CyanConnode (CYAN): Major new contracts in India and Africa
CyanConnode has this week announced two major new orders, one in India, for 152,000 smart meter modules, and the other in Africa for 100,000 modules. Both are plus associated gateways, software licences and maintenance for full Advanced Metering Infrastructure (AMI). In India, the customer is a new one for CyanConnode, while the prime contractor is Schneider Electric (Schneider), one of the largest global manufacturers of infrastructure platforms. The details of the African contract remain confidential. 80%-90% of revenue for both contracts is expected to be recognised in the first two years, leading to upgrades to our FY’22 estimates.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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