Cyan AG

Hallo,  wenn Cyan jetzt 1,5 Mio Euro besitzt und Ende 2024 waren es 0,8 Mio ist das ja schon Mal positiv.  Aber ich glaube es gab irgendwann noch eine Zahlung für den i-new Verkauf. Weiß dazu einer was, ob es dahin gehend im  H1 2025 etwas gab und falls in welcher Höhe?  

Ja, ich glaube, dass Du Recht hast und im ersten Quartal noch etwas fließen sollte. Zur Größenordnung kann ich nichts sagen...  

https://gateway.eqs.com/maily/online-version/...cd3-8807-1f6848616c36

Dear shareholders,

With this newsletter, we would like to inform you about the most important developments relating to our company. You will receive insights into our business activities, current projects and relevant media reports. Clear, understandable and straight from the horse's mouth - so that you know exactly what moves us.


Our highlights

cyan starts 2025 with strong growth

With a 50% increase in revenue in 2024 to EUR 7.1 million (2023: EUR 4.7 million) and a significant improvement in EBITDA to EUR -1.5 million (2023: EUR -4.5 million), cyan has started the new 2025 financial year with a strong tailwind. The positive business development is based on the consistent implementation of the growth strategy by expanding the end customer base while maintaining cost efficiency. The figures confirm the successful strategic realignment under CEO Thomas Kicker, who will leave cyan on July 31, 2025 after completing his work. The Supervisory Board would like to thank him for his energetic commitment and the forward-looking direction of the company. The half-year figures for 2025 will be published with the report on September 25, 2025.



cyan launches new cybersecurity solution for SMEs and wins its first customers

At the beginning of March, cyan launched "cyan Guard 360", a new cybersecurity solution for small and medium-sized enterprises (SMEs). The aim of the security solution is to protect against phishing and other digital threats. It complements existing antivirus programs and protects both networks and mobile devices - without additional hardware. It is based on an AI-supported threat intelligence platform. It is sold via managed service providers who can manage their customers via a partner portal. With the launch in the DACH region, cyan is closing a security gap in the SME sector and supporting companies effectively, simply and cost-effectively. In cooperation with Odido, one of the leading telecommunications companies in the Netherlands, cyan is also planning to enter the Dutch market in August.




Further news

Warburg Research raises cyan share price target to 4.50 euros

In May, the analysts at Warburg Research published an update of their research report from the beginning of April. The analysts reiterate their buy recommendation and raise the price target from EUR 4.00 to EUR 4.50. The reasons given are the positive business development and the expected improvement in EBITDA and cash flow for 2025. The analysts see additional impetus from economies of scale and consistent cost management, which should strengthen cyan in the long term.



cyan strengthens its presence in Latin and Central America with two partnerships

With the signing of two partnerships, cyan has entered the Central and Latin American market and is thus continuing its international growth strategy: In Chile, cyan will cooperate with the local telecommunications provider Claro Chile in the future, while in Mexico a cooperation agreement has been signed with a new MVNO focused on digital security. Both partnerships strengthen cyan's market position and underline the high demand for cyber security solutions.



Events in the first half of 2025 all about cyber security

In recent months, cyan has been present at leading industry events - with its own stands and keynotes on "Killing Complexity in Cybersecurity" at UK Cyber Week in London and Cybersec Europe in Brussels, as well as with a targeted presence at events such as Gitex in Berlin, the InCyber Forum in Lille, Digital X in Vienna, M360 LATAM in Mexico City and the Cybersecurity Summit Hamburg. The industry trend is clear: the focus is on AI-supported security, automation and practical, scalable solutions. We can look back on numerous qualified discussions and valuable impulses.



Farewell to Thomas Kicker as CEO of cyan AG

Today we say goodbye to Thomas Kicker, who has been at the helm of cyan AG as CEO since 01.01.2024. During his tenure, cyan has undergone a profound transformation. With a clear focus on cybersecurity and the successful completion of the sale of the I-New business, Thomas Kicker has consistently driven forward the strategic realignment of the company and set the course for the future of the company. This has significantly strengthened the company's technological positioning and operational performance. We would like to thank him for his commitment and wish him all the best and every success for the future.  

Im ersten Hj 2024 war der Cash-Drain noch 1,4 Mio. nun gab es einen Cash-Zuwachs von 0,7 Mio.
Der I-New-Deal ist (seltsamerweise) nicht genau bepreist, lag aber in einem "mittleren einstelligen Millionenbereich".
https://ir.cyansecurity.com/de/blog/2023/12/19/eqsnews2671633/

Die Vermutung (wie von Paed bestätigt) liegt nahe, dass ein Teil des Kaufpreises im ersten Hj. 2025 floss.
Den positiven Cashflow gibt es demzufolge, er ist aber nicht auf das operative Geschäft zurückzuführen, sondern auf den in 2023 abgeschlossenen Deal.
Das erklärt auch, warum der positive Cashflow in den Unternehmensnachrichten zwar erwähnt, aber nicht wirklich gefeiert wird.  

der I-New Verkauf war Ende 2024 abgeschlossen, wie aus der Bilanz ersichtlich wird. Fürs 1. HJ gab es eine earnout Zahlung, dessen Höhe ich auch nicht kenne, die bei I-New aber nicht besonders hoch sein dürfte, somit sehe ich cyan mind. CF-neutral, wie auch die G+V zeigt.

Wir haben bei 7,1 Mio Umsatz ein EBITDA von -1,5 Mio in 2024. Dieses Jahr dürften wir die 9 Mio knacken, also ca. + 2 Mio, die Kosten dürften sich also nicht über 500 Tsd erhöhen.

Das ist m.E. inzwischen alles sehr sauber und kann in 2026 sogar schon zu einen schönen CF Gewinn führen. Es gilt natürlich weiter gut zu liefern.

 

Die (von dir eingestellte) GuV zeigt den Cashflow doch gar nicht, weil diese die Abschreibungen nicht benennt.
Daher müsstest du erklären, woher deine Aussage kommt.
In den letzten beiden Halbjahren gab es Abschreibungen von jeweils 1,2 Mio. Dieser Betrag würde in 2025 noch nicht zu einem positiven operativen CF führen.

Dass es besser aussieht als noch vor einem Jahr sehe ich auch. Ich wäre nur vorsichtig mit solchen unbelegten Aussagen.