EQS-News

cyan AG today announced its preliminary 2023 figures and achieved 41% growth in recurring revenue in its core business Cybersecurity

EQS-News: cyan AG / Key word(s): Preliminary Results cyan AG today announced its preliminary 2023 figures and achieved 41% growth in recurring revenue in its core business Cybersecurity 02.04.2024 / 18:24 CET/CEST The issuer is solely responsible for the content of this announcement. cyan AG today announced its preliminary 2023 figures and achieved 41% growth in recurring revenue in its core business Cybersecurity

Munich, April 02, 2024 – cyan AG, a provider of intelligent cybersecurity solutions, today announced its preliminary figures for the 2023 financial year. Due to the sale of the BSS/OSS segment at the end of 2023, the segment will be carved out of the balance sheet and income statement as a discontinued operation in accordance with IFRS 5 and presented separately. The preliminary figures were therefore published taking into account the old Group structure compared to the forecast and additionally published after the carve-out in accordance with IFRS 5.

Including the BSS/OSS segment, operating revenue of EUR 8.6 million was achieved, which is within the forecast range of EUR 8 to 9 million. Following the carve-out of the discontinued BSS/OSS segment, operating revenue in 2023 amounted to EUR 4.7 million, which is thus fully attributable to the Cybersecurity segment. Recurring revenues increased by 41% compared to 2022 and reached EUR 4.4 million (2022: EUR 3.1 million). In the operating business, cyan expanded its cooperation with MTEL in the reporting year to include network-integrated cybersecurity solutions in Germany and Switzerland, following on from Austria. In addition, an update of the cybersecurity products was carried out together with T-Mobile Poland, which led to a significant increase in subscribers. In addition, the development of existing customers remained solid and positive. Overall, the subscriber base increased by 71% in 2023 as a result.

Thomas Kicker, CEO of cyan AG: "The preliminary figures for the 2023 financial year confirm that the sale of the BSS/OSS segment was the right step. We can now fully focus on the growth area of cybersecurity. This has also enabled us to reduce our cost base by 60% and remove complexity from the Group. This significantly increases our ability to plan, as we can rely primarily on recurring revenues in the cybersecurity sector. We were able to continuously increase recurring revenues every month in 2023. This also gives us a good starting point for the new financial year. In addition, we have already announced our collaboration with Orange Spain, another major customer from the Orange Group, in the current year. The focus this year is on concluding further customer contracts and on project launches through contracts that have already been signed. In this way, we aim to further strengthen our market position and move into new business areas outside the telecommunications sector.“