Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
From the Trading Update (06/07/2023):-
"Higher proportion of revenue from Middle East, albeit on lower margin hardware, affecting forecast overall gross margin. While it is too early to determine at this stage, it is expected that as a result Adjusted EBITDA will also be lower than market expectation."
My guess is we're back in this territory, which might explain today's SP reaction.
ITT
I see one of our suppliers (SOLI) is bouncing back well after losing about a third of its value since August. Now 'only' 15% down.
Whereas Cyan has lost half of its value during the same period and shows no sign of reversing any of that loss.
Hi chuffedtobits
I totally agree. On the 25/07/2023 the accounts were signed off. That's more than three months to get them filed properly - there's no excuse.
It takes less than a minute to check Co House's to ensure that something has been filed properly.
ITT
Hi tonyj
I was going to provide you with the link to the relevant page on IntelliSmart's website but they're having a technical glitch and their site isn't working, so I can't.
As as happened with many other Cyan collaborations, whatever was going on with Genus could just fade away and never be mentioned again. There's no requirement for Genus to say anything and good luck with getting confirmation from Cyan.
ITT
ITT
Hi tonyj
20% of the 250 million smart meters equates to several billion of dollars. Do you honestly think that the GoI would be so stupid as to leave their grand project and themselves exposed by a £25M UK AIM listed minnow. I don't.
IMO, 5% - 7.5% is their max.
ITT
Hi tonyj
Even with IntelliSmart (IS), they (Cyan) only seem to be involved with about 25% of what IS have installed. On IntelliSmart's website, they claim to have installed over 4 million smart meters - Cyan have supplied them with just over 1 million modules to date.
Market expectations for 2023/2024 can be met from existing orders and working through them. It's the following year's expectations i.e. revenue of £35M for 2024/2025 that's going to miss by a mile, unless things change here. That's why the SP has been shot to pieces - nobody that matters believes that they'll get anywhere near £35m.
Perhaps Genus have made alternative plans. Things have gone extremely quiet on that front - nothing from them to report in 2023, unless I'm mistaken.
ITT
Two years on the trot the company's accounts have been filed late with Companies House. Finally, this year's were filed in Friday - almost a month overdue.
At least that's one question mark out of the way.
Are they going to win business from anyone other than IntelliSmart is another. I'm beginning to think not.
ITT
Hi tonyj
That is exactly the point that I have been attempting to make.
It would be ridiculous business-wise for G to have umpteen different softwares (doing similar things) to be working with.
Pick a good one and stick with it.
Fingers crossed it's Cyan's.
ITT
Hi tonyj
I know that it might appear impatient of me but if Genus is winning contracts on the back of Cyan's proven technology, it doesn't seem fair or logical to me that G's shareholders benefit substantially, while Cyan's shareholders suffer substantial paper losses, as the company waits for some green light before notifying the market that they are involved.
I hope, as time passes, that this delay shortens and/or that when X, Y or Z company wins a contract the assumption by the market is that Cyan are involved and not that they are not (as seems to be the case now).
GL
ITT
The 'India Update' on the company's home page (under presentations and videos) not working about sums this lot up.
India is its raison d'être (as confirmed recently by JC) and potential new investors starting their research get that. Hopeless.
It seems to me that Genus are doing extremely well, without anything being required from Cyan.
I'm sure that they're very appreciative of all the knowledge and ideas that Cyan have provided them with over the years.