Cyanotech

What Cyanotech does

Cyanotech Corporation, founded in 1983 and headquartered in Kailua-Kona, Hawaii, is a microalgae cultivation and natural products company operating a 96-acre production facility at the Natural Energy Laboratory of Hawaii Authority (NELHA). The company produces two primary ingredients — BioAstin Hawaiian Astaxanthin, extracted from Haematococcus pluvialis microalgae using high-pressure supercritical CO2, and Hawaiian Spirulina Pacifica, cultivated from Arthrospira platensis — leveraging proprietary processes including the patented Ocean Chill Drying technique, cold compression tableting, and the use of cold deep ocean water pumped from 2,000 feet for cooling and trace mineral supply.

The business operates a dual-channel model. The Nutrex-Hawaii consumer brand, founded in 1990, sells packaged BioAstin (4mg/12mg gelcaps, water-dispersible powder) and Hawaiian Spirulina (powder, 500mg tablets) directly to consumers at US mass-market retailers and online at nutrex-hawaii.com, with products distributed in over 66 countries. On the B2B side, Cyanotech sells bulk spirulina and astaxanthin raw materials to dietary supplement, nutraceutical, and cosmeceutical manufacturers worldwide, and — since April 2024 — provides contract manufacturing services for ZIVO Bioscience's Zivolife algal biomass. The company holds GRAS status and a stack of third-party certifications (Non-GMO Project Verified, Halal, Kosher, Vegan, Gluten-Free, NAXA natural, Blue Zones) that anchor its premium positioning.

Cyanotech trades on OTCQB under the ticker CYAN (formerly Nasdaq Capital Market) and is currently undergoing a going-private transaction (Form 15 filed February 2026 under Schedule 13E-3). FY2025 revenue was $24.22M with a $3.20M net loss, but Q2 FY2026 showed 19.3% YoY revenue growth and gross margin expansion to 34.3% from 25.3%, with near-breakeven net income of $1,000. The company is led by President & CEO Matthew Custer, who succeeded founder Gerald Cysewski.

Name

Cyanotech

Legal name

Cyanotech Corporation

Website

https://cyanotech.com

Company type

Public

Founded year

1983

Operating status

Operating

Headcount range

51–100 employees

Short description

Cyanotech is a Kailua-Kona, Hawaii-based microalgae cultivator producing BioAstin Hawaiian Astaxanthin and Hawaiian Spirulina Pacifica via a 96-acre NELHA facility, selling bulk ingredients to nutraceutical/cosmeceutical manufacturers worldwide and packaged supplements to consumers through its Nutrex-Hawaii brand in 66+ countries.

Ownership category

akta.pro rank

Product category

Microalgae-based Dietary Supplements

NAICS

Aquaculture (1125)

SIC

Food And Kindred Products (2000), Medicinal Chemicals & Botanical Products (2833)

akta.pro primary industry

Algae & Seaweed Proteins (Microalgae/Spirulina, Macroalgae) (AFAJAHAF)

akta.pro secondary industry

Seaweed & Algae Aquaculture (incl. microalgae) (AFAEAAAE)

Keywords

• Microalgae cultivation
• Natural astaxanthin production
• Spirulina supplements
• Bulk nutraceutical ingredients
• Dietary supplement manufacturing

Headquarters

HQ city

Kailua Kona

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Nutrex-Hawaii Packaged Products: Sale of branded dietary supplement products (BioAstin Hawaiian Astaxanthin and Hawaiian Spirulina) in packaged form directly to consumers at retail and online. Includes gelcaps (4mg, 12mg), powder, and tablets.
2. Bulk Ingredient Sales: Sale of bulk spirulina powder and bulk astaxanthin raw material to dietary supplement, nutraceutical and cosmeceutical manufacturers and marketers worldwide. Represents significant and growing portion of revenue.
3. Contract Manufacturing Services: Third-party contract manufacturing services including ZIVO Bioscience agreement for proprietary Zivolife algal biomass production.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Cyanotech cultivates and processes microalgae at its 96-acre facility in Kailua-Kona, Hawaii to produce BioAstin Hawaiian Astaxanthin (from Haematococcus pluvialis) and Hawaiian Spirulina Pacifica (from Arthrospira platensis). It sells these as bulk ingredients to dietary supplement, nutraceutical, and cosmeceutical manufacturers and markets finished packaged consumer supplements (gelcaps, tablets, powders) under the Nutrex-Hawaii brand at US retailers and online.

Product overview

Cyanotech is a microalgae-based natural products company offering two core product lines: BioAstin Hawaiian Astaxanthin (derived from Haematococcus pluvialis microalgae) and Hawaiian Spirulina Pacifica (derived from arthrospira platensis). The company operates through two brands: the ingredient/ bulk brand (direct to manufacturers) and Nutrex-Hawaii (consumer packaged goods). Products are sold in various forms including gelcaps, powders, and tablets, serving the dietary supplement, nutraceutical, and cosmeceutical markets.

Differentiator

Problem solved

Functional benefit

Brands

• BioAstin: Hawaiian Astaxanthin - natural antioxidant supplement for joint, skin, eye, and cellular health derived from Haematococcus pluvialis microalgae
• Hawaiian Spirulina Pacifica

Products and services

• BioAstin Hawaiian Astaxanthin Natural astaxanthin supplement derived from Haematococcus pluvialis microalgae grown in an open culture system under the Hawaiian sun and extracted using high-pressure supercritical CO2. Sold as 4mg or 12mg gelcaps and in bulk ingredient form for joint, tendon, skin, cardiovascular, eye, and cellular health support, as well as exercise recovery.
• BioAstin Water Dispersible 3% Astaxanthin Powder Proprietary water-dispersible astaxanthin powder offering 2.4x enhanced bioavailability, hot and cold water dispersible across a wide pH range. Sold as a bulk B2B ingredient for powder mixes, beverages, teas, fruit juices, carbonated beverages, topical creams, and companion animal supplements.
• Hawaiian Spirulina Pacifica

Quantifiable outcome

• Spirulina produces 15x more protein per acre than beef, corn and soybeans
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• ZIVO BiosciencecoreStrategic or Co-development Partner · 6 April 2026ZIVO Bioscience signed a manufacturing agreement with Cyanotech to grow, cultivate, and process its proprietary Zivolife algal biomass (Kelbsormidium Flaccidum) for commercial applications in animal health, human nutrition, and functional ingredients markets. Cyanotech provides access to its 96-acre production facility at NELHA, over 40 years of microalgae cultivation expertise, and cGMP operations with GRAS certification. The agreement represents a significant milestone in ZIVO's commercial readiness.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• BGG Americas (BGG Group): Global supplier of natural astaxanthin, spirulina, and other microalgae-derived ingredients to dietary supplement and nutraceutical brands — overlapping directly with Cyanotech's bulk ingredient business.
• Fuji Chemical Industries (AstaReal): Japanese manufacturer of natural AstaReal astaxanthin from Haematococcus pluvialis, a leading global rival in premium astaxanthin ingredients serving supplement and functional food manufacturers.
• Algatechnologies (Solabia Group): Israel-based producer of natural astaxanthin from Haematococcus pluvialis, competing head-to-head with BioAstin in the bulk astaxanthin ingredient market for nutraceutical and cosmeceutical applications.
• Earthrise Nutritionals (DIC Corporation): Largest U.S.-based open-pond spirulina producer (California), making it the closest direct competitor to Cyanotech's Hawaiian Spirulina Pacifica in the natural spirulina ingredient and finished supplement market.

Emerging players

• Triton Algae Innovations: Developer of microalgae-based ingredients for food, nutraceutical, and personal care markets, focused on novel strains — adjacent to Cyanotech's microalgae cultivation and ingredient business.
• Heliae Development: U.S. microalgae cultivation company producing specialty algae biomass for nutrition, agriculture, and aquaculture markets; comparable in cultivation technology and target B2B ingredient customers.
• Algenol Biotech: Florida-based microalgae biotechnology company developing algae-based products for fuels, nutrition, and personal care — a niche competitor with overlapping microalgae cultivation capability.

Broad incumbents

• dsm-firmenich: Large global nutrition and ingredients major with a portfolio that includes algal oils, vitamins, and carotenoids, serving the same dietary supplement and nutraceutical customers as Cyanotech.
• Corbion: Global ingredient company (formerly CSM) producing algae-based DHA/omega-3 and other fermented/biotech ingredients for food, nutrition, and personal care; competes broadly in the same microalgae-derived ingredient space.
• BASF: Diversified chemical and ingredient giant with nutrition & health offerings (including carotenoids and personal care actives), overlapping with Cyanotech in supplying B2B nutraceutical and cosmeceutical manufacturers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cyanotech-corporation

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cyanotech