CyanConnode Holdings plc (LON:CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, has provided a trading update for the nine-month period ended 31 December 2021.
Highlights for the period
· Turnover of £6.8m (2020: £3.4m)
· Cash at 31 December 2021 of £1.1m (2020: £1.0m)
· Approximately £5.9m cash received from customers (2020: £2.9m)
· 455k modules delivered to customers (nine-months to 31 December 2020: 259k)
· 3.1k gateways delivered to customers (nine-months to 31 December 2020: 0.2k)
John Cronin, CyanConnode’s Executive Chairman, commented:
“We have continued to make solid progress during the financial year with successful deployments which have led to record turnover and cash collection. I am also pleased to confirm that the Company expects to meet market forecasts for the current financial year.”
CyanConnode is a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, which are used for machine to machine (M2M) communication. As well as being self-forming and self-healing, CyanConnode’s RF Smart Mesh Networks are designed for rapid deployment, whilst giving exceptional performance and competitive total cost of ownership.
In June 2018, the company launched its award-winning Omnimesh Advanced Metering Infrastructure (AMI) platform, which has already gained considerable commercial traction, especially in India which is a key market for the Company.
Through a Global partner eco-system, which is vendor agnostic, the company has several routes to market, therefore it is well positioned to capitalise upon increasing Global demand for smart metering solutions.