CyanConnode Holdings record revenues and orders won

CyanConnode Holdings plc (LON:CYAN), a global leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, has announced its audited results for the year ended 31 March 2023.

Financial highlights

·    Increase of 23% in revenue to £11.7m in FY23 from £9.6m in FY22, the highest annual revenue for the Group to date after four consecutive years of growth[1]

·    Reduction in gross profit to £4.2m in FY23 (FY22: £5.0m) as a result of lower margin sales of third-party products

·    Increase in operating loss to £3.3m in FY23 (FY22: £1.0m) as a result of lower gross margin, higher operating costs and a £1.0m impairment of intangible assets

·    Increase in EBITDA loss to £2.9m in FY23 (FY22: £0.4m loss)

·    Reduction in adjusted EBITDA[2] to loss of £1.6m in FY23 (FY22: £0.06m profit)

·    Increase in cash position to £4.1m in FY23 (FY22: £2.4m)  ·    Increase in cash collected from customers to £10.7m in FY23 (FY22: £8.2m)

Operational Highlights

·    Orders for 2.3m modules won in India during the period – higher than the total number of modules won in India in the company’s history prior to the current year taking order book to 3.6m during the financial year, of which 2.3m were still to be deployed. Post period this order book has increased further to 4.2m as set out in the post period highlights below

·    Order worth USD 6.7m won from MENA for NB-IoT gateways 

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

·    Oversubscribed placing and subscriptions completed raising, in aggregate, £5.8m before expenses

·    391,000 Omnimesh Radio Frequency (RF) Modules shipped against current contracts during the period (FY22: 612,000), along with 46,000 NB-IoT gateways and 63,000 Cellular gateways

·    Strategic Framework Agreement signed to deliver 3m units

Post Year End Highlights

·    600,000 Omnimesh RF Modules and associated products ordered from a subsidiary of IntelliSmart Infrastructure Private Limited, taking order book to 4.2m modules

·    CyanConnode India recognised as Dun and Bradstreet ‘Start-Up 50 Trailblazer’

·    Memorandum of Association (MOU) signed with Alfanar

·    Revenue of greater than £2.8m in Q1 of FY24, being 2.1 times revenue of the whole of H1 FY23

·    291k modules shipped in Q1 of FY24 vs 391k shipped in the whole of FY23

·    £3.6m cash received from customers in Q1 FY24

·    Investment into areas such as recruitment to scale up the business

John Cronin, Executive Chairman of CyanConnode Holdings Plc, commented:

“FY23 has once again shown record revenues and orders won, and a fourth consecutive year of growth.

Since the year end the number of live tenders in India has continued to increase and move through the tendering process, and the Company has won a further 0.6m Omnimesh units.

We’d like to thank all employees for their ongoing hard work and dedication to achieve these record revenues. 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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