CYANOTECH CORP
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
CYAN$0.430.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
FORM 10-Q
INDEX
| PART I. FINANCIAL INFORMATION | ||
|---|---|---|
| Item 1. | Financial Statements | 4 |
| Condensed Consolidated Balance Sheets as of June 30, 2025 and March 31, 2025 (unaudited) | 4 | |
| Condensed Consolidated Statements of Operations for the three months ended June 30, 2025 and 2024 (unaudited) | 5 | |
| Condensed Consolidated Statements of Stockholders’ Equity for the three months ended June 30, 2025 and 2024 (unaudited) | 6 | |
| Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2025 and 2024 (unaudited) | 7 | |
| Notes to Condensed Consolidated Financial Statements (unaudited) | 8 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 21 |
| Item 4. | Controls and Procedures | 26 |
| PART II. OTHER INFORMATION | ||
| Item 1. | Legal Proceedings | 27 |
| Item 1A | Risk Factors | 27 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 27 |
| Item 3. | Defaults upon Senior Securities | 27 |
| Item 5. | Other Information | 27 |
| Item 6. | Exhibits | 28 |
| SIGNATURES | 29 | |
PART I. ** FINANCIAL INFORMATION**
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
| June 30, 2025 | March 31, 2025 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash | $383 | $257 |
| Accounts receivable, net of allowance for credit losses of $16 as of June 30, 2025 and March 31, 2025 | 1,560 | 1,953 |
| Inventories | 8,110 | 7,788 |
| Prepaid expenses and other current assets | 470 | 547 |
| Total current assets | 10,523 | 10,545 |
| Equipment and leasehold improvements, net | 8,590 | 8,927 |
| Operating lease right-of-use assets, net | 3,769 | 3,902 |
| Other assets | 113 | 116 |
| Total assets | $22,995 | $23,490 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $2,234 | $2,217 |
| Accrued expenses | 740 | 715 |
| Customer deposits | 106 | 110 |
| Operating lease obligations, current portion | 566 | 555 |
| Short term debt - bank | 565 | 760 |
| Line of credit – related party | 3,750 | 3,000 |
| Current maturities of long-term debt | 2,817 | 2,886 |
| Total current liabilities | 10,778 | 10,243 |
| Long-term debt – related party | 1,000 | 1,000 |
| Long-term operating lease obligations | 3,217 | 3,363 |
| Total liabilities | 14,995 | 14,606 |
| Commitments and contingencies | ||
| Stockholders’ equity: | ||
| Preferred stock of $0.01 par value, 10,000,000 shares authorized; no shares issued and outstanding | — | — |
| Common stock of $0.02 par value, 50,000,000 shares authorized; 7,232,217 shares as of June 30, 2025 and 7,199,908 shares as of March 31, 2025 issued and outstanding | 145 | 144 |
| Additional paid-in capital | 34,885 | 34,844 |
| Accumulated deficit | (27,030) | (26,104) |
| Total stockholders’ equity | 8,000 | 8,884 |
| Total liabilities and stockholders’ equity | $22,995 | $23,490 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.