cyan AG publishes Annual Report 2021
DGAP-News: cyan AG / Key word(s): Annual Report
cyan AG publishes Annual Report 2021
Munich, April 27, 2022 – cyan AG (XETR: CYR), a leading European and global provider of intelligent cybersecurity solutions and BSS/OSS platform services for the telecommunications industry, today published its annual report for 2021. For the year, the company reported revenues of EUR 8.5 million (2020: EUR 21.3 million). Total earnings were EUR 10.8 million in the past financial year (2020: EUR 25.4 million). EBITDA was EUR -12.3 million, compared to EUR -5.1 million in the previous year. The result is thus in line with the adjusted forecast from August 2021 for the full year 2021. The consolidated result was EUR -13.9 million, compared to EUR -9.3 million in the previous year. This results in earnings per share for 2021 of EUR -1.30 after EUR -0.95.
“The year 2021 was primarily characterized by the repositioning and realignment of our company,” said Frank von Seth, CEO of cyan AG. “We implemented the repositioning including a recapitalization of our company and significant cost savings. As part of our strategy, we plan to be much more active in supporting our partners, telecommunications companies, in an increased partnership-based approach to protecting end customers. The goal remains to generate recurring revenues, for which we are now significantly better positioned than ever before with new customer wins and successful launches.”
In the year ended, 61% of cyan AG’s revenues, or EUR 5.2 million (2020: EUR 18.2 million), were attributable to the BSS/OSS segment. When comparing with the previous year, it should be noted that multi-year license agreements concluded in 2019/2020, for example with Virgin Mobile, were for the most part already recognized as revenues in prior periods. These contracts therefore contributed only marginally to revenue in the financial year 2021, whilst the business model was focused on recurring revenue with the 2021 transformation. The Cybersecurity segment generated revenues of EUR 3.3 million in the full year 2021 (2020: EUR 3.1 million), which corresponds to approximately 39% of group revenues. The decline resulting from the planned end of support for the products of the original B2B business of the former cyan Networks Software GmbH was compensated by new business.
The key figures for the past financial year are as follows:
In the past financial year, important milestones for the further development of the company have been achieved at the operational level. In the Cybersecurity segment, the official launch with Orange in France and the addition of cyan’s fixed-line solution “Internetschutz Home” to the existing Internet and parental control offering at Magenta (T-Mobile) in Austria are particularly noteworthy. In addition, important customers were acquired in Southeast Asia and Latin America, such as Claro Chile, a company of the América Móvil Group, and dtac (Telenor Group). Furthermore, additional MVNOs in Latin America and Europe were acquired as customers in the BSS/OSS segment in 2021. The 2021 financial year thus represents one of cyan AG’s most successful in terms of the number of new customers and is an important step in scaling the platforms with recurring revenues in subsequent years.
“We have also made further progress on implementations with customers in both business segments at the beginning of financial year 2022. On the Cybersecurity segment side, in February our solution was successfully launched with Orange in Slovakia, and in March the cybersecurity solution went online as a cloud deployment with dtac in Thailand,” reports Markus Cserna, CTO of cyan AG. “In the BSS/OSS segment, we launched several MVNOs on cyan’s platforms, including educom, which is the first MVNO to offer 5G tariffs in Austria on our platform. This was followed in March and April by MVNOs Lov and Liwa in Colombia.”
Based on customer development and the subsidiaries’ existing sales pipeline, the Executive Board expects Group revenues to grow to between EUR 11 million and EUR 13 million in the 2022 financial year. With the completion of the Performance Improvement Program, the Executive Board plans to improve the EBITDA margin. Nevertheless, it should be noted that the forecast depends on current economic and industry forecasts, which are characterized by significant risks globally.
The Annual Report 2021 is available for download at https://ir.cyansecurity.com/publications/.
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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