CyanConnode (CYAN) , a global provider of Narrowband Radio Frequency Smart Mesh Networks, has received an order for 300,000 Omnimesh Modules- a standard-based smart metering solution - from Dakshin Gujarat Smart Metering Private Limited.
This is the second order received under a strategic framework agreement for 3 million modules, which was signed in February 2023. To date, the total number of modules ordered under this Agreement has reached 900,000.
The order increases CyanConnode’s order backlog to 2.6m.
John Cronin, Executive Chairman of CyanConnode, commented: "We are delighted to have received this order from Dakshin Gujarat Smart Metering, which serves as a robust endorsement of our cutting-edge technology. Our Omnimesh Modules are designed to ensure seamless integration and high performance, and this partnership validates our dedication to pushing boundaries. With this order, our overall order book has now reached 4.5 million, of which 1.9 million modules have already been delivered and the remaining 2.6 million modules are to be delivered as per the project timelines."
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CyanConnode continues to demonstrate its market-leading position in India through continued orders, but it is also a competitive force globally, as CyanConnode’s products have been proven across a broad portfolio of more than 2.7m global deployments across more than 20 customers.
CyanConnode is a leader in Narrowband Radio Frequency Smart Mesh Networks, which are used for machine to machine communication. CyanConnode's RF Smart Mesh Networks are designed for rapid deployment, whilst giving exceptional performance and competitive total cost of ownership.
On projected forecasts, the broker Zeus said “Strong revenue growth is expected to be leveraged into rapidly rising Adjusted EBITDA to £0.4m in FY24 and £5.3m in FY25 (16% margin). Based on our forecasts, the shares trade at only 6x FY25 EBITDA. We believe this does not reflect the size of the Indian opportunity for 250m smart meters.”
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