Cyan AG Releases Preliminary Financial Results for 2023

Cyan AG, a Munich-based cybersecurity firm, disclosed its preliminary financial figures for the 2023 fiscal year on April 02, 2024. This announcement follows the divestment of its BSS/OSS business under the i-new brand at the close of 2023. Cyan AG has adjusted its financial statements to exclude the sold business segment, complying with IFRS 5 standards, which mandates separate reporting for discontinued operations. Consequently, the presented figures are based on the old group structure prior to the BSS/OSS segment carve-out, alongside the new structure conforming to IFRS 5 adjustments.

Under the unrestructured group setup, Cyan AG reported operating revenue of EUR 8.6 million for 2023, aligning with its forecasted range of EUR 8 to 9 million. Post carve-out, the company's operating revenue adjusted to EUR 4.7 million, attributed entirely to the cybersecurity segment. Before adjustments under IFRS 5, the preliminary EBITDA was better than anticipated at EUR -9.7 million against the forecasted EUR -12 to -13 million. This improvement primarily results from the retrospective recognition of changes in inventories for 2022 as per IAS 8. Adjusted EBITDA, excluding special effects and before IFRS 5 application, hit EUR -8.4 million, sitting at the forecast's upper limit. After the BSS/OSS segment removal, EBITDA and adjusted EBITDA stand at EUR -4.5 million and EUR -3.9 million respectively.