CYAN - Earnings call transcript Q2 2025

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Matthew Custer

Aloha from Kona, Hawaii. Thank you all for joining us today to report Cyanotech's Second Quarter Fiscal Year 2025 Earnings Results. I am Matt Custer, President and Chief Executive Officer of Cyanotech.

Joining me on the call today is Jennifer Rogerson, our Chief Financial Officer.

I will turn the call over to Jennifer to provide our forward-looking statement.

Jennifer Rogerson

Matt. Thanks,

or may update We a forward-looking new future today any not result forward-looking information, to obligation statements, events include discussion do statements. undertake of Our otherwise. either as

materially Our actual forward-looking what described in statements. from results these is differ may

the cause results factors in are to may documents. filed publicly that of differ listed Some our

For fiscal and report XX-K the Securities year Exchange we filed you review to encourage information, XXXX additional our and Commission. XX-Q with

Matt? for will it quarter. to on I Matt comments turn the back

Matthew Custer

quarters, levels and levels sales of inventory prior to manage in quarter just-in-time In reduced to inventory. our were first decreased cash strong fiscal flow XXXX the

mid-quarter financing progress though in million, However, work even us million. allowed finished goods restocking, down increasing by still $X.X start inventory were to $X.X by

shorter increase production a contract a drive from revenue has in and grew helped XX% by extraction XXX%. time, which inventory, sales Bulk

longer for a contributing timing goods, restock, sales total overall packaged decrease However, an and to to take shortages to issues, due the which quarter. in stock drop saw XX% X%

For the of up were sales year, X%. first the half

with stock While replenish expected, working than we're has pristine products slower in been to waters. goods our Hawaii's continue quickly farmed promoting and packaged algae-based progress

results. over to Jennifer it the discuss Turn financial to Jennifer?

Jennifer Rogerson

financial Matt, quarter of of for fiscal XXXX. results Thank everyone. million net second the $X.X $X.X for XXXX the evening, and million Total you, were the second quarter. good fiscal for quarter Key sales second compared to

to demand mentioned prior was margin quarter for of year. as Total sales products, of margin gross in $X.XX point profit the second profit to a our revenue of fiscal previously. decreased fiscal with decrease gross compared the gross of Gross bulk from X.X% or and by profit $X second in profit million XXXX, high a due X.X% million Matt quarter XX.X% $XXX,XXX the XX.X% negative of XXXX

was current the Net for $X.X diluted quarter increased for million compared or the $XXX,XXX a share in of the of per loss to per $X.XX year. fiscal $XXX,XXX. loss loss million $XXX,XXX loss quarter or $X.XX XXXX, $X.XX of compared diluted prior was second quarter in to operating second loss the Operating an share net of

working XXXX. is company compared and XX, a accounts $X in cash of capital working The June $XXX,XXX, date, $XXX,XXX amendment The to $XXX,XXX maturity short-term to debt increase debt. as payable in respectively, of higher inventories, of of resulting to capital had short-term to an due and a reclassification million of lower loans long-term and $XXX,XXX

Matt concluding I will back to Matt? hand the comments. for call

Matthew Custer

this Number significant in higher had questions few drop or answer. there to was in were sales drop Does margin percentage The a XX.X% prices this talked of primarily to from margin We inventory a our in have challenges product bulk, in have a mix. sales or the come lowering were profit gross able was one, XX.X%. lower costs profit both. driven reflect that we margins. higher which by gross profit about, Due we to quarter

by caused delays are We was stock control stock fell have our supply any our were two, the due changes production selling to sales production Number that driven issues not at recent issues? beyond by packaged inventory goods chain or low Was low ongoing finished to made by our experiencing issues. prices. We shortages. not The any co-manufacturers. XX% goods

Cyanotech (CYAN) 14 Nov 242025 Q2 Earnings call transcript