Cyanotech Corporation (CYAN) Cash Flow Statement
Where CYAN’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- $234,000
- Capital expenditures
- $142,000 0.5% of revenue
- Free cash flow
- $92,000 0.3% margin
- Returned to shareholders
- $67,000 73% of free cash flow
- Change in cash
- $553,000 cash at year-end $810,000
Cash from operations
$234,000
Capital expenditures
−$142,000
Share buybacks (net)
−$67,000
Other financing
+$528,000
Change in cash
$553,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
CYAN operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CYAN cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.2MFY2017 | $234,000FY2026 | −16.8%/yr | |
| Capital expenditures | $847,000FY2017 | $142,000FY2026 | −18.0%/yr | |
| Free cash flow | $373,000FY2017 | $92,000FY2026 | −14.4%/yr | |
| Free cash flow margin | 1.2%FY2017 | 0.3%FY2026 | −0.8 pts | |
| Operating cash flow / net income | 1.45FY2018 | 1.10FY2022 | −0.35 | |
| Stock-based compensation | $232,000FY2017 | $247,000FY2025 | +0.8%/yr | |
| Dividends paid | $0FY2017 | $7,000FY2021 | — | |
| Share buybacks (net) | $147,000FY2017 | $67,000FY2026 | −8.4%/yr | |
| Capex / revenue | 2.6%FY2017 | 0.5%FY2026 | −2.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CYAN cash flow by activity
OperatingInvestingFinancingChange in cash
CYAN net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CYAN cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$1.3M | −$3.2M | −$5.3M | −$3.4M | $2.2M | $920,000 | $387,000 | −$3.6M | $1.0M | −$1.2M |
| Depreciation & amortization | $1.9M | $1.9M | $2.1M | $2.1M | $1.9M | $2.1M | $2.2M | $1.9M | $1.9M | $2.0M |
| Stock-based compensation | — | $247,000 | $359,000 | $310,000 | $344,000 | $214,000 | $577,000 | $322,000 | $400,000 | $232,000 |
| Change in working capital | −$794,000 | −$151,000 | $2.4M | −$1.2M | −$2.2M | $390,000 | −$2.0M | $448,000 | −$2.0M | $95,000 |
| Other non-cash items | $425,000 | $35,000 | $9,000 | $109,000 | $113,000 | −$1.2M | $80,000 | $71,000 | $178,000 | $130,000 |
| Cash from operating activities | $234,000 | −$1.2M | −$455,000 | −$2.1M | $2.4M | $2.4M | $1.2M | −$847,000 | $1.5M | $1.2M |
| Investing activities | ||||||||||
| Capital expenditures | −$142,000 | −$247,000 | −$381,000 | −$1.1M | −$1.3M | −$760,000 | −$224,000 | −$431,000 | −$1.0M | −$847,000 |
| Investments (net) | — | −$247,000 | −$381,000 | −$1.1M | −$1.3M | −$760,000 | −$224,000 | −$531,000 | −$1.1M | −$847,000 |
| Acquisitions & other investing | $0 | $247,000 | $381,000 | $1.1M | $1.3M | $760,000 | $224,000 | $431,000 | $1.0M | $847,000 |
| Cash from investing activities | −$142,000 | −$247,000 | −$381,000 | −$1.1M | −$1.3M | −$760,000 | −$224,000 | −$531,000 | −$1.1M | −$847,000 |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | −$7,000 | −$31,000 | −$32,000 | $0 | $0 |
| Share repurchases & issuance (net) | −$67,000 | — | — | −$10,000 | −$52,000 | −$7,000 | −$31,000 | −$32,000 | $75,000 | −$147,000 |
| Net borrowing (repayment) | — | $1.0M | $209,000 | $1.6M | −$2.2M | −$289,000 | $832,000 | $858,000 | −$573,000 | $30,000 |
| Shares issued | $0 | $0 | $388,000 | $0 | $0 | $68,000 | $4,000 | $108,000 | $0 | $0 |
| Other financing | $528,000 | −$14,000 | −$28,000 | $0 | $0 | −$55,000 | −$216,000 | −$78,000 | $0 | −$89,000 |
| Cash from financing activities | $461,000 | $990,000 | $569,000 | $1.6M | −$2.3M | −$290,000 | $558,000 | $824,000 | −$498,000 | −$206,000 |
| Summary | ||||||||||
| Net change in cash | $553,000 | −$450,000 | −$267,000 | −$1.6M | −$1.2M | $1.4M | $1.6M | −$554,000 | −$78,000 | $167,000 |
| Cash at end of period | $810,000 | $257,000 | $707,000 | $974,000 | $2.6M | $3.8M | $2.4M | $840,000 | $1.3M | $1.4M |
| Free cash flow | $92,000 | −$1.4M | −$836,000 | −$3.2M | $1.1M | $1.6M | $1.0M | −$1.3M | $485,000 | $373,000 |
| Free cash flow margin | 0.3% | −5.9% | −3.6% | −13.7% | 3.1% | 5.1% | 3.2% | −4.2% | 1.4% | 1.2% |
| Capex / revenue | 0.5% | 1.0% | 1.7% | 4.6% | 3.5% | 2.3% | 0.7% | 1.4% | 2.9% | 2.6% |
| Operating cash flow / net income | — | — | — | — | 1.10 | 2.61 | 3.21 | — | 1.45 | — |
| Jun '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $288,000 | −$230,000 | $1,000 | −$926,000 | −$627,000 | −$224,000 | −$1.1M | −$1.2M | −$2.1M | −$1.0M | −$797,000 | −$1.4M |
| Depreciation & amortization | $392,000 | — | $482,000 | $495,000 | $488,000 | $500,000 | $385,000 | $506,000 | $509,000 | $519,000 | $526,000 | $527,000 |
| Stock-based compensation | — | — | $25,000 | $49,000 | $20,000 | $33,000 | $146,000 | $48,000 | $83,000 | $54,000 | $175,000 | $47,000 |
| Change in working capital | −$294,000 | — | −$411,000 | $48,000 | $64,000 | −$1.3M | −$885,000 | $885,000 | $1.8M | −$519,000 | $925,000 | $178,000 |
| Other non-cash items | $37,000 | $165,000 | $11,000 | $6,000 | −$2,000 | $24,000 | $1.1M | $6,000 | $17,000 | −$34,000 | $5,000 | $21,000 |
| Cash from operating activities | $423,000 | −$65,000 | $108,000 | −$328,000 | −$57,000 | −$935,000 | −$444,000 | $243,000 | $307,000 | −$1.0M | $834,000 | −$596,000 |
| Investing activities | ||||||||||||
| Capital expenditures | −$59,000 | $0 | −$64,000 | −$22,000 | −$84,000 | −$58,000 | −$47,000 | −$47,000 | −$58,000 | −$37,000 | −$136,000 | −$150,000 |
| Investments (net) | — | — | −$64,000 | −$22,000 | −$84,000 | −$58,000 | −$58,000 | −$47,000 | −$58,000 | −$37,000 | −$136,000 | −$150,000 |
| Acquisitions & other investing | $0 | — | $64,000 | $22,000 | $84,000 | $58,000 | $47,000 | $47,000 | $58,000 | $37,000 | $136,000 | $150,000 |
| Cash from investing activities | −$59,000 | — | −$64,000 | −$22,000 | −$84,000 | −$58,000 | −$58,000 | −$47,000 | −$58,000 | −$37,000 | −$136,000 | −$150,000 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | $12,000 | — | −$11,000 | −$1,000 |
| Net borrowing (repayment) | — | — | $183,000 | $483,000 | $48,000 | $573,000 | $566,000 | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$80,000 | — | $39,000 | −$7,000 | −$9,000 | −$1,000 | −$4,000 | −$183,000 | −$215,000 | $462,000 | −$99,000 | $421,000 |
| Cash from financing activities | −$80,000 | — | $222,000 | $476,000 | $39,000 | $572,000 | $562,000 | −$183,000 | −$203,000 | $462,000 | −$110,000 | $420,000 |
| Summary | ||||||||||||
| Net change in cash | $284,000 | −$101,000 | $266,000 | $126,000 | −$102,000 | −$421,000 | $60,000 | $13,000 | $46,000 | −$575,000 | $588,000 | −$326,000 |
| Cash at end of period | $1.1M | $548,000 | $649,000 | $383,000 | $257,000 | $359,000 | $780,000 | $720,000 | $707,000 | $661,000 | $1.2M | $648,000 |
| Free cash flow | $364,000 | −$65,000 | $44,000 | −$350,000 | −$141,000 | −$993,000 | −$397,000 | $196,000 | $249,000 | −$1.0M | $698,000 | −$746,000 |
| Free cash flow margin | 5.6% | −1.1% | 0.6% | −6.0% | −2.2% | −16.1% | −6.8% | 3.3% | 4.2% | −18.6% | 11.0% | — |
| Capex / revenue | 0.9% | 0.0% | 0.9% | 0.4% | 1.3% | 0.9% | 0.8% | 0.8% | 1.0% | 0.7% | 2.1% | — |
| Operating cash flow / net income | 1.47 | — | 108.00 | — | — | — | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CYAN cash generation
In fiscal 2026 (ended March 31, 2026), Cyanotech generated $0.2 million of cash from operations and spent $0.1 million on capital expenditures, leaving free cash flow of $0.1 million, 0.3% of revenue. It returned $0.1 million to shareholders through dividends ($0) and net share buybacks ($0.1 million). Cash and equivalents rose by $0.6 million over the year.
Related: CYAN income statement, CYAN balance sheet. See the CYAN stock overview for the latest quote and news.
CYAN cash flow FAQ
What is Cyanotech's free cash flow?
Cyanotech's free cash flow was $0.1 million in fiscal 2026: $0.2 million of operating cash flow minus $0.1 million of capital expenditures It was -$1.4 million a year earlier..
How much cash does Cyanotech generate from operations?
Cyanotech generated $0.2 million of cash from operating activities in fiscal 2026.
How much does Cyanotech spend on capital expenditures?
Cyanotech spent $0.1 million on capital expenditures in fiscal 2026, 0.5% of revenue, compared with $0.2 million the year before.
How much stock does Cyanotech buy back?
Cyanotech spent $0.1 million on net share repurchases in fiscal 2026.