CyanConnode (CYAN): 1H’22 update: strong shipments and cash inflows
Alongside the multiple new contracts signed in fiscal 1H, CyanConnode’s smart meter intelligent module shipments continued to accelerate during the period. 315,000 modules were shipped, versus 92,000 in the same period last year and 481,000 for the entirety of FY’21. 1H’22 revenue came in at £4.1m, almost three times the comparative 1H’21 figure of £1.5m. The potentially immense market opportunity is starting to translate into large orders, accelerating shipment volumes, exceptionally strong revenue growth and cash inflows – £3.8m was received from customers during the period, resulting in £1.7m net cash at end-September 2021. Our updated DCF-implied fair equity value for CyanConnode is £89.6m.CyanConnode Holdings is a holding company. Co. designs and develops narrowband Radio Frequency (RF) mesh networks that enable Internet of Things communications. Co. provides customers with networking solutions and applications that help them in service delivery, business and energy. Co.'s optimized solutions provide narrowband RF network technology, delivering exceptional performance and total cost of ownership. These solutions include hardware, software and network management. Co.'s IPv6 solution is a wireless Neighborhood Area Network, an IP-based machine-to-machine platform that uses narrowband radio mesh networks to create deployments for the implementation of third party applications.
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