EQS-News

cyan AG expects strong growth in 2024

EQS-News: cyan AG / Key word(s): Annual Report cyan AG expects strong growth in 2024 23.05.2024 / 07:15 CET/CEST The issuer is solely responsible for the content of this announcement. cyan AG expects strong growth in 2024

Munich, May 23, 2024 – cyan AG, a provider of intelligent cybersecurity solutions, today published its annual report for 2023 and confirms the preliminary figures. Revenue in the continued operation (Cybersecurity segment) grew by 23% to EUR 4.7 million (2022: EUR 3.8 million). Recurring revenue strongly increased by 41% to EUR 4.4 million. As expected, the operating result EBITDA reached EUR ‑4.5 million (2022: EUR -4.4 million). The business figures are characterized by the successful strategic realignment of the company. The BSS/OSS business, which contributed around 45% of revenue but was responsible for 60% of operating costs, was sold at the end of 2023. Since then, cyan has focused on its core business Cybersecurity.

A key milestone in the operating business was the expansion of the cooperation with MTEL in Germany and Switzerland to include network-integrated cybersecurity solutions. In addition, cyan carried out an update of the cybersecurity products with T-Mobile Poland and thus significantly increased the number of subscribers. In addition, the development of existing customers remained solid and positive. Overall, the subscriber base increased by 71% in 2023 as a result.

cyan was able to build on these successes in the first months of 2024. A partnership was established with Orange Spain, a company from the Orange Group, to offer cybersecurity solutions for all Orange customers in the Spanish market. The strategy program that has also been initiated is driving improvements in the areas of product, markets, internal processes, and administration. A cornerstone on the product side in the core market OnNet, is an improved product under the name “OnNet Core”, which enables significantly faster implementation through a cloud-based rollout. On the market side, cyan plans to continue to grow strongly, particularly with technology and product partnerships in its core market of telecommunications, but also to advance into new industries such as the insurance sector. To this end, the company is focusing in particular on its endpoint-based solution based on the newly developed cyan SDK (Software Development Kit).