EQS-Adhoc

cyan AG adjusts guidance for 2022

EQS-Ad-hoc: cyan AG / Key word(s): Change in Forecast cyan AG adjusts guidance for 2022 29-Dec-2022 / 17:49 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. cyan AG adjusts guidance for 2022

Munich, December 29, 2022 – cyan AG today adjusted its guidance for the financial year 2022. The reason for this is, in particular, an international project in the BSS/OSS segment that has been delayed and postponed to 2023 due to a pending conclusion of the approval process between cyan’s customer and the responsible regulator. cyan still assumes that this project, originally planned for the end of 2022, will be realized, but at a later date.

As a majority of customers are now based on a recurring revenue model, and given the likely shifts in expected deals from the project pipeline, cyan now expects revenues at group level to be in the range of EUR 8 million to EUR 9 million in 2022 (previously: EUR 11 million to EUR 13 million). The operating margin (EBITDA) is still expected to improve significantly in comparison with the previous year as a result of the successful Performance Improvement Program.

Communicating person:
Frank von Seth, CEO

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Information and Explanation of the Issuer to this announcement:

Frank von Seth, CEO of cyan AG: 'Despite the now necessary guidance adjustment, we are quite satisfied with our performance so far in 2022, especially in the Cybersecurity segment and with the large number of our projects in the area of implementing our new strategy, we made progress. Although macroeconomic and fiscal conditions globally led to a change in the investment climate with tighter budgets, we were able to further develop existing partnerships and attract new ones. Unfortunately, we are also often dependent on the approval of national regulators and the timing of these approvals for their success and progress. To date, we have been able to assume that a projected portion of this revenue potential can be realized in 2022. However, the very probable postponement to the new calendar year 2023 does not change the fact that cyan is well positioned and steadily approaching its goal of operating sustainably.'