cyan AG: Reduced EBITDA in 2019 due to accelerated investments - Revenue forecast raised for 2021
cyan AG / Key word(s): Profit Warning
cyan: Reduced EBITDA in 2019 due to accelerated investments - Revenue forecast raised for 2021
Munich, August 20, 2019 - cyan AG has adjusted its EBITDA forecast for fiscal year 2019 and now expects EBITDA of approximately EUR 14 million instead of the EUR 20 million previously communicated. This corresponds to an EBITDA margin of approx. 40% instead of 57%. cyan has confirmed its revenue forecast of EUR 35 million for fiscal year 2019.
The reason for the adjustment of the EBITDA forecast is an acceleration of the currently ongoing investment program, which will be implemented with the EUR 25 million received from capital increase from July 2019. In the course of the investment program, cyan has already invested in personnel hiring in the areas of sales, marketing and IT development in the current fiscal year. Further investments in customer growth ("market investments") and the research area are planned in 2020. Management is accepting lower EBITDA margins in 2019 and 2020 for an accelerated growth path in the future, which should have a clearly positive effect on revenues and earnings from 2021.
Management expects sales to grow to at least EUR 75 million by 2021 (previously communicated: EUR 60 million), with a target EBITDA margin of approx. 50%.
cyan (XETR:CYR) is a leading global provider of intelligent, white labeled IT security solutions and telecom services with more than 15 years of experience in the area of IT security. The main business areas of the company are cyber security solutions for the end customers of mobile network operators and fixed line internet service providers (MNO), mobile virtual network operators (MVNO) as well as for the banking sector and insurance companies. cyan's solutions are integrated into the business partner's infrastructure and then offered under its own name ("white labeled") to its end customers ("B2B2C").
Today, the group has more than 50 international customers, through whom cyan's products are sold to around 8 million end customers. cyan offers a service along the entire value chain, from the platform to data optimization and cyber security. The company also operates its own research & development center with the goal of recognizing trends in the industry at an early stage and to create the best possible product solutions. In December 2018 cyan has concluded a global group contract with Orange for its cyber-security solutions. Cooperation partners include Aon, the world's leading insurance broker, and the payment service provider Wirecard.
Further information is available at www.cyansecurity.com
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Stuttgart, Tradegate Exchange|
|EQS News ID:||859947|
|End of Announcement||DGAP News Service|