Aim Bulletin
CyanConnode expects revenue to rise to over £20m
By Josh White
Date: Friday 24 Apr 2026
(Sharecast News) - CyanConnode said in an update on Friday that it expected annual revenue to rise to more than £20m, helped by the start of installations on its Goa smart metering project, though some hardware shipments were deferred ahead of the launch of a lower-cost product suite.
The AIM-traded provider of IoT communications and smart metering technology said revenue for the 12 months ended 31 March was expected to exceed £20m, subject to audit, compared with £14.2m in the 2025 financial year.
A significant proportion of the revenue related to the Goa project, where installation had now started.
CyanConnode said the first meters, together with an integrated software platform and related services, were successfully implemented during the second half of the year.
The company said the project marked its first contract as an Advanced Metering Infrastructure Service Provider, or AMISP.
During the second half, CyanConnode moved towards completing its new product suite, including the FG28 module, cellular modules and in-meter gateways, which it said would carry significantly lower costs for the company.
Ahead of the launch, CyanConnode deferred certain hardware shipments, resulting in a lower proportion of annual revenue from the part of the business where it acts as a subcontractor and supplies only its communications technology.
The firm said hardware shipments were expected to increase after the new product launch, targeted for the first half of the 2027 financial year.
Cash collected from customers during the year totalled £10.8m, or £11.6m at constant currency, compared with £14.2m in the prior year.
Of the £10.8m collected, about £2.3m related to trade receivables from the 2025 financial year and £8.6m related to 2026 trade receivables.
CyanConnode also clarified that, at the time of its interim results, cash collection since 30 September was £1.6m, of which £0.3m related to 2025 trade receivables and £1.3m related to 2026 trade receivables.
The company said it continued to make steady progress with several long-term prospective projects in the Asia-Pacific region and the Middle East, adding that the opportunities were moving closer to the order stage and could provide growth potential if secured.
CyanConnode said it had also been active in a number of tenders in India, both as an AMISP and as a subcontractor.
At 1326 BST, shares in CyanConnode Holdings were up 1.77% at 7.99p.
Reporting by Josh White for Sharecast.com.
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