Cyan - New strategic focus on telco cybersecurity
Cyan’s H121 results reflected ongoing challenges, with revenues dropping 80% y-o-y and EBITDA turning negative as large prior year contracts did not repeat. Subsequently, in August management announced a strategic realignment focused on generating recurring revenues in the higher-margin cybersecurity business and reducing costs. With shares trading in line with peers, there is little room for delay in execution. However, Cyan’s business has long-term potential, operates in an expanding market, an €8m September capital raise boosted its balance sheet and management launched a plan to return to profitability and growth.
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