 in fiscal 2023.
- Net loss stood at $5,267,000, or $0.81 loss per share, compared to a net loss of $3,440,000, or $0.55 earnings per share in fiscal 2023.
Fourth Quarter Fiscal 2024 Highlights:
- Net sales for the fourth quarter totaled $5,970,000, up by 10.7% from $5,391,000 in the fourth quarter of fiscal 2023.
- Gross profit for the quarter was $675,000, with a gross profit margin of 11.3%, compared to $1,387,000 and 25.7% respectively in the same quarter last year.
- Operating loss was $1,903,000, compared to $1,255,000 in the fourth quarter of fiscal 2023.
- Net loss for the quarter was $2,081,000, or $0.30 loss per share, compared to $1,430,000, or $0.23 loss per share in the fourth quarter of fiscal 2023.
For more comprehensive information, refer to Cyanotech’s Form 10-K for the period ending March 31, 2024.
Cyanotech will address questions regarding its fiscal 2024 performance in a broadcast scheduled for 9:00 PM EDT on Thursday, June 27, 2024. Interested parties can submit questions in advance to [email protected] by 12:00 PM EDT on the same day. Access the broad
