REG - CyanConnode Holdings - Trading Statement

Cyanconnode HoldingsAnnouncement

22/10/2025 07:10

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RNS Number : 3669E  CyanConnode Holdings PLC  22 October 2025

22 October 2025

 

CyanConnode Holdings plc

("CyanConnode", the "Company" or the "Group")

 

Trading Update for H1 FY2026

 

 

CyanConnode Holdings plc (AIM: CYAN), a global provider of IoT communication
and smart metering solutions, is pleased to announce a trading update for the
six months to 30 September 2025 ("H1 FY2026").

This has been a successful period, beginning with DigiSmart Networks Private
Limited ("DigiSmart"), the Group's subsidiary in India securing its first
contract as an Advanced Metering Infrastructure Service Provider ("AMISP").
This landmark contract for c.£70 million (at constant currency), awarded in
April 2025 by the Government of Goa, materially strengthened the Group's
contracted order book, which remains robust at approximately £157 million at
current exchange rates (previously: £180 million, including Goa which was won
early in April 2025). The reduction primarily reflects currency translation
effects of around 9%, with the balance attributable to deliveries made and
revenue recognised during the period.

While revenue from the Goa Project has not yet commenced, revenues from smart
metering communications systems and related services across India and the Rest
of World ("RoW") contributed to revenues increasing by 31% to £7.4 million
(H1 FY2025: £5.6 million). On a constant-currency basis, revenue growth would
have exceeded 40%.

Modules Shipped in India

The number of Omnimesh Modules shipped provides a clear indicator of
operational momentum, reflecting the rate of smart meter installations across
the 17 projects in which the Company is engaged. During H1 FY2026, shipments
increased sharply to 893,000 modules, compared with 377,000 in the same period
last year.

As at 30 September 2025, more than 5 million modules have been shipped in
India alone, with a further 9 million Omnimesh modules remaining in the order
backlog.

Through CyanConnode Private Limited, the Indian subsidiary company, the Group
is well placed to bid for further smart metering projects as a sub-contractor
providing communications systems.

DigiSmart - AMISP

The Goa contract is currently the Company's only AMISP project and it is
expected to commence this quarter. Given the project's scale, it is
anticipated to become a major contributor to Group revenues over the coming
periods.

In October 2025, local media reported progress on the project's rollout
preparations, as referenced in the following article:

https://www.thegoan.net/goa-news/indexing-survey-pave-way-for-rollout-of-smart-meters/137363.html
(https://www.thegoan.net/goa-news/indexing-survey-pave-way-for-rollout-of-smart-meters/137363.html)

Addressable market in India

Looking ahead, the pipeline of opportunities in India remains substantial. The
Total Addressable Market ("TAM")(1) for AMISP projects currently stands at
approximately 104.9 million smart meters, representing an estimated value of
£9.8 billion, which have been sanctioned but are yet to be awarded.
DigiSmart's Serviceable Available Market ("SAM")(2) comprises around 9 million
meters, with an estimated value of £837 million. Within this framework,
CyanConnode's SAM for just communications (i.e. as a subcontractor) is
estimated at a value of £254 million.

CyanConnode's Serviceable Obtainable Market (SOM)(3) over the next 18 months
for communications alone (i.e. acting as a subcontractor) is expected to be
approximately £45 million. For DigiSmart AMISP, the SOM over the same period
is expected to be around £186 million, providing a substantial near-term
pipeline to support continued revenue growth.

Based on an estimated market size of approximately 250 million smart meters,
the values in the table below represent potential order values and are in
addition to the Company's existing contracted order book.

1. TAM (Total Addressable Market) - The total addressable market in India in
relation to the Company's products and services. 2. SAM (Serviceable Available
Market) - The maximum portion of the TAM that the Company could serve, taking
into account practical and operational constraints. 3. SOM (Serviceable
Obtainable Market) - The share of the SAM that the Company is targeting to
capture within the next approximately eighteen months. 4. AMISP values are
based upon the Goa per-meter price.

Rest of World projects

In August 2025, the Company announced a follow-on order for a project in the
Middle East North Africa ("MENA") region for AED 5.8 million, which was
delivered and revenue fully recognised during the period. The Company
continues to pursue near-term opportunities in its RoW markets.

Outlook and Strategic Progress

During the period deployments have increased compared with the same period in
FY25, with a majority of the revenue recognised in the period from projects
expected to occur in the prior year, as these now deploy. With this increased
momentum, we expect to continue to deliver in the second half of this
financial year. The successful execution of existing projects, together with
the commencement of the Goa AMISP contract, positions CyanConnode for a period
of sustained growth and market expansion. The Group's contracted outstanding
order book valued at approximately £157 million provides multi-year revenue
visibility.

With deployments accelerating and the Goa AMISP contract expected to commence
during H2 FY2026, the Board anticipates that revenues for the full year will
benefit from this momentum. While recognising that the precise timing of
revenue recognition remains dependent on project schedules, the Board remains
encouraged by the Group's strong order book and pipeline visibility.

John Cronin, CEO of CyanConnode commented:

"We have completed a strong first half and have entered H2 FY2026 in a solid
position. The Indian Government's commitment to nationwide smart metering
remains undiminished, as seen in the increased activity across our 17
projects. With continued momentum in India and steady international progress,
we remain confident in the Group's growth trajectory."

- Ends -

 

Enquiries:

CyanConnode Holdings plc
                                  Tel: +44 (0) 1223 865 750

John Cronin, Group CEO
                                       www.cyanconnode.com

Strand Hanson Limited (Nominated and Financial Adviser)
 Tel: +44 (0) 20 7409 3494

James Harris, Richard Johnson, David
Asquith
 

 

Zeus Capital Limited (Joint
Broker)                                                         Tel:
+44 (0) 20 3829 5000

Simon Johnson, Louisa Waddell

 

Panmure Liberum (Joint
Broker)
Tel: +44 (0) 20 7886 2500

Rupert Dearden / James Sinclair-Ford

 

Novella (Financial PR)
 
Tel: +44 (0) 20 3151 7008

Tim Robertson / Safia Colebrook

 

 

About CyanConnode

CyanConnode (AIM:CYAN.L), is a global provider of IoT communication and smart
metering solutions. Its comprehensive technology portfolio includes narrowband
RF mesh, advanced cellular modules, and hybrid communication platforms,
delivering scalable and cost-effective connectivity for smart energy and
infrastructure applications.

The Company's flagship Omnimesh platform offers highly reliable, self-forming
and self-healing networks, optimised for deployment across diverse geographic
and environmental conditions. Complemented by innovations such as long-range
RF, in-meter gateways, and AI-enhanced cellular connectivity, CyanConnode
provides flexible solutions tailored to evolving utility needs.

CyanConnode's Universal Head-End System (UHES) enables seamless integration
across multiple communication technologies, enhancing interoperability and
simplifying network management at scale.

As a trusted AMISP and OEM partner, CyanConnode works with utilities, system
integrators, and meter manufacturers through a global, vendor-agnostic
ecosystem. The Company is playing a central role in the digital transformation
of the energy sector, with projects spanning India, Southeast Asia, the Middle
East, and Europe.

 

For more information, please visit www.cyanconnode.com
(http://www.cyanconnode.com/)

 

The information contained within this announcement is deemed to constitute
inside information for the purposes of Article 7 of EU Regulation 596/2014
(Market Abuse Regulations) which is part of UK law by virtue of the European
Union (Withdrawal) Act 2018. Upon publication of this announcement, this
inside information is now considered to be in the public domain.

 

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