CyanConnode (LSE:CYAN) anticipates reporting annual revenue of more than £20 million for the year ended 31 March 2026, a significant increase from £14.2 million the previous year. Growth has been largely driven by progress on its smart metering rollout in Goa, where installations have commenced and its first Advanced Metering Infrastructure Service Provider (AMISP) contract is now operational, covering meters, software, and associated services.
The company is also nearing completion of a new, lower-cost product suite. As part of its launch strategy, some hardware shipments have been deliberately delayed ahead of a planned rollout in the first half of FY2027. During the year, CyanConnode recorded £10.8 million in customer cash collections and provided additional clarity on the timing of receivables to investors.
Of the total cash collected, £2.3 million related to outstanding balances from the prior year, while £8.6 million was generated from FY2026 activity. Beyond India, the group is continuing to pursue opportunities across the Asia-Pacific and Middle East regions, while also participating in multiple tenders in India both as a primary AMISP contractor and as a subcontractor. These initiatives could support further expansion as demand for smart metering infrastructure grows.
Despite the strong top-line momentum, the company’s outlook remains constrained by ongoing losses, negative cash flow, and higher levels of leverage. Market indicators also reflect weak momentum in the share price. However, recent corporate activity linked to potential takeover developments provides some support, while valuation remains difficult to assess given the lack of earnings and dividend data.
More about CyanConnode Holdings plc
CyanConnode Holdings plc is a global provider of Internet of Things communication technologies and smart metering solutions. The company focuses on advanced metering infrastructure for utility providers, offering communication modules, cellular connectivity, and in-meter gateway technologies. It operates both as a primary service provider and as a subcontractor, with a strong presence in India as well as expanding activity across APAC and Middle Eastern markets.
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