cyan AG publishes interim report for the first half of 2023

cyan AG publishes interim report for the first half of 2023

Munich, September 28, 2023 – cyan AG (XETR: CYR), a leading European and global provider of intelligent cybersecurity solutions and BSS/OSS platform services, today published its interim report for the first half of 2023. Revenues amounted to EUR 3.8 million as a result of completed projects, compared to EUR 4.1 million in the same period last year. Expenses were reduced despite inflationary pressures. In the first half of the year, EBITDA amounted to EUR -5.7 million (H1 2022: EUR -4.0 million). Adjusted for currency effects and changes in inventories, EBITDA was approximately on a par with the prior-year period thanks to implemented cost savings.

Earnings before interest and taxes (EBIT) amounted to EUR -8.4 million after six months (H1 2022: EUR -6.9 million) and earnings before taxes (EBT) to EUR -8.2 million (H1 2022: EUR -6.6 million). Net loss for the year was EUR -7.7 million compared to EUR -2.7 million in H1 2022, noting that a new tax planning was used in the second half of 2022. Earnings per share thus amount to EUR -0.43 (H1 2022: EUR -0.19). The operating cash flow improved slightly to EUR -3.06 million (H1 2022: EUR -3.08 million).

In the Cybersecurity segment, a significant increase in subscribers was recorded in the first six months of 2023. This follows a multiplication of the number of cybersecurity partners from the telecommunications sector over the past year. As a result, revenues in this segment increased by 36% from EUR 1.5 million to EUR 2.1 million. This growth trend at the subscriber level will continue noticeably in the second half of 2023 and will be reflected in revenues. The business model, which is primarily based on monthly recurring revenues, is thus becoming increasingly pronounced. The BSS/OSS segment also saw a significant increase in end customers among new and old accounts during the same period. However, the additional end customers gained were not yet able to compensate for the previous revenue generated by the completed projects, which is why revenue fell from EUR 2.6 million to EUR 1.7 million. For the first time the Cybersecurity segment represented a larger share of group revenues, at 55%, than the BSS/OSS segment, at 45%.

“The strong growth in end customers strongly encourages us that we are on the right track to scale our technological platforms and generate increasing recurring revenues – even though revenues and EBITDA at group level may give a different impression at first glance. Our cash flow has already improved,” explained Markus Cserna, CEO & CTO of cyan AG. “We are virtually debt-free and can implement the projects with the proceeds of the recent capital increase. These will even contribute to revenue this year.”

In addition to growth with existing partners, teams in both segments are currently working on several projects with additional telecom, financial and MVNO customers. This will not only further expand geographic reach, but also the addressable market by cyan’s and i-new’s technology. Some of the projects will be completed this year and thus not just contribute to project revenue but also increasingly to recurring revenue a few months after the launch.

About cyan

cyan AG (XETR: CYR) 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 cybersecurity. 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. cyan’s customers include among others Orange, Claro Chile (América Móvil Group), dtac (Telenor Group) as well as the telecom group Magenta (T-Mobile). Further information is available at www.cyansecurity.com.

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