CyanConnode revenue increased 49% to £9.6m in 2022

CyanConnode Holdings plc (LON:CYAN) has announced its audited results for the year ended 31 March 2022.

Financial highlights

·    Increase of 49% in revenue to £9.6m in 2022 from £6.4m in 2021 , the highest annual revenue for the Group to date

·    Increase of 61% in gross profit to £5.0m in 2022 from £3.1m in 2021

·    Decrease of 62% in operating loss to £1.0m in 2022 from £2.7m in 2021 as the Group moves towards profitability

·    Adjusted EBITDA profit of £0.1m in 2022 compared to a loss of £1.9m in 2021

·    Increase of 58% in cash position from £1.5m in 2021 to £2.4m in 2022

Operational Highlights

·    612,000 Omnimesh Radio Frequency (RF) Modules shipped against current contracts during the year (FY21: 481,000)

·    152,000 Omnimesh RF Modules ordered for a new customer in northern India

·    31,000 Omnimesh RF Modules for a follow-on order for the MEA (Metropolitan Electricity Authority Smart Grid Project in) Thailand 

·    100,000 Omnimesh RF Modules ordered for a new customer in Africa

·    Two oversubscribed placings completed, raising £5.15 million before expenses

·    Award of London Stock Exchange Green Economy Mark

·    Winner of the Frost and Sullivan Global Smart Metering Technology Innovation Leadership Award 

Post Year End Highlights

·    1,000,000 Omnimesh RF Modules and associated products ordered from Genus Power Infrastructure Limited (Genus)

·    Two orders won from IntelliSmart Infrastructure Pvt Ltd (IntelliSmart) for a total of 300,000 Omnimesh RF Modules and associated products

·    New order worth USD 6.7m won from Middle East and North Africa (MENA) for NB-IoT gateways

·    Further new order worth USD 2.5m won from MENA for Cellular gateways

·    £2.6 million cash received from customers

·    Omnimesh integration underway with a further nine meter models

·    Revamped Distribution Sector Scheme (RDSS) approved by the Government of India to help Distribution Companies (DISCOMS) to improve their operational efficiencies

·    Following an initial delay in the empanelment process, DISCOMS approved to release tenders under the RDSS Scheme in August 2022

John Cronin, Executive Chairman of CyanConnode, commented:

“We’ve been delighted with the results achieved during the financial year being reported, which showed record revenues being achieved, and a positive adjusted EBITDA. FY22 also saw record numbers of modules being shipped and record cash being collected.

Since the year end we have announced orders for a total of 1.3 million units in India, and orders for new products in a new territory (the MENA region). We’re currently integrating with nine new meter types. In India, the new RDSS has been launched and the empanelment process is progressing, allowing more tenders to be released. Momentum in the markets in which we operate continues to grow, and we’re looking forward to continued success in the current financial year.  

We’d like to thank all employees for their ongoing hard work and dedication to achieve these record results. We’d also like to thank all shareholders for their continued support and look forward to continuing to deliver successful results.”

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