CyanConnode (CYAN) , a global provider of Narrowband Radio Frequency Smart Mesh Networks, updated markets on trading for the six months ended 30 September 2023.

Turnover for the six-month period was £5.8 million, a 4.3-fold increase from the previous period. Revenue for the full financial year ended 31 March 2024 is expected to be in line with market expectations.

Cash received from customers during this period came in at £7.4 million, a 1.6-fold increase from H1 FY 2023. 

The company’s Omnimesh modules continued to see strong demand, shipping 503,000 during the period, rising 5.8 times more than the previous period. Notably, 1.4m Omnimesh modules were ordered by IntelliSmart for three new utility customers.

John Cronin, CyanConnode Executive Chairman, commented: "I am pleased with the progress made during the first half of the financial year, which included winning orders and witnessing a significant increase in revenue compared with H1 FY 2023.

The rollout in India is gaining momentum, with a significant number of tenders being sanctioned and projects awarded to prime bidders during this period. Currently, we have a backlog of over 2.9 million Omnimesh modules in India alone. I'm also pleased to confirm that our revenue for the full financial year ended 31 March 2024 is expected to be in line with market expectations."
 

View from Vox 

Progress made in the first half demonstrates CyanConnode’s market leading as it continues to secure a stream of orders, lifting revenues and cementing its market position. 

CyanConnode is a competitive force globally with a broad portfolio of more than 2.7 million global deployments across more than 20 customers. CyanConnode‘s technology is positioned at the forefront of the new ‘smart cities’ transformation whereby IoT (Internet of Things) is remodelling urban landscapes across the world, creating cities where machine-to-machine communication is central. 

CyanConnode is helping to drive the transformation with solutions and apps based on reliable, secure Narrowband RF mesh networking. This enables cost and energy savings, allowing governments, metropolitan authorities and businesses to monitor and manage services such as utilities and street lighting with greater efficiency.

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