Cyanotech Corp Reports Positive Earnings Amid Sales Growth
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Cyanotech Corp (CYAN) reported positive Q2 earnings with a net income of $1,000, a significant turnaround from a $1.15 million loss last year. Sales increased to $6.976 million, driven by demand for its microalgae-based products. Gross profit rose to $2.393 million, while operating expenses decreased. The company reduced short-term bank debt but faces challenges with debt covenant compliance. Management is cautiously optimistic about maintaining financial momentum through cost-saving initiatives and aligning production with market demand, despite potential economic risks.
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