The following is a summary of the Cyanotech Corporation (CYAN) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Cyanotech reported Q3 net sales of $5,582,000, a 5% decrease from the same quarter in FY 2023.

• Q3 gross profit was $1,649,000 with a 29.5% gross profit margin, a decrease from the 29.9% margin in Q3 of FY 2023.

• Operating loss for Q3 increased to $848,000 due to lower sales and increased manufacturing costs.

• The net loss for Q3 was $1,020,000, or $0.16 per diluted share, compared to a loss of $598,000, or $0.10 per diluted share in the same quarter the previous year.

• The company had $661,000 in cash and $3.7 million in working capital at the end of the quarter.

Business Progress:

• The company is working on lining up inventory levels with sales demand to conserve cash, especially for bulk Spirulina and Astaxanthin.

• The sales and marketing team has been strengthened with key appointments including a Chief Commercial Officer, a Head of Global Sales and Business Development, and an e-commerce manager.

• Cyanotech plans to enhance consumer communication, emphasizing the sustainable and responsibly-sourced nature of its product offerings.

• It aims to boost sales through a more consultative approach to B2B sales, bolstering its e-commerce strategies, and promoting product quality through consumer education and visual storytelling.

More details: Cyanotech IR

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