**Summary of CyanConnode Holdings PLC Half-Year Financial Report (H1 FY 2026):**
**Overview**
CyanConnode Holdings PLC, a leader in narrowband radio frequency (RF) mesh networks, reported its unaudited interim results for the six months ended 30 September 2025. The company highlighted significant progress in its smart metering rollout in India, particularly with the Goa contract, which nearly doubled its contracted order book to £157 million.
**Financial Highlights**
**Revenue Growth** Revenue increased by 32% to £7.4 million (over 40% on a constant currency basis), driven by higher hardware shipments.
**Gross Profit** Gross profit was £1.9 million, with a lower gross margin of 25% due to reduced software and services revenue and lower pricing on certain contracts.
**Operating Loss** Operating loss widened to £3.0 million, primarily due to £0.9 million in foreign exchange losses.
**Cash Position** Cash and cash equivalents were £1.6 million, with an additional £6 million held in a fixed deposit securing an overdraft facility in India.
**Operational Highlights**
**Goa Contract** Secured a £70 million Advanced Metering Infrastructure Service Provider (AMISP) contract in Goa, fully funded and resourced without additional capital requirements.
**Order Book** Group order book reached £157 million as of 30 September 2025.
**Shipments:** Shipped 893000 Omnimesh Modulesup from 377000 in the same period last year.
**Funding** Raised $15 million through convertible loan notes to support working capital and contract pursuits.
**Board Changes** Separated Chair and CEO roles, appointing Björn Lindblom as Non-Executive Chairman to enhance governance and independence.
**Post-Period Highlights**
Raised an additional $5.25 million through a convertible loan note in November 2025 to secure deposits for AMISP tenders.
Continued strong operational performance, positioning the company for sustained growth.
**Market and Strategic Focus**
**India** India remains the largest market, with the governments focus on reducing electricity theft and inefficiencies driving demand. The company is pursuing opportunities worth approximately £231 million in India.
**Global Expansion** Secured a £1.2 million order for cellular gateways in the Middle East and North Africa (MENA) region.
**Outlook**
The company is well-positioned for sustained growth, with the Goa project expected to start generating revenue in earnest soon. The strong contracted order book and pipeline visibility provide a positive outlook for the remainder of FY 2026 and into FY 2027.
**Conclusion**
CyanConnode Holdings PLC demonstrated robust growth and strategic progress in H1 FY 2026, driven by its smart metering initiatives in India and global expansion efforts. Despite challenges like foreign exchange losses, the companys financial and operational achievements, coupled with strategic funding, set a strong foundation for future growth.