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CyanConnode Holdings PLC on Wednesday said its pretax loss narrowed in financial 2025 despite a drop in revenue, and it entered the new year with strong operational momentum as module shipments sharply increased. The Cambridge, England-based developer of narrowband radio frequency mesh networks posted a pretax loss of £3.7 million for the year that ended March 31, reduced from £4.2 million the prior year. This was helped by the absence of a one-off £791,000 intangible asset impairment booked in financial 2024. Revenue fell 24% to £14.2 million from £18.7 million, which CyanConnode attributed to deployment delays in India, its largest market, due to election-related business uncertainty and consumer resistance to smart metering. ‘No orders have been lost, only deferred,’ Chief Executive Officer John Cronin said. ‘The strength of our current pipeline positions us well for the periods ahead.’ To support investor visibility, the company said it will now provide quarterly operational updates. CyanConnode shipped 568,000 Omnimesh modules in the first quarter of financial 2026, up from 170,000 a year prior, signalling renewed deployment activity. The company expressed confidence this momentum will continue throughout the financial year. The firm’s contracted order book more than tripled to £180 million from £50 million, boosted by what it called a landmark £70 million contract win in Goa, India, under its new role as an ’advanced metering infrastructure service provider’. Cost of sales fell to £9.2 million in financial 2025 from £13.1 million, supporting a gross margin increase to 35% from 30%, helped by the introduction of lower-cost components. Operating costs held steady at £9.1 million, while earnings before interest, tax, depreciation, and amortisation loss narrowed to £3.5 million from £3.8 million. Adjusted Ebitda loss remained at £2.8 million. The company ended the year with £5.8 million in cash and financial assets, up from £0.8 million, following a £5.4 million capital raise and a short-term £5 million loan, now repaid. Shares in CyanConnode were down 5.9% at 7.65 pence in London on Wednesday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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