23rd Jul 2025 11:55
(Alliance News) - CyanConnode Holdings PLC on Wednesday said its pretax loss narrowed in financial 2025 despite a drop in revenue, and it entered the new year with strong operational momentum as module shipments sharply increased.
The Cambridge, England-based developer of narrowband radio frequency mesh networks posted a pretax loss of GBP3.7 million for the year that ended March 31, reduced from GBP4.2 million the prior year. This was helped by the absence of a one-off GBP791,000 intangible asset impairment booked in financial 2024.
Revenue fell 24% to GBP14.2 million from GBP18.7 million, which CyanConnode attributed to deployment delays in India, its largest market, due to election-related business uncertainty and consumer resistance to smart metering.
"No orders have been lost, only deferred," Chief Executive Officer John Cronin said. "The strength of our current pipeline positions us well for the periods ahead."
To support investor visibility, the company said it will now provide quarterly operational updates.
CyanConnode shipped 568,000 Omnimesh modules in the first quarter of financial 2026, up from 170,000 a year prior, signalling renewed deployment activity. The company expressed confidence this momentum will continue throughout the financial year.
The firm's contracted order book more than tripled to GBP180 million from GBP50 million, boosted by what it called a landmark GBP70 million contract win in Goa, India, under its new role as an 'advanced metering infrastructure service provider'.
Cost of sales fell to GBP9.2 million in financial 2025 from GBP13.1 million, supporting a gross margin increase to 35% from 30%, helped by the introduction of lower-cost components.
Operating costs held steady at GBP9.1 million, while earnings before interest, tax, depreciation, and amortisation loss narrowed to GBP3.5 million from GBP3.8 million. Adjusted Ebitda loss remained at GBP2.8 million.
The company ended the year with GBP5.8 million in cash and financial assets, up from GBP0.8 million, following a GBP5.4 million capital raise and a short-term GBP5 million loan, now repaid.
Shares in CyanConnode were down 5.9% at 7.65 pence in London on Wednesday morning.
By Eva Castanedo, Alliance News reporter
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