Cyanotech Reports Financial Results for the First Quarter of Fiscal 2025
CYANOTECH CORP (CYAN)
US:NASDAQ Investor Relations:
ruscom.com/cyan/investors/investors.html
Company Research
Source: Business Wire
KAILUA KONA, Hawaii--(BUSINESS WIRE)--Cyanotech Corporation (OTCQB: CYAN), a world leader in microalgae-based, high-value nutrition and health dietary supplement products, announced financial results for the first quarter of fiscal year 2025, ended June 30, 2024.Commenting on the first quarter fiscal year 2025 results, Cyanotech’s President and Chief Executive Officer, Matthew K. Custer, said:“This quarter’s net sales increased 15% as compared to prior year primarily due to increased sales of Astaxanthin in both our bulk and packaged markets. As we continue to expand our product offerings, we were excited to launch our Hawaiian Spirulina® gummies in May to complement the Astaxanthin gummy product.”“Our growth in sales for the quarter was offset by a lower gross profit. Production has been at a low for the trailing six quarters resulting in higher costs which resulted in this gross profit decline. This strategic production management has allowed us to manage both spending and inven
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