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2016 Annual Report CYANOTECH CORPORATION About Cyanotech — Cyanotech Corporation, a world leader in microalgae technology, produces BioAstin® Natural Astaxanthin and Hawaiian Spirulina Pacifica®—all natural, functional nutrients that leverage our experience and reputation for quality, building nutritional brands which promote health and well-being. All Cyanotech products are produced from microalgae grown at its 90-acre facility in Kona, Hawaii using patented and proprietary technology. Cyanotech distributes to nutritional supplement, nutraceutical and cosmeceutical manufacturers and marketers in more than 40 countries worldwide. Visit www.cyanotech.com for more information. 73-4460 Queen Kaahumanu Hwy, Suite 102 Kailua-Kona, Hawaii 96740 USA Leaders in nutritionally superior microalgae Leaders in nutritionally superior microalgae www.cyanotech.com MORE NUTRITION • BETTER HEALTH • PURELY HAWAIIAN® 2016 ANNUAL REPORT 2016 Annual Report A Letter From The CEO FINANCIAL HIGHLIGHTS To Our Shareholders: We faced many challenges in fiscal 2016. Compared to fiscal 2015, our total sales decreased by 5.8% and gross profit decreased by 18%, due primarily to lower production of astaxanthin. In addition, during the fourth quarter we recorded Cyanotech Sales ($M) 2014 - 2016 Cyanotech Net Income ($M) 2014 - 2016 a non-cash valuation allowance for $3,564,000 against our deferred tax assets. These factors combined to produce a net $35 $5 loss of $4,395,000 for fiscal 2016 compared to a net loss of $24,000 for fiscal 2015. The net sales decrease of 5.8% was driven primarily by a 67% reduction in bulk astaxanthin sales due to lower production $28 $28.2 $33.8 $31.8 $3 from El-Nino related weather conditions during the first half of fiscal 2016. However, progress is being made to test and $-0.4 $0.$ 0 implement new culture techniques to minimize the effect of weather on production. As an example, astaxanthin $21 $1 production during the fourth quarter of fiscal 2016 was 82% higher than the same quarter in fiscal 2015. $14 $-1 $-4.4 Progress is also being made on other fronts. $7 $-3 • Sales of our higher margin branded consumer products through Nutrex Hawaii increased by 3.5%. $0 $-5 2014 2015 2016 2014 2015 2016 • Sales of BioAstin® astaxanthin have expanded to 163 Costco Warehouses or roughly 34% of their domestic total with further expansion planned in fiscal 2017. ® • BioAstin astaxanthin commands a 59% market share in the Natural Products Channel. Cyanotech Gross Profit ($M) 2014 - 2016 Cyanotech Cash ($M) 2014 - 2016 • Hawaiian Spirulina commands a 50% market share in the Natural Products Channel. $15 $5 $11.9 $4.3 • Both are the #1 selling brand in their categories. $12 $14.5 $4 • Our supercritical carbon dioxide extraction plant is in commercial operation. $11.2 $9 $3 While we are still optimizing the plants operation, it has demonstrated significant cost reduction and shortened lead time in production of astaxanthin product. $6 $2 $2.2 $1.2 $3 $1 Going forward we will continue our strategy to focus on growing the market for higher-margin branded ® consumer products by emphasizing the higher nutritional content of Hawaiian Spirulina and the benefits of BioAstin $0 $0 2014 2015 2016 2014 2015 2016 Natural Hawaiian Astaxanthin. Cyanotech has great potential and all of our 123 employees are working hard to achieve this potential for our shareholders. I thank you for your continued support. Cyanotech Inventory ($M) 2014 - 2016 Cyanotech Working Capital ($M) 2014 - 2016 $8 $10 $7.9 $8 $6 $5.7 Gerald R. Cysewski, Ph.D. $5.3 $8.4 $6 $4 $7.5 $6.5 $4 Interim President and CEO, Chief Scientific Officer $2 $2 $0 $0 2014 2015 2016 2014 2015 2016 CYANOTECH CORPORATION 2016 ANNUAL REPORT CYANOTECH CORPORATION 2016 ANNUAL REPORT A Letter From The CEO FINANCIAL HIGHLIGHTS To Our Shareholders: We faced many challenges in fiscal 2016. Compared to fiscal 2015, our total sales decreased by 5.8% and gross profit decreased by 18%, due primarily to lower production of astaxanthin. In addition, during the fourth quarter we recorded Cyanotech Sales ($M) 2014 - 2016 Cyanotech Net Income ($M) 2014 - 2016 a non-cash valuation allowance for $3,564,000 against our deferred tax assets. These factors combined to produce a net $35 $5 loss of $4,395,000 for fiscal 2016 compared to a net loss of $24,000 for fiscal 2015. The net sales decrease of 5.8% was driven primarily by a 67% reduction in bulk astaxanthin sales due to lower production $28 $28.2 $33.8 $31.8 $3 from El-Nino related weather conditions during the first half of fiscal 2016. However, progress is being made to test and $-0.4 $0.$ 0 implement new culture techniques to minimize the effect of weather on production. As an example, astaxanthin $21 $1 production during the fourth quarter of fiscal 2016 was 82% higher than the same quarter in fiscal 2015. $14 $-1 $-4.4 Progress is also being made on other fronts. $7 $-3 • Sales of our higher margin branded consumer products through Nutrex Hawaii increased by 3.5%. $0 $-5 2014 2015 2016 2014 2015 2016 • Sales of BioAstin® astaxanthin have expanded to 163 Costco Warehouses or roughly 34% of their domestic total with further expansion planned in fiscal 2017. ® • BioAstin astaxanthin commands a 59% market share in the Natural Products Channel. Cyanotech Gross Profit ($M) 2014 - 2016 Cyanotech Cash ($M) 2014 - 2016 • Hawaiian Spirulina commands a 50% market share in the Natural Products Channel. $15 $5 $11.9 $4.3 • Both are the #1 selling brand in their categories. $12 $14.5 $4 • Our supercritical carbon dioxide extraction plant is in commercial operation. $11.2 $9 $3 While we are still optimizing the plants operation, it has demonstrated significant cost reduction and shortened lead time in production of astaxanthin product. $6 $2 $2.2 $1.2 $3 $1 Going forward we will continue our strategy to focus on growing the market for higher-margin branded ® consumer products by emphasizing the higher nutritional content of Hawaiian Spirulina and the benefits of BioAstin $0 $0 2014 2015 2016 2014 2015 2016 Natural Hawaiian Astaxanthin. Cyanotech has great potential and all of our 123 employees are working hard to achieve this potential for our shareholders. I thank you for your continued support. Cyanotech Inventory ($M) 2014 - 2016 Cyanotech Working Capital ($M) 2014 - 2016 $8 $10 $7.9 $8 $6 $5.7 Gerald R. Cysewski, Ph.D. $5.3 $8.4 $6 $4 $7.5 $6.5 $4 Interim President and CEO, Chief Scientific Officer $2 $2 $0 $0 2014 2015 2016 2014 2015 2016 CYANOTECH CORPORATION 2016 ANNUAL REPORT CYANOTECH CORPORATION 2016 ANNUAL REPORT NEW PRODUCT Hawaiian ® Spirulina PLANT PROTEIN SHAKE In January of fiscal 2016 Nutrex Hawaii launched Hawaiian Spirulina® Plant Protein Shake. This new product will be tested online and at retail stores in Hawaii before moving into distribution channels on the mainland. So far the feedback from consumers has been fantastic and we are excited for what the future holds for this new product. This unique protein shake is powered by a full 3 gram serving of Hawaiian Spirulina, pea, brown rice, and alfalfa protein, plus it contains energy boosters rhodiola and ginseng. It is closely formulated to follow the World Health Organization’s standard for ideal daily amino acid ratios. Hawaiian Spirulina Protein Shake is an excellent source of Vitamin B12, Vitamin K, Iron, and supplies 32% recommended daily value of protein. Hawaiian Spirulina Plant Protein Shake is certified Gluten Free and is Non-GMO project verified. 100% Vegan. “ The Hawaiian Spirulina Plant Protein Shake is my new favorite way to add protein and green food to my diet. I make daily smoothies with it to support my training regimen, and even my son is a fan!” Bree Wee, Triathlete UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended March 31, 2016 Commission File Number 0-14602 CYANOTECH CORPORATION (Exact name of registrant as specified in its charter) Nevada 91-1206026 (State or other jurisdiction of incorporation or organization) (I. R. S. Employer Identification No.) 73-4460 Queen Kaahumanu Highway, Suite 102, Kailua-Kona, Hawaii 96740 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (808) 326-1353 Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered: None NASDAQ Capital Market Securities registered pursuant to Section 12(g) of the Act: Common Stock, $0.02 par value (Title of Class) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒ No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☒ No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§229.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
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