CyanConnode Holdings plc (LON:CYAN), a global provider of IoT communication and smart metering solutions, has announced a trading update for the 12 months ended 31 March 2026.
The Company expects to report revenues of in excess of £20 million (subject to audit) (FY2025: £14.2 million) for the period. A significant proportion of this revenue relates to the Company’s Goa project, for which installation has now commenced. The first meters, along with an integrated software platform and related services, were successfully implemented during H2 FY2026. This project represents CyanConnode’s first contract as an Advanced Metering Infrastructure Service Provider.
During the second half of FY2026, the Company moved toward completion of its new product suite, including the FG28 module, cellular modules and In-Meter Gateways, which have significantly lower costs to the Company. In anticipation of the new product launch, certain hardware shipments were deferred by the Company, leading to a lower proportion of the revenue for the year relating to the part of the Group’s business where it acts as a subcontractor, supplying only its communication technology. Hardware shipments are expected to increase following the new product launch, targeted for H1 FY2027.
A total of £10.8m cash was collected from customers (£11.6m at constant currencies) during the period (compared to £14.2m for FY 2025). Approximately £2.3m of the £10.8m collected related to trade receivables from FY 2025 and £8.6m related to FY 2026 trade receivables. The Company wishes to clarify that at the time of the FY2026 interim results, cash collection since 30 September 2025 was £1.6m, as stated, of which £0.3m related to trade receivables from FY2025, and £1.3m related to trade receivables from FY2026.
The Company continues to make steady progress with several long-term prospective projects in the APAC region and the Middle East. These opportunities are moving closer to order stage and, if secured, would represent good growth potential for the Group. In addition, CyanConnode has been active in participating in a number of tenders, both as an AMISP and as a sub-contractor in India.
