CyanConnode Holdings (CYAN) AI Stock Analysis

• Market Cap: £30.76M
• Dividend Yield: N/A
• Average Volume (3M): 291.66K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.34
• Revenue Growth: -13.95%
• EPS Growth: 4.29%
• Country: UK
• Employees: 120
• Sector: Technology
• Sector Strength: 88
• Industry: Communication Equipment
• EPS (TTM): >-0.01
• Shares Outstanding: 359,035,100
• 10 Day Avg. Volume: 198,528
• 30 Day Avg. Volume: 291,657
• PEG Ratio: 0.65
• Price to Book (P/B): 2.80
• Price to Sales (P/S): 2.98
• P/FCF Ratio: -6.41
• 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
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: 8.50p ▲(17.24% Upside)

The score is primarily held down by weak financial performance (declining revenue, ongoing losses, and negative operating cash flow) and limited valuation support due to negative earnings. Technicals are a partial offset as the stock trades above major moving averages with positive MACD, but overbought RSI/Stoch readings increase downside risk.

Positive Factors

Narrowband RF IoT / smart metering specialization

CyanConnode's focused product set in narrowband RF communications and smart metering aligns with structural smart-grid and utility IoT demand. Specialized technology and domain expertise create barriers to entry, enabling multi-year deployments and technical stickiness with utilities and municipalities.

Long-term contracts and service revenue

Long-term contracts and recurring service/support revenue increase predictability of cash flows and customer retention. These agreements support multi-year lifecycle revenue, create upsell opportunities, and reduce cyclical risk compared with one-off hardware sales.

Improving free cash flow metrics

Improving free cash flow and a positive FCF-to-net-income ratio indicate the company is increasingly converting operations into discretionary cash. This enhances ability to fund deployments, service contracts, or reduce reliance on external capital over the medium term.

Negative Factors

Declining revenue trend

A steep revenue decline of ~23.7% signals persistent demand or execution challenges, reducing scale economies and pressuring margins. Sustained top-line contraction undermines ability to invest in R&D and network rollouts, limiting medium-term growth prospects.

Negative operating cash flow

Continued negative operating cash flow is a structural concern: it forces reliance on financing to cover operations, increases vulnerability to market or contract delays, and constrains reinvestment into deployments and service scalability over the coming months.

Higher leverage and negative ROE

Rising leverage combined with negative ROE reduces financial flexibility and magnifies downside if revenue recovery stalls. Higher interest and principal obligations can divert cash from growth initiatives and increase solvency risk during prolonged weakness.

CyanConnode Holdings Business Overview & Revenue Model

Company Description

CyanConnode Holdings (CYAN) is a leading provider of narrowband radio frequency communications technology, specializing in the Internet of Things (IoT) and smart metering solutions. The company focuses on enabling utilities and municipalities to enhance their operations through advanced communication networks, facilitating improved data collection and management. Its core products include smart metering systems, communication modules, and data analytics platforms designed to promote energy efficiency and support smart grid initiatives.

How the Company Makes Money

CyanConnode generates revenue primarily through the sale of its communication technology and smart metering systems to utility companies and municipalities. The company operates a business model that includes both direct sales and long-term contracts for its products and services, which provide a stable revenue stream. Additionally, CyanConnode earns income from service agreements and ongoing support for its deployed solutions. Key partnerships with utility providers and technology integrators enhance its market presence and contribute to its earnings by expanding its customer base and enabling joint project opportunities. The growing demand for smart grid technologies and IoT solutions also plays a significant role in driving the company's revenue growth.

CyanConnode Holdings Financial Statement Overview

Summary

Weak fundamentals: revenue declined (-23.71%), profitability remains negative, and operating cash flow is still negative. Balance sheet shows higher reliance on debt and negative ROE, despite stable equity ratio and growing assets.

Income Statement

CyanConnode Holdings has experienced a decline in revenue growth, with a negative growth rate of -23.71% in the most recent year. The gross profit margin has decreased from previous years, indicating pressure on profitability. The company continues to report negative net profit margins, reflecting ongoing challenges in achieving profitability. Despite these challenges, the company has maintained a relatively stable gross profit margin over the years.

Balance Sheet

The company's debt-to-equity ratio increased significantly, indicating a higher reliance on debt financing. The return on equity remains negative, suggesting inefficiencies in generating returns for shareholders. However, the equity ratio is relatively stable, indicating a balanced capital structure. The increase in total assets over the years shows potential for future growth.

Cash Flow

CyanConnode Holdings has shown improvement in free cash flow growth, but operating cash flow remains negative, indicating challenges in generating cash from operations. The free cash flow to net income ratio is positive, suggesting that the company is managing its cash flow better than its net income might suggest. However, the negative operating cash flow to net income ratio highlights ongoing operational cash challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	15.99M	14.18M	18.73M	11.73M	9.56M	6.44M
Gross Profit	3.83M	4.94M	5.61M	4.21M	5.01M	3.10M
EBITDA	-3.80M	-3.23M	-3.71M	-2.82M	-398.00K	-2.04M
Net Income	-4.78M	-3.83M	-3.83M	-2.41M	-871.00K	-2.06M
Balance Sheet
Total Assets	41.61M	33.19M	23.12M	20.45M	16.79M	14.01M
Cash, Cash Equivalents and Short-Term Investments	1.63M	5.83M	783.00K	4.07M	2.35M	1.49M
Total Debt	19.57M	7.09M	474.00K	1.35M	2.02M	2.22M
Total Liabilities	30.10M	18.10M	9.69M	5.68M	5.36M	7.00M
Stockholders Equity	11.51M	15.09M	13.43M	14.77M	11.43M	7.01M
Cash Flow
Free Cash Flow	-13.22M	-6.59M	-4.47M	-2.98M	-3.42M	-1.14M
Operating Cash Flow	-13.06M	-5.54M	-2.86M	-2.22M	-3.13M	-988.00K
Investing Cash Flow	-912.00K	-1.02M	-1.60M	-766.00K	-296.00K	-90.00K
Financing Cash Flow	6.05M	7.74M	1.23M	4.69M	4.28M	1.40M

CyanConnode Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 7.25
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CYAN, the sentiment is Positive. The current price of 7.25 is above the 20-day moving average (MA) of 6.93, above the 50-day MA of 7.06, and below the 200-day MA of 7.29, indicating a bullish trend. The MACD of 0.37 indicates Negative momentum. The RSI at 80.55 is Negative, neither overbought nor oversold. The STOCH value of 79.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:CYAN.

CyanConnode Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FTC	75 Outperform	£428.89M	43.74	55.98%	―	121.45%	345.83%
MWE	75 Outperform	£46.55M	12.36	17.79%	4.20%	5.46%	12.34%
CNC	69 Neutral	£221.39M	45.61	12.29%	0.95%	22.72%	-8.82%
CML	66 Neutral	£41.85M	35.44	2.28%	3.67%	-21.33%	-11.35%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
CLX	58 Neutral	£41.36M	66.20	2.36%	2.02%	20.83%	―
CYAN	46 Neutral	£30.76M	-6.49	-34.14%	―	-13.95%	4.29%

CyanConnode Holdings Corporate Events

CyanConnode Confirms Indicative £35m All‑Cash Approach from Esyasoft

CyanConnode Holdings has confirmed that it received an indicative, non-binding approach from Esyasoft Holding Ltd regarding a possible all-cash takeover valuing the company at about £35 million, or roughly 9.75 pence per share. The board is currently evaluating the proposal with its advisers and has warned there is no certainty that a formal offer will materialise or on what terms, while shareholders are being urged not to take any action at this stage. Under UK takeover rules, Esyasoft has until 3 March 2026 to announce a firm intention to make an offer or to walk away, triggering an offer period that brings CyanConnode under formal disclosure requirements for significant shareholders and market participants.

The most recent analyst rating on (GB:CYAN) stock is a Sell with a £6.50 price target. To see the full list of analyst forecasts on CyanConnode Holdings stock, see the GB:CYAN Stock Forecast page.

CyanConnode Updates Block Listing and Confirms Total Voting Rights

CyanConnode Holdings has reported an update on its block listing arrangements covering the period from 11 January 2022 to 23 December 2025, confirming that 758,412 ordinary shares were allotted under its share-based payment scheme, with no shares issued under its share incentive scheme, leaving 1,135,886 ordinary shares still available but unallotted under these programmes. The company also disclosed that, as of 24 December 2025, it has 359,035,103 ordinary shares in issue and none held in treasury, a figure that will serve as the reference for investors’ disclosure calculations under FCA transparency rules and clarifies the potential use of block-listed shares to settle liabilities to suppliers, advisers and employees subject to shareholder authority.

The most recent analyst rating on (GB:CYAN) stock is a Hold with a £6.00 price target. To see the full list of analyst forecasts on CyanConnode Holdings stock, see the GB:CYAN Stock Forecast page.

CyanConnode Posts Strong H1 FY 2026 Results Amid Expanding Smart Metering Initiatives

CyanConnode reported strong performance for the first half of FY 2026, driven by increasing momentum in India’s growing smart metering market. The company secured a landmark £70 million AMISP contract in Goa, nearly doubling its pipeline to £157 million, and is poised for further growth, supported by India’s national smart metering program aimed at curbing electricity theft. Revenue saw a 32% year-on-year increase to £7.4 million, boosted by hardware shipments, while profitability was affected by lower margins and higher costs, which CyanConnode aims to address with new lower-cost products. Despite operational losses, its outlook remains positive with sustained growth anticipated through FY 2027, driven by successful project executions and expansion in other markets such as the Middle East and North Africa.

The most recent analyst rating on (GB:CYAN) stock is a Hold with a £8.00 price target. To see the full list of analyst forecasts on CyanConnode Holdings stock, see the GB:CYAN Stock Forecast page.

CyanConnode Secures $5.25M Loan to Boost Smart Metering Bids in India

CyanConnode Holdings has secured a US$5.25 million unsecured convertible loan note from Smart Sustainability Solutions Limited, a subsidiary of an Abu Dhabi-based investment group. This funding will be used to support CyanConnode’s Indian subsidiary, DigiSmart, in securing Earnest Money Deposits for AMISP tenders under India’s Revamped Distribution Sector Scheme. This move is a strategic step to secure substantial contracts and demonstrates the confidence of partners in CyanConnode’s technology and growth strategy.

The most recent analyst rating on (GB:CYAN) stock is a Hold with a £6.00 price target. To see the full list of analyst forecasts on CyanConnode Holdings stock, see the GB:CYAN Stock Forecast page.