CYANOTECH CORP

Overview

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• TickerCYAN on OTC¹
• IndustryMedicinal Chemicals & Botanical Products¹
• HeadquartersKailua Kona, Hawaii¹
• Incorporated inNV³
• Business address73-4460 Queen Kaahumanu Hwy, Suite 102, Kailua Kona, Hi 96740³
• Filer categoryNon-accelerated filer, Smaller reporting company³

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We are a global leader in premium quality, sustainable microalgae cultivation, producing high-value natural ingredients and dietary supplement products for health and wellness. Incorporated in 1983, we are guided by the principle of providing beneficial, quality microalgal products for health and human nutrition in a technology enabled, reliable and environmentally sensitive operation. We are Good Manufacturing Practices ("GMP") certified by Merieux NutriSciences, reinforcing our commitment to quality in our products, quality in our relationships (with our customers, suppliers, employees and the communities we live in), and quality of the environment in which we work. Our products include:⁴ From its latest annual report

Corporate structure

CYANOTECH CORP sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What CYANOTECH CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

Investments

Inventory

Properties, in its own words

Our principal facility and corporate headquarters are located at the Natural Energy Laboratory of Hawaii Authority (“NELHA”) at Keahole Point in Kailua-Kona, Hawaii. It encompasses approximately 96 fully developed acres containing microalgal cultivation ponds, processing facilities, research and quality control laboratories, and sales and administrative offices. The property is leased from the State of Hawaii under a 40-year commercial lease expiring in 2035 and a 19-year commercial lease expiring in 2037. Our lessee interest in the NELHA leases is encumbered by a mortgage securing approximately $3.0 million of debt (see Note 5 in the notes to our consolidated financial statements). If we were to require additional land for expansion, we believe that there is sufficient available land at NELHA, provided a revised or additional NELHA lease can be negotiated with acceptable terms. Under the terms of the existing NELHA leases, we could be required to remove improvements at the end of the lease terms. Based upon our analysis, we do not believe the projected cost for such removal to be reasonably estimable, and we also believe we are unlikely to incur such costs, given historical practices. However, conditions could change in the future and it is not possible to predict such changes or estimate any impact thereof. We also rent warehouse space in Rancho Cucamonga, California.

Item 2 of the 10-K filed Jun 20, 2025.⁴

Leadership

Who has led CYANOTECH CORP, and when. Pick a name to see everywhere that person has worked.

• Chief executive officerMatthew Keith Custer Jun 22, 2022 to now¹⁴
• Chief executive officerMawae Morton Jan 24, 2018 to Apr 8, 2019¹⁵
• Chief executive officerBrent David Bailey Jan 18, 2011 to Aug 31, 2011¹⁶
• Chief executive officerAndrew H. Jacobson May 21, 2008 to Jul 27, 2009¹⁷
• Chief executive officerGerald R. Cysewski Jul 17, 2006 to Apr 8, 2022¹⁸
• PresidentMatthew Keith Custer May 25, 2021 to now¹⁹
• PresidentMawae Morton Aug 29, 2017 to Aug 29, 2017²⁰
• PresidentBrent David Bailey Jan 18, 2011 to Aug 31, 2011¹⁶
• PresidentAndrew H. Jacobson May 21, 2008 to Jul 27, 2009¹⁷
• PresidentGerald R. Cysewski Jul 17, 2006 to Jul 17, 2006¹⁸
• Chief financial officerJennifer A.s. Miyashiro Sep 12, 2025 to now²¹
• Chief financial officerJennifer Charlene Rogerson Sep 9, 2024 to Sep 12, 2025²²
• Chief financial officerFelicia I. Ladin Oct 21, 2020 to Sep 9, 2024²³
• Chief financial officerBrian Brett Orlopp Jan 11, 2019 to Aug 3, 2020²⁴
• Chief financial officerJole Eileen Deal Aug 26, 2011 to Jul 18, 2018²⁵
• Chief financial officerDeanna Lee Spooner Dec 8, 2008 to Oct 28, 2011²⁶
• Chief operating officerGerard J. Watts Apr 9, 2018 to Jul 18, 2018²⁷

Timeline

1. Sep 2, 20258-K Entered a material agreement; New debt or obligation⁵⁰
2. Aug 22, 20258-K Executive or director change; Shareholder vote; Other events⁵¹
3. May 8, 20258-K Entered a material agreement; New debt or obligation; Executive or director change⁵²
4. Dec 16, 20248-K Change of auditor⁵³
5. Aug 23, 20248-K Executive or director change; Shareholder vote; Other events⁵⁴
6. Aug 13, 20248-K Entered a material agreement; New debt or obligation⁵⁵
7. Feb 14, 20248-K Listing notice or transfer⁵⁶
8. Dec 19, 20238-K Unregistered sale of shares⁵⁷
9. Aug 29, 20238-K Shareholder vote; Other events⁵⁸
10. Aug 17, 20238-K Entered a material agreement; New debt or obligation⁵⁹
11. Aug 11, 20238-K Listing notice or transfer⁶⁰
12. Jul 5, 20238-K Other events⁶¹
13. Jun 22, 2022New chief executive Matthew Keith Custer becomes CEO¹⁴
14. Jan 24, 2018New chief executive Mawae Morton becomes CEO¹⁵
15. Jan 18, 2011New chief executive Brent David Bailey becomes CEO¹⁶
16. May 21, 2008New chief executive Andrew H. Jacobson becomes CEO¹⁷
17. Jul 17, 2006New chief executive Gerald R. Cysewski becomes CEO¹⁸

Filings

198 filings to the SEC since October 2021: 4 annual reports, 13 quarterly reports, 18 major events, 141 insider forms, 9 large holders, 13 other. The latest 20:

1. Feb 13, 202615-12G EDGAR
2. Feb 13, 2026SC 13E3/A AMENDMENT NO. 2 EDGAR
3. Feb 3, 2026SC 13E3/A AMENDMENT NO. 1 EDGAR
4. Jan 9, 2026SC 13E3 SCHEDULE 13E-3 EDGAR
5. Nov 10, 202510-Q EDGAR
6. Sep 16, 20254 JENNIFER MIYASHIRO ISO EDGAR
7. Sep 12, 20253 JENNIFER MIYASHIRO CFO EDGAR
8. Sep 2, 20254 FORM 4 DM EDGAR
9. Sep 2, 20254 FORM 4 DV EDGAR
10. Sep 2, 20254 FORM 4 MD EDGAR
11. Sep 2, 20258-K EDGAR
12. Aug 22, 20258-K EDGAR
13. Aug 6, 202510-Q EDGAR
14. Jul 31, 20254 EDGAR
15. Jul 31, 20254 EDGAR
16. Jul 31, 20254 EDGAR
17. Jul 31, 20254 EDGAR
18. Jul 31, 20254 EDGAR
19. Jul 10, 2025ARS EDGAR
20. Jul 10, 2025DEF 14A EDGAR

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

77 open-market trades by officers, directors and large owners since October 2021: 77 buys and 0 sales. Grants, option exercises and gifts are left out.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

• Michael A. /. DavisSC 13D/A, 7 filings Aug 29, 2023 to Oct 3, 2024⁶²
• Ginungagap FoundationSC 13D/A, 2 filings Aug 29, 2023 to Aug 30, 2023⁶³

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

SEC filer profile

How CYANOTECH CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

• Name on EDGARCYANOTECH CORP¹
• CIK0000768408
• Employer ID (EIN)91-1206026⁴
• Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company⁴
• Incorporated inNevada⁴
• Fiscal year endsMarch 31¹
• Industry code (SIC)2833 Medicinal Chemicals & Botanical Products¹
• SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance¹
• Business address73-4460 Queen Kaahumanu Hwy, Suite 102, Kailua Kona, HI 96740¹
• Mailing address73-4460 Queen Kaahumanu Hwy, Suite 102, Kailua-Kona, HI 96740¹
• Phone8083261353¹
• Shares outstanding7,392,243 as of Nov 1, 2025¹¹
• Public float$3.0M as of Sep 30, 2024⁴
• AuditorBPM LLP, Walnut Creek, California PCAOB ID 207; it also attests to the company’s internal control over financial reporting⁴
• On EDGAR sinceSep 8, 1995¹
• Filings870 in all: 4 (350), 8-K (129), 10-Q (86), SC 13D/A (37), SC 13G/A (33), DEF 14A (31), 10-K (29), 3 (29)¹
  All 43 form types

  4/A (20), 5 (18), SC 13G (12), SC 13D (11), ARS (10), S-8 (8), 10-K/A (6), 5/A (6), 10QSB (5), NT 10-K (5), 10-Q/A (4), 3/A (4), NT 10-Q (4), DEFA14A (3), PRE 14A (3), 10QSB/A (2), 8-K/A (2), CORRESP (2), DEFR14A (2), S-3 (2), SC 13E3/A (2), UPLOAD (2), 10-C (1), 10KSB (1), 15-12G (1), 25-NSE (1), 424B1 (1), CT ORDER (1), D (1), REGDEX (1), S-3/A (1), S-3MEF (1), SB-2 (1), SB-2/A (1), SC 13E3 (1)

• Latest filingsAnnual report (10-K) Jun 20, 2025
  Quarterly report (10-Q) Nov 10, 2025
  Proxy statement (DEF 14A) Jul 10, 2025
  Latest 8-K (8-K) Sep 2, 2025

Risk factors and legal proceedings

The risks CYANOTECH CORP names in Item 1A of its 10-K filed Jun 20, 2025: 30 risks under these headings, as written.⁴

• General economic conditions affecting the dietary supplement industry and various operating factors and the health of the economy in general may affect our business and operating results.
• Public health crises may adversely affect our business, results of operations, financial condition, liquidity, and cash flow.
• Our production of algae involves an agricultural process, subject to such risks as weather, disease, contamination, water availability and climate change.
• There is risk in operating entirely in one business segment such as the cultivation and production of microalgae at a single production facility.
• Our facilities in Hawaii are located adjacent to a major airport, and an aircraft disaster could disrupt our operations.
• Unfavorable publicity or consumer perception of our products and any similar products distributed by other companies could have a material adverse effect on our business.
• We may become subject to legal proceedings.
• The dietary supplement products industry is extremely competitive. Many of our significant competitors have greater financial and other resources than we do, and one or more of these competitors could use their greater resources to gain market share at our expense.
• We depend heavily on the unique abilities and knowledge of our officers and key personnel. If we are unable to recruit and retain key personnel, we may be unable to achieve our goals.
• Labor shortages could restrict our ability to operate or grow our business or result in increased labor costs that could adversely affect our results of operations.
• Our operations are vulnerable because we have limited personnel and redundancy and backup systems in our data management function.
• The loss of a major customer, or a change in their procurement practices, could result in a material reduction in our revenues and profitability.

Legal proceedings

From time to time, the Company may be involved in litigation and investigations relating to claims and matters arising out of its operations in the normal course of business. There were no significant legal matters outstanding as of March 31, 2025.

The opening of Item 3, Legal Proceedings.⁴