Cyanotech CORP: management transactions · United States · SEC (Form 4)

About Cyanotech CORP

Cyanotech Corp. is a U.S.-based microalgae nutrition company with a niche position in the natural supplements and ingredients market. The company was founded in 1983 in the United States and operates from Kailua-Kona, Hawaii, where it manages a 96-acre cultivation and processing facility. Its headquarters are in Kailua-Kona, Hawaii, United States. Although the stock is currently quoted on OTCQB, Cyanotech is a U.S. issuer whose disclosures and investor communications are followed by investors who typically screen NYSE/NASDAQ-listed small caps and SEC reporting companies. ([cyanotech.com](https://www.cyanotech.com/our-history/)) Cyanotech’s business is built around two flagship product lines: BioAstin Hawaiian Astaxanthin and Hawaiian Spirulina Pacifica. BioAstin is positioned as a natural antioxidant ingredient, while the spirulina line targets consumers looking for nutritional support related to energy, immunity, cardiovascular health and overall wellness. The company sells finished consumer products through Nutrex Hawaii, its finished-bottle subsidiary, and also supplies bulk ingredients to dietary supplement, nutraceutical and cosmeceutical manufacturers. That combination of branded retail exposure and business-to-business ingredient sales gives Cyanotech a more balanced commercial model than a single-channel supplement company. ([cyanotech.com](https://www.cyanotech.com/our-history/)) From a competitive standpoint, Cyanotech is a specialized microalgae player rather than a broad-based consumer health company. Its differentiation comes from Hawaiian sourcing, proprietary cultivation know-how, in-house extraction capability and long operating history. The company emphasizes that it has more than 40 years of experience in microalgae technology and that it controls key steps in the value chain, including cultivation and on-site supercritical CO2 extraction. Management also states that BioAstin and Hawaiian Spirulina are the No. 1 brands in their respective categories in the United States, reinforcing the company’s niche leadership despite its small scale. ([cyanotech.com](https://www.cyanotech.com/our-history/)) Cyanotech’s product set includes packaged softgels, powders and other supplement formats, as well as bulk ingredients and contract extraction/R&D services. In fiscal 2025, net sales reached $24.215 million, up 5.0% year over year, while gross margin improved to 28.4% as higher production volumes lowered unit costs. The business remains heavily U.S.-centric: fiscal 2025 sales were 79% generated in the United States, with additional demand from Europe, Asia/Pacific and other international markets. ([cyanotech.com](https://www.cyanotech.com/wp-content/uploads/2025/07/2025-Cyanotech-Annual-Report-Final.pdf)) Recent company updates indicate improving operating momentum. In November 2025, Cyanotech reported fiscal second-quarter 2026 results and highlighted stronger gross margin performance as production volumes increased and per-unit costs declined. At the same time, the company continues to flag execution risks common to specialty agricultural manufacturing in Hawaii, including weather conditions, production disruptions, demand variability and financing needs. For international equity investors, Cyanotech looks like a small-cap U.S. nutraceutical and microalgae specialist with a defensible niche, a recognizable Hawaiian brand story, and a business model that is still highly sensitive to operating leverage and supply-chain execution. ([businesswire.com](https://www.businesswire.com/news/home/20251110034205/en/Cyanotech-Reports-Financial-Results-for-the-Second-Quarter-of-Fiscal-2026?utm_source=openai))