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CYAN Nasdaq· Cyanotech Corp
Earnings report Q4 2023

Cyanotech Corporation Reports Decrease in Revenue for the Latest Quarter

Segments of revenue

In the latest quarter, Cyanotech Corporation reported net sales of $5.58 million, a decrease from $5.89 million in the same quarter last year. For the nine months ended December 31, 2023, net sales were $17.10 million, down from $17.79 million in the prior year period.

Strengths

Despite the decrease in revenue, Cyanotech Corporation maintained a gross profit of $1.65 million for the quarter, compared to $1.76 million in the same quarter last year. This indicates that the company was able to effectively manage its cost of sales. Additionally, the company's management highlighted its business strategy and objectives, indicating a focus on long-term growth and profitability.

Challenges

The decrease in revenue for the latest quarter is a weakness for Cyanotech Corporation. The company experienced a loss from operations of $848,000, compared to a loss of $404,000 in the same quarter last year. This indicates that the company's operating expenses exceeded its gross profit, leading to a negative operating result. The company also reported a loss before income taxes of $1.02 million, compared to a loss of $590,000 in the prior year quarter.

Noteworthy

It is worth mentioning that Cyanotech Corporation's revenue decline in the latest quarter could be attributed to various factors, such as changes in market demand or competitive pressures. However, the company did not provide specific details regarding the reasons for the decrease in revenue in their financial report.

Summary

Cyanotech Corporation reported a decrease in revenue for the latest quarter, with net sales of $5.58 million. Despite the decline, the company maintained a gross profit of $1.65 million. However, the company experienced a loss from operations and a loss before income taxes. The reasons for the revenue decrease were not specified in the report. Cyanotech Corporation's financial performance highlights the need for the company to address its operating expenses and find avenues for revenue growth in order to improve its profitability.

Source documents

Form 10-Q  filed on Feb 08, 2024
127 pages scanned

Reference data

Company financials Q4 revenue 5.6M
Analyst estimates Q4 EPS missed by NaN%
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