Cyanotech grows two types of microalgae — astaxanthin and spirulina — at its 96-acre facility on the Kona Coast of Hawaii, and sells the output as dietary supplements and nutritional ingredients. Astaxanthin, derived from Haematococcus pluvialis microalgae, accounts for roughly 65% of net sales and is marketed under the BioAstin brand as a supplement for joint, skin, eye, and immune health. Spirulina accounts for roughly 32% of net sales and is marketed under the Nutrex Hawaii brand as a nutrient-dense superfood. Cyanotech sells through two main channels: branded consumer products (sold through natural product distributors, retailers, e-commerce, and direct-to-consumer) and bulk raw material sold to manufacturers who incorporate it into their own products. A small portion of revenue comes from contract extraction and R&D services. The branded consumer business carries higher margins, while bulk ingredient sales involve larger volumes but thinner margins — and some bulk customers repackage and compete directly with Nutrex Hawaii. The Kona Coast location is a genuine production input, not just a marketing claim: consistent sun, warm temperatures, and access to cold deep ocean water are difficult to replicate elsewhere, and Cyanotech argues this, along with its proprietary growing systems and quality certifications, differentiates its products from lower-cost competitors.