cyan AG adjusts guidance for 2022
cyan AG / Key word(s): Change in Forecast
29-Dec-2022 / 17:49 CET/CEST
cyan AG adjusts guidance for 2022
Munich, December 29, 2022 – cyan AG today adjusted its guidance for the financial year 2022. The reason for this is, in particular, an international project in the BSS/OSS segment that has been delayed and postponed to 2023 due to a pending conclusion of the approval process between cyan’s customer and the responsible regulator. cyan still assumes that this project, originally planned for the end of 2022, will be realized, but at a later date.
As a majority of customers are now based on a recurring revenue model, and given the likely shifts in expected deals from the project pipeline, cyan now expects revenues at group level to be in the range of EUR 8 million to EUR 9 million in 2022 (previously: EUR 11 million to EUR 13 million). The operating margin (EBITDA) is still expected to improve significantly in comparison with the previous year as a result of the successful Performance Improvement Program.
Information and Explanation of the Issuer to this announcement:
Frank von Seth, CEO of cyan AG: ‘Despite the now necessary guidance adjustment, we are quite satisfied with our performance so far in 2022, especially in the Cybersecurity segment and with the large number of our projects in the area of implementing our new strategy, we made progress. Although macroeconomic and fiscal conditions globally led to a change in the investment climate with tighter budgets, we were able to further develop existing partnerships and attract new ones. Unfortunately, we are also often dependent on the approval of national regulators and the timing of these approvals for their success and progress. To date, we have been able to assume that a projected portion of this revenue potential can be realized in 2022. However, the very probable postponement to the new calendar year 2023 does not change the fact that cyan is well positioned and steadily approaching its goal of operating sustainably.’
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. Besides Orange, cyan’s customers include among others 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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29-Dec-2022 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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