Cirata PLC
16 September 2026
16 September 2026
Cirata plc
("Cirata" or the "Company" or the “Group”)
Interim unaudited results for the six months ended 30 June 2026
Updating FY26 Outlook
Cirata (LSE: CRTA), the data orchestration technology company, announces its unaudited interim results for the six months ended 30 June 2026 (“H1 FY26” or the “Period”).
Financial Highlights
- Revenue for the Period of $1.0m (H1 FY25: $4.8m[1])
-
Total Bookings[2] of $0.5m (H1 FY25: $3.8m)
- Annual Contract Value (“ACV”)[3]: Closing ACV of $5.3m at 30 June 2026 (31 December 2025: $4.8m), up $0.5m in H1FY26, with no contract expirations
- Adjusted EBITDA[4] loss of $5.3m (H1 FY25: $4.6m, loss)
- Total comprehensive loss for the period of $4.8m (H1 FY25: $4.6m, loss)
- Billings of $2.8m (Q1: $2.3m, Q2: $0.5m)
- Remaining Contract Billings[5] (“RCB”) of $5.7m at 30 June 2026, of which $3.3m is expected to be billed within 12 months
- Cash of $2.6m[6] (30 June 2025 $6.1m) and short-term trade receivables of $0.2m at 30 June 2026 (cash plus short-term trade receivables of $2.8m)
- Cash overheads of $6.3m in H1FY26, consistent with the FY26 annualized expected range of $12-13m
Trading Summary
- Cash positive start to FY26: Q1FY26 delivered the Company's first-ever reported positive cash flow quarter
- Strengthening pipeline: pipeline grew materially in value during H1 FY26 with an improving mix to new logos.
- Cirata Symphony momentum: first paying customer secured (a leading UK retailer, running Iceberg-to-Iceberg replication), a proof of concept commenced with a new US customer, and a strategic expansion of the OEM agreement with IBM (Cirata Symphony for IBM Big Replicate)
- Go-to-market: sales team reached its targeted complement following the final hires under CRO Dominic Arcari by June 2026
FY26 Outlook statement - Update
Following the delivery of material improvements to Cirata’s cost base and increased traction with existing customers, the goal of delivering cash flow breakeven for Q1FY26 was achieved. The Company also continues to expect to deliver on its previously guided annualised cost base of $12-13m, maintaining the cost discipline brought as part of the transformation programme.
As we advance through FY26, the Company’s new sales team is continuing to mature and is growing the pipeline of opportunities, mainly from the USA, UK and ANZ geographies, which is materially larger in size and quality than at the start of the year. The full sales potential deliverable by this new team, however, will take a number of months to reach maturity, consistent with the ramp time for enterprise salespeople. The Company’s enterprise sales cycle is inherently lumpy. This means accurately forecasting the conversion pathway of this pipeline – comprised of Global 2000 accounts where enterprise-level sales are complex and non-linear in nature – remains challenging. In addition, a proportion of this delay relates to one channel partner, where a change in their business outlook has reduced visibility on the timing of a small number of key contracts.
At this point in the financial year, the Company now believes that – whilst engagement with customers and channel partners around key opportunities and the Cirata Symphony product offering remains strong – certain anticipated deals may close over a longer timeframe than initially expected. As a result, whilst commercial momentum and pipeline build will continue to grow through H2, this may delay the Company’s ambition to be cash flow breakeven, which was previously projected for FY26 overall and was subject to bookings timings and working capital movements.
Stephen Kelly, Chief Executive Officer, commented:
“In H1FY26, the Company made good progress with finishing the rebuild of the Go-To-Market (GTM) team. It is early days for the new sales team selling complex enterprise solutions, where the expected productivity ramp is at least 6 months to win complicated mission critical customer selections. However, there were some important milestones in H1 FY26. In Q1 we delivered the first positive cash flow quarter in the Company's history, and in Q2 we saw evidence of customer traction with Cirata Symphony POCs in the USA and UK. We ended the half with a materially larger and higher-quality pipeline than at the start of the year. The pipeline continues to build, and we are seeing the evidence of the efforts of the new GTM team.
Since the period end, we have also completed an oversubscribed fundraise that gives us a strong platform to scale with discipline, and our go-to-market team is now resourced following Dominic Arcari's final sales hire in Summer 2026.
During Q3 we have seen a change to the timing of closure for certain key contracts, and although these opportunities remain in the pipeline the timing of cash collection has resulted in an update to the FY26 outlook statement. The timing extension of these key contracts is partly impacted by the change in business outlook of a key partner. The product foundations for our future growth-Cirata Symphony- is moving from proof-of-concept to deployment, with a leading UK retailer and a proof of concept underway with a US bank. We also see continued progress with our expanded OEM partnership with IBM with the availability of Cirata Symphony for IBM Big Replicate. Our focus for the remainder of FY26 is strong sales & marketing execution: seeing the productivity ramp of the stronger go-to-market team, facing our expanded pipeline, to support new customer acquisition.”
Business Summary
Operational KPIs: As introduced at the start of FY26, the Company tracks ACV, Billings and RCB as its primary KPIs. Closing ACV grew from $4.8m at 31 December 2025 to $5.3m on 30 June 2026, with $0.5m of net new ACV added in H1FY26 and no contract expirations. H1FY26 Billings were $2.8m, and RCB at 30 June 2026 was $5.7m, of which $3.3m is expected to be billed within the next 12 months.
Cirata Symphony: commercial traction continued to build through H1FY26. Following beta trials with a large US bank and a UK retailer in Q2, the UK retailer became Cirata Symphony's first customer, running Iceberg-to-Iceberg replication, and a proof of concept commenced with a prospective new US customer. The Company's strategic OEM relationship with IBM was also expanded, with Cirata Symphony now deliverable under the revised agreement as Cirata Symphony for IBM Big Replicate.
Pipeline and Go-to-Market: The Company's pipeline grew materially in the first half of 2026. This reflects a focussed sales strategy targeting Forbes Global 2000 accounts, spanning both new logo engagement and expansion with existing accounts. The sales organisation has been substantially built out in line with the CRO’s plans for the first half of 2026.
Key Performance Indicators
The table below combines the KPIs reported in the Q1FY26 and Q2FY26 Trading Updates to show progression across H1FY26.
|
Metric |
Q1 FY26 |
Q2 FY26 |
H1 FY26 |
Commentary |
|
Opening ACV |
$4.8m |
$4.9m |
$4.8m |
Annualized value at the start of the period |
|
Net new ACV |
$0.1m |
$0.4m |
$0.5m |
Existing customers: renewals & growth |
|
ACV New Logos |
Nil |
Nil |
Nil |
New customer contracts signed in the period |
|
ACV Expired |
Nil |
Nil |
Nil |
Zero contract roll-off in H1FY26 |
|
Closing ACV |
$4.9m |
$5.3m |
$5.3m |
Annualized value at end of period |
|
Billings |
$2.3m |
$0.5m |
$2.8m |
Value of issued invoices in the period |
|
RCB |
$5.8m |
$5.7m |
$5.7m |
Contracted future invoicing not yet billed, as at period end |
|
- of which <12 months |
$3.4m |
$3.3m |
$3.3m |
Near-term visibility |
|
Cash (period end) |
$4.7m |
$2.6m |
$2.6m |
Cash position (Q2FY26 and H1FY26 cash position excludes July 2026 fundraise proceeds) |
|
Trade receivables |
$0.7m |
$0.2m |
$0.2m |
Reflects normal timing of collections |
|
Cash overheads |
$3.1m |
$3.2m |
$6.3m |
In line with FY26 annualized expected range of $12-13m |
Cash and Overheads
Cirata generated $0.7m of positive cash flow in Q1FY26, its first positive cash flow quarter. In Q2FY26, the Company's operational cash position reduced by $2.1m, reflecting the timing of billings and collections, resulting in a year-to-date reduction in the cash position for H1FY26 of $1.4m. As at 30 June 2026, the unaudited cash balance was $2.6m and short-term trade receivables were $0.2m, giving a cash plus short-term trade receivables balance of $2.8m; this excludes the $7.2m gross proceeds of the fundraise, which were approved at a Shareholder General Meeting on 24 July 2026.
Cash overheads for H1FY26 were $6.3m (Q1: $3.1m; Q2: $3.2m), consistent with the Company's FY26 annualized expected range of $12-13m and representing a reduction of over 70% from the Company’s historical peak.
Subsequent Events
On 24 July 2026, following shareholder approval at a General Meeting held that day, the Company completed an oversubscribed Placing and Subscription together with a Retail Offer, raising gross proceeds of £5.4m (c.$7.2m). As the transaction completed after the period end and was conditional on that shareholder approval, the proceeds are not reflected in the H1 FY26 cash position and are treated as a post-period-end event. The proceeds strengthen the balance sheet to support new logo acquisition, pipeline conversion and product scale as the Company enters H2 FY26.
This announcement contains inside information under the UK Market Abuse Regulation. The person responsible for arranging the release of this announcement on behalf of Cirata plc is Stephen Kelly, Chief Executive Officer.
For further information, please contact:
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Cirata |
Via FTI Consulting |
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Stephen Kelly, Chief Executive Officer |
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Ed Kee, Finance Director |
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Daniel Hayes, Investor Relations |
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FTI Consulting |
+44 (0)20 3727 1137 |
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Matt Dixon / Kwaku Aning |
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Stifel (Nomad and Joint Broker) |
+44 (0)20 7710 7600 |
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Fred Walsh / Brough Ransom / Ben Good / Daniel Dearden-Williams |
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Panmure Liberum (Joint Broker) |
+44 (0)20 3100 2000 |
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James Sinclair-Ford / Rupert Dearden / Piers Shimwell |
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About Cirata
Cirata accelerates data-driven revenue growth by automating data transfer and integration to modern cloud analytics and AI platforms without downtime or disruption. With Cirata, data leaders can leverage the power of AI and analytics across their entire enterprise data estate to freely choose analytics technologies, avoid vendor, platform, or cloud lock-in while making AI and analytics faster, cheaper, and more flexible. Cirata’s portfolio of products and technology solutions make strategic adoption of modern data analytics efficient and automated. For more information aboutCirata, visitwww.cirata.com
Financial Review
Adjusted EBITDA loss was $5.3m (H1 FY25: $4.6m[7]). The increase in the loss position YoY reflects lower revenue in H1 FY26 which has been partially offset by lower operating expenses as a result of the ongoing focus on cost optimisation.
Revenue
Revenue was $1.0m (H1 FY25: $4.8m[8]). Revenue performance was driven by both bookings in the period and the movement in deferred revenue balance. Of the $1.0m of revenue for the Period, $0.5m came from Bookings in the period and $0.5m from deferred revenue movement.
Operating costs
Cash overheads decreased in the period to $6.3m in H1FY26 (H1FY25: $8.5m[9]) primarily reflecting the impact of the restructuring undertaken by the business in FY25 and the ongoing focus on cost optimisation.
Balance sheet and cash flow
Trade and other receivables at 30 June 2026 were $2.0m (31 December 2025: $4.7m). This includes $0.2m of short-term trade receivables (31 December 2025: $2.3m).
Deferred revenue from sales booked during H1 FY26 and in previous years, and not yet recognised as revenue, is $0.1m at 30 June 2026 (H1 FY25: $2m[10]). Deferred revenue represents future revenue from new and renewed contracts.
Accrued income from sales booked during H1 FY26 and in previous years, and where income has been recognised as revenue, but payment instalments are due in future periods from customers, is $3.9m at 30 June 2026 (H1 FY25: $1.1m).
Net consumption of cash was $1.4m (H1 FY25: $3.6m), resulting in a closing cash balance of $2.6m as at 30 June 2026. The lower cash burn was driven by lower costs along with higher customer receipts.
The successful fundraise, which completed after the period end and which is not reflected in the period end closing cash balance, has further strengthened the balance sheet in addition to enabling Cirata to focus on pipeline conversion and investment in Cirata Symphony.
Condensed consolidated statement of profit or loss and other comprehensive income
For the six months ended 30 June 2026
|
|
|
Six months ended 30 June 2026 (Unaudited) |
Six months ended 30 June 2025 (Unaudited) |
Year ended 31 December 2025 (Audited) |
|
|
Note |
$’000 |
$’000 |
$’000 |
|
Revenue |
3 |
957 |
3,208 |
11,871 |
|
Cost of sales |
|
(3) |
(295) |
(773) |
|
Gross profit |
|
954 |
2,913 |
11,098 |
|
Operating expenses |
4 |
(6,586) |
(7,809) |
(15,897) |
|
Other income |
|
708 |
- |
362 |
|
Impairment loss |
|
- |
(68) |
(150) |
|
Operating loss |
4 |
(4,924) |
(4,964) |
(4,587) |
|
|
|
|
|
88 |
|
Finance income |
5 |
1,418 |
34 |
88 |
|
Finance costs |
5 |
(22) |
(8,459) |
(6,886) |
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Net finance income/(costs) |
5 |
1,396 |
(8,425) |
(6,798) |
|
|
|
|
|
11,385) |
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Loss before tax |
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(3,528) |
(13,389) |
(11,385) |
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Income tax credit |
|
- |
- |
3 |
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Loss for the period from continuing operations |
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(3,528) |
(13,389) |
(11,382) |
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Profit from the period from discontinuing operations |
11 |
- |
339 |
4,274 |
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Loss for the period |
|
(3,528) |
(13,050) |
(7,108) |
Other comprehensive (loss)/income
Items that are or may be reclassified to profit or loss:
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Foreign operations – foreign currency translation differences |
|
(1,298) |
8,406 |
6,679 |
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Other comprehensive (loss)/income for the period, net of tax |
|
(1,298) |
8,406 |
6,679 |
|
Total comprehensive loss for the period |
|
(4,826) |
(4,644) |
(429) |
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Basic and diluted (loss)/earnings per share (cent) - From continuing operations - From discontinued operations |
6 6 |
(3) -
|
(11) 0
|
(9) 3
|
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Total |
|
(3) |
(11) |
(6) |
The notes form an integral part of these condensed consolidated interim financial statements.
Condensed consolidated statement of financial position
At 30 June 2026
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|
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30 June 2026 (Unaudited) |
30 June 2025 (Unaudited) |
31 December 2025 (Audited) |
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Note |
$’000 |
$’000 |
$’000 |
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Assets |
|
|
|
|
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Property, plant and equipment |
|
105 |
198 |
146 |
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Other non-current assets |
7 |
3,103 |
538 |
4,471 |
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Non-current assets |
|
3,208 |
736 |
4,617 |
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Assets held in disposal group classified as held for sale |
11 |
- |
253 |
- |
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Trade and other receivables |
8 |
1,967 |
3,294 |
4,736 |
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Cash and cash equivalents |
|
2,551 |
6,079 |
3,983 |
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Current assets |
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4,518 |
9,626 |
8,719 |
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Total assets |
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7,726 |
10,362 |
13,336 |
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Equity |
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Share capital |
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17,118 |
17,100 |
17,108 |
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Share premium |
|
261,726 |
261,726 |
261,726 |
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Translation reserve |
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(5,280) |
(2,255) |
(3,982) |
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Merger reserve |
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1,247 |
1,247 |
1,247 |
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Retained earnings |
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(269,113) |
(272,393) |
(265,863)
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Total equity |
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5,698 |
5,425 |
10,236 |
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Liabilities |
|
|
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Loans and borrowings |
9 |
76 |
300 |
189
|
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Deferred income |
10 |
- |
69 |
32
|
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Non-current liabilities |
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76 |
369 |
221
|
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Liabilities held in disposal group classified as held for sale |
11 |
- |
1,408 |
- |
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Loans and borrowings |
9 |
233 |
449 |
278 |
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Trade and other payables |
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1,603 |
2,154 |
2,444
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Deferred income |
10 |
116 |
557 |
157
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Current liabilities |
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1,952 |
4,568 |
2,879
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Total liabilities |
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2,028 |
4,937 |
3,100 |
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Total equity and liabilities |
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7,726 |
10,362 |
13,336
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The notes form an integral part of these condensed consolidated interim financial statements.
Condensed consolidated statement of changes in equity
For the six months ended 30 June 2026
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Attributable to owners of the Company | ||||||||||
|
|
Share capital |
Share premium |
Translation reserve |
Merger reserve |
Retained earnings |
Total equity | |||||
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Six months ended 30 June 2026 (Unaudited) |
$’000 |
$’000 |
$’000 |
$’000 |
$’000 |
$’000 | |||||
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Balance at 1 January 2026 |
17,108 |
261,726 |
(3,982) |
1,247 |
(265,863) |
10,236 | |||||
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Total comprehensive lossfortheperiod |
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|
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Loss for the period |
- |
- |
- |
- |
(3,528) |
(3,528) | |||||
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Other comprehensive loss for the period |
- |
- |
(1,298) |
- |
- |
(1,298) | |||||
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Total comprehensive lossfortheperiod |
- |
- |
(1,298) |
- |
(3,528) |
(4,826) | |||||
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Transactions with owners of the Company |
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Contributions and distributions |
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| |||||
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Equity-settled share-based payment |
- |
- |
- |
- |
278 |
278 | |||||
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Share options exercised |
10 |
- |
- |
- |
- |
10 | |||||
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Total transactions with owners of the Company |
10 |
- |
- |
- |
278 |
288 | |||||
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Balance at 30 June 2026 |
17,118 |
261,726 |
(5,280) |
1,247 |
(269,113) |
5,698 | |||||
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|
|
|
|
|
|
| |||||
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Six months ended 30 June 2025 (Unaudited) |
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|
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|
| ||||||
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Balance at 1 January 2025 |
17,100 |
261,726 |
(10,661) |
1,247 |
(259,839) |
9,573 | |||||
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|
|
|
|
|
| |||||
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Total comprehensive (loss)/incomefortheperiod |
|
|
|
|
|
| |||||
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Loss for the period |
- |
- |
- |
- |
(13,050) |
(13,050) | |||||
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Other comprehensive income for the period |
- |
- |
8,406 |
- |
- |
8,406 | |||||
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Total comprehensive income/(loss)fortheperiod |
- |
- |
8,406 |
- |
(13,050) |
(4,644) | |||||
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|
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Transactions with owners of the Company |
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|
|
|
|
| |||||
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Contributions and distributions |
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|
|
|
|
| |||||
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Equity-settled share-based payment |
- |
- |
- |
- |
496 |
496 | |||||
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Share options exercised |
- |
- |
- |
- |
- |
- | |||||
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Total transactions with owners of the Company |
- |
- |
- |
- |
496 |
496 | |||||
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Balance at 30 June 2025 |
17,100 |
261,726 |
(2,255) |
1,247 |
(272,393) |
5,425 | |||||
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|
|
|
|
|
|
|
|
|
|
|
|
The notes form an integral part of these condensed consolidated interim financial statements.
Condensed consolidated statement of cash flows
For the six months ended 30 June 2026
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|
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Six months ended 30 June 2026 (Unaudited) |
Six months ended 30 June 2025 (Unaudited) |
Year ended 31 December 2025 (Audited) |
|
|
Note |
$’000 |
$’000 |
$’000 |
|
Cash flows from operating activities |
|
|
|
|
|
Loss for the period from continuing operations |
|
(3,528) |
(13,389) |
(11,385) |
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Adjustments for: |
|
|
|
|
|
-Depreciation of property, plant and equipment |
|
33 |
22 |
149 |
|
-Impairment of right of use asset |
|
- |
68 |
150 |
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-Net finance (expense)/income (excluding foreign exchange) -Profit attributable to discontinued activities less proceeds from sale -Income tax credit |
|
(128) - - |
7 339 - |
(10) 1,313 3 |
|
-Foreign exchange |
|
(1,292) |
8,424 |
6,683 |
|
-Equity-settled share-based payment |
12 |
278 |
496 |
1,084 |
|
|
|
(4,637) |
(4,033) |
(2,013) |
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Changes in: |
|
|
|
|
|
-Trade and other receivables |
|
4,137 |
912 |
(4,215) |
|
-Trade and other payables |
|
(831) |
(35) |
271 |
|
-Deferred income |
|
(73) |
(298) |
(2,143) |
|
Net working capital change |
|
3,233 |
579 |
(6,087) |
|
Cash used in operating activities |
|
(1,404) |
(3,454) |
(8,100) |
|
Interest received/ (paid) |
|
128 |
(7) |
10 |
|
Net cash used in operating activities |
|
(1,276) |
(3,461) |
(8,090) |
|
Cash flows from investing activities Proceeds from sale of discontinued operation Direct costs incurred through sale of discontinued operation |
|
- - |
- - |
3,400 (439) |
|
Acquisition of property, plant and equipment |
|
(1) |
(23) |
(88) |
|
Cash generated (used in)/from in investing activities |
|
(1) |
(23) |
2,873 |
|
Cash flows from financing activities |
|
|
|
|
|
Gross proceeds from issue of share capital |
10 |
- |
8 | |
|
Payment of finance lease liabilities |
|
(158) |
(209) |
(572) |
|
Net cash used in from financing activities |
|
(148) |
(209) |
(564) |
|
Net decrease in cash and cash equivalents |
|
(1,425) |
(3,693) |
(5,781) |
|
Cash and cash equivalents at 1 January |
|
3,983 |
9,732 |
9,732 |
|
Effect of movements in exchange rates on cash held |
|
(7) |
40 |
32 |
|
Cash and cash equivalents at the end of the period |
|
2,551 |
6,079 |
3,983 |
The notes form an integral part of these condensed consolidated interim financial statements.
Notes to the condensed consolidated interim financial statements
For the six months ended 30 June 2026
- Reporting entity
Cirata plc (the “Company”) is a public limited company incorporated and domiciled in Jersey. The Company’s ordinary shares are traded on AIM. These condensed consolidated interim financial statements (“Interim financial statements”) as at and for the six months ended 30 June 2026 comprise the Company and its subsidiaries (together referred to as the “Group”). The Group is primarily involved in the development and provision of global collaboration software.
- Basis of preparation
a Basis of accounting
These interim financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting” and should be read in conjunction with the Group’s last annual consolidated financial statements as at and for the year ended 31 December 2025 (“last annual financial statements”). They do not include all the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements. The accounting policies set out in the Group's statutory financial statements for the year ended 31 December 2025 have been applied in the preparation of the interim financial statements.
These interim financial statements were authorised for issue by the Company’s board of directors on 15 September 2026.
b Going concern
These interim financial statements have been prepared on a going concern basis.
To assess whether it is appropriate to prepare the financial statements on a going concern basis the Directors have prepared a detailed budget and forecast of the Group’s expected performance over a period covering at least the next twelve months from the date of the approval of these unaudited interim financial statements. The Directors recognise that there is a material uncertainty related to conditions that may cast significant doubt on the entity's ability to continue as a going concern and, therefore, that it might be unable to realise assets and discharge its liabilities in the normal course of business.
In the six months ended 30 June 2026, the Group incurred an operating loss of $4.9m (H1 FY25: $5.0m loss) and experienced net cash outflows of $1.4m (H1 FY25: $3.7m). Revenue for H1 FY26, including continuing and discontinuing operations, was $1.0m (H1 FY25: $4.8m).
As at 30 June 2026 the Group had net assets of $5.7m (31 December 2025: $10.2m), including cash of $2.6m (31 December 2025: $4.0m). As at 30 June 2026 the Group had no debt facilities (2025: none)
In performing its going concern assessment, the Directors are required to consider a minimum period of twelve months from the date of approving the interim financial statements. Scenario modelling has been undertaken over the period to 30 September 2027. The assessment involved the preparation of a ‘Base’ case and a ‘Severe but Plausible Downside’ case.
The Base case scenario included assumptions for quarterly sales targets, anticipated changes to the Group’s current contracting model, timeframes for new sales personnel to convert sales pipelines, and cost assumptions reflecting an overhead annualised cost base of c.$12m-$13m in FY26 and c.$13-14m in FY27. The scenario modelling also incorporates the proceeds received through the fundraise completed in July 2026. Under the Base case the Group is forecasting the ability to meet all financial obligations as and when they fall due during the period forecast.
The Downside case sensitised the Base case and modelled lower sales bookings during the period without any further cost reduction, which would be taken in such a scenario. Under the Downside case the Group is forecasting a reduction in cash resources to effectively nil by the end of August 2027. The Downside scenario does not consider any readily available mitigating actions that Management could take. By their very nature forecasts and projections are inherently uncertain. The biggest driver of the uncertainty continues to be around the ability of the business to successfully close sales in a predictable and sustainable way. Consequently, the loss-making position of the Group and the low forecast cash balance sheet position heightens the uncertainty such that circumstances could arise under which the downside scenario may occur that would render the preparation of accounts based on the assumption of a going concern inappropriate.
Accepting the material uncertainty, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing these Interim financial statements. No adjustments have been made to the financial statements that would result if the Group were unable to continue as a going concern.
- Basis of preparation (continued)
c Functional and presentational currency
The interim consolidated financial statements are presented in US dollars, as the revenue for the Group is predominately derived in this currency. Billings to the Group’s customers during the period by Cirata, Inc. were all in US dollars with certain costs being incurred by Cirata Ltd in sterling and Cirata, Pty Ltd in Australian dollars.All financial information has been rounded to the nearest thousand US dollars unless otherwise stated.
d Alternative performance measures
The Group uses a number of alternative performance measures (“APMs”) which are non-IFRS measures to monitor the performance of its operations. The Group believes these APMs provide useful information to help investors and other stakeholders evaluate the performance of the business and are measures commonly used by certain investors for evaluating the performance of the Group. In particular, the Group uses APMs which reflect the underlying performance on the basis that this provides a more relevant focus on the core business performance of the Group and aligns with our KPIs. Adjusted results exclude certain items because if included, these items could distort the understanding of our performance for the period and the comparability between periods. The Group has been using the following APMs on a consistent basis and they are defined and reconciled as follows:
-Cash overheads: Operating expenses adjusted for: depreciation, amortisation, equity‑settled share-based payment and other one-off non-recurring items disclosed separately. See Note 4 for a reconciliation.
-Adjusted EBITDA: Operating loss adjusted for: impairment loss, depreciation, amortisation, equity‑settled share-based payment, other income and other one-off non-recurring items disclosed separately. See Note 4 for a reconciliation.
e Use of judgements and estimates
In preparing these Interim financial statements, Management has made judgements and estimates that affect the application of the Group’s accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
The significant judgements made by Management in applying the Group’s accounting policies and the key sources of estimation uncertainty are the same as those described in the last annual financial statements.
- Revenue and segmental analysis
a Operating segments
The Directors consider there to be one operating segment, being that of development and sale of licences for software,related maintenance and support and professional services.
b Geographical segments
The Group recognises revenue in three geographical regions based on the location of customers, as set out in the followingtable:
|
Revenue |
Six months ended 30 June 2026 (Unaudited) $’000 |
Six months ended 30 June 2025 (Unaudited) $’000 |
Year ended 31 December 2025 (Audited) $’000 |
|
North America United Kingdom |
633 171 |
1,255 1,733 |
9,587 1,868 |
|
Rest of the world |
153 |
220 |
416 |
|
|
957 |
3,208 |
11,871 |
- Revenue and segmental analysis (continued)
b Geographical segments (continued)
Management makes no allocation of costs, assets or liabilities between segments since all trading activities are operated as a single business unit.
c Major products
The Group’s core patented technology, Distributed Coordinated Engine, (“DConE”), enables the replication of data. This core technology is contained in the vast majority of the Group’s products.
d Major customers
|
|
Six months ended 30 June 2026 (Unaudited) |
Six months ended 30 June 2026 (Unaudited) |
Six months ended 30 June 2025 (Unaudited) |
Six months ended 30 June 2025 (Unaudited) |
Year ended 31 December 2025 (Audited) |
Year ended 31 December 2025 (Audited) |
|
|
% of revenue |
$’000 revenue |
% of revenue |
$’000 revenue |
% of revenue |
$’000 Revenue |
|
Customer 1 |
29% |
277 |
52% |
1,662 |
47% |
5,558 |
|
Customer 2 |
19% |
183 |
18% |
583 |
22% |
2,669 |
|
Customer 3 |
14% |
134 |
5% |
162 |
14% |
1,718 |
|
Customer 4 |
8% |
80 |
4% |
141 |
5% |
649 |
e Split of revenue by timing of revenue recognition
|
Revenue |
Six months ended 30 June 2026 (Unaudited) $’000 |
Six months ended 30 June 2025 (Unaudited) $’000 |
Year ended 31 December 2025 (Audited) $’000 |
|
Products transferred at a point in time |
553 |
2,674 |
10,835 |
|
Products and services transferred over time |
404 |
534 |
1,036 |
|
|
957 |
3,208 |
11,871 |
f Contract balances
The following table provides information about contract assets and liabilities from contracts with customers.
|
|
Six months ended 30 June 2026 (Unaudited) $’000 |
Six months ended 30 June 2025 (Unaudited) $’000 |
Year ended 31 December 2025 (Audited) $’000 |
|
Receivables, which are included in “Other non-current assets - Accrued income” |
3,103 |
538 |
4,471 |
|
Receivables, which are included in “Trade and other receivables – Accrued income” |
796 |
517 |
1,174 |
|
Total contract assets |
3,899 |
1,055 |
5,645 |
|
|
|
|
|
|
Contract liabilities, which are included in “Deferred income” - non-current |
- |
(69) |
(32) |
|
Contract liabilities, which are included in “Deferred income” – current |
(116) |
(557) |
(157) |
|
Total contract liabilities |
(116) |
(626) |
(189) |
- Adjusted EBITDA loss and Cash overheads
|
|
|
Six months ended 30 June 2026 (Unaudited) |
Six months ended 30 June 2025 (Unaudited) |
Year ended 31 December 2025 (Audited) |
|
(a) Reconciliation of operating loss to “Adjusted EBITDA loss” (continuing operations): |
Note |
$’000 |
$’000 |
$’000 |
|
Operating loss |
|
(4,924) |
(4,964) |
(4,587) |
|
Adjusted for: |
|
|
|
|
|
Other income |
|
(708) |
- |
(362) |
|
Impairment loss |
|
- |
68 |
150 |
|
Amortisation and depreciation |
|
33 |
22 |
149 |
|
Equity-settled share-based payment |
12 |
278 |
303 |
832 |
|
Adjusted EBITDA loss |
|
(5,321) |
(4,571) |
(3,818) |
|
|
|
Six months ended 30 June 2026 (Unaudited) |
Six months ended 30 June 2025 (Unaudited) |
Year ended 31 December 2025 (Audited) |
|
(b) Reconciliation of operating expenses to “Cash overheads”: |
Note |
$’000 |
$’000 |
$’000 |
|
Operating expenses (continuing operations) |
|
(6,586)
|
(7,809)
|
(15,897)
|
|
Adjusted for: |
|
|
|
|
|
Amortisation and depreciation |
|
33 |
22 |
149 |
|
Equity-settled share-based payment |
12 |
278 |
303 |
832 |
|
Cash overheads (continuing operations) |
|
(6,275) |
(7,484) |
(14,916) |
|
Operating expenses (discontinuing operations) |
11 |
- |
(1,206) |
(1,391) |
|
Adjusted for: |
|
|
|
|
|
Equity-settled share-based payment |
12 |
- |
193 |
252 |
|
Cash overheads (discontinuing operations) |
|
- |
(1,013) |
(1,139) |
|
Total cash overheads |
|
(6,275) |
(8,497) |
(16,055) |
- Net finance income/(costs)
|
|
|
Six months ended 30 June 2026 (Unaudited) |
Six months ended 30 June 2025 (Unaudited) |
Year ended 31 December 2025 (Audited) |
|
|
|
$’000 |
$’000 |
$’000 |
|
Interest income on cash and cash equivalents |
|
1 |
- |
2 |
|
Interest income on non-current assets |
|
149 |
34 |
86 |
|
Net foreign exchange gain |
|
1,268 |
- |
- |
|
Finance income |
|
1,418 |
34 |
88 |
|
Net foreign exchange gain/(loss) |
|
- |
(8,413) |
(6,808) |
|
Interest expense on lease liabilities |
|
(22) |
(46) |
(78) |
|
Finance costs |
|
(22) |
(8,459) |
(6,886) |
|
Net finance income/(costs) |
|
1,396 |
(8,425) |
(6,798) |
The net foreign exchange gain (2025: loss, H1 FY25: loss) arose on sterling-denominated intercompany balances in a US dollar denominated subsidiary. These balances were retranslated at the closing exchange rate at 30 June 2026, which was 1.32, a 2% depreciation of sterling compared to the rate of 1.35 at 31 December 2025.The gain on intercompany balances in the Condensed consolidated statement of profit or loss is offset by an equivalent exchange loss (2025: gain, H1 2025: gain) on the retranslation of the intercompany balances, which is included in the retranslation of net assets of foreign operations, included in the other comprehensive income.
- Loss per share
a Basic loss per share
The calculation of basic loss per share has been based on the following loss attributable to ordinary shareholders and weighted average number of ordinary shares outstanding:
|
|
Six months ended 30 June 2026 (Unaudited) |
Six months ended 30 June 2025 (Unaudited) |
Year ended 31 December 2025 (Audited) |
|
|
$’000 |
$’000 |
$’000 |
|
Loss for the period attributable to ordinary shareholders |
3,528 |
13,050 |
7,108 |
|
Weighted average number of ordinary shares |
Number of shares ‘000s |
Number of shares ‘000s |
Number of shares ‘000s |
|
Issued ordinary shares at 1 January |
126,373 |
126,308 |
126,308 |
|
Effect of shares issued in the period |
62 |
- |
36 |
|
Weighted average number of ordinary shares during the period |
126,435 |
126,308 |
126,344 |
|
Basic (loss)/earnings per share -From continuing operations -From discontinued operations |
(3) - |
(11) (0) |
(9) 3 |
|
Total |
(3) |
11 |
(6) |
b Adjusted loss per share
Adjusted loss per share is calculated based on the loss attributable to ordinary shareholders before net foreign exchange gain/(loss), impairment loss and the cost of equity-settled share-based payment, and the weighted average number of ordinary shares outstanding:
|
|
|
Six months ended 30 June 2026 (Unaudited) |
Six months ended 30 June 2025 (Unaudited) |
Year ended 31 December 2025 (Audited) |
|
Adjusted loss for the period: |
Note |
$’000 |
$’000 |
$’000 |
|
Loss for the period attributable to ordinary shareholders |
|
3,528 |
13,050 |
7,108 |
|
Adjusted for: Profit from discontinued operations |
|
- |
- |
4,274 |
|
Impairment loss |
|
- |
(68) |
(150) |
|
Foreign exchange gain/(loss) |
|
1,268 |
(8,413) |
(6,808) |
|
Equity-settled share-based payment (continuing operations) |
12 |
(278) |
(303) |
(832) |
|
Adjusted loss for the period |
|
4,518 |
4,266 |
3,592 |
|
Adjusted loss per share (cent) |
4 |
3 |
3 |
c Diluted loss per share
Due to the Group having losses in all years presented, the fully diluted loss per share for disclosure purposes, as shown in the Consolidated statement of profit or loss and other comprehensive income, is the same as for the basic loss per share.
- Other non-current assets
|
|
|
30 June 2026 (Unaudited) |
30 June 2025 (Unaudited) |
31 December 2025 (Audited) |
|
Due in more than a year: |
|
$’000 |
$’000 |
$’000 |
|
Accrued income |
|
3,103 |
538 |
4,471 |
|
Total other non-current assets |
|
3,103 |
538 |
4,471 |
- Trade and other receivables
|
|
|
30 June 2026 (Unaudited) |
30 June 2025 (Unaudited) |
31 December 2025 (Audited) |
|
Due within a year: |
|
$’000 |
$’000 |
$’000 |
|
Trade receivables |
|
209 |
1,281 |
2,270 |
|
Other receivables |
|
95 |
387 |
231 |
|
Accrued income |
|
796 |
517 |
1,174 |
|
Corporation tax |
|
456 |
617 |
637 |
|
Prepayments |
|
411 |
492 |
424 |
|
Total trade and other receivables |
|
1,967 |
3,294 |
4,736 |
- Loans and borrowings
|
|
|
30 June 2026 (Unaudited) |
30 June 2025 (Unaudited) |
31 December 2025 (Audited) |
|
|
|
$’000 |
$’000 |
$’000 |
|
Non-current lease liabilities |
|
76 |
300 |
189 |
|
Current lease liabilities |
|
233 |
449 |
278 |
|
Total loans and borrowings |
|
309 |
749 |
467 |
At 30 June 2026, 30 June 2025 and 31 December 2025 there was no bank loan debt.
- Deferred income
Deferred income represents contracted sales for which services to customers will be provided in future periods.
|
|
|
30 June 2026 (Unaudited) |
30 June 2025 (Unaudited) |
31 December 2025 (Audited) |
|
Deferred income which falls due: |
|
$’000 |
$’000 |
$’000 |
|
Within a year |
|
116 |
557 |
157 |
|
In more than a year |
|
- |
69 |
32 |
|
Total deferred income |
|
116 |
626 |
189 |
- Disposal group classified as held for sale and discontinued operations
During the prior year, the Group completed the disposal of the DevOps business on 11 August 2025. In accordance with IFRS 5, the results of the DevOps business have been presented as a discontinued operation. The comparative income statement presents separately the results of the discontinued operation from the Group's continuing operations.
The results attributable to the discontinued operation for the comparative period are summarised below:
|
|
|
Six months ended 30 June 2026 (Unaudited) |
Six months ended 30 June 2025 (Unaudited) |
Year ended 31 December 2025 (Audited) |
|
|
|
$’000 |
$’000 |
$’000 |
|
Revenue |
|
- |
1,558 |
1,696 |
|
Cost of sales |
|
- |
(13) |
(21) |
|
Gross profit |
|
- |
1,545 |
1,675 |
|
Operating expenses |
|
- |
(1,206) |
(1,391) |
|
Operating profit |
|
- |
339 |
284 |
|
Profit before tax |
|
- |
339 |
284 |
|
Income tax charge |
|
- |
- |
- |
|
Profit for period |
|
- |
339 |
284 |
|
Gain on remeasurement to fair value less costs to sell |
|
- |
- |
3,990 |
|
Profit for the period from discontinuing operations |
|
- |
339 |
4,274 |
There were no trading activities relating to the discontinued operation during the current reporting period.
The carrying amount of assets and liabilities in the disposal group are summarised as follows:
|
|
|
30 June 2026 (Unaudited) |
30 June 2025 (Unaudited) |
31 December 2025 (Unaudited) |
|
|
|
$’000 |
$’000 |
$’000 |
|
Assets |
|
|
|
|
|
Trade and other receivables |
|
- |
253 |
- |
|
Total assets classified as held for sale |
|
- |
253 |
- |
|
Total assets |
|
- |
253 |
- |
|
Liabilities |
|
|
|
|
|
Deferred income |
|
- |
1,408 |
- |
|
Total liabilities classified as held for sale |
|
- |
1,408 |
- |
Cash flows from generated by DevOps was as follows:
|
|
|
30 June 2026 (Unaudited) |
30 June 2025 (Unaudited) |
31 December 2025 (Audited) |
|
|
|
$’000 |
$’000 |
$’000 |
|
Net cash from operating activities |
|
- |
389 |
925 |
|
Net cash from investing activities |
|
- |
- |
2,960 |
|
Cash flows from discontinued operations |
|
- |
389 |
3,885 |
- Share-based payment
The Group operates share option plans for employees of the Group.Options in the plans are settled in equity in the Company and are normally subject to a vesting schedule but not conditional on any performance criteria being achieved.
The terms and conditions of the share option grants are detailed in the Group annual financial statements for the year ended 31 December 2025.
a Expense recognised in profit or loss
|
|
|
Six months ended 30 June 2026 (Unaudited) |
Six months ended 30 June 2025 (Unaudited) |
Year ended 31 December 2025 (Audited) |
|
|
|
$’000 |
$’000 |
$’000 |
|
Equity-settled share-based payment charge Continuing operations Discontinued operations |
|
278 - |
303 193 |
832 252 |
|
Total equity-settled share-based payment charge |
278 |
496 |
1,084 | |
b Summary of share options outstanding
|
|
Six months ended 30 June 2026 (Unaudited) |
Six months ended 30 June 2025 (Unaudited) |
Year ended 31 December 2025 (Audited) |
|
Number of share options outstanding: |
Number |
Number |
Number |
|
Outstanding at the start of the period |
8,872,155 |
5,404,680 |
5,404,680 |
|
Forfeited during the period |
(990,846) |
(5,000) |
(1,332,005) |
|
Exercised during the period |
(75,454) |
(28,334) |
(65,388) |
|
Cancelled during the period |
(613,354) |
- |
(700,000) |
|
Granted during the period |
2,423,123 |
2,351,951 |
5,564,868 |
|
Outstanding at the end of the period |
9,615,624 |
7,723,297 |
8,872,155 |
|
Exercisable at the end of the period |
4,337,556 |
2,284,471 |
3,247,824 |
|
Vested at the end of the period |
4,337,556 |
2,284,471 |
3,247,824 |
- Commitments and contingencies
The Group has no commitments or contingent liabilities at 30 June 2026 (31 December 2025: $nil, 30 June 2025 $nil).
- Subsequent events
Following shareholder approval at a General Meeting on 24 July 2026, the Group completed a fundraise by way of a share subscription, placing and retail offer of 36,310,971 new ordinary shares of 10 pence each in the Company at a price of 15 pence raising gross proceeds of $7.2m and net proceeds of $6.4m. The net proceeds of the fundraise are to be used by the Company for balance sheet stability, assist with further pipeline conversion, and further future investment in Cirata Symphony.
[1] Includes both continuing and discontinued operations, revenue balance DI $3.2m, & DevOps $1.6m:see note 11
[2] Total contract value of contracts signed during the period.
[3] ACV represents the annualized value of contracted customer agreements in force at a point in time, including both license and associated maintenance components, and is independent of revenue recognition and billing timing
[4] Operating loss from continuing operations adjusted for: impairment loss, depreciation, amortisation, equity-settled share-based payment, other income and other one-off non-recurring items disclosed separately. See Note 4 for a reconciliation.
[5] RCB (Remaining Contract Billings) represents contracted future invoicing not yet billed and provides visibility over future cash flows
[6] This excludes the proceeds of the fundraise which were conditional on shareholder approval at the Company’s general meeting on 24 July 2026
[7] Adjusted EBITDA loss from continuing operations
[8] Includes both continuing and discontinued operations, revenue balance DI $3.2m, & DevOps $1.6m:see note 11
[9] Includes cash overheads from both continuing operations of $7.5m, and discontinuing operations of $1m
[10] Includes both continuing and discontinued operations, deferred revenue balance, DI $0.6m, & DevOps $1.4m:see note 11
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