cyan AG expects strong growth in 2024
Munich, May 23, 2024 – cyan AG, a provider of intelligent cybersecurity solutions, today published its annual report for 2023 and confirms the preliminary figures. Revenue in the continued operation (Cybersecurity segment) grew by 23% to EUR 4.7 million (2022: EUR 3.8 million). Recurring revenue strongly increased by 41% to EUR 4.4 million. As expected, the operating result EBITDA reached EUR ‑4.5 million (2022: EUR -4.4 million). The business figures are characterized by the successful strategic realignment of the company. The BSS/OSS business, which contributed around 45% of revenue but was responsible for 60% of operating costs, was sold at the end of 2023. Since then, cyan has focused on its core business Cybersecurity.
A key milestone in the operating business was the expansion of the cooperation with MTEL in Germany and Switzerland to include network-integrated cybersecurity solutions. In addition, cyan carried out an update of the cybersecurity products with T-Mobile Poland and thus significantly increased the number of subscribers. In addition, the development of existing customers remained solid and positive. Overall, the subscriber base increased by 71% in 2023 as a result.
cyan was able to build on these successes in the first months of 2024. A partnership was established with Orange Spain, a company from the Orange Group, to offer cybersecurity solutions for all Orange customers in the Spanish market. The strategy program that has also been initiated is driving improvements in the areas of product, markets, internal processes, and administration. A cornerstone on the product side in the core market OnNet, is an improved product under the name “OnNet Core”, which enables significantly faster implementation through a cloud-based rollout. On the market side, cyan plans to continue to grow strongly, particularly with technology and product partnerships in its core market of telecommunications, but also to advance into new industries such as the insurance sector. To this end, the company is focusing in particular on its endpoint-based solution based on the newly developed cyan SDK (Software Development Kit).
cyan is therefore in an excellent position to continue its growth trajectory in the 2024 financial year. Based on an increasing number of end customers, cyan’s recurring revenue is set to rise further. The company therefore anticipates an increase in consolidated revenue to between EUR 6.6 million and EUR 7.4 million. The operating result (EBITDA) at Group level, excluding special effects, is expected to improve significantly. Management expects to break even on a cash flow basis in the fourth quarter of 2024.
Thomas Kicker, CEO of cyan AG: „We are confident about the current financial year. Currently, we are making great progress in implementing our strategy program so that it can already take effect over the course of this year. It is a great pleasure for me to drive this process forward with our lean team. Additionally, we are optimizing our structures and our market presence. The first successes are already visible with the new partnerships and customers. Together, we are making the Internet a safe place.“
About cyan
cyan AG (XETR: CYR) is a provider of intelligent cybersecurity solutions with more than 15 years of experience in the IT industry. The company offers IT security products for end customers of mobile and fixed network internet providers and financial service providers. cyan’s solutions are integrated as white label products into the apps and system landscape of international business partners, who then offer those to private and business customers under their own brand.
In addition, cyan operates its own research and development center with the aim of identifying trends in the industry at an early stage and developing optimal product solutions. cyan’s customers include among others the Orange Group, the telecom group Deutsche Telekom (Magenta/T-Mobile), Claro Chile (América Móvil Group) and dtac (Telenor Group).
More information at: www.cyansecurity.com.
cyan AG Investor Relations:
cyan AG
Phone: +49 89 71042 2073
Email: ir@cyansecurity.com
cyan AG Press Contact:
Kirchhoff Consult GmbH
Phone: +49 40 60 91 86 65
Email: cyan@kirchhoff.de
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