Member Info for Inthetin

The latest Panmure note on Cyan I have shows estimated revenue for FY26 as £40M. That's pretty close to what I said it should be.

Have they updated their estimate? If so, to what amount?

Sorry:

As that didn't happen, others should have shown a bit of backbone AND stepped in.

The £34.5M figure does 'exist' - JC, HP & BL(Zeus) created it.

We have not all imagined it. It was the 'market expectation' for FY25.

BL(Zeus) still believed it until at least 14/04/2025 (i.e. after the year end) - see his report dated 14/04/25.

By 14/04/25, did JC & HP know that the £34.5M market expectation was going to be missed by a mile?

If so, why didn't they alert BL (Zeus)? They are the company's broker after all.

If JC & HP didn't know (which I find impossible to believe), why didn't they? Do they not understand their own figures?

JC & HP should have done the decent thing and walked after this. As that didn't happen, others should have shown a bit of backbone, stepped in.

All three of them were just plucking figures out of the air. It's so amateurish.

Until they've gone, I won't be investing.

Good luck and bye.

Hi RO55

No, Zeus's notes dated 08/11/24 and 04/03/25 (i.e. pre Goa contract) both showed revenue estimated at £34.5M.

As late as 14/04/2025, Zeus had estimated revenue of £34.5M for Cyan for the Y/E 31/03/2025. As you know the revenue turned out to be £14.2M i.e. over £20M short.

That missing £20M must turn up in Y/E 31/03/2026 otherwise it will look like JC & HP completely made up the £30M+ figure for Y/E 31/03/2025 in the first place. In fact, it would be good if they could publish their workings so that investors can see how they arrived at their £30M+ figure.

Anyway, if we say that Cyan should definitely have revenue in Y/E 31/03/2026 of at least as much as say the average of Y/E 31/03/2024 & 31/03/2025 (i.e. £16M), we can expect total revenue of at least £36M for Y/E 31/03/2026.

£16M - Average for Y/E 31/03/2026

£20M - Missing from Y/E 31/03/2025

-------

£36M

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If that £20M doesn't show up after allowing for another 12 months, JC's excuses (given in April'25) don't hold water.

Re Trezise, Cyan's shareholders page was updated on 29/12/2025. Are you saying that this page is about as reliable as one of Mr Liao's Cyan forecasts?

HG

What are you talking about? You keep mentioning it, not me.

If you read back, it was CB who suggested it. I simply said perhaps someone should ask at the AGM or next Q&A session. There's no problem with directors contributing to BBs. It's a free world. I don't give a flying f if LTI is JC or not.

Hi RO55

Thanks re good luck.

Do you mean 31/03/26 or 31/12/26 for 10p?

Relying on what Bob Liao has to say will get you about as far as basing your investment decisions on what Mr Tremendously Upbeat says (i.e. nowhere). Mr Liao isn't going to get caught with his pants down again. His forecast was due in the summer - I doubt that he'll provide one.

I don't understand how Trezise has managed to buy 18M shares (5%) on the open market without it affecting the SP one jot.

Good luck with your 10p.

Hi RO55

I'm not talking about FY25's missing £18M, I mean where are the new sales/contracts? There aren't any.

Where are the new sales? It's simply not happening.

This one maybe:-

Hype-Driven: Susceptible to online rumours and conjecture, attracting gullible investors.

Under which of the Sucker Stock key characteristics does this Azerbaijan line fall under?

As anyone can see, he joined this BB just before you know who joined you know who.

£358K - JC

£234K - HP

Are shareholders getting value for money?

In all my years of investing and being in business, I have never seen anyone be 60% out with their annual revenue estimates.

Constantly saying that you are going to hit £32M but actually come in at £14M. What a complete sh**show and it's on them.

What's the point in a Q&A session? The answers will be complete guesses.

Good luck.

While we're at. WTF does Peter Tyler do for his £40K pa?

What's his hourly rate? £20K

Oh, they didn't get their £55K & £50K bonuses in 2025. Why was that?

JC & HP don't have a business model. They don't know what they need to charge to give the company a chance of making a profit, instead closing their eyes, taking what they're given and hoping for the best.

For the time being, they've exhausted their supply of suckers and have gone for loans that will never be able to be repaid instead. It matters not to JC & HP, they will be long gone before the sh** hits the fan in 4 or so years.

Good luck.

Sucker Stock definition:-

Key Characteristics

Low Quality: Weak fundamentals, poor financials, or being a broken company.

High Speculation: "Blue sky" business models or operating in hot but risky sectors.

Misleading Value: May appear cheap (low price) but are actually expensive relative to their poor quality, trapping value investors.

Low Momentum: Lack strong price momentum, often experiencing sharp drops.

Hype-Driven: Susceptible to online rumours and conjecture, attracting gullible investors.

Sound familiar?

The bottom line is that JC & HP do not have a grip on the finances and they don't seem to care either. As long as their £40K & £30K per month respectively keeps rolling in, life is fine.

They spend nearly 12 months leading everyone to believe that the FY 25 revenue was going to be £32M but were £18M out (60% out).

£18M out and and a crashed SP and no apology. What's that all about?

The company now owes $15M with no explanation as to how it is going to be repaid, which is most likely because it won't be.

The figures are so all over the shop, Zeus (joint broker) aren't prepared to put their name to anything. They have been left looking stupid once too often.

Good luck.