CyanConnode Holdings plc, a world leader in narrowband radio frequency (RF) mesh networks, has announced its unaudited interim results for the six months ended 30 September 2023. The company has experienced rapid growth in the Indian smart metering market, with orders for a total of 5.3 million Omnimesh modules to date in India alone. Revenue for the period is expected to meet market expectations. Financial highlights include revenue of £5.8m, gross profit of £1.8m, and an operating loss of £2.2m. Cash received from customers was £7.4m, and cash and cash equivalents at the end of the period were £0.9m.

Operational highlights include three orders won from IntelliSmart Infrastructure Pvt Ltd for a total of 1.4 million Omnimesh RF Modules and associated products, taking the total order book for India to 5 million Omnimesh modules. CyanConnode India was recognized as a Dun and Bradstreet 'Start-Up 50 Trailblazer'. The company also signed a Memorandum of Association with Alfanar to explore opportunities in Advanced Metering Infrastructure projects. In terms of shipments, 503,000 modules were shipped in H1 of FY24 compared to 391,000 shipped in the whole of FY 2023. The company has invested in recruitment and research and development to scale up the business and develop further products.

Post-period highlights include an order for a further 300,000 Omnimesh modules and associated products from IntelliSmart, taking the company's total order book for India to 5.3 million modules, of which 3.1 million are yet to be shipped. CyanConnode also received a letter of award for a follow-on smart metering deployment in the Middle East and North Africa region. Cash collected from customers since the period end was £2.4m, bringing the total cash received for the financial year to date to £9.8m. The company had cash of £1.1m at the end of November 2023, with a further £0.6m received from customers in December 2023. CyanConnode raised £2.7m in November 2023 through an oversubscribed placing and subscription. The company currently has a market share of approximately 25% of the installed smart metering base in India.