Member Info for Longterminvstor

Good evening all,

Also from the report:-

" Still a highly potential market: The long-term market opportunity in India, remains strong and the Revamped Distribution Sector Scheme ( RDSS ) continues to advance, even with the delays discussed above. As at 1 April, 222m smart meters were Sanctioned, near the 250m initially targeted by the scheme. 138m units were Awarded, up 25% from a year earlier and, moreover, cumulative deployments rose by 14.7m to 25.2m, from 10.5m a year ago, according to data from the Ministry of Power of India. Daily installations have increased from c. 16k in mid August 2024, to c. 89k per day in April 2025. The Government of India has expanded the target deployment of smart meters, from 250m to 330m."

So there is some positive news, within todays disappointment.

Good Luck all.

LTI.

...... has been published.

From the report:-

" The Company provided a trading update for the year ended March 2025. The surge in revenue that was anticipated at the end of the year, did not materialise, for a variety of reasons. Shipments to two major customers were delayed due to State and local elections. IT infrastructures not being fully ready for smart meter deployments and resistance of certain end customers towards pre-paid smart metering. The Company now expects to report revenue of approximately £14m, an EBITDA loss for the period and £5.8m of cash after the £5m unsecured loan announced on 19th March, 2025. The Company's underlying contracted customer orders remain fully intact, but it plans to re-set its expectations in line with the slower pace of smart metering rollout across India and take more account of the complex administrative processes, regional level execution and evolving political priorities in the country. The Company plans to issue to issue a revised outlook for the business in due course. Until then, we suspend our financial forecasts."

Sounds like a sensible idea, to me, until the dust has settled.

But as CyanConnode have already shipped to customers 350,000 Omnimesh modules during April 2025, that should give CyanConnode a head start, for FY2026.

Good Luck all.

LTI.

Good morning all,

Also from the Trading Update:-

" It is important to emphasise, that the affected revenues have not been lost. The order-book and pipeline remain strong, showing no signs of a decline in long-term demand and we have already observed a substantial increase in shipments during April 2025.

" Ultimately, we remain confident in the Group's strategic position, the resilience of its technology and service offering and its medium-to-long-term growth prospects."

Good Luck all.

LTI.

...... for the Financial Year ending 31st March, 2025, has been published, which is disappointing as far as revenues are concerned, but there have been some positives that have been achieved during this year, the revenues aside, that are encouraging going forward:-

https://polaris.brighterir.com/public/cyan/news/rns/story/r7821vw

From the Trading Update:-

" The Company has continued to experience strong demand for its metering solutions and this is reflected in the substantial increase in its contracted outstanding order-book, which grew from approximately £50 million as at March 31st, 2024 and now stands at approximately £180 million. The majority of these orders are expected to convert into revenue, over the next two to three years, underlining the strength and resilience of CyanConnode's business model."

Further into the Trading Update:-

" However, as a result of these timing shifts and resultant delay in shipments, the Board now expects FY25 revenue to be approximately £14 million ( subject to audit which which is at a very early stage ) and the Company will report an EBITDA loss, for this period. While it is to early in the audit cycle to determine the precise quantum of loss, it is expected to be in a similar region to last year. Cash at 31st March, 2025, was £5.8 million and cash received from customers during the year, totalled £14.2 million.

" The Company is seeing positive momentum entering FY26, with approximately 350,000 Omnimesh modules shipped to customers in April 2025, compared to 39,000 in April 2024, reflecting the impact of delayed shipments being fulfilled."

So encouraging that the order-book is considerably higher this year, than at the same time last year.

Good Luck all.

LTI.

Good morning all,

From the report of a couple of days ago:-

" Financially, CyanConnode is well-prepared to undertake this extensive project. In March 2025, the company secured a £5 million unsecured loan from its major share-holder, Axia Investments Limited, bolstering DigiSmarts cash reserves and providing additional working capital. This financial backing ensures the project's smooth initiation and execution."

But funding will be required at some time, we are told. But how that will be structured, we have yet to find out and with which company.

But interesting times, I feel, for sure.

Good Luck all.

LTI.

Good afternoon tonyj and all,

The RNS provided on 14th April, 2025, on the Goa AMISP Letter of Intent, clearly sets out the conditions of the LoI, under " Key Highlights and Benefits of the AMISP contract ", namely:-

- DigiSmart will project manage and deliver a comprehensive end-to-end solution.

- The project is anticipated to begin within the next few months ( Q1 of FY 2026 ) and will comply fully with all the requirements outlined in the Revamped Distribution Sector Scheme ( " RDSS " ). The implementation phase will last for 27 months, after which a support and maintenance period of 93 months, will follow.

- Existing expertise, third party partnerships and personnel are in place, to implement the project.

- DigiSmart will directly supply the meters, RF and Cellular communications, its core services and for the first time control the timing of implementation.

- None-core services will be outsourced to trusted and experienced suppliers.

So the answer to your question and more, is detailed within the DigiSmart/AMISP/Goa RNS.

Take care tonyj and all.

LTI.

Good morning all,

I trust you all had a good Easter Bank Holiday break.

The MonteCarlo and Partners smart meter installation in Maharashtra, have increased their total installations by circa 350k+, since the last report, which interestingly was increased by a reported 294k+ for the early April 2025 NSGM report.

The MonteCarlo and Partners smart meter installations in Madhya Pradesh, have increased their total installations by circa 26k+ in this report and by circa 21k+ for the early April 2025 NSGM report.

The numerical difference between the two projects, for installed smart meters, is probably because the Maharashtra project, for MonteCarlo and Partners, is at the moment, just over 10 times the size of the Madhya Pradesh project, for Awarded smart meters for MonteCarlo and Partners.

But both seem to be progressing at a reasonable, comparable pace, at the moment.

Good Luck all.

LTI.

...... was last updated on April 15th, 2025:-

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

Good afternoon all,

There has been no change to the number of smart meters Sanctioned or Awarded, in the report, within the latest update. Although the total number of smart meters installed so far, during April 2025, now stands at circa 26.4 million.

The total number of smart meters installed so far, during April 2025, has also increased to 1,334,896.

So steady progress on the installations front, I feel.

Good Luck all.

LTI.

Good morning artgerwin,

You have your opinion, artgerwin and I happen to have a different opinion. " What do you honestly think is going to happen ...... ", well, you will have to stay tunned to find out, along with the rest of us, on that score.

But I am optimistically encouraged by the recent steady growth and opportunities of CyanConnode, with the building blocks of the Company being carefully put into position.

I believe that India is just the beginning, for CyanConnode and subsidiaries and long may it continue.

But opinions do differ.

LTI.

....... in India:-

https://smart-energy.com/industry-sectors/smart-meters/cyanconnode-to-deploy-750000-smart-meters-in-india/

It still sounds good, three days after the original RNS was released, gizmo. The next 2/3 years could/should be very significant indeed, for CyanConnode share-holders.

Good Luck all.

LTI.

Good morning tonyj,

I hope this helps:-

https://energyportal.in/power/revamped-distribution-sector-scheme-rdss

Tonyj, there is other information available, if required.

Take care tonyj and Good Luck all.

LTI.

Good morning tonyj and all,

As I have always understood it, the RDSS was launched by the Government of India, backet with a substantial budget.

LTI.

..... Landmark deal report:-

" Financing "

" CyanConnode expects DigiSmart to require financing, to support the upfront infrastructure rollout, since cash payments are expected to be evenly spread over the support and maintenance period of the contract. As such, the Company is in active discussions with strategic investors, to support DigiSmart, which CyanConnode currently, fully owns. To help finance its operations, CyanConnode secured a £5m unsecured loan, from its major share-holder, Axia Investments Limited, on 19th March, 2025."

So the immediate investment plans have been recognised ( through Axia Investments ) and the future investment plans have been confirmed by " As such, the Company is in active discussions with strategic investors to support DigiSmart ..... " have also been clarified.

Some interesting times ahead, I feel. Especially over the next 2/3 years and beyond, with the anticipated growth forecasts.

Good Luck all.

LTI.

...... Landmark deal report:-

From the Zeus report, dated 14th April, 2025:-

" Multiple Strategic Benefits "

" The maiden contract validates CyanConnode's strategy and DigiSmart's credentials, as an Advanced Metering Infrastructure Service Provider ( AMISP ), lead bidder and project manager. Previously, CyanConnode operated solely as a communications supplier to lead bidders.. We believe this win expands CyanConnode's addressable market, Through vertical integration into meter installation and operation and should increase market share opportunities since DigiSmart plans to solely source communications modules from CyanConnode. A further benefit of operationg the AMISP is control over the timing of smart meter implementations, providing greater revenue visibility for CyanConnode. The contract increases CyanConnode's order-book to about £182m, with the majority of revenue expected to be recognised over the next two to three years."

An interesting part of the stated CyanConnode/DigiSmart Networks strategy, seems to be that " ..... DigiSmart plans to solely source communications modules from CyanConnode."

A good strategic move, I would say.

Good Luck all.

LTI.

...... was provided last year, on April 16th, 2024. So this years Trading Update should/could be available fairly soon, if last years date is anything to go by.

But it should be interesting, as there has been a substantial amount of activity during 2024/2025, in one way or another, so there could be a number of points to update share-holders on.

Good Luck all.

LTI.

Good morning all,

For recent contract Awards to CyanConnode, I have been using a £12 per unit price-point to work out the possible/potential of a particular CyanConnode contract. This can vary on the final specification required, the terrain in which the smart meter project is to be installed, etc., but it is close enough for me until the Finals/Interims are due for each year.

Taking that £12 per unit as a guide for the original, non AMISP projects, brings us to the recent DigiSmart AMISP Goa Letter of Intent award, valued at £70 million, for 750,000 smart meters, giving a potential price point of £93 per unit.

Not all ending up in the DigiSmart bank account overall, but allocated for DigiSmart to pay other sub-contractors. I would suggest, that there might be a percentage of the overall contract value that is paid to DigiSmart as an AMISP, as a management fee, usually as a staged payment, for generally looking after the project and having the responsibility for the sub-contractors.

So a step-up, as I see it, in revenue for CyanConnode/CyanConnode India and DigiSmart Networks. And also encouraging for all share-holders, of that I am sure.

The 6.5 million smart meter contract Awarded to CyanConnode during August 2024, for an Indian project, I estimate to be valued at circa £78 million, over the lifetime of the project. The Goa smart meter project has a stated value of circa £70 million, over the lifetime of the project.

So orders/LoI for two projects, with a potential of circa £148 million over the lifetime of the projects in just under 8 months.

It sounds very encouraging indeed, to me.

Good Luck all.

LTI.

Good afternoon tonyj, Ruprecht and all.

I agree with Ruprecht, in that it looks like the whole Goa smart meter contract has been Awarded to CyanConnode and DigiSmart Networks.

And according to the report in The Goan Everyday newspaper, during March 2025, the 750,000 smart meters are to be installed over three phases, starting with " .... commercial establishments .... " only, during the first phase - according to the Goan. Individual house-holds will come during the later stages. Also according to the Goan.

https://thegoan.net/goa-news/goa-to-replace-its-existing-power-meters-with-smart-meters/127715.html

I think at this pointit is worth re-reading some of the text from this mornings RNS, as that is what we should be guided by:-

" The full work order is anticipated to be issued over the coming weeks, with work then expected to start this quarter and the agreements of contracts with sub-contractors."

So still some contractual details to finalize, I feel. There may be more details for us to digest, in the fullness of time.

I hope this helps.

Take care tonyj and Good Luck all.

LTI.

Good afternoon all,

With CyanConnode as the AMISP, the Goa smart metering contract, could also be used to showcase CyanConnode and DigiSmart Networks, as happened in Mysore and Indore, during CyanConnode's early development, not only to other Indian States, but other global regions, also.

Good Luck all.

LTI.

...... Zeus - " Landmark Deal " report - " Forecasts " published earlier today:-

" We plan to introduce FY26 forecasts, including the impact of todays contract, after the Company's full year trading update. CyanConnode's revenue opportunities in India are still at an early stage and should multiply, particularly after today's commercial confirmation of CyanConnode's entry into the AMISP market ".

It will also be interesting to see if/when CyanConnode successfully deliver this AMISP format in India, which I am confident that they will, if it can/will be implemented/rolled-out in other global regions?

I do not see why not.

Good Luck all.

LTI.

John Cronin also commented:-

" Securing our first major AMISP contract represents a pivotal achievement and this land£70 million Goa smart metering LOI, marks a significant milestone for the Company. The contract validates our strategy, firmly establishes our credentials as an AMISP and substantially enhances our ability to secure further tenders. This success is set to deliver a step-change, accelerating CyanConnode's future revenue growth and profitability."

Excellent.

Good Luck all.

LTI.