Hardman & Co Research: 

CyanConnode (CYAN): 1H'22 update: strong shipments and cash inflows

Alongside the multiple new contracts signed in fiscal 1H, CyanConnode's smart meter intelligent module shipments continued to accelerate during the period. 315,000 modules were shipped, versus 92,000 in the same period last year and 481,000 for the entirety of FY'21. 1H'22 revenue came in at £4.1m, almost three times the comparative 1H'21 figure of £1.5m. The potentially immense market opportunity is starting to translate into large orders, accelerating shipment volumes, exceptionally strong revenue growth and cash inflows - £3.8m was received from customers during the period, resulting in £1.7m net cash at end-September 2021. Our updated DCF-implied fair equity value for CyanConnode is £89.6m.

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