cyan publishes its first Q3 release
DGAP-News: cyan AG / Key word(s): Quarterly / Interim Statement
cyan publishes its first Q3 results
– Total group revenues of EUR 11.9 million and EBITDA of EUR -2.3 million in the first nine months of 2019
– Success in cooperation with clients will be clearly reflected in Q4 2019 results
– Revenue and EBITDA forecast of EUR 35 million and EUR 14 million respectively confirmed for 2019
Munich, 13 December 2019 – cyan AG publishes its first consolidated quarterly statement on a voluntary basis for the period from 1 January to 30 September 2019 which underpins the goal to uplist to the Prime Standard in 2020.
In the first three quarters, cyan AG achieved total revenues of EUR 11.9 million with an EBITDA of EUR -2.3 million. At the same time, the Management Board confirms the revenue and EBITDA forecast for the full year due to very positive developments after 30 September 2019. Among other things, cyan signed a contract with US-based ACN (Flash Mobile) on 1 October 2019 with a volume of USD 10.2 million. Approximately 80 to 90% of the revenues from this agreement will be recognized in the fourth quarter of 2019. In addition, several other customers significantly expanded their cooperation with cyan in the fourth quarter.
Peter Arnoth, CEO of cyan AG: “In the first three quarters of 2019, we have set the course for a successful future. We will be able to reap the benefits starting with the fourth quarter. In addition, our pipeline is developing fast and making us optimistic about the next years.”
For example, cyan was able to announce a strategic cooperation with Wirecard in the third quarter at the beginning of July 2019 and prematurely extended the contract with Magenta until the end of 2022. Furthermore, a proof of concept was set up at Telekom Argentina in August and successfully completed later in Q3. The integration at Orange is proceeding according to plan, so that cyan will generate its first revenues from this partnership before the end of this year.
Michael Sieghart, CFO: “An important success in the third quarter was the capital increase, which strengthened our equity by EUR 25 million. We have successfully implemented initial measures in the area of organizational and personnel upgrades. For example, we have been able to poach talented staff from our direct competitors, who will significantly support our growth. The preparations for faster expansion are rapidly proceeding.”
Note: The quarterly report is available for download at https://ir.cyan-development.com/en/financial-publications/financial-reportings
cyan (XETR:CYR) is a leading global provider of intelligent, white-labeled IT security solutions and telecom services, with more than 15 years of experience in the IT security industry. The company’s primary business lines include the provision of cyber security solutions for end customers of mobile network operators and fixed-line internet service providers (MNO), for mobile virtual network operators (MVNO) as well as for the banking sector and insurers. cyan’s solutions are integrated into the business partner’s infrastructure and then offered under its own name (“white-labeled”) to its end customers (“B2B2C”).
Today, the group has more than 50 international customers, through whom cyan’s products are sold to around 8 million end customers. cyan offers a service along the entire value chain, from the platform to data optimization and cyber security. The company also operates its own research & development center with the goal of recognizing trends in the industry at an early stage and to create the best possible product solutions. In December 2018 cyan concluded a global group contract with Orange for its cyber security solutions. Cooperation partners include Aon, the world’s leading insurance broker, and Wirecard, the payment service provider.
Further information is available at www.cyansecurity.com
Florian Rukover, Head of IR
Better Orange IR & HV AG
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