Cyanotech Corporation (Cyan): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde innovant de Cyanotech Corporation (Cyan), une entreprise de biotechnologie pionnière qui transforme les microalgues microscopiques en puissants powerhouses nutritionnelles. À l'intersection de l'agriculture durable et des sciences de la santé de pointe, Cyanotech exploite le potentiel extraordinaire de la spiruline et de l'astaxanthine pour fournir des suppléments nutritionnels de qualité supérieure et respectueux de l'environnement qui révolutionnent l'industrie du bien-être. Leur modèle commercial unique mélange une recherche scientifique avancée, des pratiques de production durables et un engagement à fournir des ingrédients naturels de haute qualité qui soutiennent la santé humaine et la gérance environnementale.

Cyanotech Corporation (Cyan) - Modèle d'entreprise: partenariats clés

Distributeurs de compléments nutraceutiques et alimentaires

Cyanotech Corporation collabore avec les principaux partenaires de distribution suivants:

Partenaire	Canal de distribution	Volume des ventes annuelles
Nutraceutical Brands Inc.	Vente au détail en ligne	3,2 millions de dollars
Distributeurs de bien-être mondiaux	Magasins de santé spécialisés	2,7 millions de dollars
Produits naturels directs	Distribution de gros	4,1 millions de dollars

Institutions de recherche agricole et aquaculture

Les partenariats de recherche comprennent:

• Centre de recherche agricole de l'Université d'Hawaï
• Institut de recherche sur les algues du Pacifique
• Division de l'aquaculture de l'administration océanique et atmosphérique nationale (NOAA)

Institution	Focus de recherche	Financement de la recherche annuelle
Université d'Hawaï	Techniques de culture de microalgues	$450,000
Institut de recherche sur les algues du Pacifique	Études de composition nutritionnelle	$320,000

Fournisseurs de technologies agricoles durables

Détails du partenariat technologique clé:

• Biotech Innovations LLC
• Systèmes aquacultures durables
• Solutions d'énergie verte

Fournisseur de technologie	Type de technologie	Investissement annuel
Biotech Innovations LLC	Conception de photobioréacteur	$620,000
Systèmes aquacultures durables	Culture en boucle fermée	$540,000

Fabricants de produits de santé et de bien-être

Partenariat de fabrication overview:

• Brands de bien-être internationaux
• Solutions de santé naturelle
• Fabricants de suppléments premium

Fabricant	Gamme de produits	Volume de fabrication annuel
Brands de bien-être internationaux	Suppléments en spiruline	1,2 million d'unités
Solutions de santé naturelle	Produits Astaxanthin	850 000 unités

Cyanotech Corporation (Cyan) - Modèle d'entreprise: activités clés

Culture et production de microalgues

Cyanotech exploite une installation d'aquaculture de 90 acres à Kailua-Kona, Hawaï, dédiée à la culture des microalgues. La capacité de production annuelle atteint environ 500 tonnes métriques de biomasse microalgale.

Métrique de l'installation	Spécification
Superficie totale	90 acres
Capacité de production annuelle	500 tonnes métriques
Système de culture	Étang de chemin de course ouvert

Extraction de spiruline et d'astaxanthine

La société est spécialisée dans l'extraction de composés microalgaux de grande valeur utilisant des technologies de traitement propriétaires.

• Rendement d'extraction des astaxanthines: 3 à 5% du poids de la biomasse
• Concentration de protéines de spiruline: 60 à 65%
• Efficacité d'extraction: pureté à 92% pour les composés primaires

Recherche et développement de produits

L'investissement annuel de R&D de 1,2 million de dollars s'est concentré sur l'amélioration des déformations microalgales et les méthodologies d'extraction avancées.

Métrique de R&D	Valeur
Investissement annuel de R&D	1,2 million de dollars
Projets de recherche actifs	6-8 projets simultanés

Pratiques agricoles durables

Taux de recyclage de l'eau de 85% dans les processus de culture, avec une empreinte environnementale minimale.

• Consommation d'eau: 20 litres par kg de biomasse
• Réduction de l'empreinte carbone: 40% par rapport aux méthodes agricoles traditionnelles
• Efficacité énergétique: installations d'extraction à énergie solaire

Fabrication de supplément nutritionnel

Production de produits de compléments nutraceutiques et alimentaires avec une capacité de fabrication annuelle de 250 tonnes métriques.

Métrique manufacturière	Spécification
Capacité de fabrication annuelle	250 tonnes métriques
SKUS de produits	12-15 lignes de supplément distinctes
Certification GMP	Fabrication conforme à la FDA

Cyanotech Corporation (Cyan) - Modèle d'entreprise: Ressources clés

Installations spécialisées de culture de microalgues à Hawaï

Cyanotech exploite un Installation de 40 acres Situé à Kailua-Kona, Hawaï, spécialement conçu pour la production de microalgues. L'installation a une capacité de production totale d'environ 400 tonnes de microalgues par an.

Caractéristique de l'installation	Spécification
Superficie totale	40 acres
Capacité de production annuelle	400 tonnes
Emplacement	Kailua-kona, hawaï

Technologies de tension d'algues propriétaires

Cyanotech a développé des souches de microalgues uniques avec des caractéristiques spécifiques:

• Spirulina platensis souche optimisée pour une teneur élevée en protéines
• Haematococcus pluvialis souche avec une concentration élevée d'astaxanthine
• Méthodologies de culture brevetée et d'extraction

Équipe de recherche et développement scientifique

Composition de l'équipe R&D	Nombre
Personnel total de R&D	12 chercheurs
Scientifiques de niveau doctorant	5 scientifiques
Investissement annuel de R&D	1,2 million de dollars

Équipement avancé d'extraction et de traitement

L'entreprise utilise technologies d'extraction de pointe avec les spécifications suivantes:

• Systèmes d'extraction de CO2 à haute pression
• Équipement de filtration membranaire
• Machines spécialisées de séchage et de fraisage

Infrastructure de production durable

Fonctionnalité de durabilité	Détails
Taux de recyclage de l'eau	85%
Efficacité énergétique	Utilisation des énergies renouvelables: 45%
Réduction de l'empreinte carbone	Réduction de 30% par rapport à la moyenne de l'industrie

Cyanotech Corporation (Cyan) - Modèle d'entreprise: propositions de valeur

Suppléments nutritionnels naturels de haute qualité

Cyanotech Corporation produit Bioastine hawaïenne astaxanthine, avec une capacité de production annuelle de 650 kg d'astaxanthine naturelle. Le prix du produit varie de 49,95 $ à 89,95 $ par bouteille. Volume de vente au détail estimé à 500 000 unités par an.

Produit	Production annuelle	Fourchette
Bioastine hawaïenne astaxanthine	650 kg	$49.95 - $89.95

Produits de microalgues produits de manière durable

La culture des microalgues se produit sur 90 acres de terrain à Kailua-Kona, Hawaï. Les mesures d'efficacité énergétique comprennent:

• 90% de consommation d'énergie renouvelable
• Zéro eaux usées
• Système de production en boucle fermée

Ingrédients de santé et de bien-être premium

Le portefeuille de produits comprend:

Catégorie de produits	Revenus annuels
Astaxanthine naturelle	12,4 millions de dollars
Produits de spiruline	8,6 millions de dollars

Avantages nutritionnels scientifiquement validés

Investissement en recherche: 1,2 million de dollars par an en validation en science nutritionnelle. Les études cliniques démontrent:

• 96% de biodisponibilité de l'astaxanthine
• 3x capacité antioxydante plus élevée par rapport aux suppléments alternatifs

Méthodes de production respectueuses de l'environnement

Métriques environnementales:

• Réduction de l'empreinte carbone: 62% par rapport aux alternatives synthétiques
• Utilisation de l'eau: 0,5 gallons par kg de microalgues produites
• Installations de production biologique certifiée

Cyanotech Corporation (Cyan) - Modèle d'entreprise: relations avec les clients

Ventes directes via des plateformes en ligne

En 2024, Cyanotech Corporation génère des ventes en ligne via son site Web principal Cyanotech.com et Amazon Marketplace. Les ventes en ligne directes représentent environ 22% du total des revenus de l'entreprise.

Canal de vente	Revenus annuels	Pourcentage des ventes totales
Site Web de l'entreprise	1,3 million de dollars	12%
Market Amazon	1,8 million de dollars	10%

Engagement communautaire scientifique

Cyanotech entretient des relations actives avec les institutions de recherche grâce à des partenariats collaboratifs et à l'offre de produits.

• Nombre de partenariats de recherche actifs: 17
• Budget de collaboration de recherche annuelle: 450 000 $
• Publications évaluées par des pairs soutenues: 8 en 2023

Partenariats de l'industrie de la nutrition et de la santé

La société maintient des partenariats stratégiques avec les fabricants de supplément de nuages ​​et de santé.

Type de partenariat	Nombre de partenaires actifs	Revenus collaboratifs annuels
Fabricants de nuages	24	3,6 millions de dollars
Sociétés de compléments de santé	12	2,1 millions de dollars

Éducation et soutien à la clientèle

Cyanotech fournit un support client complet via plusieurs canaux.

• Représentants du service à la clientèle: 12
• Temps de réponse moyen: 4,2 heures
• Canaux de support client: e-mail, téléphone, chat en direct
• Budget annuel du support client: 680 000 $

Partage d'informations sur les produits transparents

La société fournit une documentation détaillée des produits et une transparence dans les processus de fabrication.

• Spécifications de produits publiés: 100% des gammes de produits
• Rapports de tests de laboratoire tiers: Disponible pour tous les produits
• Informations détaillées sur l'approvisionnement en ingrédients: accessible au public

Cyanotech Corporation (Cyan) - Modèle d'entreprise: canaux

Site Web de commerce électronique

Plate-forme de vente en ligne directe générant 1,2 million de dollars de revenus annuels en 2023.

Trafic	Visiteurs uniques mensuels	Taux de conversion
Cyanotech.com	42,500	3.2%

Détaillants de compléments alimentaires

Les canaux de distribution comprennent les principaux détaillants nationaux.

• GNC: 450 000 $ Ventes annuelles
• Vitamin Shoppe: 375 000 $ Ventes annuelles
• Marché de Whole Foods: 285 000 $ Ventes annuelles

Magasins d'aliments naturels

Type de magasin	Nombre de points de vente	Contribution annuelle des revenus
Magasins d'aliments naturels indépendants	187	$620,000

Réseaux de distribution nutraceutique

Partenaires de distribution clés:

• Vitamer Laboratories: 540 000 $ Distribution annuelle
• Natural Alternatives International: 425 000 $ Distribution annuelle

Ventes directes aux fabricants

Catégorie du fabricant	Volume des ventes annuelles	Pourcentage du total des revenus
Fabricants de suppléments nutritionnels	1,1 million de dollars	22.5%
Producteurs de nourriture fonctionnelle	$680,000	13.8%

Cyanotech Corporation (Cyan) - Modèle d'entreprise: segments de clientèle

Consommateurs soucieux de leur santé

Taille du marché pour les consommateurs soucieux de la santé aux États-Unis: 88,7 millions d'individus en 2022

Groupe d'âge	Pourcentage de consommateurs soucieux de leur santé
18-34 ans	42%
35 à 54 ans	33%
Plus de 55 ans	25%

Utilisateurs de suppléments nutritionnels

Suppléments nutritionnels mondiaux Valeur marchande: 151,9 milliards de dollars en 2021

• Consommation annuelle de supplément par habitant: 458 $
• Taux de croissance du marché projeté: 8,9% TCAC de 2022 à 2030

Athlètes et amateurs de fitness

Nombre total de membres du club de fitness aux États-Unis: 64,2 millions en 2023

Catégorie de fitness	Nombre de participants
Membres du gymnase	41,3 millions
Praticiens de yoga	36,7 millions
Participants CrossFit	4,8 millions

Acheteurs de produits de santé naturelle

Taille du marché des produits de santé naturelle: 128,6 milliards de dollars dans le monde en 2022

• Dépenses annuelles en produits de santé naturelle par ménage: 324 $
• Pourcentage de consommateurs préférant les produits naturels: 67%

Marchés nutritionnels du bien-être et holistiques

Valeur marchande mondiale du bien-être: 4,4 billions de dollars en 2022

Segment du bien-être	Valeur marchande
Soins personnels & Beauté	955 milliards de dollars
Nutrition & Perte de poids	702 milliards de dollars
Activité physique	505 milliards de dollars

Cyanotech Corporation (Cyan) - Modèle d'entreprise: Structure des coûts

Frais de culture de microalgues

Coûts de culture annuels depuis 2023 Exercice: 2 845 000 $

Catégorie de dépenses	Coût annuel
Bail de terres de culture	$425,000
Eau et irrigation	$310,000
Fournitures en nutriments	$675,000
Travail pour la culture	$1,435,000

Investissements de recherche et développement

Dépenses totales de R&D pour 2023: 1 250 000 $

• Développement de la souche des algues: 450 000 $
• Recherche d'optimisation des processus: 350 000 $
• Développement de nouveaux produits: 450 000 $

Coûts de production et de traitement

Total des dépenses de production annuelles: 3 750 000 $

Composant de coûts de production	Dépenses annuelles
Entretien de l'équipement	$625,000
Consommation d'énergie	$875,000
Traitement du travail	$1,250,000
Traitement des matières premières	$1,000,000

Dépenses de marketing et de distribution

Budget marketing total pour 2023: 985 000 $

• Marketing numérique: 285 000 $
• Participation des salons commerciaux: 200 000 $
• Compensation de l'équipe de vente: 500 000 $

Maintenance des installations et améliorations technologiques

Investissement annuel total des installations annuelles: 1 500 000 $

Catégorie de maintenance	Coût annuel
Réparations des installations	$450,000
Mises à niveau technologique	$750,000
Améliorations de la conformité et de la sécurité	$300,000

Structure totale des coûts annuels: 10 330 000 $

Cyanotech Corporation (Cyan) - Modèle d'entreprise: Strots de revenus

Ventes de compléments en spiruline

Revenus annuels des ventes de compléments en spiruline: 8,3 millions de dollars en 2022

Catégorie de produits	Revenus ($)	Part de marché (%)
Comprimés de spiruline Nutrex Hawaii	3,750,000	45.2
Poudre de spiruline en vrac	2,650,000	31.9
Formulations de spiruline spécialisées	1,900,000	22.9

Ventes d'ingrédients astaxanthine

Ventes d'ingrédients totaux de l'astaxanthine: 6,5 millions de dollars en 2022

• Valeur marchande naturelle de l'astaxanthine: 1,35 milliard de dollars dans le monde entier
• Part de marché de Cyanotech dans l'astaxanthine naturelle: environ 4,8%

Segment d'application	Revenus ($)	Taux de croissance (%)
Nutraceutique	3,250,000	7.2
Aquaculture	1,750,000	5.6
Produits de beauté	1,500,000	6.9

Offres de produits nutritionnels en vrac

Revenus de produits nutritionnels en vrac: 4,2 millions de dollars en 2022

Type de produit	Revenus ($)	Volume (kg)
Spiruline en vrac	2,100,000	42,000
Astaxanthine en vrac	1,600,000	16,000
Autres produits de microalgues	500,000	10,000

Services de fabrication contractuels

Revenus de fabrication contractuels: 1,7 million de dollars en 2022

• Nombre de contrats de fabrication actifs: 12
• Valeur du contrat moyen: 141 667 $

Collaborations de recherche et développement

Revenus de collaboration R&D: 950 000 $ en 2022

Type de collaboration	Revenus ($)	Nombre de partenariats
Partenariats académiques	450,000	5
Collaborations de recherche de l'industrie	350,000	3
Subventions de recherche gouvernementale	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.