CyanConnode delivers another exceptional period with H2 FY23 revenue significantly higher

CyanConnode Holdings plc (LON:CYAN), a global leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, has provided a trading update for the financial year ended 31 March 2023.

Highlights for the period

·   Unaudited turnover for FY23 shows substantial growth against FY22 revenue, and is broadly in line with market expectations [1]

·   H2 FY23 revenue significantly greater compared to £5.5m for H2 FY22

·   Cash at 31 March 2023 of £4.1m compared to £2.4m at 31 March 2022

·   Cash received from customers was approximately £10.7m compared to £8.2m in FY22

·   Higher proportion of revenue from Middle East, albeit on lower margin hardware, affecting forecast overall gross margin. While it is too early to determine at this stage, it is expected that as a result Adjusted EBITDA will also be lower than market expectation

·   391k Omnimesh modules delivered to customers

·   46k NBIoT gateways and 63k cellular gateways delivered to customers

·   Orders for 2.3m Omnimesh modules received in FY23 compared to a total of 1.3m modules for all previous years

Post Period Highlights

·   Order received for 600k Omnimesh modules

·   Order book to date for India alone consists of 4.2 million units

·   Revenue for Q1 FY24 is expected to be greater than £2.8m, more than double the revenue for H1 FY23

·   291k Omnimesh modules delivered in Q1 FY24

·   £3.6m cash received from customers in Q1 FY24

John Cronin, CyanConnode’s Executive Chairman, commented:

“The financial year ending on 31 March 2023, marked another exceptional period for CyanConnode in terms of revenue and order bookings, continuing the fourth consecutive year of growth. The positive momentum observed during the second half of the year, particularly in the final quarter, has carried over into the new financial year, predominantly in the Indian market. I am pleased to report that our revenue for Q1 FY24 already surpasses H1 FY23, as we continue to fulfil our order book.

While the Indian market remains our largest and most promising market, CyanConnode’s global growth is ongoing, with significant interest across all markets. We anticipate providing further updates in our forthcoming complete set of results, which will be released in due course.”

[1] The majority of the Group’s revenues are received in rupees for India and US dollars for the rest of world, whilst accounts are reported in Pound Sterling. Foreign exchange volatility can have an impact on the reported figures. Company forecasts during 2022 used a rate of 1.15 against the USD and 95 against the Rupee

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