LONDON: CyanConnode Holdings plc (AIM: CYAN), a UK-based provider of narrowband RF mesh networks, reported a 24% decline in full-year revenue, citing delayed deployment momentum in its largest market, India.
Revenue fell to £14.2 million for the year ended March 31, 2025, from £18.7 million in FY24, primarily due to election-related business uncertainty and consumer resistance to smart metering. However, the company tripled its contracted order book from £50 million to £180 million, signaling robust demand.
The group posted an operating loss of £3.8 million, a modest improvement over £4.2 million in the prior year, supported by a higher gross margin of 35% driven by cost-efficient product releases.
CyanConnode began FY26 with renewed momentum, shipping 568,000 Omnimesh modules in Q1 versus 170,000 in the same period a year earlier. A major catalyst was its £70 million contract with the Government of Goa — its first as an Advanced Metering Infrastructure Service Provider.
CEO John Cronin highlighted the Group’s strategic pipeline and newly adopted quarterly updates to enhance transparency. “Despite revenue timing challenges in large infrastructure projects, our commercial success positions us for long-term growth,” he said.
Operational achievements included orders for 7.7 million modules in India, expansion into the MENA region, and new leadership appointments. As of March 31, cash and financial assets totaled £5.8 million, boosted by a shareholder loan and capital raise.