CyanConnode shares tumble as interim loss widens despite revenue gain

(Alliance News) - CyanConnode Holdings PLC on Thursday reported improved interim revenue on increased hardware shipments, but saw rising costs weigh on its bottom line.

Shares in the company declined 17% to 6.00 pence on Thursday afternoon in London.

The Cambridge, England-based developer of narrowband radio frequency mesh networks posted a pretax loss of GBP3.1 million for the six months that ended September 30, widening from GBP2.1 million a year prior.

Revenue however improved 32% to GBP7.4 million from GBP5.6 million, with CyanConnode crediting this top line gain to increased shipments of hardware.

The weaker bottom line amid the improved revenue is attributed to rising costs.

Cost of sales outpaced the revenue rise, as they grew 70% to GBP5.6 million from GBP3.3 million, and other operating costs increased 13% to GBP5.0 million, further hampering the bottom line.

The company owed the increase in its operating costs to GBP5.0 million from GBP4.4 million primarily to GBP900,000 of foreign exchange losses in translation of accounts.

Looking ahead, Chief Executive John Cronin said: "With 17 live smart metering projects and revenue generation from the Goa project expected to begin in earnest shortly, the business is well-positioned for sustained growth through the remainder of FY 2026 and into FY 2027."

By Christopher Ward, Alliance News reporter

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