cyan AG publishes Annual Report 2022
EQS-News: cyan AG / Key word(s): Annual Report/Annual Results
cyan AG publishes Annual Report 2022
Munich, April 27, 2023 – cyan AG, a leading European and global provider of intelligent cybersecurity solutions and BSS/OSS platform services for the telecommunications industry, today published its Annual Report 2022. The Company generated revenues of EUR 8.5 million in the past fiscal year, in line with the previous year (2021: EUR 8.5 million). EBITDA improved by EUR 3.9 million to EUR -8.4 million, compared to EUR -12.3 million in 2021.
The loss from operating activities (EBIT) for the financial year 2022 amounted to EUR -14.0 million; a reduction of 22.6% compared to the previous year (2021: EUR -18.1 million). As a result of reassessments of tax assets and liabilities, the consolidated net result amounted to EUR -16.5 million (2021: EUR -13.9 million). Accordingly, undiluted earnings per share amounted to EUR -1.11 (2021: EUR -1.30). The cash flow from operating activities improved from EUR -10.6 million to EUR -6.8 million as a result of the lower costs. In the past financial year, more than three quarters of revenues were recurring.
“In 2022, we successfully completed our comprehensive transformation, optimizing our processes for sustainable growth,” reports Frank von Seth, CEO of cyan AG. “With the leaner cost structure, we have already reached an important milestone on the road to a turnaround with the ultimate goal of becoming self-financing. We continue to focus on recurring revenues in both business segments, from which we will benefit in the long term through a high degree of predictability and consistency.”
In the BSS/OSS segment (brand “i-new”), which currently accounts for 55% of total revenues, cyan generated revenues of EUR 4.7 million in 2022 (2021: EUR 5.2 million). During the year, several MVNOs were launched on i-new’s platforms, including Austria’s educom, Colombian MVNOs Lov and Liwa. And an advanced cooperation with Viasat was announced. In addition, MTEL’s DACH expansion progressed with the opening of the first stores in Switzerland.
In the Cybersecurity segment, revenues in 2022 amounted to EUR 3.8 million (2021: EUR 3.3 million). Here, the partnership with the Orange Group was extended to the Slovakian market in 2022 and the Thai market was entered through cooperation with dtac, one of Thailand’s largest communication service providers. In addition, OTE Group was won as a partner for the cybersecurity segment in Greece and the shortest implementation phase to date was realized.
“With a high degree of continuity and the constant optimization of our products and services, we have established valuable new customer relationships in both business segments and concluded important contracts that consolidate and strengthen our market position. In the current financial year, we have already been able to win additional partners globally for the implementation of our products,” added Frank von Seth.
Note: The Annual Report 2022 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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