CyanConnode Holdings plc, a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, has provided a trading update for the six months ended 30 September 2023. The company reported a turnover of £5.8 million for the period, which is 4.3 times higher than the equivalent period in the previous year. Revenue for the full financial year ending 31 March 2024 is expected to be in line with market expectations. CyanConnode also received approximately £7.4 million in cash from customers during the period, a 1.6 times increase compared to the same period last year.
The company shipped 503,000 Omnimesh modules to customers during the period, a 5.8 times increase compared to the previous year. Additionally, IntelliSmart Infrastructure Pvt. Ltd. ordered 1.4 million Omnimesh modules for three new utility customers.
John Cronin, CyanConnode Executive Chairman, expressed satisfaction with the progress made during the first half of the financial year, highlighting the increase in revenue and the growing momentum of the rollout in India. He mentioned that the company currently has a backlog of over 2.9 million Omnimesh modules in India alone. Cronin also confirmed that the revenue for the full financial year ending 31 March 2024 is expected to meet market expectations.
CyanConnode is a world leader in Narrowband RF Smart Mesh Networks, which are used for machine-to-machine communication. The company's RF Smart Mesh Networks are self-forming and self-healing, designed for rapid deployment, and offer exceptional performance and competitive total cost of ownership. CyanConnode's Omnimesh Advanced Metering Infrastructure (AMI) platform has gained significant commercial traction, particularly in India. The company has a global partner ecosystem and multiple routes to market, positioning it well to capitalize on the increasing global demand for smart metering solutions.