cyan AG adjusts sales and earnings forecast 2021
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cyan AG / Key word(s): Change in Forecast 16-Aug-2021 / 12:25 CET/CEST cyan AG adjusts sales and earnings forecast 2021 Munich, August 16, 2021 – cyan AG is in a transformation year in 2021. As reported at the Annual General Meeting, the strategy is to focus on recurring revenues. The Management Board of cyan AG can no longer hold the sales and profit forecast made at the beginning of the year and currently assumes sales in fiscal year 2021 of between 10 and 14 million euros. Due to the company’s cost structure, which is too high compared to the currently achievable revenues, EBITDA will be clearly negative. In 2020, very high one-off sales were generated, which cannot be repeated in the 2021 financial year. In addition, despite the many new deals in the cyber security area, revenues are coming through more slowly than expected. The Management Board is planning extensive restructuring measures, such as cost reductions, the sale of business units and a cash capital increase to finance the repositioning. The aim of these measures is to focus cyan AG on the high-growth area of cyber security for telecoms companies and to make a sustainably successful new start from existing customers and those in the pipeline. Person making the notification: Michael Sieghart, CFO Information and Explanation of the Issuer to this News: 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 more than 50 international customers, through which cyan’s products are distributed to more than 60 million 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 international tender process. Besides Orange, cyan’s customers include among others the world’s leading insurance broker Aon as well as the telecom group Magenta (T-Mobile). Further information is available at www.cyansecurity.com. cyan AG Investor Contact: cyan AG Press Contact: 16-Aug-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| Language: | English |
| Company: | cyan AG |
| Theatinerstraße 11 | |
| 80333 Munich | |
| Germany | |
| Internet: | www.cyansecurity.com |
| ISIN: | DE000A2E4SV8 |
| WKN: | A2E4SV |
| Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1226712 |
| End of Announcement | DGAP News Service |
