cyan AG publishes nine-month figures for 2021
DGAP-News: cyan AG
/ Key word(s): 9 Month figures
cyan AG publishes nine-month figures for 2021
Munich, November 30, 2021 - cyan AG today published its financial figures as of the third quarter of 2021, according to which the company generated consolidated total earnings of EUR 7.3 million in the first nine months of 2021 (9M 2020: EUR 21.5 million), the development of which was mainly influenced by the company's currently ongoing transformation phase and the pandemic-related environment at the beginning of the year. Revenues amounting to EUR 5.9 million were significantly below those of the comparative period (9M 2020: EUR 18.4 million), which in the BSS/OSS segment, however, included revenues from a capex contract for 83 million end user licenses with Virgin Mobile. The company generated EBITDA of EUR -10.5 million in the first nine months of 2021, against EUR -2.7 million in the previous year. The net result for the period was EUR -11.8 million, compared to EUR -5.4 million in the year-earlier period.
Following the guidance adjustment in August, a comprehensive performance improvement program was launched and has progressed considerably over the past months. The main elements of the program included cost reduction, further capital measures as well as focusing on the Cybersecurity segment and evaluating the positioning of the BSS/OSS segment.
To finance the repositioning, cyan AG successfully carried out two capital increases in the third and fourth quarters. The first capital increase, announced in September, was fully subscribed before the end of the subscription period and the private placement was significantly oversubscribed. A further capital increase without subscription rights was placed with institutional investors in November. As a result of both capital measures, the share capital is now divided into 13,385,884 shares. As gross proceeds, cyan AG will receive a total of EUR 12.1 million in liquid equity funds from shareholders and investors.
Frank von Seth, CEO of cyan AG: "Cybersecurity is the future. This view has also been reaffirmed by our shareholders and investors through their strong participation in the capital measures. We are now in the middle of the phase in which we must consistently execute our repositioning so that this transformation can be a success. Together with the deals and operational progress made so far in the first nine months, they provide a good basis to grow significantly again in the future."
Operationally, cyan made important progress in the third quarter, signing four more MVNOs in Latin America and Europe as customers in the BSS/OSS segment. cyan will provide solutions for both new and existing MVNOs including migration of customers to 4G and 5G. Some of the new customer projects are expected to be completed already this year. As a result, fiscal year 2021 represents one of the most successful to date in terms of the number of new customers and is an important step in scaling the platforms with recurring revenues. In respect of cybersecurity solutions, new partners were also acquired in the Southeast Asian region and in Europe. Full attention is now directed to the swift execution of the implementation projects. This includes the commercial launch at Orange in Slovakia, where the first phase was completely handed over to the partner. cyan has since been supporting in the preparations for the launch. At Orange in France, meanwhile, sales continue to progress by addressing additional customer segments in B2B with targeted marketing. In addition, the pipeline in both segments is promising and developing very positively, both in existing and new markets and geographies.
The quarterly report for the first nine months including key figures (unaudited) is available for download at https://ir.cyansecurity.com/publications/.
cyan AG 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. In December 2018, cyan won a global group contract with Orange as a result of an international tender process. Besides Orange, cyan's customers include among others Claro Chile (América Móvil Group) as well as the telecom group Magenta (T-Mobile).
Further information is available at www.cyansecurity.com.
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