REG - Cirata PLC - Preliminary Results
Yesterday 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260331:nRSe7203Ya&default-theme=true
RNS Number : 7203Y Cirata PLC 31 March 2026
31 March 2026
Cirata plc
("Cirata" or the "Company")
Preliminary results for the year ended 31 December 2025
Cirata (LSE: CRTA) today announces its audited preliminary results for the
year ended 31 December 2025 ("FY25"). The results reflect a period in which
Cirata continued to sharpen its strategic focus and simplify its operations,
resulting in the strongest Data Integration bookings performance since 2017.
In addition, the Company secured the largest direct and largest OEM contracts
in its history.
A copy of the Company's FY25 Annual Report will be made available on its
website shortly in accordance with AIM Rule 20.
The Company will post shortly its Annual Report and Accounts including the
notice of its Annual General Meeting to shareholders, which will be held on 19
May 2026 at 11:00 a.m. at the offices of Brown Rudnick LLP, 8 Clifford Street,
London W1S 2LQ.
Strategic Highlights
● FY25 Data Integration ("DI") bookings of $13.2m, the strongest DI
bookings since FY17
● Q4 FY25 DI bookings of $9.8m, the strongest quarter in the
company's history
● $6.7m three-year DI contract, largest OEM contract in the
company's history
● $3.1m three-year DI contract, the largest direct contract in the
company's history
● DevOps divestment completed for $3.4m - The company is now fully
focussed on DI
● Launched new product: Cirata Symphony - The Data Orchestration
platform
● Annualised cost base reduced to $12-13m exiting FY25, less than
one third of its peak
● Targeting cash flow positive in Q1 FY26 and planning for cash flow
break-even for FY26 overall
● FCA investigation concluded with no further action
Financial Highlights
● 96% increase in total bookings for the year: $13.9m (2024: $7.1m)
● 181% increase in bookings for Data Integration: $13.2m (2024:
$4.7m)
● 77% increase in total revenue for the year: $13.6m (2024: $7.7m)
o 157% increase in revenue from continuing operations $11.9m (2024: $4.6m)
o Revenue from discontinued operations $1.7m (DevOps).
● 22% decrease in total cash overheads: $16.1m (2024: $20.6m)
o Cash overheads continuing operations $14.9m.
o Cash overheads discontinued operations $1.1m (DevOps).
● 74% decrease in adjusted EBITDA loss: $3.8m (2024: loss of $14.4m)
● 71% decrease in operating loss: $4.6m (2024: loss of $15.8m)
● Cash and cash equivalents: $4.0m at 31 December 2025 (2024:
$9.7m), plus short-term trade receivables of $3.4m giving a cash plus
short-term receivables balance of $7.4m.
Bookings
Total contract bookings for FY25 were $13.9m (FY24: $7.1m), representing
growth of 96% year-on-year. Data Integration bookings reached $13.2m (FY24:
$4.7m), an increase of 181% year-on-year and the strongest annual DI
performance since 2017. Following the divestment of the DevOps business, the
company's commercial & development activity is focused solely on the
growth market of Data Integration.
FY25 followed the back-end weighted profile anticipated in Management's
outlook statement for FY25 announced on 9 January 2025. Q4 FY25 delivered DI
bookings of $9.8m (Q4 FY24: $2.3m), an increase of 326% year-on-year and the
strongest quarterly DI bookings performance in the company's history.
During the year, the Company secured its largest direct contract to date - a
$3.1m three-year agreement with a leading US insurer - alongside its largest
OEM contract to date - a $6.7m three-year agreement supporting a financial
services customer through IBM. Both contracts reflect multiyear enterprise
commitments and demonstrate increasing customer confidence in the Live Data
Migrator ("LDM") product.
Expansion wins within existing enterprise customers remained a core driver of
bookings growth in FY25. Multi-year contracts, broader deployment use cases
and growing data volumes provide a stable foundation for continued growth as
the business scales.
Cost Base and Operating Leverage
Cash overheads reduced significantly during FY25, with the annualised run-rate
exiting Q4FY25 at $12-13m compared to approximately $16-17m exiting Q4FY24 and
materially below prior years.
The reduction reflects management actions taken during FY25 to improve
efficiency and better align the cost base with continuing operations,
including headcount reductions, organisational simplification following the
DevOps divestment, and supplier rationalisation.
Cash and Balance Sheet
The completion of the DevOps divestment strengthened the balance sheet through
receipt of $3.4m in total consideration.
At 31 December 2025, the Company held cash of $4.0m and short-term trade
receivables of $3.4m, giving a combined balance of $7.4m.
The significant reduction in cash burn compared to FY24 reflects both lower
operating expenses and stronger bookings performance.
FY26 Outlook
Data Integration and Orchestration markets remain structurally attractive,
supported by accelerating enterprise AI adoption and demand for open-table,
vendor-neutral data environments.
As we progress through 2026, we consider the continued success of our
expansion win strategy to be a critical component of our growth. The
additional building blocks that combine to deliver future growth will be
further product development, customer and market validation and, ultimately as
the new sales team beds in and reaches maturity, the acceleration of new
customer wins. Bringing these additional building blocks together, gradually,
will be the primary focus for management as FY26 evolves.
Data Integration and Data Orchestration software solutions are enterprise
product offerings focused on the Forbes Global 2000 accounts and are expected
to be non-linear in nature, with revenues and cash flows continuing to be
inherently lumpy and subject to timing effects. Management expects an
improvement in sales activity levels, both through direct sales efforts and
via partners. With changes led by Dominic Arcari in the Go-to-Market
("GTM"), visibility is anticipated to improve by mid-year FY26.
The timing and conversion of new business opportunities remain uncertain. At
this early stage of the financial year, and based on current internal planning
assumptions, Management reaffirms the FY26 Outlook announced on 9 January 2026
and anticipates the following:
1. An anticipated annualised operating expense run-rate of
approximately $12-13m in FY26.
2. Targeting cash flow positive in Q1 FY26 and planning for cash
break-even for FY26 overall, subject to bookings timing and working capital
movements.
3. In FY26, Management is introducing Annual Contract Value ("ACV") used
as a key measure (KPI) of growth given ACV's close alignment with cash
collection.
The Company expects to provide a further update on current trading in its Q1
Trading Update in mid-April.
Stephen Kelly, Chief Executive Officer, commented:
"FY25 marks a decisive step forward for Cirata. We delivered the strongest
Data Integration bookings since FY17, secured the largest direct and OEM
contracts in the Company's history and completed the divestment of our legacy
DevOps business, leaving us strategically focused and operationally
simplified.
There are very few companies delivering strong YoY revenue growth of 77% on a
cost base which is less than a third of the historical peak approximately two
years before. As I have said before, 'one swallow does not make a summer' and
I know that we can do better with greater consistency. We keep our feet on the
ground and focus on improving execution where I feel there is more to do.
There is a particular emphasis on improvements required in the GTM sales and
marketing execution. A key aspect is the introduction in July 2025 of Dominic
Arcari to lead all the market and customer- facing activities.
As we entered FY26, our focus is on building greater predictability and
repeatability in execution, particularly new customer acquisition, deepening
our strategic relationship with IBM and expanding within the Global 2000
customer base with the adoption of Cirata Symphony. While enterprise software
revenues remain inherently non-linear, we believe the strategic repositioning
undertaken has created the foundations where the company has never been
stronger to deliver growth towards market category leadership."
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:
Cirata +1 (925) 380 1728
Stephen Kelly, Chief Executive Officer
Ricardo Moura, Chief Financial Officer
Daniel Hayes, Investor Relations
FTI Consulting +44 (0)20 3727 1137
Matt Dixon / Kwaku Aning / Usama Ali
Stifel (Nomad and Joint Broker) +44 (0)20 7710 7600
Fred Walsh / Brough Ransom / Ben Good
Panmure Liberum (Joint Broker) +44 (0)20 3100 2000
James Sinclair-Ford / Rupert Dearden / John More
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
(http://www.cirata.com)
Business Review
Chief Executive Officer's Statement
A Foundational Year Delivering Record Growth
FY25 was a pivotal year for Cirata.
Twelve months ago, we signalled that FY25 would represent a transition from
recovery to growth. That transition has now been delivered. We ended the year
with record Data Integration bookings, completed the divestment of our legacy
DevOps business, launched our Cirata Symphony data orchestration platform and
materially reduced our cost base.
FY25 DI bookings reached $13.2m, an increase of 181% year-on-year and the
strongest performance since 2017. Q4 FY25 delivered $9.8m of DI bookings - the
largest quarterly performance in the Company's history. Importantly, all Q4
contracts represented growth deployments, including both expansion within
existing customers and new strategic commitments.
We secured the largest direct contract in Cirata's history - a $3.1m
three-year agreement with a leading US insurer - alongside the largest OEM
contract in the Company's history: a $6.7m three-year agreement supporting a
global financial services client via IBM.
These multiyear contracts demonstrate increasing customer confidence in our
Live Data Migrator ("LDM") platform and validate the strategic pivot
undertaken over the past two years.
Strategic Simplification and focus
In August 2025, we completed the divestment of the DevOps business. The
transaction delivered gross proceeds of $3.4m and marks the final stage of our
transition away from a renewal-led legacy business model.
Cirata is now exclusively focused on Data Integration and Data Orchestration -
a materially larger and more scalable market opportunity aligned with
enterprise AI adoption and large-scale data modernisation.
This simplification has sharpened our strategic focus, improved operational
clarity and strengthened our financial profile.
Launch of Cirata Symphony
In September 2025, we launched Cirata Symphony, our Data Orchestration
platform developed in close collaboration with customers. Symphony extends
Cirata's capabilities beyond data migration into orchestration, monitoring and
coordination across enterprise data environments.
The platform expands our addressable market and introduces new product-led
growth levers while deepening engagement with existing Forbes Global 2000
customers.
Early market interest has been encouraging, and Symphony has already
contributed to lead generation momentum entering FY26.
Operational discipline and cost transformation
A central priority since FY23 has been restoring financial discipline.
Exiting FY25, the Company's annualised cash overhead run-rate has reduced to
$12-13m, compared to peak annualised levels in excess of $41.5m. This
represents a reduction of approximately 70% from peak cost levels.
FY25 cash burn reduced materially compared to FY24, reflecting both lower
overheads and stronger bookings performance. The improved operating leverage
demonstrated in Q4 FY25 provides management with confidence in the
sustainability of the model.
Go to Market Reset
While FY25 delivered record bookings, it also exposed the importance of
disciplined sales execution.
The appointment of Dominic Arcari as Chief Revenue Officer in July 2025 marked
the completion of a comprehensive reset of our go-to-market function.
Improvements in pipeline quality, forecasting discipline and sales cycle
management were visible entering Q4 and into early FY26.
Our strategy continues to emphasise:
● Expansion within existing enterprise customers
● Strategic OEM relationships
● Gradual acceleration of new logo acquisition as the sales team
matures
Conclusion
FY25 marked a decisive transition for Cirata. The Company has moved from
rescue and restructuring to strategic focus and record bookings growth. With a
materially lower cost base, a simplified product portfolio and validated
enterprise customer demand, Cirata enters FY26 positioned to build
sustainable, scalable growth.
Financial Review
Revenue
Revenue from continuing operations increased to $11.9m in FY25 (FY24: $4.6m),
reflecting the stronger performance of the DI business during the year.
Discontinued operations (DevOps) contributed $1.7m of revenue in FY25 (FY24:
$3.1m), in line with the reduced scale of those activities. As a result, total
Group revenue rose to $13.6m (FY24: $7.7m).
Deferred revenue (continuing operations) decreased to $0.2m at 31 December
2025 (FY24: $1.1m). Including discontinued operations, total deferred revenue
in FY24 was $2.3m.
Cash Overheads
Cash overheads in continuing operations decreased to $14.9m in FY25 (FY24:
$18.5m), reflecting a lower underlying cost base in the ongoing business.
Including discontinued operations, total cash overheads reduced to $16.1m
(FY24: $20.6m).
Profit and Loss
Operating loss from continuing operations improved to $4.6m in FY25 (FY24:
$15.8m), driven primarily by the significant increase in revenue, alongside a
reduction in operating expenses. Discontinued operations generated an
operating profit of $0.3m in FY25 (FY24: $0.8m), reflecting the reduced scale
of those activities following the DevOps disposal.
Adjusted EBITDA improved to a loss of $3.8m in FY25 (FY24: $14.4m loss),
reflecting a materially reduced operating loss and a lower underlying cost
base compared with the prior year.
Consolidated statement of financial position
Property, plant and equipment at 31 December 2025 was $0.1m (FY24: $0.2m).
Trade and other receivables from continuing operations at 31 December 2025
were $4.7m (FY24: $4.8m).
Cash flow
Cash and cash equivalents were $4.0m at 31 December 2025 (FY24: $9.7m). The
decrease during the year primarily reflects net cash used in operating
activities of $8.1m, a net cash outflow from financing activities of $0.6m,
partially offset by positive cash flow from investing activities of $2.9m.
Subsequent events
There are no subsequent events to report.
- Ricardo Assuncao Moura
Chief Financial Officer
Consolidated statement of profit and loss and other comprehensive income
For the year ended 31 December 2025
31-Dec-25 31-Dec-24
(Audited) (Audited)
Note $'000 $'000
Revenue 3 11,871 4,619
Cost of sales (773) (475)
Gross profit 11,098 4,144
Operating expenses 4 (15,897) (19,556)
Other income 362 207
Impairment loss (150) (563)
Operating loss 4 (4,587) (15,768)
Finance income 88 1,584
Finance costs (6,886) (76)
Net finance (costs)/income (6,798) 1,508
Loss before tax (11,385) (14,260)
Income tax credit 3 -
Loss for the year from continuing operations (11,382) (14,260)
Profit for the year from discontinued operations 4,274 751
Loss for the year (7,108) (13,509)
Other comprehensive income/(loss)
Items that are or may be reclassified to profit or loss:
Foreign operations - foreign currency translation differences 6,679 (1,577)
Other comprehensive income/(loss) for the period, net of tax 6,679 (1,577)
Total comprehensive loss for the year (429) (15,086)
Basic and diluted (loss)/earnings per share (cent)
-From continuing operations (9) (12)
-From discontinued operations 3 1
Total 5 (6) (11)
Consolidated balance sheet
At 31 December 2025
31-Dec-25 31-Dec-24
(Audited) (Audited)
Note $'000 $'000
Assets
Property, plant and equipment 146 198
Other non-current assets 6 4,471 180
Non-current assets 4,617 378
Trade and other receivables 7 4,736 4,812
Cash and cash equivalents 3,983 9,732
Current assets 8,719 14,544
Total assets 13,336 14,922
Equity
Share capital 17,108 17,100
Share premium 261,726 261,726
Translation reserve (3,982) (10,661)
Merger reserve 1,247 1,247
Retained earnings (265,863) (259,839)
Total equity 10,236 9,573
Liabilities
Loans and borrowings 8 189 367
Deferred income 9 32 223
Deferred tax liabilities - 3
Non-current liabilities 221 593
Loans and borrowings 8 278 522
Trade and other payables 2,444 2,125
Deferred income 9 157 2,109
Current liabilities 2,879 4,756
Total liabilities 3,100 5,349
Total equity and liabilities 13,336 14,922
Consolidated statement of changes in equity
For the year ended 31 December 2025
Attributable to owners of the Company
Share Share premium Translation reserve Merger reserve Retained earnings Total
capital equity
$'000 $'000 $'000 $'000 $'000 $'000
Balance at 31 December 2023 15,634 256,278 (9,084) 1,247 (247,461) 16,614
Total comprehensive income for the year
Loss for the year - - - - (13,509) (13,509)
Other comprehensive income - - (1,577) - - (1,577)
Total comprehensive income for the year - - (1,577) - (13,509) (15,086)
Transactions with owners of the Company
Contributions and distributions
Equity-settled share-based payment - - - - 1,131 1,131
Proceeds from share placing 1,310 5,445 - - - 6,755
Proceeds from share allotment 151 - - - - 151
Share options exercised 5 3 - - - 8
Total transactions with owners of the Company 1,466 5,448 - - 1,131 8,045
Balance at 31 December 2024 17,100 261,726 (10,661) 1,247 (259,839) 9,573
Total comprehensive income for the year
Loss for the year - - - - (7,108) (7,108)
Other comprehensive income - - 6,679 - - 6,679
Total comprehensive income for the year - - 6,679 - (7,108) (429)
Transactions with owners of the Company
Contributions and distributions
Equity-settled share-based payment - - - - 1,084 1,084
Share options exercised 8 - - - - 8
Total transactions with owners of the Company 8 - - - 1,084 1,092
Balance at 31 December 2025 17,108 261,726 (3,982) 1,247 (265,863) 10,236
Consolidated statement of cash flows
For the year ended 31 December 2025
31-Dec-25 31-Dec-24
(Audited) (Audited)
Note $'000 $'000
Cash flows from operating activities
Loss for the year from continuing operations (11,385) (14,260)
Adjustments for:
- Depreciation of property, plant and equipment 149 59
- Impairment of right of use asset 150 563
- Net finance (expense)/income (excluding foreign exchange) (10) 16
- Profit attributable to discontinued activities less proceeds from sale 1,313 751
- Income tax credit 3 -
- Foreign exchange 6,683 (1,511)
- Equity-settled share-based payment 10 1,084 1,131
(2,013) (13,251)
Changes in:
- Trade and other receivables (4,215) (276)
- Trade and other payables 271 (852)
- Deferred income (2,143) (379)
Net working capital change (6,087) (1,507)
Cash used in operating activities (8,100) (14,758)
Interest received/(paid) 10 (16)
Net cash used in operating activities (8,090) (14,774)
Cash flows from investing activities
Proceeds from sale of discontinued operation 3,400 -
Direct costs incurred through sale of discontinued operation (439) -
Acquisition of property, plant and equipment (88) (107)
Cash generated from/(used in) investing activities 2,873 (107)
Cash flows from financing activities
Proceeds from issue of share capital 8 7,361
Share issue costs - (447)
Payment of finance lease liabilities (572) (470)
Net cash (used in)/generated from financing activities (564) 6,444
Net decrease in cash and cash equivalents (5,781) (8,437)
Cash and cash equivalents at the start of the year 9,732 18,246
Effect of movements in exchange rates on cash and cash equivalents 32 (77)
Cash and cash equivalents at the end of the year 3,983 9,732
Notes to the condensed consolidated financial statements
For the year ended 31 December 2025
1. 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. The
Company's registered office is First Floor Osprey House, Old Street, St.
Helier, Jersey, JE2 3RG. These consolidated financial statements comprise the
Company and its subsidiaries (together referred to as the "Group"). The Group
is primarily involved in the development and provision of global collaborative
software.
2. Basis of preparation
a. Basis of accounting
These consolidated financial statements have been prepared in accordance with
UK adopted international accounting standards. They were authorised for issue
by the Company's Board of Directors on 30 March 2026.
Under Article 105(11) of the Companies (Jersey) Law 1991, a parent company
preparing consolidated financial statements need not present solus (parent
company only) financial information, unless required to do so by an ordinary
resolution of the Company's members.
Details of the Group's material accounting policies are included in Note 28.
The policies have been consistently applied to all the years presented, unless
otherwise stated.
The following new standards and amendments to standards that are effective for
the first time for the financial year beginning 1 January 2025 have been
adopted:
» Lack of exchangeability (Amendment to IAS 1).
The amendments to the standard have not had a material impact on these
financial statements.
b. Going concern basis of accounting
To assess whether it is appropriate to prepare the financial statements on a
going concern basis the Directors have prepared forecasts and budgets. These
forecasts and budgets take into consideration the results of a robust
assessment of the principal risks facing the Group, including those risks that
would threaten the Group's business model, future performance and liquidity.
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 year
ended 31 December 2025, the Group incurred a loss for the year of $7.1m (2024:
$13.5m) and experienced a net cash outflow before financing and investing
activities of $8.1m (2024: $14.8m). During 2025, the performance of the Group
improved, with revenue increasing by 157% to $11.9m (2024: $4.6m revenue from
continuing operations) and operating losses of $4.6m (2024: $15.8m operating
loss from continuing activities) were incurred. As at 31 December 2025 the
Group had net assets of $10.2m (2024: $9.6m), including cash of $4m (2024:
$9.7m). As at 31 December 2025 the Group had no debt facilities (2024: 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
financial statements. Scenario modelling has been undertaken over the period
to 30 June 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 Group's current contracting model, timeframes for new
sales personnel to convert sales pipelines, and cost assumptions reflecting an
overhead annualised cost base and sales commissions totalling c.$12-13m. 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 Severe but Plausible Downside case reflects a sensitivity of the Base case
and assumes materially lower sales bookings during the forecast period,
without incorporating potential cost reductions that could reasonably be
implemented in such circumstances. Under this scenario, the Group's cash
resources are projected to reduce to minimal levels by 31 October 2026.
The Severe but Plausible Downside case does not take account of mitigating
actions that are available to management, including additional cost-saving
measures. As with all forecasts, projections are subject to inherent
uncertainty, particularly in relation to the timing and conversion of sales.
While the Group remains loss-making and forecast cash balances are limited,
the Directors continue to monitor performance closely and retain the ability
to take appropriate actions should trading differ from expectations.
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 the Annual Report and Accounts. No
adjustments have been made to the financial statements that would result if
the Group were unable to continue as a going concern.
c. Functional and presentational currency
The consolidated financial statements are presented in US dollars, as the
revenue for the Group is predominantly derived in this currency. Billings to
the Group's customers during the year 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 year 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 and equity-settled share-based payment. See Note 4 for a
reconciliation.
- Adjusted EBITDA: Operating loss adjusted for: impairment loss,
depreciation, amortisation, equity-settled share-based payment and other
income. See Note 4 for a reconciliation.
e. Use of judgements and estimates
In preparing these 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 were the same as those described in the last annual
financial statements.
3. 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 following table:
Year ended Year ended 31-Dec-24
31-Dec-25
(Audited) (Audited)
Geographical segments $'000 $'000
North America 9,587 3,868
United Kingdom 1,868 292
Rest of the world 416 459
Total revenue 11,871 4,619
Management makes no allocation of costs, assets or liabilities between these
segments since all trading activities are operated as a single business unit.
c. Major products
The Group's core patented technology, Distributed Coordination Engine (DConE)
enables active-active replication without the limitations of a central
transaction coordinator. This technology is used in many of the Group's
products.
d. Major customers
31-Dec-25 31-Dec-24
(Audited) (Audited)
Major customers $'000 % of revenue $'000 % of revenue
Customer 1 5,558 47% 1,729 37%
Customer 2 2,669 22% 983 21%
Customer 3 1,718 14% 718 16%
Customer 4 649 5% 196 4%
e. Split of revenue by timing of revenue recognition
Year ended Year ended
31-Dec-25 31-Dec-24
(Audited) (Audited)
Timing of revenue recognition $'000 $'000
Products transferred at a point in time 10,835 3,683
Products and services transferred over time 1,036 936
11,871 4,619
f. Contract balances
The following table provides information about contract assets and liabilities
from contracts with customers.
31-Dec-25 31-Dec-24
(Audited) (Audited)
Contract balances $'000 $'000
Receivables, which are included in "Other non-current assets - Accrued income" 4,471 173
Receivables, which are included in "Trade and other receivables - Accrued 1,174 191
income"
Total contract assets 5,645 364
- -
Contract liabilities, which are included in "Deferred income" - non-current (32) (223)
Contract liabilities, which are included in "Deferred income" - current (157) (2,109)
Total contract liabilities (189) (2,332)
4. Adjusted EBITDA loss and Cash overheads
Year ended Year ended
31-Dec-25 31-Dec-24
(Audited) (Audited)
Reconciliation of loss from operations to "Adjusted EBITDA loss" (continuing $'000 $'000
operations):
Operating loss (4,587) (15,768)
Adjusted for:
Other income (362) (207)
Impairment loss 150 563
Amortisation and depreciation 149 59
Equity-settled share-based payment 832 1,002
Adjusted EBITDA (3,818) (14,351)
Year ended Year ended
31-Dec-25 31-Dec-24
(Audited) (Audited)
Reconciliation of operating expenses to "Cash overheads": $'000 $'000
Operating expenses (continuing operations) (15,897) (19,556)
Adjusted for:
Amortisation and depreciation 149 59
Equity-settled share-based payment 832 1,002
Cash overheads (continuing operations) (14,916) (18,495)
Operating expenses (discontinued operations) (1,391) (2,249)
Adjusted for:
Equity-settled share-based payment 252 129
Cash overheads (discontinued operations) (1,139) (2,120)
Total cash overheads (16,055) (20,615)
5. 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:
Year ended Year ended
31-Dec-25 31-Dec-24
(Audited) (Audited)
$'000 $'000
Loss for the year attributable to ordinary shareholders 7,108 13,509
Weighted average number of ordinary shares Number of shares Number of shares
'000 '000
Issued ordinary shares at 1 January 120,308 114,962
Effect of shares issued in the year 36 5,203
Weighted average number of ordinary shares at 31 December 126,344 120,165
Basic (loss)/earnings per share
-From continuing operations (9) (12)
-From discontinued operations 3 1
Basic loss per share (cent) (6) (11)
b. Adjusted loss per share
Adjusted loss per share is calculated based on the loss attributable to
ordinary shareholders before net foreign exchange (loss)/gain, impairment loss
and the cost of equity-settled share-based payment from continuing operations,
and the weighted average number of ordinary shares outstanding:
Year ended Year ended
31-Dec-25 31-Dec-24
(Audited) (Audited)
Adjusted loss for the period: $'000 $'000
Loss for the year attributable to ordinary shareholders 7,108 13,509
Adjusted for:
Profit from discontinued operations 4,274 751
Impairment loss (150) (563)
Foreign exchange (loss)/gain (6,808) 1,524
Equity-settled share-based payment (continuing operations) (832) (1,002)
Adjusted loss for the year 3,592 14,219
Adjusted loss per share (cent) 3 12
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.
6. Other non-current assets
31-Dec-25 31-Dec-24 (Audited)
(Audited)
Due in more than a year: $'000 $'000
Other receivables - 7
Accrued income 4,471 173
Total other non-current assets 4,471 180
7. Trade and other receivables
31-Dec-25 (Audited) 31-Dec-24 (Audited)
Due within a year: $'000 $'000
Trade receivables 2,270 2,995
Other receivables 231 391
Accrued income 1,174 191
Corporation tax 637 882
Prepayments 424 353
Total trade and other receivables 4,736 4,812
8. Loans and borrowings
31-Dec-25 (Audited) 31-Dec-24 (Audited)
$'000 $'000
Non-current liabilities
Lease liabilities 189 367
189 367
Current liabilities
Current portion of lease liabilities 278 522
278 522
Total loans and borrowings 467 889
At 31 December 2025 and 2024, the Company had no bank loan debt.
9. Deferred income
Deferred income represents contracted sales for which services to customers
will be provided in future years.
31-Dec-25 (Audited) 31-Dec-24 (Audited)
Deferred income which falls due: $'000 $'000
Within a year 157 2,109
In more than a year 32 223
Total deferred income 189 2,332
10. Share-based payments
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 Report and Accounts for the year ended 31 December 2025.
a. Expense recognised in profit or loss
Year ended Year ended
31-Dec-25 (Audited) 31-Dec-24 (Audited)
Analysis of equity-settled share-based payment charge: $'000 $'000
Continuing operations 832 1,002
Discontinued operations 252 129
1,084 1,131
b. Summary of share options outstanding
Number of options 2025 (Audited) Weighted average exercise price 2025 $ Number of options 2024 (Audited) Weighted average exercise price 2024 $
Outstanding at 1 January 5,404,680 1.23 4,984,365 1.37
Forfeited during the year (1,332,005) 1.37 (486,498) 0.97
Exercised during the year (65,388) 0.13 (34,187) 0.17
Cancelled during the year (700,000) 1.16 - -
Granted during the year 5,564,868 0.56 941,000 0.30
Outstanding at 31 December 8,872,155 0.87 5,404,680 1.23
Exercisable at 31 December 3,247,824 1.83 2,312,805 1.79
Vested at the end of the year 3,247,824 1.83 2,312,805 1.79
11. Discontinued operations
Year ended 31-Dec-25 (Audited) Year ended 31-Dec-24 (Audited)
$'000 $'000
Revenue 1,696 3,062
Cost of sales (21) (62)
Gross profit 1,675 3,000
Operating expenses (1,391) (2,249)
Operating profit 284 751
Profit before tax 284 751
Income tax - -
Profit for year 284 751
Gain on remeasurement to fair value less costs to sell 3,990 -
Profit for the year from discontinued operations 4,274 751
Year ended 31-Dec-25 (Audited) Year ended 31-Dec-24 (Audited)
$'000 $'000
Net cash from operating activities 925 1,519
Net cash from investing activities 2,960 -
Cash flows from discontinued operations 3,825 1,519
12. Commitments and contingencies
As at 31 December 2025 the group had no commitments (31 December 2024: $nil).
As at 31 December 2024 the group had a contingent liability related to an
ongoing FCA investigation, however the investigation was concluded in 2025
with no adverse actions or penalties for the group. As at 31 December 2025 the
group had no contingent liabilities.
13. Subsequent events
There are no subsequent events to report.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END PREEAADEDEXKEAA
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Cirata
See all newsREG - Cirata PLC - Management Changes
AnnouncementREG - Cirata PLC - Preliminary Results
AnnouncementREG - Cirata PLC - Grant of Awards & PDMR Dealing
AnnouncementREG - Cirata PLC - Q4 FY25 Trading Update
AnnouncementREG - Cirata PLC - DevOps Final Consideration Received
Announcement