REG - Cirata PLC - Trading Statement

CirataAnnouncement

16/10/2025 07:00

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RNS Number : 5698D  Cirata PLC  16 October 2025

16 October 2025

Cirata plc

("Cirata" or the "Company")

 

Q3 FY25 Trading Update

 

Strong Q4FY25 bookings momentum on track to meet outlook for bookings and cost
base

 

Cirata plc (LSE: CRTA) today provides an unaudited trading update for the
quarter ended 30 September 2025 ("Q3FY25"), together with early momentum as we
head into Q4FY25. A supporting video presentation with Q&A will be
available shortly after the release of this RNS here
(https://stream.brrmedia.co.uk/broadcast/68ee76d2d6ba950013fe5280) .

 

Following the divestiture of the DevOps business, contract bookings relate to
the continuing operations of the Company's Data Integration product line
("DI").

 

Summary

·    Bookings Metrics

o Q3FY25 trading reflected timing of contract completions in line with
management expectations

§ Total DI bookings for Q3FY25 YTD amounted to $3.4m (YTD Q3FY24: $2.4m), an
increase of 42%

§ Total DI bookings in Q3FY25 of $0.3m (Q3FY24 $1.4m), a decline of 79% YoY

 

·    Commercial Momentum

o Launch of the Cirata Symphony platform which expands sales reach, and
addressable growth market 1  (#_ftn1)

o Post-period DI bookings:

§ The Company announced on 13 October 2025 a 3-year DI contract of $3.1m for
the deployment of Live Data Migrator ("LDM") with a leading US Insurer

§ This contract represents the largest direct contract in Cirata's history.
The customer transitions from a 1-year legacy Fusion product agreement to Live
Data Migrator with a 3-year commitment

 

·    Completion of DevOps divestment

o On 11 August 2025, Cirata announced the successful completion of the
divestment of its DevOps assets (the "Transaction")

o Cirata received $2.5m upon successful closing of the Transaction
with BlueOptima Ltd ("BlueOptima") (a UK-based leading provider of software
engineering insights). A final consideration of up to $1.0m will be payable
in December 2025. Further updates will be provided as appropriate.

o This divestment reiterates Cirata's focus on leveraging the growth potential
of its DI business, the Company's core growth driver

 

·    Financial Discipline

o The realignment of the FY25 cost base to an annualized total of $12-13m
entering Q4FY25 through a continued reduction of annualized overheads and the
divestiture of the DevOps business (approximately 70% reduction from its
peak), remains on track, with the Q3FY25 cost base excluding DevOps activity
at $3.9m and with an exit run rate of $3.4m

 

o Q3FY25 cash burn reduced YoY to $0.8m (Q3FY25: $3.2m), this includes the
proceeds received and one-off costs associated with the divestment of DevOps
assets

 

o Unaudited cash position of $5.4m and short-term trade receivables of $0.3m
as at 30 September 2025, giving a cash plus short-term receivables balance of
$5.7m

 

o Management expects that the early Q4FY25 bookings momentum, combined with
the newly established cost structure, will demonstrate ongoing improvements in
operating leverage

 

Trading Update

In total, 4 DI contracts were signed in the quarter (Q3FY24: 8 DI contracts
signed). One contract, the $3.1m 3-year contract with a US insurer that had
been expected in Q3FY25, closed in early October. Sales discipline is
improving, and pipeline is growing in volume and quality as a result of the
Company's focused go-to-market strategy.

 

Total bookings for DI year-to-date to the end of Q3FY25 amounted to $3.4m (YTD
Q3FY24: $2.4m), an increase YoY of 42%.

 

Post-period End

Q3FY25 trading reflected timing of contract completions, with bookings in line
with management expectations. The 3-year $3.1m DI contract signed with a
leading US insurer in early October represents the largest direct contract in
the Company's history. The customer commitment to a multiyear term and a
transition from a 1-year legacy DI Fusion product agreement to a new longer
term LDM agreement, further validates Cirata's LDM product and market
positioning.

 

Cash and Overheads

The realignment of the cost base, from a $16-17m run-rate exiting Q1FY25 to an
annualized total of $12-13m entering Q4FY25 (approximately 70% reduction from
its peak) remains on target, with the estimated Q3FY25 exit run rate at $3.4m.
Management expects that the early Q4FY25 bookings momentum, combined with the
newly established cost structure, will demonstrate continued improvements in
operating leverage with growth on the top line.

 

The cash burn in Q3FY25 of $0.8m represents a 76% reduction compared to
Q3FY24. Cash burn includes the proceeds received and one-off costs associated
with the divestment of DevOps assets.

 

As of 30 September 2025, the unaudited cash position was $5.4m and short-term
trade receivables balance was $0.3m, giving a cash plus short-term receivables
balance of $5.7m.

 

Outlook

Management's outlook communicated in March 2025 remains unchanged, with
bookings expected to be back end weighted with a similar profile to FY24 with
continuing high growth in DI.

 

The divestiture of the DevOps business, combined with a further reduction of
the overheads, will bring annualized cash overheads to approximately $12m-13m
as we enter Q4FY25, which underpins the sustainability of the business model
and provides financial flexibility to invest for growth.

 

The combination of cost-saving actions, DI growth and the recent DevOps
divestment reaffirms management's previously communicated expectation that no
further working capital is required in FY25.

 

Data Integration focus

On 9 September 2025, the Company announced the commercial launch of 'Cirata
Symphony', a platform designed to address the challenges of enterprise data
modernization. By evolving its offering beyond data migration, Cirata Symphony
supports multiple large-scale use cases, reflecting the Company's vision for
data orchestration.  The Cirata Symphony product launch and the divestiture
of DevOps together reinforce Cirata's total focus on the growth potential of
its DI business.

 

The customer centered development of the Cirata Symphony platform has been led
by CTO, Paul Scott-Murphy. Important strategic customer relationships will
continue to provide an environment for collaboration on future Cirata data
orchestration platform functionality. Having stepped down from the Board of
Directors in July 2023, Dr Yeturu Aahlad, a founder of the company has
transitioned from a full-time role to take on an ambassador and consulting
role with the Company.

 

Cirata Symphony

Cirata Symphony is a data orchestration platform that enables monitoring,
operation, and coordination across an organization's data architecture. It
integrates with storage services (e.g. Amazon S3, Hadoop, network file
systems), compute platforms (e.g. Spark, Databricks, Snowflake), network
transfer tools (e.g. Cirata's LDM, or open-source tooling such as distcp), and
AI technologies including large language and generative models (e.g. Claude,
ChatGPT, Google Gemini). This platform provides a single control plane for
seamless management of diverse data systems, offering simple and consistent
integration with runtime environments. It empowers organizations to deliver
data where and when it's needed, enabling efficient operations, analytics, and
AI applications without downtime or complexity. Cirata Symphony is
particularly beneficial for organizations aiming to modernize their data
infrastructure, eliminate data silos, and leverage AI and analytics
effectively. By automating and securing data movement, it addresses the
challenges posed by fragmented and inaccessible data, thereby enhancing the
success rate of AI initiatives.

 

Further information on Cirata Symphony can be found at the Company's

website here (https://cirata.com/whycirata) .

 

 

Key performance indicators

 

 KPI                               FY22 Q4  FY23 Q1  Q2     Q3     Q4     FY24 Q1  Q2     Q3     Q4     FY25   Q2      Q3

                                                                                                        Q1
 Headcount                         177      193      127    109    112    116      107    92     93     71     67      57
 Overheads                         $11.1m   $9.4m    $8.2m  $7.0m  $5.7m  $6.2m    $5.5m  $5.3m  $3.8m  $4.6m  $4.1m   $3.9m 2  (#_ftn2)
 Bookings                          $2.2m    $2.1m    $0.7m  $1.7m  $2.7m  $0.7m    $1.7m  $1.7m  $3.0m  $3.0m  $0.8m   $0.3m
 DI Bookings                       $1.2m    $0.2m    $0.4m  $0.5m  $1.5m  $0.3m    $0.6m  $1.4m  $2.3m  $2.4m  $0.7m   $0.3m
 DI Growth                         -43%     -87%     -69%   0%     25%    50%      50%    180%   51%    700%     17%   -79%
 DI Contract 3  (#_ftn3) Activity  2        2        4      4      3      4        1      8      6      5      2          4
 Cash Burn                         $10.3m   $11.0m   $6.3m  $7.9m  $5.5m  $4.9m    $4.2m  $3.2m  $3.2m  $1.4m  $2.2m     $0.8m

 

 

Stephen Kelly, Chief Executive Officer of Cirata, commented:

"Q3FY25 represented a pivotal step in our transformation as we completed the
strategic divestment of the DevOps business, allowing us to focus fully on
Data Integration. The launch of Cirata Symphony, our data orchestration
platform, led by our CTO Paul Scott-Murphy, and developed in close
collaboration with our customers, underpins our growth strategy. This platform
positions the Company to take advantage of the market adjacencies beyond data
migration.

 

We secured our largest direct contract post-period. Two years in, it's clear
that the key challenge has been our go-to-market execution. With Dominic
Arcari's appointment as Chief Revenue Officer in July, we're already seeing
tangible early improvements in the team's pipeline build, its quality and
sales cycle management. We can expect to see further quality hires as we
strengthen the go-to-market function. With a current cost base reduced by
approximately 70% from its peak, stronger execution discipline and a clear
strategic focus, we have established solid foundations for operating leverage
and with early momentum in Q4FY25 we remain confident in delivering improving
performance in the second half of FY25."

 

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
 Max Jones / 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)

 

 

 1  (#_ftnref1) According to a study released by Future Market Insights, the
global data orchestration tool market achieved a value of USD 1.3 billion by
2024. Projections suggest that the market will expand to USD 4.3 billion by
2034, representing a CAGR of 12.1%. However, The definition of data
orchestration is wide ranging and includes tools and platforms. Cirata will
provide more data on the market and its segmentation as Cirata Symphony use
cases evolve. With Cirata Symphony, use cases expand beyond Hadoop migration.

 

 2  (#_ftnref2) Denotes cost base for continuing operations. Note entering Q4,
the cost base is on a quarterly run rate of $3.4m

 3  (#_ftnref3) Data Integration contracts signed included contracts for
renewals, growth and new

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