Start here if you're new
what it is
It grows microalgae in Hawaii and sells antioxidant and spirulina supplements.
how it gets paid
Last year Cyanotech made $24M in revenue. BioAstin was the main engine at $10.0M, or 42% of sales.
why it's growing
Revenue grew 5.0% last year. The $13M revenue print matters because it shows demand can jump.
what just happened
Revenue hit $13M and gross margin landed at 32.6%.
At a glance
C balance sheet — red flag territory — real financial stress
30/100 earnings predictability — expect surprises
9.9% return on capital — nothing to write home about
-$0.45 fy2024 eps est
$24M fy2024 rev est
xvary composite: 26/100 — weak
What they do
It grows microalgae in Hawaii and sells antioxidant and spirulina supplements.
You are buying a 90-acre farm in Kona, not a software app. The company grows microalgae with patented technology, and its products are FDA-reviewed and GRAS, which means safe enough for food use. So what: retailers can stock it, but $24M of sales versus $4M of debt leaves little room for mistakes.
How they make money
$24M
annual revenue · their business grew +5.0% last year
BioAstin
$10.0M
+5.0%
Hawaiian Spirulina Pacifica
$7.2M
+0.0%
Bulk microalgae ingredients
$4.8M
+0.0%
Direct-to-consumer and online
$2.0M
+0.0%
The products that matter
astaxanthin supplement
BioAstin
$12.5M · 52% of revenue
this is the bigger business at $12.5M. when one product line makes up 52% of a $24M company, even a small demand miss shows up fast.
52% of revenue
spirulina supplement
Spirulina
$11.5M · 48% of revenue
spirulina contributes $11.5M, or 48% of revenue. that keeps CYAND from being a one-product company, but it does not save you from concentration because both lines share the same operating base.
48% of revenue
Key numbers
$24M
annual revenue
This is the size of the whole business. It is tiny, so one bad quarter matters fast.
10.4%
operating margin
For every $100 of sales, the company loses about $10 before interest and taxes.
$4M
long-term debt
That debt is 62% of capital, so the balance sheet is carrying real weight.
32.6%
gross margin
The product leaves room after direct costs, but not enough to cover the rest of the machine cleanly.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $4M (62% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for CYAND right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $13M and gross margin landed at 32.6%.
Revenue rose 83% vs. prior year. EPS was -$0.13, so the business still lost money even with the stronger top line.
$13M
revenue
-$0.13
eps
32.6%
gross margin
the number that mattered
The $13M revenue print matters because it shows demand can jump, but the -$0.13 EPS says profit is still missing.
source: company earnings report, 2025
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What could go wrong
the top risk is single-facility dependence for both BioAstin and spirulina production.
med
one site supports almost the entire revenue base
BioAstin generates $12.5M and spirulina generates $11.5M. Both run through the same production footprint.
A disruption does not hit one division. It hits most of the $24M business at once.
med
debt sits above an equity stub
Long-term debt is $4M, or 62% of capital, while the market values the whole company at roughly $3M.
If operating results stay weak, shareholders keep owning the leftover claim after the lender gets paid.
med
better margin without better sales is not enough
Q1 2026 gross profit rose to $1.8M, but sales still slipped 1.3% to $5.8M and the company remained loss-making.
If revenue does not stabilize, higher gross profit only slows the damage. It does not fix the thesis.
These risks touch almost all of the $24M revenue base and sit on top of $4M in debt. For a company valued at about $3M, that is survival math.
source: institutional data · regulatory filings · risk analysis
Pay attention to
trend
sales stabilization
Q1 2026 sales fell 1.3% to $5.8M. If that turns into a lower run rate, the balance-sheet pressure gets worse fast.
risk
loan balance and lender leverage
The Skywords loan increased to $4M, equal to 62% of capital. For a company this small, financing terms shape the equity story.
calendar
next earnings release
You need another quarter where gross profit holds up and sales stop slipping. One without the other does not change the market's verdict.
metric
return on equity
Return on equity sits at -44.71%. If that stays deeply negative, you still own a business consuming shareholder capital instead of compounding it.
Analyst rankings
earnings predictability
30 / 100
low predictability. in human-speak, the business can surprise you for the wrong reasons.
price stability
5 / 100
the stock does not trade like a steady operating story. it trades like a fragile microcap with thin liquidity.
source: institutional data
Institutional activity
institutional ownership data for CYAND is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$0
current price
n/a
target midpoint · n/a from current
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