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DGAP-News: cyan AG / Key word(s): Quarter Results
cyan publishes quarterly statement for the first quarter of 2021
Munich, May 31, 2021 - cyan AG generated total earnings of EUR 3.0 million in the first quarter of 2021 with EBITDA of EUR -2.7 million. Overall, business developed very positively on the project side in the first three months, even if this was not yet reflected in revenues - this was, however, within the scope of expectations. In particular, the launch with MobiFone at the end of March and with Orange in France on April 8, but also other projects such as the expansion at Magenta in Austria were finalized and had their market launch after the reporting period. Moreover, the first quarter was marked by a strategic realignment of the company.
Frank von Seth, CEO of cyan AG: "With the start of the new fiscal year, we have also embarked on a new strategic direction. In addition to the telecommunications sector, cyan will invest increasingly in the insurance market, with other sectors to follow. We will also no longer sell cyan's technology exclusively as a white label product in the future. cyan will build up its own product line. In addition, the topics of social responsibility and operational excellence are strategic focus points. From now on, the emphasis will be completely on the end-user, and revenue generation will be almost exclusively based on recurring revenues. The numerous new partnerships and the important project progress create a solid basis for this."
After a successful test phase and adoption of 300.000 existing customers for Child Protection, cyan and Orange successfully launched the two cybersecurity solutions Cyberfiltre and Cyberfiltre Avancé in France at the beginning of April 2021. Orange has been selling cyan's products to business customers in France since then and average weekly growth rates of over 20% have already been reported in the first few weeks. This is a very positive result, given that only five regions have been initially offering the cyberfilter and stores were not yet open nationwide. Futhermore, cyan was also able to advance the introduction of the products in other national companies of the Orange Group. In Slovakia, the project has already started and the launch is planned for the end of 2021. cyan AG is also conducting detailed talks and negotiations with additional national Orange companies.
At the beginning of fiscal year 2021, cyan was also able to announce the extension of its partnership with Grameenphone, the leading telecommunications service provider in Bangladesh, for at least another five years. Grameenphone plans to reach a customer base in the double-digit millions over the next few years with its dynamic product brand Skitto. In addition, cyan's collaboration with MobiFone, one of the largest MNOs in Vietnam, could move into the marketing phase in March 2021. cyan is now supporting this partner in the next step of further monetization and is in close exchange about the possible expansion of the partnership. In March, it was also announced that cyan will accompany MTEL in its expansion to Germany and Switzerland as a technological partner after years of successful cooperation in the Austrian market, which will lead to significant growth in the number of end customers.
At the beginning of the second quarter, cyan AG also announced further important progress. Among others, the expansion of cyan technology for Magenta fixed network customers in Austria, the conclusion of a partnership with Seguros Equinoccial, the leading insurance company in Ecuador, and cyan was also able to win Claro Chile, a subsidiary of the América Móvil Group, as another international telecommunications group as a partner for cybersecurity solutions.
Note: The quarterly statement is available for download at https://ir.cyansecurity.com/publications/.
cyan AG (XETR: CYR) is a leading, globally active provider of intelligent IT security solutions and telecom services with more than 15 years of experience in the IT industry. The main business areas of the company are cybersecurity solutions for end customers of mobile and fixed network internet service providers (MNO), virtual mobile network operators (MVNO) as well as financial service providers. cyan's solutions are integrated into the business partner's infrastructure and then offered to their end customers ("B2B2C") under their name ("white-labeled").
Today, the group of companies has more than 50 international customers, through which cyan products are sold to approximately 50 million end customers. cyan can offer products along the entire value chain from platform, data optimization to cyber security. In addition, cyan operates its own Research & Development Centre with the aim of identifying trends in the industry at an early stage and developing optimal product solutions. In December 2018, cyan was able to win a global group contract with Orange in an international tendering process. cyan's cooperation partners include the world's leading insurance broker Aon or Magenta Telekom.
Further information is available at www.cyansecurity.com
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31.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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