In the first nine months of 2020, cyan AG increased its total income from EUR 11.9 million to EUR 21.5 million. The company’s results are negatively impacted by special effects in connection with the Wirecard insolvency, which resulted in value adjustments on receivables at cyan for 4.5 million euros. On an EBITDA basis, this results in an increase in loss from EUR 2.3 million to EUR 2.7 million. The bottom line is that the company posted a loss of 5.4 million euros after 6.5 million euros in the same period last year. Cyan puts the operating cash flow at a minus of 6.8 million euros after -4.1 million euros previously.
A concrete outlook for 2020 is not presented. “The COVID-19 crisis does not seem over yet and it is also having a significant impact on our company. Due to the often tight budgetary situation, we experience more and more delays in making decisions about new projects, ”says Michael Sieghart, CFO of cyan AG.
“The past year was challenging in many ways. But especially in the last remaining months, we were able to take important steps which, if things go well, will have a positive effect this year or in Q1 2021 at the latest. From an entrepreneurial point of view, we are now well positioned and look forward to 2021 with great confidence ”, says Frank von Seth, designated CEO of cyan AG.