CyanConnode Holdings (CYAN) AI Stock Analysis

• Market Cap: £21.84M
• Dividend Yield: N/A
• Average Volume (3M): 291.66K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.51
• Revenue Growth: -24.31%
• EPS Growth: 14.89%
• Country: UK
• Employees: 120
• Sector: Technology
• Sector Strength: 88
• Industry: Communication Equipment
• EPS (TTM): >-0.01
• Shares Outstanding: 358,891,020
• 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: Hold
• Number of Analyst Covering: 0

• Rating: 41 Neutral
• Price Target: 6.00p ▼(-4.00% Downside)

CyanConnode Holdings is facing significant financial challenges, with declining revenue growth and negative profit margins. The technical indicators suggest a bearish trend, and the valuation metrics highlight ongoing profitability issues. The lack of earnings call data and corporate events means the score is primarily driven by financial performance, technical analysis, and valuation.

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 generates revenue through the sale of its IoT communication systems, including hardware, software, and related services for smart metering solutions. The company's primary revenue streams come from the deployment of its communication networks in various projects, often in partnership with utility companies. These partnerships are critical as they not only provide immediate sales opportunities but also establish long-term service agreements for ongoing support and maintenance. Additionally, CyanConnode benefits from recurring revenue through software licensing, data management services, and potential upgrades to its systems, contributing to its overall earnings.

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	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	14.18M	14.18M	18.73M	11.73M	9.56M	6.44M
Gross Profit	4.54M	4.94M	5.61M	4.21M	5.01M	3.10M
EBITDA	-3.23M	-3.23M	-3.71M	-2.82M	-398.00K	-2.04M
Net Income	-3.83M	-3.83M	-3.83M	-2.41M	-871.00K	-2.06M
Balance Sheet
Total Assets	33.19M	33.19M	23.12M	20.45M	16.79M	14.01M
Cash, Cash Equivalents and Short-Term Investments	5.83M	5.83M	783.00K	4.07M	2.35M	1.49M
Total Debt	7.09M	7.09M	474.00K	1.35M	2.02M	2.22M
Total Liabilities	18.10M	18.10M	9.69M	5.68M	5.36M	7.00M
Stockholders Equity	15.09M	15.09M	13.43M	14.77M	11.43M	7.01M
Cash Flow
Free Cash Flow	-5.73M	-6.59M	-4.47M	-2.98M	-3.42M	-1.14M
Operating Cash Flow	-5.61M	-5.54M	-2.86M	-2.22M	-3.13M	-988.00K
Investing Cash Flow	-1.03M	-1.02M	-1.60M	-766.00K	-296.00K	-90.00K
Financing Cash Flow	7.82M	7.74M	1.23M	4.69M	4.28M	1.40M

CyanConnode Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.25
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 6.25 is below the 20-day moving average (MA) of 6.80, below the 50-day MA of 7.10, and below the 200-day MA of 9.42, indicating a bearish trend. The MACD of -0.23 indicates Positive momentum. The RSI at 1.32 is Positive, neither overbought nor oversold. The STOCH value of 14.66 is Positive, 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	72 Outperform	£307.67M	21.88	55.98%	―	121.45%	345.83%
MWE	69 Neutral	£34.48M	9.52	17.41%	4.94%	1.08%	10.37%
NXQ	66 Neutral	£50.42M	-23.01	-3.85%	4.39%	-27.57%	-130.10%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
IOM	49 Neutral	£23.29M	-0.40	-58.97%	20.82%	12.92%	-949.57%
CYAN	41 Neutral	£21.84M	-5.21	-26.82%	―	-24.31%	14.89%
GST	41 Neutral	£15.69M	―	-29.86%	―	88.59%	-60.00%

CyanConnode Holdings Corporate Events

CyanConnode Reports Strong H1 FY2026 with Major Contract Win in Goa

CyanConnode Holdings announced a successful trading update for the first half of FY2026, highlighted by a significant contract win in Goa, India, worth approximately £70 million. Despite currency translation effects, the company’s revenue increased by 31% to £7.4 million, driven by smart metering projects in India and other regions. The company shipped 893,000 Omnimesh Modules in India during this period, reflecting strong operational momentum. With a robust order book of £157 million and the upcoming commencement of the Goa AMISP project, CyanConnode is well-positioned for sustained growth and market expansion. The company’s strategic focus on the Indian market, with a substantial pipeline of opportunities, supports its positive outlook for continued revenue growth.

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 Follow-On Order in MENA Region

CyanConnode Holdings has secured a follow-on order valued at over AED 5.8 million for cellular gateways in the MENA region, as part of a multi-year deployment. This contract, which builds on previous agreements from 2022 and 2024, will enhance revenue visibility and support the company’s global growth strategy by strengthening its strategic partnership in the region.

CyanConnode Releases Annual Report and Announces AGM

CyanConnode Holdings plc has released its Annual Report & Accounts and Notice of Annual General Meeting (AGM) to shareholders, emphasizing transparency and engagement with its stakeholders. The AGM is scheduled for 21 August 2025, and shareholders are encouraged to participate by proxy voting or attending in person, highlighting the company’s commitment to shareholder involvement and corporate governance.

CyanConnode Holdings Reports Revenue Decline Amid Strong Order Growth

CyanConnode Holdings reported a 24% decline in revenue for the fiscal year ending March 2025, attributed to election-related uncertainties and consumer resistance in India, its largest market. Despite these challenges, the company tripled its order book to £180 million and secured a significant £70 million contract with the Government of Goa, indicating strong demand for its technology. The company plans to provide quarterly updates to enhance transparency and has adopted a conservative approach to forecasting. Financially, the company saw a decrease in operating loss and an increase in gross margin due to cost-effective product releases. CyanConnode also expanded its operations by establishing a subsidiary in the UAE and successfully bidding for smart metering contracts in India.