Cyanconnode Holdings Plc · LSE:CYAN
Cyanconnode — FY2025 Earnings Presentation
32 slides from Cyanconnode's earnings presentation, July 2025
Slide 1: Final Results Presentation FY25
Global provider of IoT communication and smart metering solutions Final Results Presentation FY25
Slide 2: Who is CyanConnode?
Who is CyanConnode? Global provider of IoT communication and smart metering solutions Business Model Our Markets • OEM or lead bidder • Targeting 330 million smart meter opportunity in India • 10 year contracts with long-term recurring revenue / cash streams • >20% win rate in India • Vendor agnosti
Slide 3: Key Trading Highlights
Key Trading Highlights FY2025 H1 2026 • FY25 was a transformational year • Strong start to FY26 with positive momentum, evidenced by a significant uplift in shipments of • Tripled order backlog, from £50 million to £180 million modules (568,000 vs 170,000) • Including landmark c.£70 million Goa cont
Slide 4: FY25 results
FY25 results
Slide 5: FY25 Results – Statutory income statement
CyanConnode FY25 Results India FY22 – Statutory highlights income statement Year Year 31-Mar 31-Mar FY2025 2025 2024 £'000 £'000 Continuing operations Revenue 14,177 18,730 Cost of sales (9,238) (13,117) Revenue reduced by 24% as a result of Gross profit 4,939 5,613 delays to deployments 35% 30% Exc
Slide 6: FY25 Results – Statement of financial position
CyanConnode FY25 Results India FY22 – Statement highlights position of financial 31-Mar 31-Mar 2025 2024 £'000 £'000 Large increase in total assets, driven by increases in contract Non-current assets assets, inventory, cash and non-current trade debtors, lead to Intangible assets Goodwill 4,529 1,93
Slide 7: FY25 Results – Cashflow statement
CyanConnode FY25 Results India FY22 – Cashflow highlights statement Year Year Mar-25 Mar-24 £000 £000 Net cash outflow from operating activities (see below) (5,540) (2,859) Investing activities Interest received 16 15 Free cash outflow was £6.6m due to Purchases of property, plant and equipment (121
Slide 8: The Indian Opportunity
The Indian Opportunity Indian Government As of March 2025, Allocating Over losing over 330 million 20–24 million $15 billion $36.5 billion prepaid smart smart meters have annually due to to modernize the meters are being been installed, and theft and power sector, with rolled out the daily rollout r
Slide 9: Contracts Awarded So Far in India under RDSS
Contracts Awarded So Far in India under RDSS Total Smart Meter Volume (250M) – now 330M Comms Provider Finalised Balance Obtainable (73M) (177M) - now 257M Awarded to CC to date (14.75M) 9
Slide 10: CyanConnode Implementation Status
CyanConnode Implementation Status
Slide 11: Projects Update
Projects Update Total Volume (m) Order Date Units Shipped to Projects value Mar25 (m) (£’m)** OEM revenue generating projects still being installed 9 projects 11.6 Dec 22 – Mar 25 1.5 120.5 OEM revenue generating projects fully installed 8 projects 2.4 May 18 – April 22 2.4 23.8 Total 144.3 Still to
Slide 12: AMISP
AMISP
Slide 13: Additional business model – Digismart AMISP – £9.2 Billion
Additional business model – Digismart AMISP – £9.2 Billion DigiSmart to bid directly on upcoming smart metering tenders (c. 110m meters) under the Revamped Distribution Sector Scheme (RDSS) One Single Service Contract From AMISP to Utility Hardware CyanConnode Equity Performance Based = Risks Aligne
Slide 14: Goa AMISP Contract
Goa AMISP Contract • In April, won first AMISP contract worth £70m to deploy 750,000 smart metres • In July, subcontracted the running and funding of the project to major operator • Retained overall control and responsibility • All conditions including meters the responsibility of the subcontractor
Slide 15: CyanConnode Rest of World
CyanConnode Rest of World
Slide 16: CyanConnode's Global Presence
CyanConnode’s Global Presence • New office in UAE • CyanConnode already operating in • India • Abu Dhabi • UK • Dubai **further near term opportunities • Sweden • Thailand • Finland • New business addressable markets – total est 243 million • Malaysia – 10.5m • Oman – 2m • Indonesia – 34m • Vietnam
Slide 17: Going forward
Going forward
Slide 18: Current Funding Position
Current Funding Position FY2025 H1 2026 • Completed oversubscribed placing and subscription, • $15m raised from Convertible Loan Notes raising £5.4m before expenses • Axia Investments loan – repaid • Axia Investments (largest shareholder) provides short term £5m loan • Company in a strong position t
Slide 19: Investor Communications
Investor Communications • In light of the inherent challenges in forecasting revenue timing in large infrastructure projects • The Board has adopted a more conservative approach. • To enhance transparency and help stakeholders track operational progress, going forward CyanConnode intends to provide
Slide 20: Outlook
Outlook • Prospects underpinned by £180m orderbook • Goa project positioned to drive revenues in next two years – fully funded with no requirement for funding from CyanConnode • New business pipeline strong and confident of maintaining +20% win rate • Timing of revenues remains hard to predict accur
Slide 21: Technology and market
Technology and market
Slide 22: Smart Metering Solution
Smart Metering Solution Designed in UK, Manufactured in India Outdoor Gateway- RF antenna IP67 (meter) 22
Slide 23: Best Mix – Hybrid Networks
Best Mix – Hybrid Networks Fit-for-purpose metrics : Useful to select best mix of communication technologies MNO -> HES- >MDM Urban & Suburban areas: Best fit : HYBRID RF Mesh Canopy + Cellular RF Mesh canopy + Cellular as backhaul ✓ Performance Isolated Small Clusters ✓ Economic value • Village ham
Slide 24: Customers and Partners
Customers and Partners Blue-chip client base and partner eco-system validates technology offering Customers End customers Utilities • Have delivered > 5 million endpoints 25+ other • 20 customers globally Swedish and Finnish utilities • c. 9.9 million in backlog in India system integrators and Prime
Slide 25: Indian market
Indian market
Slide 26: India Deployment Status
India Deployment Status Cumulative Orderbook 14 Million+ nodes Presence 17 Utilities and 12 States Deployed & Communicating : 2.85 Million+ nodes 26
Slide 27: Timelines & Project flow as per RDSS
Timelines & Project flow as per RDSS First 5% of the meters to Additional 45% of the Balance 50% of the be installed and Go-live to meters to be installed meters to be installed be achieved Followed by 93 months of FMS 7 months 11 months 9 months 27 months of implementation phase AMISP receives LOA,
Slide 28: Case studies
Case studies
Slide 29: TANGEDCO – Tamil Nadu
TANGEDCO – Tamil Nadu The TANGEDCO Smart Metering Project exemplifies a seamless transition to a fully automated and digitally advanced energy management system, eliminating manual inefficiencies and setting new operational benchmarks. Powered by CyanConnode’s Omnimesh RF canopy, the project incorpo
Slide 30: Madhya Pradesh Deployment status
Madhya Pradesh Deployment status Indore phase-I (130K meters) • First smart metering project in India Indore Town implemented over RF with such a large Billing efficiency scale of 130K consumers of Indore city improved by 25% • Order of merit awarded to MPPKVVCL for ISGF innovation award 2019 & 2020
Slide 31: Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Ltd (MPWZ) Indore: Impact
Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Ltd (MPWZ) Indore: Impact Contract sizes – 75ku increased to 2m in the state via 3 partners. Original 75ku Billing Improvement deployed in 2018. Most recent 0.5mu order received in 2025 currently being ➢ C. 13p per consumer saving on Govt. Subsid
Slide 32: Thank You
Thank You Awards & Recognition www.cyanconnode.com www.linkedin.com/company/cyanconnode www.twitter.com/Cyanconnode 32