Cyanotech Corp

Aloha from Kona, Hawaii. Thank you all for joining us today. I'm Matt Custer, President and Chief Executive Officer of Cyanotech. Joining me on the call today is Felicia Layden, our Chief Financial Officer. I'm pleased to report Cyanotech's fourth quarter and fiscal year 2023 earnings result. I will turn the call over to Felicia to provide her forward-looking statement.

Thanks, Matt. Our discussion today may include forward-looking statements. We do not undertake any obligation to update forward-looking statements either as a result of new information, future events, or otherwise. Our actual results may differ materially from what is described in these forward-looking statements. Some of the factors that may cause results to differ are listed in our publicly filed documents. For additional information, we encourage you to review our 10-K fiscal year 2023 report filed with the SEC I will turn it back to Matt. Matt?

Thank you, Felicia. Fiscal year 2023 was a challenging year as a result of the number of macroeconomic events and timing of sales. Consumers shifted their spend from goods to experience and services Lower sales in the bulk business due in part to inventory adjustments after the global supply chain issues eased and lower sales in the e-commerce business that were driven by a difference in strategy implemented by our third-party distributor. Our manufacturing operations produce consistent and high-quality algae. However, the cost per kilo for spirulina in particular was a drag on gross margin as we reduced production volume to align with demand, resulting in a higher cost per kilo. In the fourth quarter of fiscal year 2023, the company generated cash flow of $583,000 from operations as a result of the cash-saving initiatives we implemented in the second quarter, including slowing production and reducing headcount. Despite the disappointing sales figures I'm hopeful for the future, we are well-positioned to meet customer needs in a growing market for naturally derived, high-value nutritional products. Now I'd like to turn over the call to Felicia to discuss the financials. Felicia, please.