cyan AG expects strong growth in 2024

EQS-News: cyan AG / Key word(s): Annual Report
cyan AG expects strong growth in 2024

23.05.2024 / 07:15 CET/CEST
The issuer is solely responsible for the content of this announcement.

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cyan AG expects strong growth in 2024

Munich, May 23, 2024 - cyan AG, a provider of intelligent cybersecurity
solutions, today published its annual report for 2023 and confirms the
preliminary figures. Revenue in the continued operation (Cybersecurity
segment) grew by 23% to EUR 4.7 million (2022: EUR 3.8 million). Recurring
revenue strongly increased by 41% to EUR 4.4 million. As expected, the
operating result EBITDA reached EUR -4.5 million (2022: EUR -4.4 million).
The business figures are characterized by the successful strategic
realignment of the company. The BSS/OSS business, which contributed around
45% of revenue but was responsible for 60% of operating costs, was sold at
the end of 2023. Since then, cyan has focused on its core business
Cybersecurity.

A key milestone in the operating business was the expansion of the
cooperation with MTEL in Germany and Switzerland to include
network-integrated cybersecurity solutions. In addition, cyan carried out an
update of the cybersecurity products with T-Mobile Poland and thus
significantly increased the number of subscribers. In addition, the
development of existing customers remained solid and positive. Overall, the
subscriber base increased by 71% in 2023 as a result.

cyan was able to build on these successes in the first months of 2024. A
partnership was established with Orange Spain, a company from the Orange
Group, to offer cybersecurity solutions for all Orange customers in the
Spanish market. The strategy program that has also been initiated is driving
improvements in the areas of product, markets, internal processes, and
administration. A cornerstone on the product side in the core market OnNet,
is an improved product under the name "OnNet Core", which enables
significantly faster implementation through a cloud-based rollout. On the
market side, cyan plans to continue to grow strongly, particularly with
technology and product partnerships in its core market of
telecommunications, but also to advance into new industries such as the
insurance sector. To this end, the company is focusing in particular on its
endpoint-based solution based on the newly developed cyan SDK (Software
Development Kit).

cyan is therefore in an excellent position to continue its growth trajectory
in the 2024 financial year. Based on an increasing number of end customers,
cyan's recurring revenue is set to rise further. The company therefore
anticipates an increase in consolidated revenue to between EUR 6.6 million
and EUR 7.4 million. The operating result (EBITDA) at Group level, excluding
special effects, is expected to improve significantly. Management expects to
break even on a cash flow basis in the fourth quarter of 2024.

Thomas Kicker, CEO of cyan AG: "We are confident about the current financial
year. Currently, we are making great progress in implementing our strategy
program so that it can already take effect over the course of this year. It
is a great pleasure for me to drive this process forward with our lean team.
Additionally, we are optimizing our structures and our market presence. The
first successes are already visible with the new partnerships and customers.
Together, we are making the Internet a safe place."

About cyan
cyan AG (XETR: CYR) is a provider of intelligent cybersecurity solutions
with more than 15 years of experience in the IT industry. The company offers
IT security products for end customers of mobile and fixed network internet
providers and financial service providers. cyan's solutions are integrated
as white label products into the apps and system landscape of international
business partners, who then offer those to private and business customers
under their own brand.

In addition, cyan operates its own research and development center with the
aim of identifying trends in the industry at an early stage and developing
optimal product solutions. cyan's customers include among others the Orange
Group, the telecom group Deutsche Telekom (Magenta/T-Mobile), Claro Chile
(América Móvil Group) and dtac (Telenor Group).

More information at: www.cyansecurity.com.

cyan AG Investor Relations:
cyan AG
Phone: +49 89 71042 2073
Email: ir@cyansecurity.com

cyan AG Press Contact:
Kirchhoff Consult GmbH
Phone: +49 40 60 91 86 65
Email: cyan@kirchhoff.de


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23.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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   Language:       English
   Company:        cyan AG
                   Josephspitalstraße 15
                   80331 Munich
                   Germany
   Internet:       www.cyansecurity.com
   ISIN:           DE000A2E4SV8
   WKN:            A2E4SV
   Listed:         Regulated Unofficial Market in Berlin, Dusseldorf,
                   Frankfurt (Scale), Hamburg, Munich, Stuttgart,
                   Tradegate Exchange
   EQS News ID:    1909111

End of News EQS News Service
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1909111 23.05.2024 CET/CEST