cyan AG achieves a 56% increase in revenues in the first half of 2024 and continues its strong dynamic growth in the cybersecurity segment

cyan AG achieves a 56% increase in revenues in the first half of 2024 and continues its strong dynamic growth in the cybersecurity segment
 

• Strong end customer growth as a key revenue driver
• Progress in improving EBITDA
• Entry into new markets
• Forecast for the 2024 financial year confirmed

Munich, 26 September 2024 – cyan AG, a provider of intelligent cybersecurity solutions, published its half-year report 2024 today. The company has made significant progress in implementing its focused strategy across the cybersecurity market. Revenues increased by 56% to EUR 3.2 million (H1 2023: EUR 2.1 million). The share of recurring revenues from subscriptions amounts to 95%. The operating result (EBITDA) improved to EUR -1.1 million (H1 2023: EUR -2.0 million). In particular, the higher revenues on a constant cost base had a positive impact. The result also includes one-off effects from consulting fees for the sale of i-new.

Thomas Kicker, CEO of cyan AG: “The half-year figures confirm that we are heading in the right direction. Our strategy program, with a strict focus on our core business of cybersecurity, is really paying off. We are still in the early stages of our dynamic journey, but we are excited to see what the future holds. On an operational level, the steady growth of our end customer base is very encouraging. In addition, we have tapped into new customer segments with Orange Spain and wefox in Austria. Further customer contracts and market launches are in the pipeline. We are extremely optimistic that our increasing market penetration will also significantly improve our key financial figures.”

In the first half of 2024, cyan launched a partnership with Orange Spain to provide cybersecurity solutions for all Orange customers in both the business and private customer segments in the Spanish market. Further comparable partnerships, for example with Orange Belgium and Claro Chile, are expected to start soon, thus allowing cyan to tap into further markets and customer groups. The partnership with wefox and Allianz Partners in Austria in the strategically important insurance industry has also opened up a new market for cyan. As part of this partnership, cyan offers the first bundled cyber protection with additional cyber insurance.

cyan is therefore in an excellent position to continue its growth trajectory in the 2024 financial year. Based on an increasing number of end customers, cyan’s recurring revenue is set to rise further. The company therefore anticipates an increase in consolidated revenue to between EUR 6.6 million and EUR 7.4 million. The operating result (EBITDA) at Group level, excluding special effects, is expected to improve significantly.

* The figures for 2023 have been adjusted to reflect the current corporate structure and relate only to the continued operation (cybersecurity segment).

About cyan
cyan AG (XETR: CYR) is a provider of intelligent cybersecurity solutions with more than 15 years of experience in the IT industry. The company offers IT security products for end customers of mobile and fixed network internet providers and financial service providers. cyan’s solutions are integrated as white label products into the apps and system landscape of international business partners, who then offer those to private and business customers under their own brand.

In addition, cyan operates its own research and development center with the aim of identifying trends in the industry at an early stage and developing optimal product solutions. cyan’s customers include among others the Orange Group, the telecom group Deutsche Telekom (Magenta/T-Mobile), Claro Chile (América Móvil Group) and dtac (Telenor Group).

More information at: www.cyansecurity.com.

cyan AG Investor Relations:
cyan AG
Phone: +49 89 71042 2073
Email: [email protected]

cyan AG Press contact:
Kirchhoff Consult GmbH
Phone: +49 40 60 91 86 65
Email: [email protected]