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DGAP-News: cyan AG / Key word(s): Quarter Results
cyan AG publishes quarterly statement for the first quarter of 2022
Munich, May 31, 2022 - cyan AG (XETR: CYR), a leading European and global provider of intelligent cybersecurity solutions and BSS/OSS platform services for the telecommunications industry, has published its quarterly statement for the first quarter of 2022 today. Revenues for the period amount to EUR 1.8 million, up by over 7% compared to the first quarter of 2021 (EUR 1.7 million). Revenues are predominantly recurring in nature. EBITDA improved to EUR -1.9 million (Q1 2021: EUR -2.7 million) as a result of the performance improvement program. Cash flow from operations amounted to EUR -1.5 million (Q1 2021: EUR -2.3 million). Net debt was reduced due to a debt-equity swap. As a result of positive tax and financial effects, net income was EUR 0.6 million, compared to EUR -2.3 million in same period the prior year. This translates into earnings per share of EUR 0.05 for the first quarter of 2022 (Q1 2021: EUR -0.23).
The figures already reflect many of the structural changes implemented in the last quarters. The newly formed teams are more efficiently and leanly organized, which has reduced the headcount and thus personnel costs. At the same time, several partners in both the Cybersecurity segment and the BSS/OSS segment are launching into commercialization, resulting in lower project costs. On the cybersecurity segment side, the partnership with the Orange Group was expanded to include another active country with the launch in Slovakia in February. In Asia, cyan was not only able to expand its international positioning with the start of the cybersecurity solution at dtac, but also achieved an important milestone for the cloud capabilities of its cybersecurity technology.
In the BSS/OSS segment, several Mobile Virtual Network Operators (MVNO) were able to launch on cyan's platforms. At the beginning of the year, Austria-based telecommunications company educom completed its migration to cyan's platform to transform into an independent and 5G-enabled MVNO. This was followed in March and April in Colombia by MVNOs Lov, a company supporting social change with prepaid mobile services, and Liwa, a T-Valley Group multi-service provider offering telecommunications, renewable energy and IoT to underserved areas.
"In the first quarter, we were able to implement further important steps for our repositioning - these are already becoming noticeable in the quarterly key figures, especially in the reduced costs," highlighted Frank von Seth, CEO of cyan AG. "We are now working intensively with our new and existing partners to scale and monetize the subscriber base in order to drive sustainable growth in recurring revenues. In this way, we will make the transformation a success."
The quarterly statement the first quarter of 2022 including key figures (unaudited) is available for download at https://ir.cyansecurity.com/publications/.
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. Besides Orange, cyan's customers include among others Claro Chile (América Móvil Group), dtac (Telenor Group) as well as the telecom group Magenta (T-Mobile). Further information is available at: www.cyansecurity.com
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31.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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