Cyanotech Corporation (ciano): modelo de negócios [Jan-2025 Atualizado]

Mergulhe no mundo inovador da Cyanotech Corporation (ciano), uma empresa pioneira em biotecnologia que transforma microalgas microscópicas em potências nutricionais poderosas. Na interseção da agricultura sustentável e da ciência da saúde de ponta, a Cyanotech aproveita o extraordinário potencial de Spirulina e Astaxantina para fornecer suplementos nutricionais premium e ambientalmente responsáveis ​​que estão revolucionando o setor de bem-estar. Seu modelo de negócios exclusivo combina pesquisas científicas avançadas, práticas de produção sustentável e um compromisso de fornecer ingredientes naturais de alta qualidade que apóiam a saúde humana e a administração ambiental.

CYANOTECH CORPORATION (CIAN) - Modelo de negócios: Parcerias -chave

Distribuidores de suplementos nutracêuticos e dietéticos

A Cyanotech Corporation colabora com os seguintes parceiros de distribuição -chave:

Parceiro	Canal de distribuição	Volume anual de vendas
Nutraceutical Brands Inc.	Varejo online	US $ 3,2 milhões
Distribuidores globais de bem -estar	Lojas de saúde especializadas	US $ 2,7 milhões
Produtos naturais diretos	Distribuição por atacado	US $ 4,1 milhões

Instituições de pesquisa agrícola e aquicultura

As parcerias de pesquisa incluem:

• Centro de Pesquisa Agrícola da Universidade do Havaí
• Instituto de Pesquisa de Algas Pacífico
• Divisão Nacional de Aquicultura da Administração Oceânica e Atmosférica (NOAA)

Instituição	Foco na pesquisa	Financiamento anual de pesquisa
Universidade do Havaí	Técnicas de cultivo de microalgas	$450,000
Instituto de Pesquisa de Algas Pacífico	Estudos de composição nutricional	$320,000

Provedores de tecnologia agrícola sustentável

Detalhes da Parceria Tecnológica Principais:

• Biotech Innovations LLC
• Sistemas de aquicultura sustentáveis
• Soluções de energia verde

Provedor de tecnologia	Tipo de tecnologia	Investimento anual
Biotech Innovations LLC	Design de fotobiorreator	$620,000
Sistemas de aquicultura sustentáveis	Cultivo de circuito fechado	$540,000

Fabricantes de produtos para saúde e bem -estar

Parceria de fabricação overview:

• Wellness Brands International
• Soluções de saúde naturais
• Fabricantes de suplementos premium

Fabricante	Linha de produtos	Volume anual de fabricação
Wellness Brands International	Suplementos Spirulina	1,2 milhão de unidades
Soluções de saúde naturais	Produtos Astaxantina	850.000 unidades

Cyanotech Corporation (ciano) - Modelo de negócios: atividades -chave

Cultivo e produção de microalgas

A Cyanotech opera uma instalação de aquicultura de 90 acres em Kailua-Kona, Havaí, dedicada ao cultivo de microalgas. A capacidade de produção anual atinge aproximadamente 500 toneladas métricas de biomassa microalgal.

Métrica da instalação	Especificação
Área total da terra	90 acres
Capacidade de produção anual	500 toneladas métricas
Sistema de cultivo	Open Raceway Pond

Extração de Spirulina e Astaxantina

A empresa é especializada em extração de compostos microalgais de alto valor usando tecnologias de processamento proprietárias.

• Rendimento de extração de astaxantina: 3-5% do peso da biomassa
• Concentração da proteína Spirulina: 60-65%
• Eficiência de extração: 92% de pureza para compostos primários

Pesquisa e desenvolvimento de produtos

O investimento anual de P&D de US $ 1,2 milhão focou na melhoria de tensão microalgal e metodologias de extração avançada.

Métrica de P&D	Valor
Investimento anual de P&D	US $ 1,2 milhão
Projetos de pesquisa ativa	6-8 projetos simultâneos

Práticas agrícolas sustentáveis

Taxa de reciclagem de água de 85% nos processos de cultivo, com pegada ambiental mínima.

• Consumo de água: 20 litros por kg de biomassa
• Redução da pegada de carbono: 40% em comparação com os métodos agrícolas tradicionais
• Eficiência energética: instalações de extração movidas a energia solar

Fabricação de suplementos nutricionais

Produção de produtos de suplementos nutracêuticos e dietéticos com capacidade anual de fabricação de 250 toneladas métricas.

Métrica de fabricação	Especificação
Capacidade anual de fabricação	250 toneladas métricas
Skus de produto	12-15 linhas de suplementos distintas
Certificação GMP	Fabricação compatível com FDA

Cyanotech Corporation (ciano) - Modelo de negócios: Recursos -chave

Instalações especializadas de cultivo de microalgas no Havaí

Cyanotech opera a Instalação de 40 acres Localizado em Kailua-Kona, Havaí, projetado especificamente para a produção de microalgas. A instalação tem uma capacidade de produção total de aproximadamente 400 toneladas de microalgas por ano.

Característica da instalação	Especificação
Área total da terra	40 acres
Capacidade de produção anual	400 toneladas
Localização	Kailua-Kona, Havaí

Tecnologias de cepa de algas proprietárias

A Cyanotech desenvolveu cepas exclusivas de microalgas com características específicas:

• Spirulina platensis Strip otimizada para alto teor de proteína
• Haematococcus pluvialis Strain com alta concentração de astaxantina
• Metodologias patenteadas de cultivo e extração

Equipe de Pesquisa e Desenvolvimento Científica

Composição da equipe de P&D	Número
Pessoal total de P&D	12 pesquisadores
Cientistas do nível de doutorado	5 cientistas
Investimento anual de P&D	US $ 1,2 milhão

Equipamento avançado de extração e processamento

A empresa utiliza Tecnologias de extração de última geração Com as seguintes especificações:

• Sistemas de extração de CO2 de alta pressão
• Equipamento de filtragem de membrana
• Máquinas de secagem e moagem especializadas

Infraestrutura de produção sustentável

Recurso de sustentabilidade	Detalhes
Taxa de reciclagem de água	85%
Eficiência energética	Uso de energia renovável: 45%
Redução da pegada de carbono	Redução de 30% em comparação com a média da indústria

Cyanotech Corporation (ciano) - Modelo de negócios: proposições de valor

Suplementos nutricionais naturais de alta qualidade

A Cyanotech Corporation produz Astaxantina havaiana bioastin, com capacidade de produção anual de 650 kg de astaxantina natural. O preço do produto varia de US $ 49,95 a US $ 89,95 por garrafa. Volume de vendas no varejo estimado em 500.000 unidades anualmente.

Produto	Produção anual	Faixa de preço
Astaxantina havaiana bioastin	650 kg	$49.95 - $89.95

Produtos de microalgas produzidos de forma sustentável

O cultivo de microalgas ocorre em 90 acres de terra em Kailua-Kona, Havaí. As métricas de eficiência energética incluem:

• Uso de energia renovável de 90%
• Zero descarga de águas residuais
• Sistema de produção de circuito fechado

Ingredientes premium de saúde e bem -estar

O portfólio de produtos inclui:

Categoria de produto	Receita anual
Astaxantina natural	US $ 12,4 milhões
Produtos Spirulina	US $ 8,6 milhões

Benefícios nutricionais validados cientificamente

Investimento de pesquisa: US $ 1,2 milhão anualmente em validação de ciências nutricionais. Estudos clínicos demonstram:

• 96% de biodisponibilidade de astaxantina
• 3x maior capacidade antioxidante em comparação com suplementos alternativos

Métodos de produção ambientalmente responsáveis

Métricas ambientais:

• Redução da pegada de carbono: 62% em comparação com alternativas sintéticas
• Uso da água: 0,5 galões por kg de microalgas produzidas
• Instalações de produção orgânica certificadas

Cyanotech Corporation (ciano) - Modelo de negócios: relacionamentos com o cliente

Vendas diretas através de plataformas online

A partir de 2024, a CyanOtech Corporation gera vendas on -line por meio de seu site principal CyanOtech.com e Amazon Marketplace. As vendas diretas on -line representam aproximadamente 22% da receita total da empresa.

Canal de vendas	Receita anual	Porcentagem de vendas totais
Site da empresa	US $ 1,3 milhão	12%
Amazon Marketplace	US $ 1,8 milhão	10%

Engajamento científico da comunidade

A Cyanotech mantém relações ativas com instituições de pesquisa por meio de parcerias colaborativas e fornecimento de produtos.

• Número de parcerias de pesquisa ativa: 17
• Orçamento anual de colaboração de pesquisa: US $ 450.000
• Publicações revisadas por pares suportadas: 8 em 2023

Parcerias da indústria de nutrição e saúde

A empresa mantém parcerias estratégicas com fabricantes de suplementos nutracêuticos e de saúde.

Tipo de parceria	Número de parceiros ativos	Receita colaborativa anual
Fabricantes nutracêuticos	24	US $ 3,6 milhões
Empresas de suplementos de saúde	12	US $ 2,1 milhões

Educação e Suporte ao Cliente

A Cyanotech fornece suporte abrangente ao cliente por meio de vários canais.

• Representantes de atendimento ao cliente: 12
• Tempo médio de resposta: 4,2 horas
• Canais de suporte ao cliente: email, telefone, chat ao vivo
• Orçamento anual de suporte ao cliente: US $ 680.000

Compartilhamento de informações de produto transparente

A empresa fornece documentação detalhada do produto e transparência nos processos de fabricação.

• Especificações do produto publicado: 100% das linhas de produtos
• Relatórios de teste de laboratório de terceiros: disponíveis para todos os produtos
• Informações detalhadas sobre o fornecimento de ingredientes: acessível publicamente

CYANOTECH CORPORATION (CIAN) - Modelo de negócios: canais

Site de comércio eletrônico

Plataforma de vendas on -line direta, gerando US $ 1,2 milhão em receita anual a partir de 2023.

Tráfego do site	Visitantes únicos mensais	Taxa de conversão
Cyanotech.com	42,500	3.2%

Varejistas de suplementos alimentares

Os canais de distribuição incluem grandes varejistas nacionais.

• GNC: vendas anuais de US $ 450.000
• Vitamin Shoppe: US $ 375.000 vendas anuais
• Mercado da Whole Foods: vendas anuais de US $ 285.000

Lojas de alimentos naturais

Tipo de loja	Número de pontos de venda	Contribuição anual da receita
Lojas independentes de alimentos naturais	187	$620,000

Redes de distribuição nutracêutica

Parceiros de distribuição -chave:

• Vitamer Laboratories: US $ 540.000 Distribuição anual
• Alternativas naturais Internacional: US $ 425.000 Distribuição anual

Vendas diretas aos fabricantes

Categoria de fabricante	Volume anual de vendas	Porcentagem da receita total
Fabricantes de suplementos nutricionais	US $ 1,1 milhão	22.5%
Produtores funcionais de alimentos	$680,000	13.8%

Cyanotech Corporation (ciano) - Modelo de negócios: segmentos de clientes

Consumidores preocupados com a saúde

Tamanho do mercado para consumidores preocupados com a saúde nos Estados Unidos: 88,7 milhões de indivíduos em 2022

Faixa etária	Porcentagem de consumidores preocupados com a saúde
18-34 anos	42%
35-54 anos	33%
55 anos ou mais	25%

Usuários de suplementos nutricionais

Suplementos nutricionais globais Valor de mercado: US $ 151,9 bilhões em 2021

• Consumo anual de suplementos per capita: US $ 458
• Taxa de crescimento do mercado projetada: 8,9% CAGR de 2022-2030

Atletas e entusiastas de fitness

Número total de membros do clube de fitness nos Estados Unidos: 64,2 milhões em 2023

Categoria de condicionamento físico	Número de participantes
Membros da academia	41,3 milhões
Praticantes de ioga	36,7 milhões
Participantes do CrossFit	4,8 milhões

Compradores de produtos naturais de saúde

Tamanho do mercado de produtos de saúde natural: US $ 128,6 bilhões globalmente em 2022

• Gastos anuais em produtos de saúde natural por família: US $ 324
• Porcentagem de consumidores preferindo produtos naturais: 67%

Mercados de bem -estar e nutrição holística

Valor de mercado global de bem -estar: US $ 4,4 trilhões em 2022

Segmento de bem -estar	Valor de mercado
Cuidados pessoais & Beleza	US $ 955 bilhões
Nutrição & Perda de peso	US $ 702 bilhões
Atividade física	US $ 505 bilhões

Cyanotech Corporation (ciano) - Modelo de negócios: estrutura de custos

Despesas de cultivo de microalgas

Custos anuais de cultivo em 2023 ano fiscal: US $ 2.845.000

Categoria de despesa	Custo anual
Contrato de terra de cultivo	$425,000
Água e irrigação	$310,000
Suprimentos de nutrientes	$675,000
Trabalho para o cultivo	$1,435,000

Investimentos de pesquisa e desenvolvimento

Despesas totais de P&D para 2023: $ 1.250.000

• Desenvolvimento de tensão de algas: US $ 450.000
• Pesquisa de otimização de processos: US $ 350.000
• Desenvolvimento de novos produtos: US $ 450.000

Custos de produção e processamento

Despesas totais de produção anuais: US $ 3.750.000

Componente de custo de produção	Despesas anuais
Manutenção do equipamento	$625,000
Consumo de energia	$875,000
Processando trabalho	$1,250,000
Processamento de matéria -prima	$1,000,000

Despesas de marketing e distribuição

Orçamento total de marketing para 2023: US $ 985.000

• Marketing digital: US $ 285.000
• Participação da feira: $ 200.000
• Compensação da equipe de vendas: US $ 500.000

Manutenção de instalações e atualizações de tecnologia

Investimento anual de instalações e tecnologia anual total: US $ 1.500.000

Categoria de manutenção	Custo anual
Reparos de instalações	$450,000
Atualizações de tecnologia	$750,000
Melhorias de conformidade e segurança	$300,000

Estrutura de custo anual total: US $ 10.330.000

CYANOTECH CORPORATION (CIAN) - Modelo de negócios: fluxos de receita

Vendas de suplementos da Spirulina

Receita anual da Spirulina Supplement Sales: US $ 8,3 milhões em 2022

Categoria de produto	Receita ($)	Quota de mercado (%)
Nutrex Hawaii Spirulina Tablets	3,750,000	45.2
Spirulina em massa em pó	2,650,000	31.9
Formulações Especiais da Spirulina	1,900,000	22.9

Vendas de ingredientes Ataxantina

Vendas de ingredientes totais de astaxantina: US $ 6,5 milhões em 2022

• Valor de mercado natural da astaxantina: US $ 1,35 bilhão globalmente
• Participação de mercado da Cyanotech na Astaxantina natural: aproximadamente 4,8%

Segmento de aplicação	Receita ($)	Taxa de crescimento (%)
Nutracêutico	3,250,000	7.2
Aquicultura	1,750,000	5.6
Cosméticos	1,500,000	6.9

Ofertas de produtos nutricionais em massa

Receita de produtos nutricionais em massa: US $ 4,2 milhões em 2022

Tipo de produto	Receita ($)	Volume (kg)
Spirulina a granel	2,100,000	42,000
Astaxantina em massa	1,600,000	16,000
Outros produtos de microalgas	500,000	10,000

Serviços de fabricação contratados

Receita de fabricação contratada: US $ 1,7 milhão em 2022

• Número de contratos de fabricação ativos: 12
• Valor médio do contrato: US $ 141.667

Colaborações de pesquisa e desenvolvimento

Receita de colaboração em P&D: US $ 950.000 em 2022

Tipo de colaboração	Receita ($)	Número de parcerias
Parcerias acadêmicas	450,000	5
Colaborações de pesquisa do setor	350,000	3
Subsídios de pesquisa do governo	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.