CyanConnode Holdings plc, a global leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, has released its audited financial results for the fiscal year ended March 31, 2024. The company reported a 60% increase in revenue to £18.7 million, up from £11.7 million in the previous year, marking the highest annual revenue in the companys history. This growth is attributed to an increased order book and accelerated deployments in India. The gross profit also increased to £5.6 million, while the gross margin decreased to 30% due to the sale of third-party hardware and end-of-life component purchases. The operating loss increased to £4.2 million due to higher costs, including an expanded headcount to scale up the business. The EBITDA loss was £3.8 million, and the adjusted EBITDA loss was £2.8 million. The cash position decreased to £0.8 million, while cash collected from customers increased to £16.9 million. Operational highlights include orders for 2.7 million modules in India, a new order for 52,300 NBIoT hubs from the MENA region, and a successful fundraising round raising £2.7 million before expenses. The companys executive chairman, John Cronin, expressed confidence in the companys trajectory and expected even better results in the next fiscal year.
| Financial Year | Revenue | Gross Margin | Operating Loss | EBITDA Loss | Adjusted EBITDA Loss | Cash Position |
|---|---|---|---|---|---|---|
| 2024 | £18.7 million | 30% | £4.2 million | £3.8 million | £2.8 million | £0.8 million |
| 2023 | £11.7 million | 36% | £3.3 million | £2.9 million | £1.6 million | £4.1 million |