Cirata PLC
24 July 2026
24 July 2026
Cirata plc
("Cirata" or the "Company")
Q2FY26 Trading Update
Cirata plc (LSE: CRTA), the data orchestration technology company, is announcing an unaudited trading update for the quarter ended 30 June 2026 (Q2FY26). A supporting video presentation with Q&A will be available here shortly.
Q2FY26 Trading Update Highlights
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Successful oversubscribed Placing and Subscription together with Retail Offer raising gross proceeds of £5.4m (c.$7.2m), strengthening the balance sheet to drive new logo acquisition, pipeline conversion and product scale |
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Q2FY26 KPIs o Q2FY26 closing Annual Contract Value ("ACV")[1] of $5.3m (Q1FY26 closing ACV $4.9m) o Billings[2] of $0.5m o Remaining Contract Billings ("RCB")[3] of $5.7m |
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Continued progress on Cirata Symphony with a strategic expansion of the Company's OEM agreement with IBM |
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UK retailer - first customer for Cirata Symphony |
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Cirata Symphony POC with new US customer |
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Go-to-Market Sales team fully resourced, following two recent hires |
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As previously shared, pipeline grew 40% in value from January to April 2026, standing at $21m and continued to grow in volume and quality through Q2FY26. |
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Cash at 30 June 2026 of $2.6m[4] and short-term trade receivables of $0.2m, resulting in a cash and short-term receivable balance of $2.8m. This is in addition to gross cash from the fundraise of $7.2m. |
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Cash overheads in Q2FY26 $3.2m, in line with our FY26 annualized expected range of $12-13m |
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FY26 outlook reaffirmed: continuing to target cash flow break even for FY26 |
Stephen Kelly, Chief Executive Officer of Cirata, commented:
"Q2FY26 was a quarter of substance for Cirata. We completed an oversubscribed fundraise that gives us a strong platform to scale and invest with discipline. Our go-to-market team is now fully resourced, with Dominic Arcari's final sales team hires joining in June and July.
With the platform now secured, our focus for the second half is to execute with focus: proving that a fully resourced GTM organisation can convert into new customer acquisition, building on our FY25 growth trajectory. Cirata Symphony continues to progress under our OEM partnership with IBM, and I am more confident in the new logo trajectory we're building into H2 and beyond. We are strongly positioned for Cirata Symphony to be understood as the 'Switzerland of live data orchestration' at petabyte scale.
This quarter also marks three years since the start of Cirata's turnaround. In just the past year, we have divested a legacy business, doubled down on data orchestration with the launch of Cirata Symphony - now deployed with a major UK retailer running Iceberg-to-Iceberg replication - and delivered our first cash-positive quarter in Q1FY26. We have built the foundations for a growth business."
Operational KPIs
As stated previously for FY26, the Company introduced Annual Contract Value ("ACV"), Billings and Remaining Contract Billings ("RCB") as additional key operational metrics to provide enhanced transparency into the underlying performance of the business.
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ACV represents the annualized value of contracted customer agreements in force at a point in time, including both licence and associated maintenance components, and is independent of revenue recognition and billing timing. |
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Billings represent the value of invoices issued to customers during the period. |
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RCB represents contracted future invoicing not yet billed and provides visibility over future cash flows. |
Operational KPIs
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Metric |
Q2FY26 |
Q1FY26 |
Commentary |
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Opening ACV |
$4.9m |
$4.8m |
Annualized value at the start of the period |
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Net new ACV[5] |
$0.4m |
$0.1m |
Existing customers: Renewals & Growth |
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ACV Expired |
Nil |
Nil |
Zero contract roll off in the period |
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Closing ACV |
$5.3m |
$4.9m |
Annualized value at end of period |
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Billings |
$0.5m |
$2.3m |
Value of issued invoices in the period |
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RCB[6] |
$5.7m |
$5.8m |
Contracted future invoicing not yet billed |
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-of which <12 months |
$3.3m |
$3.4m |
Near term visibility |
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Cash (period end) |
$2.6m |
$4.7m |
Cash position |
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Trade receivables |
$0.2m |
$0.7m |
Reflects normal timing of collections |
Trading Update
Q2FY26 new ACV was $0.4m, leading to a closing ACV[7] for the period of $5.3m.
The sales pipeline continued to progress during Q2FY26. Between January and April 2026, the pipeline grew by 40% to $21 million of ACV[8]. Since April, pipeline volume and quality have improved further, reflecting both the impact of marketing initiatives and increased activity levels from the recently onboarded sales team.
Management's priorities for FY26 remain to drive new logo acquisition, expand within existing customers, and continue to build visibility and predictability in the business model.
During the quarter, the Company ran two beta trials of Cirata Symphony with a large US bank and a UK retailer. The UK retailer has deployed Cirata Symphony, representing the Company's first customer for the Data Orchestration platform. In addition, a proof of concept ("POC") has commenced with a prospective new customer in the US.
Additionally, Cirata Symphony can now be delivered under the Company's revised OEM agreement with IBM (Cirata Symphony for IBM Big Replicate), which continues to progress. This is an important validation milestone for the product as announced on 16th June 2026.
The Company's outlook remains unchanged, as outlined in the trading update announced on 14 January 2026.
The Company's enterprise sales cycle is inherently lumpy. The sales strategy targets Global 2000 accounts, including both new logo engagements and expansion within existing customers. The increased pipeline and activity is supported by the Company's expanded sales organization (which has now reached its targeted complement).
Cash and Overheads
Gross cash from the fundraise is expected to be circa $7.2m. In addition, as of 30 June 2026, the unaudited cash balance was $2.6m and the short-term trade receivables balance was $0.2m, resulting in a cash plus short-term receivables balance of $2.8m as of 30 June 2026.
During Q2FY26, operationally, the Company's cash position reduced by $2.1m. After the positive cash-flow Q1, there was a year-to-date reduction in the cash position in H1 FY26 of $1.4m.
Cirata has reduced its cash overhead by over 70% from its peak. As stated in the 14 January outlook the annualized cash overhead is targeted to be between $12-13m, this is consistent with the Q2FY26 operating expense of $3.2m and is therefore in line with our FY26 expected range.
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 |
+1 (925) 380 1728 |
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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 |
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 about Cirata, visit www.cirata.com
[1] ACV (Annual Contract Value) 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
[2] Billings represent the value of invoices issued to customers during the period
[3] RCB (Remaining Contract Billings) represents contracted future invoicing not yet billed and provides visibility over future cash flows
4 This excludes the proceeds of the fundraise which were conditional on shareholder approval at GM 24 July 2026.
[5] Net new ACV is for existing customers & includes pricing movement on renewals plus new growth contracts
[6] Remaining RCB after Q2FY26 cash collection
[7] Closing ACV for the period is the opening ACV for the period plus new ACV executed during the period
[8] Total Contract value (TCV) for the pipeline stands at $41m
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