CyanConnode Holdings (LSE:CYAN) expects to report revenues in excess of £20m for the year ended 31 March, up from £14.2m in FY2025.
The group, a global provider of IoT communication and smart metering solutions, says a significant proportion of the revenue relates to its Goa project where installation has commenced and the first meters, an integrated software platform and related services were implemented in H2 FY2026 as its first contract as an Advanced Metering Infrastructure Service Provider (AMISP).
During H2 FY2026 the company moved toward completion of a new product suite, including the FG28 module, cellular modules and In‑Meter Gateways with significantly lower costs to the business, and in anticipation deferred certain hardware shipments which reduced the proportion of revenue from its subcontractor role, with hardware shipments expected to increase after a new product launch targeted for H1 FY2027.
A total of £10.8m cash was collected from customers during the period (£11.6m at constant currencies) compared with £14.2m for FY2025, of which £2.3m related to FY2025 trade receivables and £8.6m related to FY2026 trade receivables.
The company clarifies that at the time of the FY2026 interim results cash collection since 30 September 2025 was £1.6m, of which £0.3m related to FY2025 receivables and £1.3m related to FY2026 receivables.
CyanConnode says it continues to make steady progress with several long‑term prospective projects in the APAC region and the Middle East that are moving closer to order stage and is active in tenders both as an AMISP and as a subcontractor in India.
