cyan AG announces preliminary financial figures for the first half of 2021

cyan AG announces preliminary financial figures for the first half of 2021

Munich, August 24, 2021 – Preliminary revenues of cyan AG amounted to EUR 3.5 million in the first half of 2021 (H1 2020: EUR 16.9 million). In addition, EUR 1.0 million (H1 2020 EUR 2.3 million) of other operating income and changes in inventories were recognized – resulting in total earnings of EUR 4.6 million (H1 2020: EUR 19.2 million). Revenues increased slightly to EUR 1.9 million compared to the previous quarter (Q1 2021: EUR 1.7 million). In contrast, the sum of other operating income and changes in inventories decreased; this was mainly due to the fact that the contract costs incurred transitioned from capitalization to scheduled amortization with the launch at Orange. EBITDA for the first half of the year stood at EUR -7.4 million (H1 2020: EUR 2.2 million). Net debt increased from EUR 7.3 million as of 31.12.2020 to EUR 10.8 million.

cyan is in a transformation year in 2021 in which the focus is on generating recurring revenues – this process has not yet fully taken place in the first half of the year. Further, no major license agreements have been concluded so far in 2021, which generated very high non-recurring revenues especially in the previous year.

Due to the development of sales, the Executive Board has decided to work on a comprehensive restructuring concept that will enable the company to reach operational break-even as quickly as possible, even in a conservative scenario. This includes a cost reduction program, a cash capital increase of up to EUR 8 million and a repositioning of the BSS/OSS (i-new) business unit. The goal is to focus cyan on the high-growth area of cybersecurity for telecom companies and to enter other targeted markets at a later stage.

About cyan

cyan AG is a leading, globally active provider of intelligent cyber security solutions and platforms (BSS/OSS) for telecom companies with more than 15 years of experience in the IT industry. The company’s main business areas are IT security solutions for end customers of mobile and fixed network internet providers (MNO, ISP), mobile virtual network operators (MVNO) and financial service providers. The solutions provided by cyan are integrated as white label product into the infrastructure of the business partners, who then offer them to their end customers in a B2B2C model, under their own brand.

Today the group has numerous international customers, through which cyan’s products are distributed to end customers. In the process cyan can offer a range of solutions along the entire value chain from platform, data optimization to cyber security. In addition, cyan operates its own research & development center with the aim of identifying industry trends at an early stage and developing optimal product solutions. In December 2018, cyan won a global group contract with Orange as a result of an inter-national tender process. Besides Orange, cyan’s customers include among others Claro Chile (América Móvil Group) as well as the telecom group Magenta (T-Mobile). Further information is available at www.cyansecurity.com.