Cyan AG Expects Strong Growth in 2024

Munich, May 23, 2024 – cyan AG, a provider of intelligent cybersecurity solutions, published its annual report for 2023, confirming preliminary figures. Revenue in the Cybersecurity segment grew by 23% to EUR 4.7 million from EUR 3.8 million in 2022, while recurring revenue rose by 41% to EUR 4.4 million. The operating result EBITDA reached EUR ‑4.5 million, stable compared to the previous year.

A significant milestone was the expansion of cooperation with MTEL in Germany and Switzerland, and an update of cybersecurity products with T-Mobile Poland, increasing the subscriber base by 71% in 2023. Early 2024 saw a new partnership with Orange Spain for cybersecurity solutions.

Based on a growing customer base, cyan AG anticipates consolidated revenue of EUR 6.6 million to EUR 7.4 million in 2024, with a significant EBITDA improvement expected. Management aims to break even on a cash flow basis by Q4 2024.