News - cyan AG publishes announcement for the first quarter 202018/06/2020
DGAP-News: cyan AG / Key word(s): Quarterly / Interim Statement
cyan AG publishes announcement for the first quarter 2020
Munich, June 18, 2020 - In the first quarter of 2020, cyan AG achieved total revenues of EUR 4.0 million with an EBITDA of EUR 1.7 million. This result in the seasonally weakest quarter of the year already reflects the Covid-19 crisis on the one hand, and further investments in the organisational and personnel development starting in the fourth quarter 2019, which followed the successful capital increase of July 2019.
Peter Arnoth, CEO of cyan AG: "The Covid-19 crisis hit us suddenly and in the middle of the phase of further company development. We are still fully booked in the technical area and were even able to increase productivity during the lockdown phase. On the one hand, we see a medium-term increase in demand for cyber security protection solutions as a result of the crisis, but on the other hand, we unfortunately have to accept a delay of 6-12 months in the realization of sales and profits.
By far the most important project of cyan remains the product launch at Orange France, which is still scheduled for the second half of 2020. A significant milestone was reached in the cooperation with Aon - the technical integration was completed, and the joint CySec app was launched in both the Google Play Store and the Apple App Store. Based on first positive download figures, Aon plans to roll-out the product throughout Europe.
In cooperation with Magenta Austria, cyan technology is to be made available to fixed network customers for the first time. The product launch is still planned for the second half of 2020.
In March 2020, cooperation agreements were concluded with the Bulgarian Fibank and Vara Technologies, an Indian IT company. In addition, the first "all-digital" contract with MobiFone, the third-largest Vietnamese mobile network operator (MNO), was concluded in May 2020. cyan will initially implement a child protection product here and plans to roll out cyan's network-integrated cyber security protection as well.
Because of the Covid-19 crisis, the previous sales planning will be postponed. The forecast for 2021 of EUR 75 million in sales had to be revised as a result. However, the Management Board continues to adhere to the expectation that both revenue and EBITDA for the full year 2020 should at least be at the level of 2019.
Note: The quarterly report is available for download at https://ir.cyansecurity.com/en/financial-publications/financial-reportings
cyan AG (XETR: CYR) is a leading, globally active provider of intelligent IT security solutions and telecom services with more than 15 years of experience in the IT industry. The main business areas of the company are cybersecurity solutions for end customers of mobile and fixed network internet service providers (MNO), virtual mobile network operators (MVNO) as well as banks and insurance companies. cyan's solutions are integrated into the business partner's infrastructure and then offered to their end customers ("B2B2C") under their name ("white-labeled").
Today, the group of companies has more than 50 international customers, through which cyan products are sold to approximately 8 million end customers. cyan can offer products along the entire value chain from platform, data optimization to cyber security. In addition, cyan operates its own Research & Development Centre with the aim of identifying trends in the industry at an early stage and developing optimal product solutions. In December 2018, cyan was able to win a global group contract with Orange in an international tendering process. cyan's cooperation partners include the world's leading insurance broker Aon and the payment service provider Wirecard.
Further information is available at www.cyansecurity.com.
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