CyanConnode Holdings (CYAN) AI Stock Analysis

• Market Cap: £27.08M
• Dividend Yield: N/A
• Average Volume (3M): 615.35K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.34
• Revenue Growth: 15.00%
• EPS Growth: -68.67%
• Country: UK
• Employees: 120
• Sector: Technology
• Sector Strength: 81
• Industry: Communication Equipment
• EPS (TTM): -0.01
• Shares Outstanding: 358,891,020
• 10 Day Avg. Volume: 275,630
• 30 Day Avg. Volume: 615,353
• PEG Ratio: N/A
• Price to Book (P/B): 1.44
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -8.91
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0

• Rating: 45 Neutral
• Price Target: ―

CyanConnode Holdings shows potential due to its significant revenue growth and strategic expansions in the Indian market, notably through recent major contracts. However, persistent financial challenges, including negative profitability and cash flow issues, weigh heavily on the overall score. Technical indicators suggest a possible rebound, while valuation remains a concern due to ongoing losses.

CyanConnode Holdings Business Overview & Revenue Model

Company Description

CyanConnode Holdings plc engages in the design, development, and sale of Narrowband radio frequency (RF) mesh networks that enable Omni Internet of Things (IoT) communications in the United Kingdom, India, Sweden, Thailand, and internationally. It offers wireless communication technology for smart metering, lighting, and IoT. The company provides Narrowband RF mesh technology that supports multi-application networks, enabling communication with any device, including gas, water, and electricity meters, as well as street lighting and traffic lights. In addition, it offers Omnimesh, a standard-based smart metering solution; and Omni IoT platform that provides multi-network and multi-application IoT solutions. The company was formerly known as Cyan Holdings plc and changed its name to CyanConnode Holdings plc in November 2016. CyanConnode Holdings plc was incorporated in 2002 and is headquartered in Cambridge, the United Kingdom.

How the Company Makes Money

CyanConnode makes money by offering products and services that enable the deployment of smart metering and IoT solutions. Its revenue model is primarily based on licensing its proprietary technology, selling hardware components such as communication modules and gateways, and providing associated software and network management services. The company also earns revenue through long-term contracts with utility companies and governments, often collaborating with system integrators and other partners to deliver large-scale projects. These partnerships and contracts are significant contributors to its earnings, as they ensure a steady stream of income from both initial implementation and ongoing maintenance and support services.

CyanConnode Holdings Financial Statement Overview

Summary

CyanConnode Holdings demonstrates significant revenue growth but struggles with profitability and cash flows. The company faces challenges in cost management, evident from negative EBIT and Net Income margins, and liquidity issues due to negative operating and free cash flows.

Income Statement

CyanConnode Holdings shows a significant revenue growth of over 59% from 2023 to 2024. However, the company is struggling with profitability as indicated by negative EBIT and Net Income margins. Gross Profit Margin is present but overall the company is facing challenges in cost management and profitability.

Balance Sheet

The company maintains a relatively favorable debt-to-equity ratio, indicating a controlled leverage. However, the declining stockholders' equity from 2023 to 2024 and the negative net income highlight financial underperformance. The equity ratio remains stable, suggesting moderate financial stability.

Cash Flow

CyanConnode's cash flow is concerning, with negative operating and free cash flow indicating liquidity challenges. The company is unable to convert its operational activities into positive cash flows, signaling potential cash management issues. The free cash flow has deteriorated significantly over the years.

Breakdown
TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Dec 2018
Income Statement		Total Revenue
18.58M	18.73M	11.73M	9.56M	6.44M	4.46M
	Gross Profit
5.72M	5.61M	4.21M	5.01M	3.10M	2.74M
	EBIT
-2.80M	-4.20M	-3.35M	-1.02M	-2.69M	-6.32M
	EBITDA
-3.62M	-3.71M	-2.82M	-398.00K	-2.04M	-5.83M
	Net Income Common Stockholders
-4.08M	-3.83M	-2.41M	-871.00K	-2.06M	-5.38M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
2.37M	783.00K	4.07M	2.35M	1.49M	4.56M
	Total Assets
5.01M	23.12M	20.45M	16.79M	14.01M	16.80M
	Total Debt
0.00	474.00K	1.35M	2.02M	2.22M	0.00
	Net Debt
-2.37M	-309.00K	-2.72M	-335.00K	727.00K	-4.56M
	Total Liabilities
3.78M	9.69M	5.68M	5.36M	7.00M	2.68M
	Stockholders Equity
1.23M	13.43M	14.77M	11.43M	7.01M	14.12M
Cash Flow		Free Cash Flow
-3.12M	-4.47M	-2.98M	-3.42M	-1.14M	-5.88M
	Operating Cash Flow
-1.97M	-2.86M	-2.22M	-3.13M	-988.00K	-5.84M
	Investing Cash Flow
-1.63M	-1.60M	-766.00K	-296.00K	-90.00K	-24.00K
	Financing Cash Flow
6.30M	1.23M	4.69M	4.28M	1.40M	5.04M

CyanConnode Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 7.75
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CYAN, the sentiment is Negative. The current price of 7.75 is below the 20-day moving average (MA) of 8.07, below the 50-day MA of 10.30, and below the 200-day MA of 10.64, indicating a bearish trend. The MACD of -0.64 indicates Negative momentum. The RSI at 24.11 is Positive, neither overbought nor oversold. The STOCH value of 34.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:CYAN.

CyanConnode Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FTC	77 Outperform	£289.08M	28.57	58.61%	―	159.75%	―
MWE	73 Outperform	£40.08M	11.89	15.26%	5.47%	-2.86%	6.52%
NXQ	68 Neutral	£39.22M	177.03	0.50%	5.69%	-26.16%	-99.62%
IOM	66 Neutral	£35.64M	10.43	2.80%	14.93%	1.47%	-49.08%
Sector *	61 Neutral	$11.56B	10.44	-6.88%	2.93%	7.49%	-8.97%
CYAN	45 Neutral	£27.08M	―	-27.63%	―	15.00%	-68.67%
GST	44 Neutral	£28.14M	―	-9.27%	―	―	―

CyanConnode Holdings Corporate Events

CyanConnode Reports Strong Order Growth Amid Shipment Delays

CyanConnode Holdings reported a significant increase in its order book to approximately £180 million, driven by strong demand for its smart metering solutions. Despite delays in expected shipments due to Indian elections and consumer resistance, the company secured its largest contract and an AMISP engagement worth £70 million. The Indian government’s expanded smart meter deployment target presents substantial opportunities for CyanConnode. However, the company anticipates an EBITDA loss for FY25 due to shipment delays, but remains optimistic about future growth, evidenced by increased shipments in April 2025.

Spark’s Take on GB:CYAN Stock

According to Spark, TipRanks’ AI Analyst, GB:CYAN is a Neutral.

CyanConnode Holdings shows potential with strategic expansions and contract wins, notably in the Indian market. However, the overall stock score is constrained by persistent financial challenges, including negative profitability and cash flow issues. While technical indicators suggest a possible recovery from oversold conditions, the valuation remains unattractive due to ongoing losses. The company’s recent contract wins improve its growth outlook, but significant financial improvements are necessary to enhance its stock score.

To see Spark’s full report on GB:CYAN stock, click here.

CyanConnode Secures £70 Million Smart Metering Contract in Goa

CyanConnode Holdings PLC has announced that its Indian subsidiary, DigiSmart Networks Pvt. Ltd., has received a Letter of Intent for a £70 million contract from the Government of Goa’s Electricity Department to deploy 750,000 smart meters. This marks the company’s first major contract as an Advanced Metering Infrastructure Service Provider (AMISP), allowing it to lead smart metering projects in India. The project is expected to begin in the first quarter of FY 2026 and will last for 27 months, followed by a support period. This contract significantly increases CyanConnode’s order book to £180 million, with revenue expected over the next decade, enhancing its growth potential and industry positioning.

Spark’s Take on GB:CYAN Stock

According to Spark, TipRanks’ AI Analyst, GB:CYAN is a Neutral.

CyanConnode Holdings shows potential due to significant revenue growth and strategic expansions in the Indian market. However, persistent financial challenges, including negative profitability and cash flow issues, weigh heavily on the overall score. The technical indicators suggest a possible rebound from oversold conditions, while valuation remains a concern due to ongoing losses.

To see Spark’s full report on GB:CYAN stock, click here.

CyanConnode Secures £5 Million Loan to Boost Indian Market Expansion

CyanConnode Holdings PLC has secured a £5 million unsecured loan from its substantial shareholder, Axia Investments Limited, to support its growth in the Indian smart metering market. This funding will enable the company’s subsidiary, DigiSmart, to bid for large-scale smart metering tenders, ensuring they have the necessary capital to secure high-value contracts. The loan is part of CyanConnode’s strategy to maintain financial flexibility and drive expansion, with the company also exploring long-term financing options to support its accelerating growth.

CyanConnode Secures Major Follow-On Orders in India

CyanConnode Holdings PLC announced significant follow-on orders from Montecarlo Limited for 872,000 Omnimesh Modules, aimed at supporting India’s Revamped Distribution Sector Scheme (RDSS). These orders, part of projects in Madhya Pradesh and Maharashtra, underscore the company’s strong partnership with Montecarlo and its pivotal role in India’s smart metering ecosystem. The orders are expected to bolster CyanConnode’s market position and demonstrate the effectiveness of its technology in improving billing efficiency and reducing power theft.