Cyanotech Corporation (CYAN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el innovador mundo de Cyanotech Corporation (CYAN), una compañía de biotecnología pionera que transforma las microalgas microscópicas en potentes potencias nutricionales. En la intersección de la agricultura sostenible y la ciencia de la salud de vanguardia, Cyanotech aprovecha el potencial extraordinario de la espirulina y la astaxantina para ofrecer suplementos nutricionales premium y ambientalmente responsables que están revolucionando la industria del bienestar. Su modelo de negocio único combina investigación científica avanzada, prácticas de producción sostenible y un compromiso de ofrecer ingredientes naturales de alta calidad que apoyan la salud humana y la administración ambiental.

Cyanotech Corporation (CYAN) - Modelo de negocios: asociaciones clave

Distribuidores de suplementos nutracéuticos y dietéticos

Cyanotech Corporation colabora con los siguientes socios de distribución clave:

Pareja	Canal de distribución	Volumen de ventas anual
Nutraceutical Brands Inc.	Minorista en línea	$ 3.2 millones
Distribuidores de bienestar global	Tiendas de salud especializadas	$ 2.7 millones
Productos naturales directamente	Distribución al por mayor	$ 4.1 millones

Instituciones de investigación agrícolas y de acuicultura

Las asociaciones de investigación incluyen:

• Centro de Investigación Agrícola de la Universidad de Hawaii
• Instituto de Investigación de Algas del Pacífico
• División Nacional de Acuicultura de la Administración Oceánica y Atmosférica (NOAA)

Institución	Enfoque de investigación	Financiación anual de investigación
Universidad de Hawaii	Técnicas de cultivo de microalgas	$450,000
Instituto de Investigación de Algas del Pacífico	Estudios de composición nutricional	$320,000

Proveedores de tecnología agrícola sostenible

Detalles clave de la asociación tecnológica:

• Biotech Innovations LLC
• Sistemas de acuicultura sostenibles
• Soluciones de energía verde

Proveedor de tecnología	Tipo de tecnología	Inversión anual
Biotech Innovations LLC	Diseño de fotobiorreactor	$620,000
Sistemas de acuicultura sostenibles	Cultivo de circuito cerrado	$540,000

Fabricantes de productos de salud y bienestar

Asociación de fabricación overview:

• Marcas de bienestar internacionales
• Soluciones de salud natural
• Fabricantes de suplementos premium

Fabricante	Línea de productos	Volumen de fabricación anual
Marcas de bienestar internacionales	Suplementos de espirulina	1,2 millones de unidades
Soluciones de salud natural	Productos de astaxantina	850,000 unidades

Cyanotech Corporation (CYAN) - Modelo de negocio: actividades clave

Cultivo y producción de microalgas

Cyanotech opera una instalación de acuicultura de 90 acres en Kailua-Kona, Hawaii, dedicada al cultivo de microalgas. La capacidad de producción anual alcanza aproximadamente 500 toneladas métricas de biomasa microalgal.

Métrica de la instalación	Especificación
Área total	90 acres
Capacidad de producción anual	500 toneladas métricas
Sistema de cultivo	Estanque de carreras abiertos

Extracción de espirulina y astaxantina

La compañía se especializa en la extracción de compuestos de microalgas de alto valor utilizando tecnologías de procesamiento patentadas.

• Rendimiento de extracción de astaxantina: 3-5% del peso de biomasa
• Concentración de proteína de espirulina: 60-65%
• Eficiencia de extracción: 92% de pureza para compuestos primarios

Investigación y desarrollo de productos

La inversión anual de I + D de $ 1.2 millones se centró en la mejora de la cepa microalgal y las metodologías de extracción avanzada.

I + D Métrica	Valor
Inversión anual de I + D	$ 1.2 millones
Proyectos de investigación activa	6-8 proyectos concurrentes

Prácticas agrícolas sostenibles

Tasa de reciclaje de agua del 85% en los procesos de cultivo, con una huella ambiental mínima.

• Consumo de agua: 20 litros por kg de biomasa
• Reducción de la huella de carbono: 40% en comparación con los métodos agrícolas tradicionales
• Eficiencia energética: instalaciones de extracción con energía solar

Fabricación de suplementos nutricionales

Producción de productos de suplementos nutracéuticos y dietéticos con capacidad de fabricación anual de 250 toneladas métricas.

Métrico de fabricación	Especificación
Capacidad de fabricación anual	250 toneladas métricas
Skus de producto	12-15 líneas de suplemento distintas
Certificación GMP	Fabricación compatible con la FDA

Cyanotech Corporation (CYAN) - Modelo de negocios: recursos clave

Instalaciones especializadas de cultivo de microalgas en Hawai

Cyanotech opera un Instalación de 40 acres Ubicado en Kailua-Kona, Hawaii, diseñado específicamente para la producción de microalgas. La instalación tiene una capacidad de producción total de aproximadamente 400 toneladas de microalgas por año.

Característica de la instalación	Especificación
Área total	40 acres
Capacidad de producción anual	400 toneladas
Ubicación	Kailua-Kona, Hawaii

Tecnologías de tensión de algas patentadas

Cyanotech ha desarrollado cepas de microalgas únicas con características específicas:

• Spirulina platensis cepa optimizada para un alto contenido de proteínas
• Cepa de hematococcus pluvialis con alta concentración de astaxantina
• Metodologías patentadas de cultivo y extracción

Equipo de Investigación y Desarrollo Científico

Composición del equipo de I + D	Número
Personal total de I + D	12 investigadores
Científicos a nivel de doctorado	5 científicos
Inversión anual de I + D	$ 1.2 millones

Equipo avanzado de extracción y procesamiento

La compañía utiliza tecnologías de extracción de última generación Con las siguientes especificaciones:

• Sistemas de extracción de CO2 de alta presión
• Equipo de filtración de membrana
• Maquinaria especializada de secado y fresado

Infraestructura de producción sostenible

Característica de sostenibilidad	Detalles
Tasa de reciclaje de agua	85%
Eficiencia energética	Uso de energía renovable: 45%
Reducción de la huella de carbono	Reducción del 30% en comparación con el promedio de la industria

Cyanotech Corporation (CYAN) - Modelo de negocio: propuestas de valor

Suplementos nutricionales naturales de alta calidad

Cyanotech Corporation produce Bioastin hawaiano astaxantina, con capacidad de producción anual de 650 kg de astaxantina natural. El precio de los productos varía de $ 49.95 a $ 89.95 por botella. Volumen de ventas minoristas estimado en 500,000 unidades anualmente.

Producto	Producción anual	Gama de precios
Bioastin hawaiano astaxantina	650 kg	$49.95 - $89.95

Productos de microalgas producidos de manera sostenible

El cultivo de microalgas ocurre en 90 acres de tierra en Kailua-Kona, Hawai. Las métricas de eficiencia energética incluyen:

• 90% de uso de energía renovable
• Descarga de aguas residuales cero
• Sistema de producción de circuito cerrado

Ingredientes de salud y bienestar premium

La cartera de productos incluye:

Categoría de productos	Ingresos anuales
Astaxantina natural	$ 12.4 millones
Productos de espirulina	$ 8.6 millones

Beneficios nutricionales validados científicamente

Inversión de investigación: $ 1.2 millones anuales en validación de ciencias nutricionales. Los estudios clínicos demuestran:

• 96% de biodisponibilidad de astaxantina
• 3x capacidad antioxidante más alta en comparación con suplementos alternativos

Métodos de producción ambientalmente responsables

Métricas ambientales:

• Reducción de la huella de carbono: 62% en comparación con las alternativas sintéticas
• Uso de agua: 0.5 galones por kg de microalgas producidas
• Instalaciones de producción orgánica certificadas

Cyanotech Corporation (CYAN) - Modelo de negocios: relaciones con los clientes

Ventas directas a través de plataformas en línea

A partir de 2024, Cyanotech Corporation genera ventas en línea a través de su sitio web principal Cyanotech.com y Amazon Marketplace. Las ventas directas en línea representan aproximadamente el 22% de los ingresos totales de la compañía.

Canal de ventas	Ingresos anuales	Porcentaje de ventas totales
Sitio web de la empresa	$ 1.3 millones	12%
Mercado de Amazon	$ 1.8 millones	10%

Compromiso de la comunidad científica

Cyanotech mantiene relaciones activas con instituciones de investigación a través de asociaciones colaborativas y suministro de productos.

• Número de asociaciones de investigación activa: 17
• Presupuesto anual de colaboración de investigación: $ 450,000
• Publicaciones revisadas por pares Apoyadas: 8 en 2023

Asociaciones de la industria de la nutrición y la salud

La compañía mantiene asociaciones estratégicas con fabricantes de suplementos nutracéuticos y de salud.

Tipo de asociación	Número de socios activos	Ingresos colaborativos anuales
Fabricantes nutracéuticos	24	$ 3.6 millones
Empresas de suplementos de salud	12	$ 2.1 millones

Educación y apoyo del cliente

CyAnotech proporciona atención al cliente integral a través de múltiples canales.

• Representantes de servicio al cliente: 12
• Tiempo de respuesta promedio: 4.2 horas
• Canales de atención al cliente: correo electrónico, teléfono, chat en vivo
• Presupuesto anual de atención al cliente: $ 680,000

Compartir información sobre el producto transparente

La compañía proporciona documentación detallada del producto y transparencia en los procesos de fabricación.

• Especificaciones de productos publicados: 100% de las líneas de productos
• Informes de pruebas de laboratorio de terceros: Disponible para todos los productos
• Información detallada de abastecimiento de ingredientes: accesible públicamente

Cyanotech Corporation (CYAN) - Modelo de negocios: canales

Sitio web de comercio electrónico

Plataforma directa de ventas en línea que genera $ 1.2 millones en ingresos anuales a partir de 2023.

Tráfico del sitio web	Visitantes únicos mensuales	Tasa de conversión
Cyanotech.com	42,500	3.2%

Minoristas de suplementos dietéticos

Los canales de distribución incluyen importantes minoristas nacionales.

• GNC: $ 450,000 Ventas anuales
• Vitamin Shoppe: $ 375,000 de ventas anuales
• Whole Foods Market: $ 285,000 Ventas anuales

Tiendas de alimentos saludables

Tipo de tienda	Número de puntos de venta	Contribución anual de ingresos
Tiendas de alimentos saludables independientes	187	$620,000

Redes de distribución nutracéutica

Socios de distribución clave:

• Vitamer Laboratories: Distribución anual de $ 540,000
• Natural Alternatives International: $ 425,000 Distribución anual

Ventas directas a los fabricantes

Categoría de fabricante	Volumen de ventas anual	Porcentaje de ingresos totales
Fabricantes de suplementos nutricionales	$ 1.1 millones	22.5%
Productores de alimentos funcionales	$680,000	13.8%

Cyanotech Corporation (CYAN) - Modelo de negocio: segmentos de clientes

Consumidores conscientes de la salud

Tamaño del mercado para consumidores conscientes de la salud en los Estados Unidos: 88.7 millones de personas en 2022

Grupo de edad	Porcentaje de consumidores conscientes de la salud
18-34 años	42%
35-54 años	33%
55+ años	25%

Usuarios de suplementos nutricionales

Suplementos nutricionales globales Valor de mercado: $ 151.9 mil millones en 2021

• Consumo anual de suplemento per cápita: $ 458
• Tasa de crecimiento del mercado proyectado: 8.9% CAGR de 2022-2030

Atletas y entusiastas del fitness

Número total de miembros del club de fitness en los Estados Unidos: 64.2 millones en 2023

Categoría de fitness	Número de participantes
Miembros del gimnasio	41.3 millones
Practicantes de yoga	36.7 millones
Participantes de CrossFit	4.8 millones

Compradores de productos de salud natural

Tamaño del mercado de productos de salud natural: $ 128.6 mil millones en todo el mundo en 2022

• Gasto anual en productos de salud natural por hogar: $ 324
• Porcentaje de consumidores que prefieren productos naturales: 67%

Bienestar y mercados holísticos de nutrición

Valor de mercado de bienestar global: $ 4.4 billones en 2022

Segmento de bienestar	Valor comercial
Cuidado personal & Belleza	$ 955 mil millones
Nutrición & Pérdida de peso	$ 702 mil millones
Actividad física	$ 505 mil millones

Cyanotech Corporation (CYAN) - Modelo de negocio: Estructura de costos

Gastos de cultivo de microalgas

Costos de cultivo anuales a partir de 2023 Año fiscal: $ 2,845,000

Categoría de gastos	Costo anual
Arrendamiento de tierras de cultivo	$425,000
Agua y riego	$310,000
Suministros de nutrientes	$675,000
Trabajo para el cultivo	$1,435,000

Inversiones de investigación y desarrollo

Gastos totales de I + D para 2023: $ 1,250,000

• Desarrollo de cepas de algas: $ 450,000
• Investigación de optimización de procesos: $ 350,000
• Desarrollo de nuevos productos: $ 450,000

Costos de producción y procesamiento

Gastos de producción anuales totales: $ 3,750,000

Componente de costos de producción	Gasto anual
Mantenimiento del equipo	$625,000
Consumo de energía	$875,000
Procesamiento de mano de obra	$1,250,000
Procesamiento de materia prima	$1,000,000

Gastos de marketing y distribución

Presupuesto total de marketing para 2023: $ 985,000

• Marketing digital: $ 285,000
• Participación de la feria: $ 200,000
• Compensación del equipo de ventas: $ 500,000

Mantenimiento de instalaciones y actualizaciones de tecnología

Inversión total anual y tecnología: $ 1,500,000

Categoría de mantenimiento	Costo anual
Reparaciones de instalaciones	$450,000
Actualizaciones tecnológicas	$750,000
Mejoras de cumplimiento y seguridad	$300,000

Estructura total de costos anuales: $ 10,330,000

Cyanotech Corporation (CYAN) - Modelo de negocios: flujos de ingresos

Ventas de suplementos de Spirulina

Ingresos anuales de Spirulina Supplement Sales: $ 8.3 millones en 2022

Categoría de productos	Ingresos ($)	Cuota de mercado (%)
Nutrex Hawaii Spirulina tabletas	3,750,000	45.2
Polvo de espirulina a granel	2,650,000	31.9
Formulaciones de espirulina especializada	1,900,000	22.9

Ventas de ingredientes de astaxantina

Ventas de ingredientes de astaxantina total: $ 6.5 millones en 2022

• Valor de mercado natural de astaxantina: $ 1.35 mil millones a nivel mundial
• Cuota de mercado de Cyanotech en astaxantina natural: aproximadamente 4.8%

Segmento de aplicación	Ingresos ($)	Tasa de crecimiento (%)
Nutracéutico	3,250,000	7.2
Acuicultura	1,750,000	5.6
Productos cosméticos	1,500,000	6.9

Ofertas de productos nutricionales a granel

Ingresos de productos nutricionales a granel: $ 4.2 millones en 2022

Tipo de producto	Ingresos ($)	Volumen (kg)
Espirulina a granel	2,100,000	42,000
Astaxantina a granel	1,600,000	16,000
Otros productos de microalgas	500,000	10,000

Servicios de fabricación de contratos

Ingresos de fabricación por contrato: $ 1.7 millones en 2022

• Número de contratos de fabricación activos: 12
• Valor promedio del contrato: $ 141,667

Colaboraciones de investigación y desarrollo

Ingresos de colaboración de I + D: $ 950,000 en 2022

Tipo de colaboración	Ingresos ($)	Número de asociaciones
Asociaciones académicas	450,000	5
Colaboraciones de investigación de la industria	350,000	3
Subvenciones de investigación del gobierno	150,000	2

Cyanotech Corporation (CYAN) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Cyanotech Corporation (CYAN) over the competition. It boils down to where the product is grown, what it is, and the deep expertise behind it. Honestly, the Hawaiian origin is a massive part of the perceived value.

Premium, all-natural microalgae products from Hawaii form the foundation. Cyanotech Corporation produces its offerings from microalgae grown at its 96-acre facility in Kona, Hawaii. This location is key, as Kailua-Kona, Hawaii, receives more sunlight than any other US coastal location, allowing for continuous year-round spirulina cultivation. The growing media uses a combination of pure, fresh water from Hawaiian aquifers and supplemental deep ocean water. The company emphasizes that its products are cultivated without herbicides or pesticides and are non-GMO.

The product mix clearly shows where the revenue value is concentrated, based on the fiscal year ended March 31, 2025:

Product Category	Percentage of Net Sales (FY 2025)	Key Financial Metric
Astaxanthin (BioAstin®)	65%	Net Sales Contribution
Hawaiian Spirulina Pacifica®	32%	Net Sales Contribution
Contract Services and R&D	4%	Net Sales Contribution

BioAstin® offers superior antioxidant activity for joint and eye health. This natural astaxanthin product, first introduced to the market in 1999, is specifically cited for supporting skin, eye, and joint health, along with recovery from exercise. The antioxidant properties of astaxanthin are believed to surpass those of vitamin C, vitamin E, beta-carotene, and other carotenoids. The company has been producing natural astaxanthin commercially since 1997.

Hawaiian Spirulina Pacifica® is a nutrient-rich superfood. Cyanotech Corporation has been producing this strain of Arthrospira platensis since 1984. It is positioned as a highly absorbable, plant-based source of key nutrients. You can see the concrete nutritional value in a typical daily portion (6 tablets):

• c-phycocyanin: 225mg
• GLA (gamma-linolenic acid): 32mg
• Chlorophyll: 18mg
• Carotenoids: 12mg
• Zeaxanthin: 2.5mg
• Superoxide dismutase (S.O.D): 2,000 units

To put that into perspective for the consumer, one teaspoon is stated to equal 5 serves of fruit and vegetables. The company uses a unique Ocean-Chill Drying process, which takes only 30 minutes, to preserve heat-sensitive nutrients.

The assurance of safety is a critical component. Both major product lines are confirmed to be Generally Recognized as Safe (GRAS). BioAstin® is GRAS as determined by the United States Food and Drug Administration (FDA). Similarly, Spirulina Pacifica® is also GRAS for addition to various foods by the FDA. Furthermore, Hawaiian Spirulina Pacifica® holds the highest, Class A safety rating from the United States Pharmacopeia's Dietary Supplement Information Expert Committee (DSI-EC).

Finally, the value is underpinned by over 40 years of microalgae technology expertise. Cyanotech Corporation states it is a world leader in microalgae technology for more than 40 years. This experience has motivated the design and implementation of proprietary production and harvesting technologies, systems, and processes. For example, they applied for a New Dietary Ingredient (NDI) with the FDA in fiscal 2012 for a daily dosage of 12mg of astaxanthin, which was reviewed without comment. The company's net sales for the trailing twelve months ended September 30, 2025, reached $25,269,000, showing continued market traction for these specialized products.

Finance: review the Q2 FY2026 gross margin of 34.3% against the FY2025 margin of 28.4% to quantify the impact of production efficiency on value delivery.

Cyanotech Corporation (CYAN) - Canvas Business Model: Customer Relationships

You're looking at how Cyanotech Corporation manages its connections with its buyers, which is a mix of direct-to-consumer (D2C) and business-to-business (B2B) channels. The company explicitly stated in its Q2 Fiscal 2026 commentary that total sales growth of 19.3% year-over-year was 'driven by higher bulk sales and strong performance in our online channels.'

Direct-to-consumer sales via the Nutrex Hawaii online platform are a key relationship point. Cyanotech Corporation sells its Nutrex Hawaii packaged consumer products directly online at www.nutrex-hawaii.com. The CEO noted that addressing the 'slower growth of package sales remains a priority' as of Q3 Fiscal 2025, even while bulk sales were driving growth. However, by Q2 Fiscal 2026, the online channels showed strong performance, contributing to the period's 19.3% total sales increase.

B2B account management for large bulk ingredient buyers is critical, as these relationships often involve significant volume. For the fiscal year ended March 31, 2025, two customers individually accounted for 31% and 10% of the total net sales, showing a high degree of concentration in the bulk segment. The majority of bulk spirulina is sold to international health food manufacturers and formulators. The company's strategy involves 'deepening relationships in key e-commerce and bulk ingredient markets' as of Q1 Fiscal 2026.

The structure supporting these relationships involves a dedicated focus on sales management. While specific compensation or headcount for a dedicated Head of Sales isn't public, the company's overall structure supports these efforts. As of March 31, 2025, Cyanotech Corporation employed 83 people in total, with a portion dedicated to shipping, sales, administration, and support.

Building market awareness of the naturally farmed microalgae is a foundational relationship effort, as the CEO stated a priority is 'driving awareness of our naturally farmed microalgae from our farm in Kona, Hawaii.' This awareness underpins both D2C and B2B sales, especially since the BioAstin® product line, which is natural astaxanthin, represented approximately 65% of net sales for fiscal 2025, equating to revenues of $15.7 million.

Here is a look at the sales mix that these customer relationships support for the fiscal year ended March 31, 2025:

Sales Component	FY 2025 Net Sales Amount	FY 2025 Percentage of Net Sales
BioAstin® (Natural Astaxanthin)	$15.7 million	65%
Hawaiian Spirulina Pacifica®	$7.6 million	32%
Contract Extraction and R&D Services	$849,000	Approximately 4%

The management focus areas for customer relationships include:

• Driving brand value through differentiated storytelling.
• Deepening relationships in key e-commerce markets.
• Deepening relationships in bulk ingredient markets.
• Focusing on sustainable cash flows from relationships.

The company's total net sales for the trailing twelve months ended September 30, 2025, reached $25,269,000, showing the scale of the customer base being managed.

Cyanotech Corporation (CYAN) - Canvas Business Model: Channels

You're looking at how Cyanotech Corporation moves its microalgae products from the Kona farm to the end user as of late 2025. The channels show a clear pivot, with ingredients outpacing finished goods.

The bulk ingredient sales channel, which directly serves nutraceutical manufacturers, saw significant acceleration in fiscal year 2025. Bulk spirulina sales grew by an impressive 53% year-over-year, and bulk astaxanthin sales jumped even higher, increasing by 74% in the same period. This channel is key for moving raw material, with the majority of bulk spirulina going to international formulators who then package the product under their own brand labels.

Conversely, the packaged supplement side of the business, which feeds your Direct-to-Consumer (DTC) efforts, US retail presence, and international distributors, experienced a contraction. Packaged sales saw a decline of 5% in fiscal year 2025. This slower growth in packaged goods remains a priority focus area for management looking ahead. The DTC channel, operating through www.nutrex-hawaii.com, is part of this packaged segment, though specific revenue attribution isn't broken out in the public filings.

To be fair, the overall net sales for the full fiscal year 2025 were $24,215,000, up 5.0% from the prior year, showing that the bulk growth offset the packaged decline. The company's primary products, BioAstin® (astaxanthin) and Hawaiian Spirulina Pacifica®, make up the bulk of the packaged offering, accounting for approximately 65% and 32% of net sales, respectively, in fiscal 2025.

Here's a quick look at the product revenue composition for fiscal year ended March 31, 2025:

Product/Service Category	FY 2025 Net Sales Amount	FY 2025 % of Net Sales	FY 2025 Growth vs. FY 2024
BioAstin® (Astaxanthin)	$15.7 million	65%	Implied growth from bulk increase
Hawaiian Spirulina Pacifica®	$7.6 million	32%	Implied growth from bulk increase
Bulk Ingredient Sales (Combined Growth)	N/A	N/A	Bulk Spirulina: 53%; Bulk Astaxanthin: 74%
Packaged Sales (Combined)	N/A	Approx. 97% (Packaged + Bulk)	-5%
Contract/R&D Services	$849,000	Approx. 4%	N/A

You should note the recent shift continuing into the next period, as reported for the first quarter of fiscal 2026, which suggests the ingredients channel strength is persistent:

• Bulk spirulina sales increased by 48% in Q1 FY2026 compared to the prior year.
• Bulk astaxanthin sales increased by 49% in Q1 FY2026 compared to the prior year.
• Packaged product sales saw a 12% decline in Q1 FY2026.
• The company is focused on deepening relationships in the e-commerce and bulk ingredient markets.

The international distribution network is a key outlet for the bulk ingredient sales, but it also handles packaged goods, sometimes in direct competition with the Nutrex Hawaii subsidiary's own international packaged sales efforts. Finance: draft 13-week cash view by Friday.

Cyanotech Corporation (CYAN) - Canvas Business Model: Customer Segments

You're looking at Cyanotech Corporation's customer base as of late 2025, and it's clearly split between large-scale business partners and direct-to-consumer sales through its subsidiary. The business relies heavily on a few key relationships, which is something you always need to watch closely in this sector.

Global Nutraceutical and Cosmeceutical Manufacturers (Bulk Buyers)

A significant portion of Cyanotech Corporation's revenue comes from bulk sales of its microalgae ingredients, like astaxanthin and spirulina, to other manufacturers. These are the global players who take the raw material and incorporate it into their own branded supplements or cosmetic products. For the fiscal year ended March 31, 2025, the company's astaxanthin product line, BioAstin®, represented approximately 65% of net sales, totaling about $15.7 million. Hawaiian Spirulina Pacifica® made up another 32%, or roughly $7.6 million in that same fiscal year. Contract extraction and R&D services, which feed into this manufacturing segment, accounted for about 4% of net sales in fiscal 2025. The recent shift in sales mix shows the importance of this segment; in the second quarter of fiscal 2026, ended September 30, 2025, total sales increased 19.3% year-over-year, driven by higher bulk sales.

Health-Conscious Consumers Seeking Premium Dietary Supplements (Nutrex Hawaii)

This segment is served by Cyanotech Corporation's wholly owned subsidiary, Nutrex Hawaii, Inc. They sell packaged consumer products directly to individuals. In the domestic market, these products move through natural product distributors, retailers, and online channels, or directly to consumers. Management has been focused on this area; for instance, price increases were implemented earlier in the year for the Nutrex-brand products, which contributed to margin expansion in the second quarter of fiscal 2026. However, this channel can be volatile; in the second quarter of fiscal 2025, packaged goods sales actually fell 21% due to stock shortages. Still, the latest results show strong performance in online channels for the second quarter of fiscal 2026.

Formulators Who Re-package and Promote the Hawaiian Origin

This group overlaps with the bulk buyers but is distinct in its marketing focus. These formulators specifically value the Hawaiian origin of the microalgae, which Cyanotech Corporation farms on the Kona Coast. They use this provenance as a key selling point for their own finished goods. In selected international markets, Cyanotech Corporation uses exclusive sales distributors for both its bulk and packaged products, suggesting a reliance on partners who champion the premium, sustainable sourcing story.

Two Major Customers Driving a Significant Portion of Revenue

Concentration risk is a real factor here, as a significant portion of Cyanotech Corporation's revenue and receivables comes from just a few major customers. For the fiscal year ended March 31, 2025, the data shows a clear dependency:

Customer Concentration Metric	Percentage / Amount (FY Ended March 31, 2025)
Largest Single Customer (of Total Net Sales)	31%
Second Largest Customer (of Total Net Sales)	10%
Total from Top Two Customers (Net Sales)	41%
Top Two Customers (Accounts Receivable Balance)	61%

To be fair, this concentration has shifted slightly from the prior year, where the top two customers accounted for 34% and 17% of net sales, respectively. Management noted that changes in sales levels to these largest customers are an important factor that could change future results.

Here's the quick math on the product mix that feeds these segments for fiscal 2025:

• Astaxanthin (BioAstin®): 65% of net sales
• Hawaiian Spirulina Pacifica®: 32% of net sales
• Contract Services/R&D: Approximately 4% of net sales

The total net sales for fiscal 2025 were $24,215,000.

Finance: draft 13-week cash view by Friday.

Cyanotech Corporation (CYAN) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Cyanotech Corporation's operations as of late 2025, based on their fiscal year 2025 results ending March 31, 2025. Understanding where the money goes is key to seeing how they manage their high-value microalgae production.

The primary cost area is the Cost of sales for microalgae cultivation and production. This covers everything from growing the algae in Kona, Hawaii, to harvesting and initial processing. For the full fiscal year 2025, this cost component totaled $\mathbf{\$17,339,000}$.

Here's a quick breakdown of the key cost components and related figures for fiscal year 2025:

Cost Component	Amount (FY2025)	Notes
Total Cost of Sales (Calculated)	$\mathbf{\$17,339,000}$	Calculated as Net Sales ($\$24,215,000$) less Gross Profit ($\$6,876,000$)
Cost of Sales for Contract Extraction and R&D Services	$\mathbf{\$634,000}$	This is a specific, reported cost component.
Research and Development Expenses (Non-Cost of Sales)	$\mathbf{\$0.4 \text{ million}}$	Reported R&D expenses for the year.
Other Non-Inventoriable Fixed Costs (Expensed to Cost of Sales)	$\mathbf{\$90,000}$	Related to excess capacity expense.
Net Realizable Value Adjustments (Spirulina to Cost of Sales)	$\mathbf{\$22,000}$	Adjustment related to spirulina inventory.

The company also incurred costs related to specialized services. The Contract extraction and R&D services cost for fiscal year 2025 was explicitly reported at $\mathbf{\$634,000}$. To be fair, this service revenue only represented about $\mathbf{4\%}$ of their total net sales for the year.

When you look at the bottom line, the Operating loss was $\mathbf{\$2,508,000}$ in fiscal 2025. That's an improvement, as it was reduced by almost 45% compared to the prior year's operating loss of $\mathbf{\$4,592,000}$.

Regarding Sales, general, and administrative expenses (SG&A), the exact total for FY2025 isn't itemized separately in the same way as Cost of Sales, but we know the company has been actively managing this area. Cost control measures implemented included:

• Maintaining a reduced headcount and compensation.
• Eliminating certain discretionary selling, general and administrative expenses.
• Making changes in the sales and marketing team.

Finally, you need to factor in external pressures. Management noted that costs were impacted by potential new tariffs and economic uncertainty. This is a near-term risk that management is focused on navigating by staying flexible and managing expenses tightly.

Finance: draft 13-week cash view by Friday.

Cyanotech Corporation (CYAN) - Canvas Business Model: Revenue Streams

You're looking at Cyanotech Corporation's revenue streams as of late 2025, which clearly shows a significant pivot toward ingredient supply. The foundation of the revenue model rests on two primary microalgae products: Astaxanthin and Spirulina.

Total Net Sales for Cyanotech Corporation for the fiscal year ending March 31, 2025, reached $24,215,000. This represented a 5.0% increase from the prior fiscal year's net sales of $23,071,000. That's solid top-line growth, driven by specific segments.

The revenue streams are segmented across product types and sales channels. The primary revenue drivers are:

• Bulk ingredient sales of Astaxanthin and Spirulina to manufacturers.
• Packaged consumer product sales under the Nutrex Hawaii brand.

The growth story for fiscal year 2025 was definitely in the bulk channel. Bulk sales of Astaxanthin saw a substantial growth of 74%, and bulk Spirulina sales grew by 53%. This strong performance in bulk was partially offset by a decline in packaged sales, which decreased by 5% for the year.

Here's a look at the composition of the product sales for the fiscal year ended March 31, 2025, based on the product itself:

Product Component	Approximate Percentage of Net Sales (FY2025)
Astaxanthin (BioAstin®)	65%
Spirulina (Hawaiian Spirulina Pacifica®)	32%

The combined increase in bulk sales of spirulina and astaxanthin for the year was $1.9 million. To be fair, the shift in product mix is a key strategic point right now.

Beyond the core product sales, Cyanotech Corporation also generates revenue from ancillary services. Contract services and R&D revenue represented approximately 4% of the fiscal year 2025 net sales. Calculating that out, this amounted to roughly $968,600 based on the total net sales figure.

You can see the revenue streams broken down by the main categories:

• Bulk Ingredient Sales (Astaxanthin and Spirulina)
• Packaged Consumer Product Sales (Nutrex Hawaii brand)
• Contract Services and R&D Revenue (approx. 4% of net sales)

Finance: draft 13-week cash view by Friday.