News Detail - Cyan Security

cyan AG increases sales for the first nine months thanks to new cooperations

DGAP-News: cyan AG / Key word(s): Quarterly / Interim Statement
17.12.2020 / 08:00
The issuer is solely responsible for the content of this announcement.

cyan AG increases sales for the first nine months thanks to new cooperations

- Total consolidated revenues of EUR 21.5 million after EUR 11.9 million in the previous year

- EBITDA of EUR-2.7 million after EUR -2.3 million in the previous year due to one-off effects from value adjustments on Wirecard receivables

- Further successes achieved with cooperations


Munich, December 17, 2020 - cyan AG today published its quarterly statement for the period January 1 to September 30, 2020. Total revenues in the first three quarters increased from EUR 11.9 million in the previous year to EUR 21.5 million.[1] Total revenues consisted of EUR 18.4 million in revenues, EUR 0.7 million in other operating income, EUR 0.6 million in income from reversals of impairment losses and EUR 1.7 million in changes in inventories. As a result, revenues increased by around 72% from EUR 10.7 million to EUR 18.4 million when comparing the 9-month periods of 2020 to 2019.Total revenues amounted to EUR 2.2 million in the third quarter, compared to EUR 4.0 million in the previous year.

The majority of revenues came from the BSS/OSS segment, with the license agreement with Virgin Mobile, which was signed in the second quarter of 2020, contributing to this in particular. The agreement covers Mexico, Colombia and Chile and has a term of five years. Parts of this license revenue were already recognized from the second quarter of 2020. The Cybersecurity segment, on the other hand, was negatively impacted by a value adjustment of EUR 4.5 million in connection with the Wirecard insolvency and stood at EUR -2.7 million for the nine-month period, compared to EUR -2.3 million in the same period of the previous year.

Michael Sieghart, CFO of cyan AG: "The COVID 19 crisis seems to be far from over and has also had a significant impact on our company. Due to the often tense budgetary situation, we are increasingly experiencing delays in decision-making regarding new projects."

Despite the COVID-19 pandemic, some important operational milestones were achieved in the first three quarters. At MobiFone Vietnam, the installation of the Childprotection app for both Android and iOS was completed. In addition, the Aon CySec app entered the marketing phase. Here, the joint solution with Aon will initially be distributed in Austria and Switzerland, then throughout Europe. In addition, cyan is currently talking intensively with a number of insurance companies through Aon. Significant progress has also been made with Orange, the most important cooperation partner. After the software solution was handed over to Orange France at the beginning of the year, the technical test phase has now been completed. In addition, detailed discussions and negotiations are being held with other Orange national companies and are in some cases at an advanced stage. In the current fourth quarter, cooperation agreements were concluded with Secure64, a US market leader in the segment of DNS-based network solutions, and with SMARTEL, an operator of MVNO companies in Central Europe.

Frank von Seth, designated CEO of cyan AG: "The past year was challenging in many respects. But especially in the last remaining months we were able to take important steps which, if they go well, will have a positive impact this year or in Q1 2021 at the latest. Entrepreneurially, we are now well positioned and look forward to 2021 with great confidence."

Note: The quarterly statement is available for download at https://ir.cyansecurity.com/publikationen/finanzberichte

About cyan
cyan AG (XETR: CYR) is a leading, globally active provider of intelligent IT security solutions and telecom services with more than 15 years of experience in the IT industry. The main business areas of the company are cybersecurity solutions for end customers of mobile and fixed network internet service providers (MNO), virtual mobile network operators (MVNO) as well as banks and insurance companies. cyan's solutions are integrated into the business partner's infrastructure and then offered to their end customers ("B2B2C") under their name ("white-labeled").

Today, the group of companies has more than 50 international customers, through which cyan prod-ucts are sold to approximately 50 million end customers. cyan can offer products along the entire value chain from platform, data optimization to cyber security. In addition, cyan operates its own Research & Development Centre with the aim of identifying trends in the industry at an early stage and developing optimal product solutions. In December 2018, cyan was able to win a global group contract with Orange in an international tendering process. cyan's cooperation partners include the world's leading insurance broker Aon or Magenta Telekom.

Further information is available at www.cyansecurity.com

Investor Contact:
cyan AG
Tel. +49 89 71042 2073
E-mail: ir@cyansecurity.com

Press Contact:
Better Orange IR & HV AG
Tel. +49 89 88 96 906 17
E-mail: anita.schneider@better-orange.de

[1] Comparability with previous year is only limited, as some IFRS standards were applied differently



17.12.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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