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Good evening tonyj and you are welcome.

The 350,000 of delayed Omnimesh modules, that should have been shipped towards the back end of FY2025, but were delayed and were slotted in during April 2025, will start this Financial Year off very well, for sure. As a comparison, during April 2024, CyanConnode shipped 39,000 Omnimesh modules. So a good start to this financial year, I feel.

All in all, tonyj, it should be a very interesting year.

Take care, tonyj.

LTI.

Sorry - should read - second line - " ..... that may be included in the Update."

LTI.

Good morning all,

Looking forward, to the potential October Update, there is a substantial amount of information from already placed orders from India, The Middle East and North Africa and Thailand, over the last 30 months or so, that may be included in the. Dependant on how the information is structured, the orders received after the Strategic Framework Agreement - February 2023 - should feature in the " 27 months of implementation phase ", for a progress report.

The first order received after that date, was the 600,000 Omnimesh order, from Paschimanchal Infrastructure Pvt Ltd, a subsidiary of IntelliSmart, for the Indian utility PVVNL, in Uttar Pradesh, during May 2023, which potentially should be completed and coming up to the Support & Maintenance period.

The first order from MonteCarlo, from January 2023, should potentially now be completed and be involved in the S&M part of the contract. The other subsequent orders from MonteCarlo, received during 2024 and 2025, will be at various stages of implementation.

It depends on how far CyanConnode want to go back, with the Update, but CyanConnode's million Omnimesh order fromm Genus, received during August 2022, which was the largest order that CyanConnode had received, at the time, may also get a mention.

But how much detail and how far back CyanConnode will go, we understand is still being determined. And of course, any new orders between now and the Update, would be welcome and I am sure would get a mention.

Interesting times ahead, I feel, with plenty to look forward too.

Good Luck all.

LTI.

Good afternoon all,

IntelliSmart and Partners have installed a total of 287k+ smart meters during August 2025, over 5 projects, with Genus and Partners installing approximately 746k+, over 10 projects, for the same period.

So all 3 Consortia seem to be progressing rather well, over various projects for the RDSS, with the total number of installed smart meters for the 3 Consortia - namely IntelliSmart + Partners, Genus + Partners and MonteCarlo + Partners, totalling circa 1.7+ million, for August 2025.

These 3 Consortia seem to be installing the bulk of the smart meters at the moment, with other Consortia projects, at different/earlier stages of progress. But still plenty to look forward too.

Good Luck all.

LTI.

...... was last updated on August 31st, 2025, with the total number of smart meters installed, now standing at just under 40 million, with the total number of smart meters installed during August 2025, reaching just over 2.5 million.

https://nsgm.gov.in/en/sm-stats-all

Good afternoon all,

MonteCarlo and Partners installed just under 700k smart meters during August 2025, in their two projects, one in Maharashtra and the other in Madhya Pradesh.

Good, consistent progress I feel.

Good Luck all.

LTI.

Good afternoon all,

Just came across a news-paper report from Offshore Technology, dated July 18th, 2025, that may be of interest. If you follow the tread, nilli on ADVFN, posted on 22nd July, 2025, that John Cronin had posted on LinkedIn, mentioning the deal between Azerigaz and Esyasoft. Very interesting.

https://offshore-technology.com/news/azerigaz-and-esyasoft-sign-480m-smart-gas-network-contract/

From the report:-

" Spanning approximately 14 years, the project includes the installation of two-and-a-million smart meters as well as system support phases."

A similar number of smart meters was included in CyanConnode's AGM Presentation, on the " CyanConnode's Global Presence " page, as a " near-term opportunity " in Azerbaijan. Very interesting indeed.

So we will have to see what " near-term " turns out to be. But it could turn out to be very promising, indeed.

Good Luck all.

LTI.

Hello tonyj,

We will have to wait and see how the Quarterly Updates are structured, tonyj and whether they will be " installation targeted " or whether there will be other " Project values " included.

Not long to wait, now.

LTI.

Good morning tonyj and all,

There was some information in a news article, some time ago, about the Goa project being implemented in a Phased manner. Within the AGM Presentation that I have already posted, on page 14 you will find some information that tells us that - " Project commenced June 2025 - deployment expected to commence in 2025 ". No information on the various stages, at this point.

From a report published in BharatKiBaat, dated August 4th, 2025, they report that " .... Goa is set to commence in December 2025, as announced in the State legislative assembly, on Monday."

https://bharatkibaat.co.in/2025/08/04/goa-to-begin-installation-of-7-5-lakh-smart-prepaid-electricity-meters-in-december/

I might suggest that there is a difference in the meaning of the word " commence " in the news report and personally, I will be using the time-frame given in the CyanConnode AGM Presentation. Namely - " Project commenced June 2025 - deployment expected to commence in 2025."

There will no doubt be some preliminary works to be carried out from the " ... commenced ...... " stage - June 2025, before commencement of the " ..... deployment ...... " stage - towards the end of this year.

So I personally will not be expecting any figures attached to the Goa project, in the first update, possibly during October 2025. But who knows.

I hope this helps, tonyj.

LTI.

No problem tonyj,

But not drifting away too much, from the original text provided in the AGM Presentation, CyanConnode/DigiSmart/GreenMeter, have:-

- Retained overall control and responsibility.

- All conditions including meters, the responsibility of the sub-contractor.

- Will continue to directly supply RF and Cellular communications.

- No requirement to raise project funding.

So, to me, there are definite lines of communication, responsibility and accountability, with CyanConnode/DigiSmart/GreenMeter having " Retained overall control and responsibility ".

So a little more than " Are we now suggesting that CC does no more than the usual supply of Comms ", I would respectfully suggest.

I hope this helps tonyj and it is only my personal observations.

Take care, tonyj.

LTI.

Good morning tonyj,

My observation would be read the whole context of the quote, tonyj, from the AGM Presentation and not just the snippet that was posted at 11:15 yesterday. It gives you a better perspective of the overall contract.

From the AGM Presentation - Page 14:-

Goa AMISP Contract.

- In April, won first AMISP contract worth £70m to deploy 750,000 smart meters.

- In July, subcontracted the running and funding of the project to major operator.

- Retained overall control and responsibility.

- All conditions including meters, the responsibility of the subcontractor.

- Will continue to directly supply RF and Cellular communications.

- No requirement to raise project funding.

- Project commenced June 2025 - deployment expected to commence in 2025

From the map of India provided, which illustrates Goa, it would seem that Goa is possibly the smallest State in India, but has awarded CyanConnode/DigiSmart/GreenMeter, with possibly one of their largest orders, so far.

So a good overall perspective of the Goa smart meter project, I thought, which raised a number of questions, which were answered and appreciated, by John Cronin in particular.

Good Luck tonyj and all.

LTI.

As you would expect, India also gets a mention, on page 26, with the " India Deployment Status " confirming that CyanConnode are active in 11 States, which include 18 different Utilities, with one soon to be added and that is Goa.

That's what I seem to remember John Cronin referring to, as " Sticky ", some time ago, with 5 of the States awarding CyanConnode with multiple orders.

Very interesting indeed.

Good Luck all.

LTI.

CyanConnode's Global Presence - Page 16:-

- There are also some " ** further near-term opportunities " in Dubai.

- Azerbaijan has a " 2m ** near-term opportunity."

- It is good to see that Bangladesh also gets a mention along with Malaysia, Indonesia and Thailand.

- Some new target markets, at least to me, consisting of Nepal, Oman, Vietnam, Germany, various African countries and " Other " countries, are also added to the mix.

So the " Post India Planning " seems to be well under-way.

Good Luck all.

LTI.

Good afternoon all,

Expanding on my earlier observation about the " .... shortfall in expected figures for FY2025 ...... ", CyanConnode have covered this within the Presentation and go some way to explaining the pathway forward. Although the detail of information that will be provided, has still to be decided at Board level.

Investor Communications.

- In light of the inherent challenges in forecasting revenue timing, in large infrastructure projects, The Board has adopted a more conservative approach.

- To enhance transparency and help stakeholders track operational progress, going forward, CyanConnode intends to provide quarterly updates.

- Focus on:

- Module shipments

- Service related revenues

- Splitting out India ( OEM and Lead Bidder ) and RoW.

LTI.

Good afternoon tonyj and chuffedtobits, you are both welcome.

Good Luck,

LTI.

........ has been published on the CyanConnode website:-

https://cyanconnode.com/investors/presentations/

Good Luck all.

LTI.

Good morning all,

Having attended the AGM yesterday, here are a few observations, from my point of view, that may be of interest. Bjorn Lindblom opened the meeting, accompanied by Heather, with John Cronin following on with the Presentation, followed by questions ( and answers ).

General observations:-

- The shortfall in the expected figures for FY2025 was addressed and the lessons that the Company has learned were aired. Namely not to rely on previous years installations figures, as a guide to the current years projections.

- The format for releasing the quarterly figures is being discussed at Board level, to verify/agree what level of information can be included in the release of the quarterly figures. Namely, what to release that will be of benefit to share-holders and the Market in general - but not be detrimental to the Client.

- Newer, larger Companies, that have entered the Indian Smart Meter Market more recently, are beginning to realize that there are benefits from working with CyanConnode, as a Group, with their experience of the India Smart Meter Market, over the years and also globally.

- Funding for projects such as the Goa project, were discussed, with various opinions put forward. It was also mentioned by John Cronin, that CyanConnode has now got 2 Business Models going forward. That of a well established Original Equipment Manufacturer ( OEM ) and that of the newly established Advanced Metering Infrastructure Service Provider ( AMISP ).

But generally a good, forthright and open meeting, with a representative of Axia Investments present and also a couple of other representative's, who's Company names, I did not catch.

Bjorn Lindblom. John Cronin and Heather, I have already mentioned, but also at the meeting were David Johns-Powell, Peter Tyler and Lyndon Faulkner.

The Presentation itself, should be on the CyanConnode website in due course. But it will be good to get a closer look at the Presentation itself, at a more leisurely pace, to see if I missed anything, or generally to refresh those little grey cells.

Good Luck all and have a great Bank Holiday weekend.

LTI.

Good afternoon sandgrounded and all,

I did give my opinion on this topic in reply to tonyj, on August 15th, 2025. What you see with the NSGM figures, from my perspective, are the figures put forward by an individual AMISP, involving an individual Consortium, for an individual smart meter project. i.e., MonteCarlo, IntelliSmart, Genus, Adani, etc,. When CyanConnode/DigiSmart/GreenMeter progress with the Goa project, towards the end of the year, I can see a similar format being followed.

Along with the 3-monthly project updates, that we are all looking forward to.

Incidentally, CyanConnodedid receive a substantial order not to long ago, from a global Partner, for various smart meter projects in India. No Client name was given, no project value was revealed and the " ...... various smart meter projects in India ..... " was all the detail that was provided, as far as locations were concerned.

CyanConnode's Client's, also have competitors that they want to keep in the dark as much as possible. And when CyanConnode's Client's decide when more details can be released, then we, as share-holders, will receive more information, I have no doubt.

As I commented on August 15th, " ...... as more information is out there, the more difficult it will be to control." So it looks like CyanConnode has made a conscious decision to give CyanConnode share-holders ( and importantly, the Market generally ) the information we require on a more regular basis.

Good Luck all.

LTI.

Good afternoon all,

IntelliSmart and Partners, have installed approximately 132k+ smart meters so far, during August 2025, over 5 projects. Also, Genus and Partners have achieved some 352k+ smart meters installed, over 10 projects, during the same period.

Interestingly, looking up some information on India's Independence Day, there are 14 Bank Holidays throughout India during this August, " ..... providing a mix of national, religious and regional celebrations across the country."

So I would expect the installation of smart meters to possibly take a hit during August 2025, with so many Bank Holidays to enjoy and look forward too, for the Indian work-force.

But MonteCarlo and Partners, IntelliSmart and Partners, and Genus and Partners, still seem to be progressing quite well. Along with the other Companies/Contractors, who have contributed to the overall installation contribution, so far.

Good Luck all.

LTI.

...... last updated on August 15th, 2025, with the number of smart meters installed overall, now standing at approximately 38.5m+, with the number of smart meters installed so far during August 2025, reaching 1.2m+.

https://nsgm.gov.in/en/sm-stats-all

MonteCarlo and Partners have increased installations so far during August 2025, by approximately 376k+, in their two smart meter projects in Maharashtra and Madhya Pradesh.

Good Luck all.

LTI.

You are welcome tonyj.

IntelliSmart and Partners installed approximately 360k+ smart meters, during July 2025, over 5 smart meter ongoing projects. So they are keeping busy, I would say. And as John Cronin mentioned in the India Market Overview of FY25 report, " The programme has not yet taken off, in several states."

As we are aware, there has been a certain amount of secrecy over the years, on some projects, which was due to certain confidentialities imposed on CyanConnode, by various Clients. The name of the Client/Utility, was sometimes omitted, which made it difficult to track the progress of the project, or other relevant details were with-held. Which I can understand.

Maybe there has been a shift in the thought processes of these contracts, which is going to allow CyanConnode and other Companies, to reveal more details on the various projects as they unfold, which will be of benefit to interested share-holders. Also, with all the projects that we are waiting to drop, as more information is out there, the more difficult it will be to control.

Just a thought, tonyj.

Take care and Good Luck.

LTI.