CyanConnode Holdings Plc (LON:CYAN) has struck a pivotal $7.5 million unsecured convertible loan agreement with Smart Sustainability Solutions, marking a strategic shift in how the company fuels its growth in India’s massive smart meter market. With competitive lending terms and flexibility around equity conversion, this deal positions CyanConnode to accelerate project delivery without shareholder dilution, a key concern CEO John Cronin directly addresses. Even more compelling, the company is targeting 10 million meters as a lead bidder and 76 million more as a subcontractor, revealing a dual-pronged strategy to capture a substantial slice of a $10 billion opportunity.
CyanConnode Holdings Plc designs and develops Narrowband RF Mesh Networks for smart metering and IoT communications, with a strong footprint in India’s energy infrastructure sector.
CyanConnode Holdings plc has secured its largest contract to date, marking a significant milestone in India’s ambitious smart metering initiative. The company has been awarded a contract to supply 6.5 million Omnimesh communication modules, a move that nearly doubles its existing order book in India from 6.6 million to 13.1 million units.
This substantial contract encompasses the provision of Omnimesh Modules, Advanced Metering Infrastructure (AMI), standards-based hardware, Omnimesh Head-End Software, a perpetual license, and a comprehensive support and maintenance agreement. The deployment is scheduled to commence in the second half of FY2025, with installations expected to be completed over a 27-month period, followed by a 93-month support phase.
India’s smart metering market is experiencing rapid growth, driven by government initiatives aimed at modernising the country’s energy infrastructure. The market is projected to reach USD 3,179.5 million by 2032, growing at a compound annual growth rate (CAGR) of 34.57% from USD 219.7 million in 2023 . CyanConnode’s strategic focus on this market positions it to capitalise on the increasing demand for efficient energy management solutions.
In addition to the 6.5 million module contract, CyanConnode’s Indian subsidiary, DigiSmart Networks, has secured a £70 million contract to deploy approximately 750,000 smart meters in Goa. This project marks the company’s first major undertaking as an Advanced Metering Infrastructure Service Provider (AMISP) and includes the supply of smart meters, RF and cellular communications, cloud services, and a meter data management system.
CyanConnode’s Omnimesh technology, based on IPv6 narrowband RF mesh networks, is designed to enable utilities to gather accurate and timely customer metering data. This supports loss reduction programmes and enhances energy cost efficiency, addressing India’s significant power loss challenges, which amount to approximately $32 billion annually due to inefficient infrastructure and metering issues.
The company’s commitment to local engagement is evident through its establishment of a local team in India and manufacturing facilities aligned with the ‘Make in India’ programme. CyanConnode has also established a significant in-country partner ecosystem encompassing multiple meter manufacturers, system integrators, and utilities.
CyanConnode Holdings plc (LON:CYAN) is a world leader in the design and development of Narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications.
CyanConnode Holdings plc (LON:CYAN), a global provider of IoT communication and smart metering solutions, has announced that it has entered into a US$7.5 million unsecured convertible loan note agreement with a Middle Eastern climate company, Smart Sustainability Solutions Limited, which is a wholly-owned subsidiary of a publicly owned, Abu Dhabi based global investment company.
The US$7.5 million will be used to fund the Company’s working capital and capital expenditure requirements and to repay the short-term loan announced on 19 March 2025.
Key Loan Note Terms
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Unsecured loan amount: US$7.5 million
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Coupon: 7% per annum, payable on redemption or at the time of conversion
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Term: 60 months from the date of issuance
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Redemption: The Company may redeem the Loan Note in full at any time between 36 and 60 months from the date of issuance
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Conversion: If the Loan Note has not been redeemed during its Term, the principal, together with any accrued but unpaid interest, may be converted after the 60-month maturity date into equity in CyanConnode or one or more of its subsidiaries, associates, or group companies. Conversion is at the election of the Lender but subject to mutual agreement with the Company regarding the conversion price and the entity or entities into which it may convert. Any conversion into CyanConnode equity shall not result in a breach of Rule 9 of the UK Takeover Code
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Conversion Price: To be determined based on fair market value, subject to agreement between the Company and the Lender
In addition, the Company is in discussions with various potential funders regarding project funding for specific projects, both won by and to be awarded to its Indian subsidiary, DigiSmart Networks Private Limited (“DigiSmart”). Any such infrastructure project funding would be structured on a project level and remain separate from CyanConnode.
DigiSmart was empanelled in 2024 as an Advanced Metering Infrastructure Service Provider (“AMISP”), enabling it to bid directly on smart metering tenders under India’s Revamped Distribution Sector Scheme (RDSS). Currently, 110.4 million smart meters – worth an estimated US$10.2 billion – remain to be awarded to AMISPs across India.
DigiSmart is initially targeting approximately 10 million of these meters, representing a solid commercial pipeline that will require infrastructure-type project funding into CyanConnode’s Indian subsidiaries. In addition, a further 76.1 million meters remain available for allocation to OEM subcontractors under the RDSS programme – a pool from which CyanConnode Private Limited, the Company’s Indian subsidiary, is exceptionally well placed to benefit given its proven technology and established market presence.
This loan funding from the Lender is expected to strengthen CyanConnode’s ability to pursue major opportunities in India and expand into other high-growth markets.
John Cronin, Group CEO of CyanConnode, commented:
“We are thrilled to have finalised this loan note agreement, which follows our announcement last week regarding the Letter of Award to DigiSmart for approximately £70 million, for smart meters to be deployed in Goa. Securing this loan on favourable terms helps the Company to capitalise on growing demand for its smart metering solutions.”
CyanConnode, a leader in IoT communication and smart metering solutions, is undergoing a significant transformation. With a recent £70 million contract to deploy approximately 750,000 smart meters in Goa, India, and a strategic leadership restructuring, the company is poised for accelerated growth in the global smart energy sector.([DirectorsTalk Interviews][1])
The appointment of John Cronin as CEO and Björn Lindblom as non-executive chairman marks a pivotal moment for CyanConnode. Cronin, previously serving as executive chairman, brings a wealth of experience from his tenure at Cronin Business Solutions and as founder of Azure Solutions Telecoms. His transition to CEO allows him to concentrate on driving the company’s operational development during this critical growth phase. Lindblom, who joined the board in January 2024, steps into the role of non-executive chairman. Lindblom’s extensive background includes leading Connode AB until its acquisition by Cyan plc in 2016, forming CyanConnode. His experience in scaling IoT companies and pioneering radio-based smart metering in the Nordic markets will be invaluable in his new role.
The company’s recent £70 million contract underscores its position as a key player in the smart metering industry. This project involves the deployment of around 750,000 smart meters, further solidifying CyanConnode’s presence in the market. The company’s share price stands at 7.93p, with a market capitalisation of £28.46 million, reflecting investor confidence in its strategic direction.
CyanConnode’s Omnimesh technology, based on IPv6 6LoWPAN, offers scalable and secure solutions for Advanced Metering Infrastructure (AMI) deployments. This technology enables utility companies to remotely monitor and control energy usage efficiently, supporting the development of smart grids. The company’s focus on narrowband RF mesh networking positions it well to meet the growing demand for smart metering solutions globally.
CyanConnode Holdings plc (LON:CYAN) is a world leader in the design and development of Narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications.
CyanConnode Holdings Plc (LON:CYAN) strategic shift is already showing results. In this interview, Group CEO John Cronin reveals how the company’s Indian subsidiary, DigiSmart Networks, has secured a £70 million contract with the Government of Goa to deliver an end-to-end smart metering rollout. With improved margins, recurring revenues, and greater control through its AMISP model, CyanConnode is shifting into high gear, and this first phase in Goa could just be the beginning. Cronin also shares how this win is energising talks with strategic investors and positioning the business for further AMISP wins across India.
CyanConnode is a world leader in Narrowband RF mesh networks for smart metering and IoT applications. The company partners with utilities and system integrators globally, advancing energy digitalisation projects across India, Southeast Asia, the Middle East, and Europe.
CyanConnode Holdings PLC (LON:CYAN), a global provider of IoT communication and smart metering solutions, has confirmed that, further to its announcement on 14 April 2025 regarding the Government of Goa’s Electricity Department’s intention to award a contract worth approximately £70 million to its Indian subsidiary, DigiSmart Networks Pvt. Ltd., it has now received a formal Letter of Award by the Government of Goa’s Electricity Department for this contract, to deploy approximately 750,000 smart meters.
This confirms the contract award and the next step is for a formal work order to be issued, after which the project will commence.
CyanConnode Holdings plc (LON:CYAN), a global provider of IoT communication and smart metering solutions, has announced that Björn Lindblom, current independent Non-Executive Director, is to take up the role of Non-Executive Chairman and that John Cronin will transition from Executive Chairman to Group Chief Executive Officer (CEO). These changes are effective immediately.
Björn, who joined the Board in January 2024, will continue as Chair of the Remuneration Committee and as a member of the Audit and Nominations Committees. Previously, he was CEO of Connode AB until its acquisition by Cyan plc in 2016, which led to the formation of CyanConnode.
He is a successful serial entrepreneur with a strong corporate background in the communications industry with experience at companies including Ericsson and MCI WorldCom. Over the past 20 years, he has founded and scaled several IoT companies and was a pioneer of radio-based smart metering in the Nordic markets.
He has served as CEO, Chairman, and Board member of various technology companies, including Allgon AB, a Swedish industrial radio control company formerly listed on Nasdaq First North. He is currently Co-Founder and Chairman of Luvly AB, a company developing and marketing sustainable electric vehicles.
Commenting, Björn Lindblom, Chairman, said:
“The business is entering a transformational phase and anticipates substantial growth in the coming years. Now is the right time to strengthen governance and enhance Board independence.”
John Cronin, CyanConnode Group CEO, said:
“We are delighted that Björn is taking up his new role as independent Non-Executive Chairman. His deep industry experience and long-standing knowledge of the Company will be invaluable as we move forward. This decision also enables me to focus fully on driving the operational development of the business.”
India’s power sector is undergoing a transformative shift, with smart meters at the forefront of this evolution. As the nation accelerates its adoption of advanced metering infrastructure, investors are presented with a compelling opportunity to engage in a rapidly expanding market poised for significant growth.
The Indian government’s ambitious goal to install 250 million smart meters by 2027 is a testament to its commitment to modernising the energy sector. This initiative, part of the Revamped Distribution Sector Scheme (RDSS), aims to enhance grid efficiency, reduce power theft, and provide consumers with real-time energy consumption data. As of October 2024, approximately 117.7 million meters have been sanctioned, with 14.5 million already installed, indicating substantial progress and a robust pipeline for future deployments.
The financial implications of this rollout are substantial. The smart meter market in India is projected to reach USD 3,179.5 million by 2032, growing at a compound annual growth rate (CAGR) of 34.57% from USD 219.7 million in 2023. This growth is driven by the need for efficient energy management, reduction of aggregate technical and commercial (AT\&C) losses, and the integration of renewable energy sources into the grid.
Key players in the industry are capitalising on this momentum. Companies like IntelliSmart are actively installing millions of smart meters across the country, while others are exploring innovative financing models to support large-scale deployments. The integration of smart meters is also facilitating the development of smart grids, enabling better demand response, load forecasting, and integration of distributed energy resources.
For investors, the smart meter revolution in India offers a multifaceted opportunity. Beyond the immediate hardware installations, there is potential in software development for data analytics, cybersecurity solutions to protect grid infrastructure, and services related to customer engagement and energy management. Additionally, the push towards smart metering aligns with global sustainability goals, making investments in this sector not only financially rewarding but also socially impactful.
India’s aggressive push towards smart metering is reshaping its energy landscape, offering investors a dynamic and lucrative avenue for engagement. The convergence of government policy, technological advancement, and market demand positions the smart meter sector as a cornerstone of India’s energy future.
CyanConnode Holdings plc (LON:CYAN) is a world leader in the design and development of Narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications.
India’s ambitious drive to modernise its power distribution through smart metering is gaining significant momentum. With over 20 million smart meters installed and daily installations reaching 80,000 units, the nation’s energy infrastructure is undergoing a transformative shift. This rapid advancement presents substantial opportunities for investors keen on capitalising on the evolving energy sector.
The Revamped Distribution Sector Scheme (RDSS), launched in June 2021 with an outlay of Rs 3.03 trillion and a budgetary support of Rs 976.31 billion, aims to reduce aggregate technical and commercial (AT&C) losses to 12-15% and bridge the average cost of supply-average revenue realised (ACS-ARR) gap by March 2026. As of January 2025, over 20 million smart meters have been installed, marking a significant milestone. The daily installation rate has surged from approximately 11,000-12,000 meters a year ago to 80,000 meters, with expectations to reach 100,000 meters per day.
Despite initial challenges, including technical issues and the transition from post-paid to prepaid metering, the government has intensified efforts to accelerate execution. Smart metering works with an outlay of Rs 1,306.71 billion have been sanctioned for 45 distribution companies across 28 states and union territories, targeting 197.9 million consumers. More than 58% of these works have been awarded and are at various stages of execution.
To facilitate this massive rollout, the government has adopted a model where Advanced Metering Infrastructure Service Providers (AMISPs) implement smart metering through a total expenditure mode. This approach eliminates the need for upfront capital expenditure by distribution utilities, allowing them to pay monthly costs per meter to the AMISP. Additionally, the government provides grants of up to Rs 900 per consumer meter (Rs 1,350 for special category states) and incentives of Rs 450 (Rs 675 for special category states) per consumer meter for prepaid smart meters installed within targeted timelines.
A critical enabler of this smart metering expansion is the adoption of Wi-SUN FAN (Field Area Network) technology. Wi-SUN FAN offers a highly secure, scalable, and standards-based wireless mesh network, ideal for large-scale deployments. Its self-healing mesh structure ensures resilience, allowing communications to continue even if part of the network fails. This technology supports various applications, including electricity and gas metering, smart lighting, and water management, benefiting utility companies and municipalities.
The Bureau of Indian Standards (BIS) has adopted the Wi-SUN FAN specification as the national standard for India’s smart meter radio frequency communication networks. This move underscores the importance of interoperability and security in the nation’s smart metering initiatives. Companies like Comminent, Renesas Electronics, and Silicon Labs have achieved Wi-SUN FAN certification for their products, ensuring compliance with the specification and guaranteeing interoperability, security, and resilience.
India’s commitment to deploying over 250 million smart meters in the coming years, coupled with the integration of advanced technologies like Wi-SUN FAN, positions the country as a significant player in the global smart metering landscape. Investors have a unique opportunity to engage with a market poised for exponential growth, driven by government support, technological advancements, and a clear roadmap for implementation.
CyanConnode Holdings plc (LON:CYAN) is a world leader in the design and development of Narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications.
CyanConnode Holdings plc (LON:CYAN), a global provider of IoT communication and smart metering solutions, has providesd trading update for the financial year ended 31 March 2025.
The Company has continued to experience strong demand for its smart metering solutions, and this is reflected in the substantial increase in its contracted outstanding order book, which grew from approximately £50 million as at 31 March 2024 and now stands at approximately £180 million. The majority of these orders are expected to convert into revenue over the next two to three years, underlining the strength and resilience of CyanConnode’s business model.
During FY25, the Company secured its largest contract to date for the deployment of 6.5 million units, along with associated modules, gateways, software, and services. Shortly after the financial year-end, CyanConnode achieved a further significant milestone by winning its first engagement as an Advanced Metering Infrastructure Service Provider (AMISP) worth c.£70 million from the Government of Goa.
In line with prior years, CyanConnode had anticipated receiving the majority of its FY25 revenue in Q4 (January to March 2025), and indeed weighted towards the latter part of the quarter, as historically its major Indian customers – whose financial year-end is also 31 March – have requested substantial shipments to be made during this period to utilise their budgets. However, this year, large shipments expected in March 2025 did not materialise. This was due in large part to the impact of local and national elections in India, which temporarily delayed decision-making processes, and also some consumer resistance to the transition to prepaid smart metering models, which, although addressed by regulatory frameworks, caused operational delays on the ground.
It is important to stress that underlying customer orders remain fully intact, and there is no change in the Government of India’s strong policy commitment to the nationwide transition to smart metering. The Government of India has also expanded its ambition, increasing the target deployment of smart meters from 250 million to 330 million, further reinforcing the scale of the opportunities for CyanConnode.
Consumer resistance is being actively overcome, supported by regulatory frameworks which require customers to accept the installation of smart meters once proper notification and procedures are followed. Distribution companies (DISCOMs) have the statutory authority to enforce the rollout, and this is providing greater certainty over future deployment schedules.
However, as a result of these timing shifts and resultant delay in shipments, the Board now expects FY25 revenue to be approximately £14 million (subject to audit which is at a very early stage), and the Company will report an EBITDA loss for the period. While it is too early in the audit cycle to determine the precise quantum of loss, it is expected to be in a similar region to last year. Cash at 31 March 2025 was £5.8 million, and cash received from customers during the year totalled £14.2 million.
The Company is seeing positive momentum entering FY26, with approximately 350,000 Omnimesh modules shipped to customers in April 2025, compared to 39,000 modules in April 2024, reflecting the impact of delayed shipments being fulfilled.
John Cronin, Executive Chairman of CyanConnode, commented:
“The growth in our order book over the past year, driven by securing exciting new contracts both as a subcontractor and as the lead contractor (AMISP), and by aligning our strategy with our projected growth plan, has been not only rewarding but also proof that we are on the right path.
Based on historical trends, where a significant percentage of our revenues were recognised during the month of March, we anticipated a similar surge this year. However, that surge did not materialise as expected, and it is clear that we must learn from this experience and take appropriate action going forward. We will reassess our business forecasts on a more conservative basis to ensure they align more closely with the implementation rate of the smart metering roll-out in India.
It is important to emphasise that the affected revenues have not been lost. The order book and pipeline remain strong, showing no signs of a decline in long-term demand, and we have already observed a substantial increase in shipments during April 2025.
Ultimately, we remain confident in the Group’s strategic position, the resilience of its technology and service offering, and its medium-to-long-term growth prospects.”
CyanConnode has secured a transformative £70 million contract through its Indian subsidiary, DigiSmart Networks, to deploy approximately 750,000 smart meters across Goa. This landmark agreement not only marks the company’s first major project as an Advanced Metering Infrastructure Service Provider (AMISP) but also propels its total order book to an impressive £180 million, underscoring its pivotal role in India’s energy infrastructure modernisation.
The contract, sanctioned by the Government of Goa’s Electricity Department, positions DigiSmart as the lead consortium member responsible for delivering a comprehensive end-to-end solution. This encompasses the supply of smart meters, RF and cellular communications, cloud services, and a meter data management system. The project is slated to commence in the first quarter of FY 2026, featuring a 27-month implementation phase followed by a 93-month support and maintenance period.
This achievement follows DigiSmart’s empanelment as an AMISP in mid-2024, a strategic move that enabled the company to bid for and lead smart metering projects in India. Previously operating solely as a communications supplier, CyanConnode’s transition to a lead provider role signifies a substantial enhancement of its capabilities and market position.
Financially, CyanConnode is well-prepared to undertake this extensive project. In March 2025, the company secured a £5 million unsecured loan from its major shareholder, Axia Investments Limited, bolstering DigiSmart’s cash reserves and providing additional working capital. This financial backing ensures the project’s smooth initiation and execution.
The significance of this contract extends beyond immediate financial gains. It validates CyanConnode’s strategic direction and enhances its credentials as an AMISP, thereby increasing its competitiveness in securing future tenders. The company’s executive chairman, John Cronin, emphasised that this success is poised to deliver a step change, accelerating CyanConnode’s future revenue growth and profitability.
CyanConnode’s innovative technology, particularly its Omnimesh platform based on IPv6 narrowband RF mesh networks, plays a crucial role in this project. Designed to enable utilities to gather accurate and timely customer metering data, Omnimesh supports loss reduction programmes and enhances energy cost efficiency. This technology is instrumental in addressing India’s significant power loss challenges, which amount to approximately $32 billion annually due to inefficient infrastructure and metering issues.
With a proven track record in deploying smart metering solutions across various regions, including the UK, Iran, Bangladesh, and Europe, CyanConnode is well-positioned to contribute significantly to India’s ambitious goal of transitioning to smart prepaid electricity meters. The company’s commitment to local engagement is evident through its establishment of a local team in India and manufacturing facilities aligned with the ‘Make in India’ programme.
CyanConnode Holdings plc (LON:CYAN) is a world leader in the design and development of Narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications.
At ELECRAMA 2025, Ajoy Rajani, Executive Vice Chairman, MD, and CEO of CyanConnode discussed the company’s latest innovations in smart metering communication technologies. CyanConnode is at the forefront of developing solutions that enhance the efficiency and scalability of energy management systems.
Key Innovations Highlighted:
In-Meter Gateways: These gateways integrate communication systems directly within smart meters, reducing the need for external devices. They dynamically adapt to network conditions, forming mesh networks or switching to cellular backhaul as needed, ensuring reliable communication even in challenging environments.
Long-Range Radio Technology: Designed for rural and hard-to-reach areas, this technology enables reliable communication over distances up to 10 kilometers, reducing infrastructure costs and ensuring seamless connectivity across diverse terrains.
AI-Powered Cellular Solutions: Equipped with dual-SIM technology and AI-based network switching, these solutions maintain continuous connectivity by selecting the strongest available network, enhancing service reliability and data integrity.
Universal Head-End System (UHES): This platform supports multiple communication technologies, including RF, cellular, and PLC, within a unified interface, allowing utilities to manage diverse meter types efficiently and scale their networks with ease.
CyanConnode’s innovations address challenges related to interoperability and scalability in diverse utility environments. Their solutions are built on open standards, ensuring compatibility with various meter types and communication technologies, which eliminates vendor lock-in and facilitates seamless integration into existing systems. This flexibility allows utilities to adopt and upgrade technologies without disrupting current operations.
At ELECRAMA 2025, CyanConnode showcased these advancements, emphasizing their commitment to supporting India’s smart grid modernization goals. Their exhibit featured live demonstrations and interactive displays, illustrating how their technologies enhance reliability, scalability, and cost-effectiveness in smart energy systems.
CyanConnode Holdings plc (LON:CYAN) is a world leader in the design and development of Narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications.
CyanConnode Holdings PLC (LON:CYAN), a global leader in narrowband Radio Frequency (RF) smart mesh networks, has announced that its Indian subsidiary, DigiSmart Networks Pvt. Ltd., has been issued a Letter of Intent (LOI) for a total contract worth approximately £70 million from the Government of Goa’s Electricity Department to deploy approximately 750,000 smart metres.
In May and June 2024, DigiSmart announced it had been empanelled as an Advanced Metering Infrastructure Service Provider (AMISP) enabling the Company to bid for and lead smart metering projects in India, using both RF and cellular technology. Previously, the Company operated solely as a communications supplier to the lead bidders for such projects. Today’s announcement marks the Company’s first LOI as an AMISP.
Following a successful tender process conducted by the Government of Goa’s Electricity Department, the state cabinet has now approved the project, appointing DigiSmart as the lead consortium member responsible for installing the meters, communications (RF and cellular), cloud services and meter data management system and has issued the LOI for this project. The full work order is anticipated to be issued over the coming weeks with work then expected to start this quarter following network planning and the agreement of contracts with sub-contractors.
Key Highlights and Benefits of the AMISP contract
· DigiSmart will project manage and deliver a comprehensive end-to-end solution.
· The project is anticipated to begin within the next few months (Q1 of FY 2026) and will comply fully with all requirements outlined in the Revamped Distribution Sector Scheme (“RDSS”). The implementation phase will last for 27 months, after which a support and maintenance period of 93 months will follow.
· Existing expertise, third-party partnerships, and personnel are in place to implement the project.
· DigiSmart will directly supply meters, RF and cellular communications, its core services, and for the first time control the timing of implementation.
· Non-core services will be outsourced to trusted and experienced suppliers.
As announced on 19 March 2025, CyanConnode secured a £5 million unsecured loan from its major shareholder, Axia Investments Limited. The loan supports DigiSmart’s cash reserves for the project and will also provide additional working capital.
Following this milestone contract, CyanConnode’s outstanding order book has grown to approximately £180 million, with revenue expected to be realised over the next 10 years, although the majority is anticipated to be recognised within the next two to three years. Given this accelerating momentum and the expansion of its business scope, the Company is actively engaging with strategic financing investors to further support and enhance its growth potential as an AMISP.
John Cronin, Executive Chairman of CyanConnode, said:
“Securing our first major AMISP contract represents a pivotal achievement, and this landmark £70 million Goa smart metering LOI marks a significant milestone for the Company. The contract validates our strategy, firmly establishes our credentials as an AMISP, and substantially enhances our ability to secure further tenders. This success is set to deliver a step change, accelerating CyanConnode’s future revenue growth and profitability.”
Investor sentiment is shifting as concerns grow around the valuations of large US technology firms. In response, many are turning their attention to overlooked opportunities in the UK tech sector. A combination of more attractive valuations, sector-specific innovation, and growth potential is drawing investors to UK-listed technology stocks.
Among those gaining attention are Cerillion plc, itim Group plc, Tern plc, and CyanConnode Holdings Ltd, each positioned in different areas of the technology market but benefiting from renewed interest in UK-based innovation.
Cerillion provides billing, charging, and customer relationship management software, primarily for the telecommunications sector. The company reported strong financial results for the fiscal year ending 30 September 2024, with revenue up 12% to £43.8 million and adjusted pre-tax profit rising 18% to £19.8 million.
Despite this performance, its share price recently declined 13% over a three-month period, leading some to see it as undervalued and a potential opportunity for value-focused investors.
itim Group develops SaaS solutions to help store-based retailers compete more effectively with online competitors. Its technology, underpinned by artificial intelligence, focuses on price optimisation, stock control, and supplier collaboration.
With physical retailers continuing to digitise their operations, itim Group’s offering is well positioned to support that transition and attract institutional interest.
Tern is a technology investment company with a particular focus on the Internet of Things (IoT). Rather than offering a single product or service, Tern gives investors exposure to a portfolio of innovative private IoT firms.
Its strategy is to identify early-stage companies with scalable business models and to support them as they expand, providing potential upside across multiple holdings.
CyanConnode is a specialist in narrowband RF mesh networking, used predominantly in smart metering and IoT systems. The company is active in several large-scale deployments, particularly in India.
A recent £5 million unsecured loan facility from an existing investor has strengthened its balance sheet and will support ongoing rollout and project delivery. This backing signals confidence in the company’s direction and prospects.
The renewed focus on UK technology stocks comes as part of a broader trend of rebalancing away from high-growth, high-valuation US tech names. UK companies like Cerillion, itim Group, Tern, and CyanConnode offer differentiated technology and, in some cases, more grounded valuations.
For investors seeking alternatives with strong growth narratives, the UK tech sector may present an underappreciated opportunity.
CyanConnode Holdings PLC (LON:CYAN), a global leader in narrowband Radio Frequency smart mesh networks, has announced that its substantial shareholder Axia Investments Limited is providing the Company with a £5 million unsecured loan to support near-term opportunities to grow the business.
Strategic Rationale and Growth Acceleration
The Company’s Indian subsidiary, DigiSmart Networks Private Limited (“DigiSmart”), qualified last year as an Advance Metering Infrastructure Service Provider (“AMISP”), positioning CyanConnode to bid directly for large-scale smart metering tenders in India.
AMISP tenders require bidders to demonstrate access to upfront capital, and the funding from Axia Investments ensures that DigiSmart is well-prepared to participate in and secure these high-value contracts.
The loan, which the Company intends to draw down in full, is primarily in place to support current AMISP bids nearing completion, as well as to provide working capital.
Axia Investments Ltd, a family office fund advised by Doxa Partners LLP commented:
“We are pleased to be able to support CyanConnode. We understand the importance of ensuring it has the capital to execute on the market opportunities before it. The Company’s track record in India is impressive and the market opportunity is significant.”
John Cronin, Executive Chairman of CyanConnode, commented:
“The Indian smart metering market continues to gain momentum, and we are seeing a high level of activity. It’s a pleasure to work with Axia, our major shareholder, who not only closely monitors the market but also has a deep understanding of our business and the opportunities ahead. The new capital will enable us to bid for, and hopefully win, near-term AMISP tenders while maintaining a strong balance sheet.”
Long-Term Financing and Growth Strategy
In addition to securing this loan, the Company is actively assessing a range of long-term financing options to support its accelerating growth and ensure CyanConnode maintains the financial flexibility to capitalise on increasing demand for its smart metering solutions while driving continued expansion.
Key Loan Terms
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Amount: £5 million
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Term: Three months, with an option to extend for a further three months under certain circumstances at the Company’s discretion.
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Interest Rate: pro-rata 15% per annum, payable in cash at the time of repayment. Interest rate for the three-month term of the loan will therefore be 3.75% of the principal.
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Security: Unsecured.
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Arrangement Fee: None
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Board Appointment Right: while the loan is outstanding or Axia’s shareholding exceeds 13.8%, Axia shall have the right to convert their current Board observer position to a Board member position, subject to completion of satisfactory due diligence.
Related Party Transaction
Axia Investments Limited, by virtue of it holding more than 10 per cent. of the existing issued share capital of the Company, is classified as a related party under the AIM Rules for Companies and the Loan constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies.
Accordingly, the Directors of CyanConnode, all being independent Directors for the purpose of the above related party transaction, consider, having consulted with the Company’s nominated adviser, Strand Hanson, that the terms of the Loan are fair and reasonable insofar as the Company’s shareholders are concerned.
CyanConnode Holdings PLC (LON:CYAN), a global leader in narrowband radio frequency (RF) smart mesh networks, has announced that its subsidiary, CyanConnode India Pvt Ltd has secured two major follow-on orders for, in aggregate, 872,000 Omnimesh Modules from Montecarlo Limited (Montecarlo), a leading infrastructure conglomerate in India and an established partner of CyanConnode.
The orders include Omnimesh Next-Gen In-Meter Gateways, which integrate communication systems directly within smart meters, eliminating the need for externally mounted gateways and thereby simplifying and accelerating installations.
Key Points:
· These are the third and fourth orders from Montecarlo reflecting the strength of the partnership.
· The orders are part of the Indian government’s Revamped Distribution Sector Scheme (RDSS), which aims to install 250 million smart meters to improve billing efficiency, reduce power theft, and enhance the reliability of power supply.
· Deliveries are scheduled to commence within the next six weeks.
· Order book in India now over 14 million Omnimesh modules.
· As at 31 January 2025, 3.6 million modules have been shipped with an order backlog of 10.4 million Omnimesh modules.
Order Details:
1. Madhya Pradesh Smart Metering Project:
· An order for 474,572 Omnimesh modules, including Advanced Metering Infrastructure (AMI), standards-based hardware, Omnimesh Head-End Software (HES) with a perpetual license, and a comprehensive support and maintenance contract.
· This builds on CyanConnode’s initial January 2023 contract with Montecarlo, which covered 983,525 Omnimesh modules for Madhya Pradesh Poor Kshetra Vidyut Vitran Company Ltd (MPPKVVCL) in Jabalpur, aimed at enhancing the state’s power distribution and metering infrastructure.
2. Nagpur Smart Metering Project (Maharashtra):
· A new order for 398,000 Omnimesh modules, including Advanced Metering Infrastructure (AMI), standards-based hardware, Omnimesh Head-End Software (HES) with a perpetual license, and a comprehensive support and maintenance contract.
· This order adds to the earlier order of 1 million Omnimesh Modules for the Nagpur Smart Metering Project, further strengthening CyanConnode’s presence in Maharashtra.
Diverse Income Trust PLC
Separately, the Company was pleased to note that Diverse Income Trust PLC, in their recent Half-Yearly report, highlighted CyanConnode as a future potential global winner. See below link for the full report
John Cronin, Executive Chairman of CyanConnode, commented:
“I am delighted to announce these significant follow-on orders from Montecarlo for prestigious smart metering projects in Jabalpur, Madhya Pradesh and Nagpur, Maharashtra. Our earlier deployments in Madhya Pradesh, particularly in Indore, set industry benchmarks and became case studies for Distribution Companies (DISCOMs) across India, achieving returns on investment within two and a half years.
Securing repeat orders underscores the proven effectiveness of our cutting-edge, standards-based technology and highlights our deep expertise within India’s rapidly growing smart metering ecosystem. With these projects now secured in Madhya Pradesh and in Maharashtra, our Omnimesh RF mesh network technology continues to strengthen the backbone of India’s smart metering infrastructure.
We work well with Montecarlo and we are confident this collaboration will continue to flourish, further enhancing CyanConnode’s leading position in the industry.”
The UK technology sector continues to evolve as one of the most dynamic areas for investors, driven by advancements in software, artificial intelligence (AI), and the Internet of Things (IoT). For 2025, a range of companies across sectors like SaaS, telecom solutions, IoT, and even iGaming are capturing investor interest through innovation and strategic growth. This article explores some of the top UK-listed technology stocks to watch, offering insights into their operations, market positioning, and future growth potential. Whether you’re seeking exposure to established players or up-and-coming disruptors, this list highlights companies poised to make an impact.
Cerillion plc (LON:CER) provides telecom software solutions and enterprise cloud solutions. It has established a reputation within the global telecoms market for being a leading supplier of carrier-grade, enterprise billing and CRM software, supporting fixed wire, mobile, broadband and TV communications service providers.
Strix Group plc (LON:KETL) is a global leader in the innovation, design, manufacture and supply of kettle safety controls, heating and temperature controls, steam management and water filtration technologies. They estimate their controls are used approximately 1.2 billion times per day, in more than 100 countries, by over 10% of the world’s population.
CyanConnode Holdings Plc (LON: CYAN) is a world leader in the design and development of Narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications.
Tern PLC (LON:TERN) is an AIM-listed provider of venture capital to exciting IoT innovators seeking scale and market share.
They provide its investors with a unique opportunity to capitalise on the rapid growth of IoT having developed a portfolio that has delivered solid NAV growth since set up in 2013.
itim Group plc (LON:ITIM) is a SaaS-based technology company that enables store-based retailers to optimise their businesses to improve financial performance and effectively compete with online competitors. ITIM’s advanced AI engine optimises pricing and stock levels, and integrates with suppliers for efficient collaboration.
If you are looking to diversify into a Nasdaq stock, Golden Matrix Group, Inc. (Nasdaq: GMGI) is one of the world’s leading iGaming groups, offering casino, sportsbook, and competition products. It has an innovative and proprietary technology platform that enables configurable and scalable iGaming platforms and operate some of the industry’s most iconic brands, including Meridianbet, Expanse Studios, MexPlay, R Kings Competitions, Classics For A Cause and GM-AG.
CyanConnode Holdings plc (LON:CYAN), a world leader in narrowband radio frequency (RF) smart mesh networks, has announced the appointment of Mr Lyndon Faulkner to the board as a Non-Executive Director with immediate effect.
Lyndon brings over thirty years of visionary leadership as a senior business executive, having held key positions at major international organisations. His career includes roles as Chairman & CEO of Pelican Products, General Manager of Microsoft Corporation (Nasdaq: MSFT), and executive roles at Technicolor Home Entertainment and Nimbus CD International (Nasdaq: NMBS). Lyndon has also served as a senior adviser to numerous companies in the private equity space.
He has a proven track record of driving profitable businesses and helping bring industry-shaping products and technologies to market including the Compact Disc, CD’s Digital Video Disc, DVD’s at Nimbus/Technicolor and illustrious products like Microsoft Windows, Office XP and XBOX. This track record also includes preparing and taking a company public through an IPO, executing numerous international corporate mergers and acquisitions, and generating revenue through international and domestic business expansion.
In his role at CyanConnode, Lyndon will serve as a senior adviser, focusing on investor relations and strategic growth. He will not receive cash remuneration; instead, he will be compensated with share options, the details of which will be announced later today when the options are issued.
John Cronin, Executive Chairman, commented:
“I’m delighted to welcome Lyndon to the Board at this pivotal time for CyanConnode. His extensive experience in scaling technology companies and advising on corporate strategies across businesses of all sizes will be of immense value to us.”
Further information on Lyndon’sappointment:
The following details in relation to the appointment of Lyndon Faulkner are disclosed in accordance with AIM Rule 17 and Schedule 2(g) of the AIM Rules:
Lyndon John Faulkner (aged 64) has held the following directorships and/or partnerships in the past five years.
Current Directorships/Partnerships
Past Directorships/Partnerships (last five years)
LJF Investments LLC
Pelican Products Inc
Sweet Elle Furniture & Fabrics LLC
Waterline Renewable Technologies Inc
Bel Air Country Club
Hardigg UK Limited
Cool Logistics Limited
Peli Biothermal Limited
Peli Biopharma SL
Peli Product SL
Pelican Products and Services India Private Limited
Pelican Business Consulting (Shanghai) Co., Ltd
Lyndon Faulkner holds no shares in the Company.
There is no further information to be disclosed in relation to Lyndon Faulkner’s appointment pursuant to AIM Rule 17 or Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.
CyanConnode Holdings (LON:CYAN), a technology leader in smart metering solutions, has released its interim results, affirming a strong performance outlook for 2024. Despite a slight revenue dip in the first half compared to a stellar 2023, the company’s robust backlog and recent contract wins set it up for a promising second half. Panmure Liberum analyst Harvey Robinson praised CyanConnode’s market positioning, saying, “CyanConnode is well placed to capture meaningful share of the Indian smart meter market with a win rate of 25% by volume.” This statement highlights CyanConnode’s growing dominance, especially in India, where it already commands around 14% of the smart metering market base.
A significant highlight from the interim results is the company’s increasing backlog, which has more than doubled to 13.1 million units. CyanConnode expects to deploy approximately 9.7 million units in the latter half of the financial year, with a substantial revenue impact anticipated in the fourth quarter due to seasonal business trends. Analyst Harvey Robinson also highlighted the company’s expanding contribution from software and services, now accounting for 20% of revenues, which has boosted the gross margin to 41%. He notes that “gross profit improved to £2.3 million from £1.8 million in H1 FY24, with the gross margin increasing by 10% from 31% to 41%.”
India continues to be a central pillar of CyanConnode’s growth, especially with the recent Letter of Award (LOA) from a global partner, covering 6.5 million Omnimesh Modules and related infrastructure. The agreement, Robinson explains, is crucial as it “doubled the cumulative orders to 13.1m and significantly increases the backlog from 3.5m (at FY24A) to 9.7m.” Additionally, CyanConnode has secured a $1 million follow-on order in the MENA region, indicating steady progress beyond India, further diversifying its geographical footprint and revenue sources.
In a recent funding development, CyanConnode Holdings raised £5.4 million through an oversubscribed placing and subscription, which has strengthened its balance sheet and supported its financial targets. This has led Panmure Liberum to maintain a Buy rating on the stock, with a target price of 18.5p. CyanConnode’s commitment to innovation, such as a new gateway version optimised for longevity, positions it for sustainable profitability. Robinson concludes that, “Importantly we expect the business to become profitable in FY25E, driven by the revenue increase and improved gross margin.”
Final Thoughts
CyanConnode’s interim results underscore its readiness for a successful second half of 2024 and highlight its potential for sustainable growth in FY25. With strong gains in gross margin, increased contributions from software and services, and strategic market footholds in India and the MENA region, CyanConnode stands well-positioned for further expansion. As the company advances towards profitability, its trajectory remains one to watch.
CyanConnode Holdings plc (LON:CYAN), a world leader in narrowband radio frequency (RF) mesh networks, has announced its unaudited interim results for the six months ended 30 September 2024 (H1 FY 2025).
John Cronin, Executive Chairman, commented:
“The Indian smart metering market continues to gain momentum, with sanctioned tenders exceeding 200 million smart meters. Of this total, contracts for approximately 132 million smart meters have already been awarded to prime bidders, underscoring the Government of India’s commitment to install 250 million smart prepayment meters under the Revamped Distribution Sector Scheme (RDSS).
CyanConnode’s order book has demonstrated strong growth, more than doubling during this period from 6.3 million units at the start of the year to 13.1 million units. Our current backlog stands at 9.7 million units yet to be deployed, having increased substantially from 3.5 million units at the end of March 2024, with a significant portion of this expected for delivery in the second half of FY 2025. Historically, our revenue recognition is heavily weighted toward the final quarter of our financial year, as order completions and deployments often peak near year-end. We expect this seasonal trend to continue, with a substantial proportion of this year’s revenue materialising in Q4.
Given this pattern, we remain confident in meeting market expectations for FY 2025.
Our business outside of India is also progressing well. Since the end of September 2024, we have secured a follow-on order for the Middle East and North Africa (MENA) region, valued at over $1 million. This order is expected to be fulfilled within the current financial year, further supporting our revenue forecasts and expanding our international footprint.“
Financial Highlights
Full year revenue expectation unchanged, with the following highlights for H1 FY 2025
· Revenue of £5.6m (H1 FY 2024: £5.8m)
· Increase of 9% in software and services revenue as a percentage of total revenue from 11% in H1 FY 2024 to 20% in H1 FY2025
· Gross profit of £2.3m (H1 FY 2024: £1.8m), driven by an improvement in Gross Margin percentage of 10% from 31% in H1 FY 2024 to 41% in H1 FY 2025. This is partly as a result of a new version of gateway being sold, which does not use end-of-life components, and partly as a result of the increased software and services revenue as a proportion of total revenue
· Operating loss of £2.1m (H1 FY 2024 loss: £2.2m)
· Cash received from customers of £7.3m (H1 FY 2024: £7.4m)
· Cash and cash equivalents at end of period £3.7m (FY 2024: £0.9m)
· Completion of oversubscribed placing and subscription to raise £5.4 million (before expenses) at a premium to prevailing share price
Operational Highlights
· Major new contract won in India for 6.5 million Omnimesh RF Modules and associated products, doubling order book to 13.1 million units
· 265,000 Omnimesh RF Modules and associated products ordered from a subsidiary of IntelliSmart Infrastructure Private Limited
· CyanConnode India’s subsidiary, DigiSmart Networks Private Ltd successfully empanelled as an Advanced Metering Infrastructure Service Provider (“AMISP”) for both RF and cellular, making it eligible to bid for smart metering contracts under the Revamped Distribution Sector Scheme (RDSS)
· Setup of subsidiary in United Arab Emirates to promote business in the Middle East and North Africa (MENA) region
· Changes to the organisation to strengthen leadership in India and streamline global operations by having all engineering and operations reporting into the MD CEO of India
· Key milestones such as Site Acceptance Tests (SATs) and project go-lives achieved across several key projects
· Successful deployment of over two million nodes, making CyanConnode the first and only smart metering communications player in India to reach this milestone
· Prestigious SKOCH Gold Award won by Tamil Nadu Generation and Distribution Corporation Limited (Tangedco) for its smart metering project powered by CyanConnode’s communication network
· CyanConnode named a 2024 WIRED Trailblazer
Post-Period Highlights
· Follow-on order with a value in excess of $1 million won, for cellular gateways in the Middle East and North Africa (MENA) region
· Cash received from customers since the period end of £1.4m taking cash received for the financial year to date to £8.7m
· Current market share of all installed smart metering base in India of approximately 14% and 42% of all RF deployments
· Win ratio of 25% in terms of volumes for RDSS tenders in India
· Indian smart metering market continues to gather momentum – current tenders for more than 220 million Smart Meters have been sanctioned to the end of October 2024, with 132 million being awarded to prime bidders, typically Advanced Metering Infrastructure Service Providers (AMISPs)
· Revenue for the financial year ending 31 March 2025 is forecast to meet market expectations
Chairman’s Statement
Financial review
Key figures
H1 FY 2025£’000
H1 FY 2024£’000
% Change
Revenue
5,629
5,775
– 3%
Gross profit
2,336
1,810
+ 29%
Operating costs*
(4,424)
(3,987)
+ 11%
Operating loss
(2,088)
(2,177)
– 4%
EBITDA
(1,901)
(2,008)
– 5%
Adjusted EBITDA
(1,597)
(1,916)
– 17%
Cash
3,714
945
+ 293%
Basic and diluted loss per share
0.70p
0.72p
– 3%
* Research and Development (R&D) tax credit of £224k is included in other operating costs following the latest amendments made to the R&D scheme by HMRC for accounting periods beginning on or after 1 April 2024, which require R&D tax credits to be reported within operating costs rather than within taxation.
Revenue and Operating Costs
Revenue for the first six months of FY 2025 was flat compared to the revenue for the same period of FY 2024, largely as a result of some slowdown in deployments during the India elections. The Company, having won its largest order to date during the period, thereby doubling the order book, expects a significant increase in revenue during the second half of FY 2025 over the first half year. Gross margins have improved considerably compared to H1 FY 2024 as H1 FY 2024 included sales of gateways using end of life components purchased at a significant premium. A new, lower cost, gateway was developed during FY 2024 and is now being shipped. In addition, the higher margin software and services proportion of total revenue for the period increased from 11% to 20% in H1 FY 2025. The increase in operating costs compared to H1 FY 2024 was in line with expectations since the cost base had increased to support expected growth, with the majority of that increase being in H2 FY 2024.
Cash
During the period cash was utilised to both purchase stocks of components to support delivery during the remainder of the financial year, (stock of 567,000 MCUs were held at period end to allow H2 FY 2025 deliveries to be met) and investing in development of new products to enhance the current product suite.
On 10 September 2024 CyanConnode Holdings plc raised £5.4 million (before expenses) through an oversubscribed placing of 20,204,063 New Ordinary Shares and a subscription for 39,611,109 New Ordinary Shares at a premium to the prevailing mid-market share price. The cash is to be used to provide ongoing working capital for growth, to further strengthen the Company’s balance sheet and to fund the setup of a hardware product design lab in India, which will enable a ramp up of operations.
Accounts receivable
A total of £7.3m cash was collected from customers during the period (compared to £7.4m for the same period in FY 2024), and a further £1.4m since the period end. In the period, our non-current trade receivables such as contract assets, reported in the non-current assets part of the balance sheet, increased to £3.3m (FY 2024: £2.4m), where revenue has been recognised in accordance with IFRS 15, and will be paid for over the period of the contract. The remainder of trade receivables included in non-current assets related to accrued income from contracts. Approximately 58% of cash collection during H1 FY 2025 related to trade receivables from FY 2024 and a further 8% of FY 2024 trade receivables has been collected since period end.
Operational Review
India
Market
According to recent research studies, the smart meter market in India is poised for significant growth over the next decade. In 2023, the market size then, was estimated at c. $212m by Zion Market Research and $219m by Astute Analytica. Both studies projected substantial increases by 2032, with Zion Market Research forecasting a market size of $2.8bn and Astute Analytica predicting $3. 2bn. This growth should be driven by several key factors, including government incentives to reduce aggregate technical and commercial (AT&C) losses and the integration of advanced metering infrastructure (AMI) with IoT platforms. The Indian government’s target of deploying 250 million smart prepaid meters is a significant part of this growth, as these meters would improve billing efficiency, reduce power theft, and enhance the overall reliability of the power supply. This initiative is part of a broader strategy to reform the energy sector and improve efficiency through advanced technologies.
The Government of India plans to rollout 250 million smart meters through tenders for large volumes, of which tenders for more than 220 million smart meters had been sanctioned to the end of October 2024. According to the most recent statistics reported on the National Smart Grid Mission (NSGM) website, tenders for 132 million meters had been awarded to the end of October 2024 to prime bidders. While these contracts have been awarded to prime bidders, who are typically AMISPs, there can be a delay of a few months between the award of the contract to the AMISP and the subsequent award to subcontractors such as CyanConnode.
Orders
In April 2024, the Company received an order for 235,331 Omnimesh RF Modules, for the Madhyanchal Vidyut Vitaran Nigam Ltd (MVVNL) smart metering project in Lucknow
In August 2024, a Letter of Award (“LOA”) was received for 6.5 million Omnimesh RF Modules, being the largest contract awarded to the Company to date. This contract award took the Company’s order book for Omnimesh modules in India from 6.6 million to 13.1 million, solidifying the Company’s position in India. This LOA was received from a global partner and relates to various smart metering projects in India.
Achievements
During the period, CyanConnode India’s subsidiary, DigiSmart Networks Private Limited (“DigiSmart”) qualified and was certified to participate in the upcoming smart metering tenders as an AMISP for both RF and cellular. As an AMISP, CyanConnode would be responsible for the end-to-end execution of smart metering projects, from meter supply to Meter Data Management (“MDM”).
Key milestones such as Site Acceptance Tests (SATs) and project go-lives were achieved across several key projects during the period.
· CyanConnode has passed multiple Site Acceptance Tests (SATs) across several key projects and has achieved “Go Live” status in one project
· CyanConnode is consistently meeting the desired SLAs as per the agreements across projects
· This marks a crucial milestone that enables the commencement of billing for deployed meters
· The “Go Live” milestone is a critical achievement for any project as it signifies the transition to the billing phase, allowing for revenue generation
· The SAT qualification process involves rigorous quality and performance testing of the meters and the communication network, ensuring the highest standards of operation
· TANGEDCO and TN72 projects have come under FMS in FY 2024
Organisation
In May 2024 a strategic decision was taken to make changes to the organisation to strengthen leadership in India and streamline global operations by having all engineering and operations reporting into the MD CEO of India. The key reasons for this change were
· Strengthened Leadership: The new structure brings together seasoned leaders with extensive experience in smart metering, IoT solutions, and technology innovation. This ensures a robust leadership team capable of driving the company’s strategic vision forward.
· Enhanced Operational Efficiency: By reorganising the engineering and technology teams, CyanConnode aims to streamline processes, improve execution speed, and enhance troubleshooting capabilities. This will enable the company to better meet the dynamic demands of customers and the market.
· Focus on Innovation: The restructured teams are focused on continuous innovation in product development and technology solutions.
· Market Expansion: The reorganisation underscores CyanConnode’s commitment to leveraging the immense potential of the Indian market while continuing to deliver exceptional service and innovation to global stakeholders.
· Alignment with Strategic Goals: The new structure aligns with CyanConnode’s strategic goals of maintaining market leadership, expanding technological capabilities, and driving sustainable growth in the smart metering sector.
Innovation
During the period significant work has been undertaken on innovation to further enhance the Company’s product suite. The following products have either been developed or enhanced, in each case to ensure the highest performing and lowest cost version to maintain the Company’s competitive position in the market, and reputation as a company achieving constantly high Service Level Agreements (“SLAs”).
· In-Meter Gateway
o To compete with cellular
o Be Competitive
o Faster and Ease of Deployment
· Production of Long-Range Radios
· Gateways with 3 Phase Power Supply
o For compliance to local specifications
o Thailand and markets abroad
· Unified Head End System (“uHES”)
o A Head End System that will allow both cellular and RF, including that of third-party providers, to connect
· Low Cost CNIC
o A low cost version of the Company’s Cellular Network Interface Card (“CNIC”) at a competitive price point to suit the market in India
· Solution on FG28 platform
o Design in of a newer, high performing chip
APAC and Middle East
The smart metering market in the APAC and Middle East continues to mature and presents a significant opportunity for CyanConnode.
During the period CyanConnode continued to deploy its contracts for the MENA region and additionally completed incorporation of its subsidiary in Dubai. In October 2024, the Company was pleased to announce a follow-on order for this region, and shipments for this order are expected to complete during this financial year. Further orders for the region are expected to be won in the near term.
Additionally, the Metropolitan Electricity Authority (MEA) Smart Grid Project, won in December 2019 continues to roll out in Thailand and reached go-live during the period.
The Company is currently working on opportunities in Malaysia, Indonesia and Azerbaijan.
Cash
On 10 September 2024 CyanConnode Holdings plc raised £5.4 million (before expenses) through an oversubscribed placing of 20,204,063 New Ordinary Shares and a subscription for 39,611,109 New Ordinary Shares at a premium to the prevailing mid-market share price. The cash is to be used to provide ongoing working capital for growth, to further strengthen the Company’s balance sheet and to fund the setup of a hardware product design lab in India, which will enable a ramp up of operations.
Awards and recognition
In September 2024, CyanConnode was pleased to announce that it has been named a WIRED Trailblazer 2024. This prestigious recognition, awarded by WIRED Magazine in partnership with HSBC UK, highlights innovative companies driving positive economic, social, and environmental change through technology. The WIRED Trailblazers programme celebrates organisations that are making a tangible impact on the future of industries by tackling key global challenges such as sustainability and resource management. CyanConnode’s commitment to innovation, demonstrated through its award-winning RF communication solutions and large-scale project deployments, positions the Company as a leader in smart energy transformation.
Also in September 2024, the distribution company, Tangedco, won the prestigious SKOCH Award for Gold Category in the Power & Energy category. The award recognises the digital transformation of Tangedco’s commercial operations under the smart metering project powered by CyanConnode’s communication network. The project has delivered exceptional billing and smart metering communication rates of over 99%, accelerating invoicing, reducing errors, and enhancing customer satisfaction through timely billing. It has also optimised operations, reduced carbon emissions, increased revenue, and optimised manpower, among many other benefits.
Post period end developments and outlook
Orders
In October 2024, CyanConnode announced a follow-on order with a value in excess of $1 million for cellular gateways in the Middle East and North Africa (MENA) region. This contract builds upon the initial MENA order for this project, which was announced by the Company on 4 August 2022. The full order is scheduled for delivery, with revenue also recognised, within this financial year, which ends on 31 March 2025.
