REG - Cirata PLC - Trading Statement

CirataAnnouncement

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RNS Number : 2799A  Cirata PLC  14 April 2026

14 April 2026

 

 

Cirata plc

("Cirata" or the "Company")

 

Q1 FY26 Trading Update

 

Positive Cash flow, strong pipeline growth, KPIs providing greater visibility

 

Cirata plc (LSE: CRTA) today provides an unaudited trading update for the
quarter ended 31 March 2026 (Q1FY26). A supporting video presentation with
Q&A will be available  here
(https://stream.brrmedia.co.uk/broadcast/69dcfc4f0c7008001226da58) shortly.

 

 

Highlights

·    Q1FY26 cash flow positive -the first positive cash flow quarter in
its reporting history

·    Continuing Go-To-Market momentum following a record FY25, which
included the highest Data Integration bookings achieved since 2017

·    Pipeline growth of c.40% (in value) since January 2026, consisting of
new logos and existing customers

·    As previously stated, the introduction of KPI tracking improving
visibility:

o Annualized Contract Value ("ACV") 1 , Billings 2  and Remaining Contract
Billings ("RCB") 3  to enhance visibility of underlying performance

§ Q1 FY26 closing ACV of $4.9m

§ Billings of $2.3m

§ RCB of $5.8m

·    Cash at 31 March 2026 of $4.7m and short term trade receivables 4  of
$0.7m, resulting in a cash and short term receivable balance of $5.4m

·    Cash overheads in Q1 FY26; $3.1m, in line with our FY26 annualized
expected range of $12-13m

·    Outlook re-affirmed: continuing to target cash flow break even for
FY26 and visibility is anticipated to improve by mid-year FY26, with a
positive momentum and improving visibility in Q1

 

 

Stephen Kelly, Chief Executive Officer of Cirata, commented:

"Following a transformational FY25, where records were set for Data
Integration bookings, cash flow and with 77% revenue growth, we have entered
the new financial year with stronger momentum across our pipeline and customer
engagements. Also in line with our outlook statement we achieved positive cash
flow for the quarter. This is a significant milestone and represents the first
reported period of positive cash generation in the Company's history and a key
step towards sustainable cash generation.

 

We are seeing encouraging commercial traction with Cirata Symphony as our
expanding sales team engages with a growing set of global customers and
partners. Our pipeline which includes both new logo and existing customer
opportunities has expanded c 40% since the beginning of Q1 FY26.  Whilst this
growing pipeline of larger opportunities does come with extended cycles
typical of enterprise sales, the underlying trajectory of our sales activity
is stronger than at any point in my tenure at the Company and is consistent
with our full year outlook. Our previously stated aim to introduce KPI's that
track our improving momentum mirrors that confidence.  ACV, Billings and RCB
will provide investors with greater transparency into the underlying progress
of the business, and we remain confident in our outlook for FY26 and our path
to cash flow breakeven for the full year."

 

 

Introduction of Operational KPIs

As stated previously for FY26, the Company introduces ACV, Billings and RCB as
additional key operational metrics to provide enhanced transparency on the
underlying performance of the business.

·    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.

·    Billings represent the value of invoices issued to customers during
the period.

·    RCB represents contracted future invoicing not yet billed and
provides visibility over future cash flows.

Operational KPIs

 Metric                                Q1 FY26  Commentary
 Opening ACV                           $4.8m    Annualized value at the start of the period
 Net new ACV                           $0.1m    Existing customers: Renewals & Growth
 ACV New Logos                         Nil      New customer contracts signed in the Q
 ACV Expired                           Nil      Zero contract roll off in the period
 Closing ACV                           $4.9m    Annualized value at end of period
 Billings                              $2.3m    Value of issued invoices in the period
 RCB (remaining contract billings) 5   $5.8m    Contracted future invoicing not yet billed
 -of which <12 months                  $3.4m    Near term visibility
 Cash (period end)                     $4.7m    Cash position
 Trade receivables                     $0.7m    Reflects normal timing of collections

 

 

Trading Update

Following a record FY25, in which the Company delivered its strongest Data
Integration bookings performance since 2017, secured its largest direct and
OEM contracts to date and achieved positive EBITDA in H2 FY25 for the first
time in its history, Cirata entered FY26 with continued strong commercial
momentum and delivered its first ever reported quarter of positive cash flow.

Closing Q1 FY26 ACV increased to $4.9m (31 December 2025: $4.8m), reflecting
$0.1m of new ACV added during the period and no contract expirations.

Billings for the quarter were $2.3m. The Company ended the period with cash of
$4.7m and short-term trade receivables of $0.7m, reflecting normal timing of
collections and continued conversion of contracted value into cash.

RCB at 31 March 2026 was $5.8m, of which $3.4m is expected to be billed within
the next 12 months, providing a level of forward visibility.

The Company's outlook remains unchanged. As outlined in the Trading Update
announced on 14 January 2026, its enterprise sales cycle is inherently lumpy.
However, the Company has seen continued progress across several significant
enterprise opportunities, with pipeline expansion of c. 40% since the
beginning of Q1FY26. This reflects a focused sales strategy targeting Forbes
Global 2000 accounts, including both new logo engagements and expansion within
existing customers. This increased activity is supported by the Company's
expanded sales organization, which is increasingly embedded across key
territories and strategic accounts.

Cirata has now managed over 300 petabytes of data across some of the most
demanding enterprise environments. It continues to see strong engagement from
large enterprise customers, with opportunities to expand within existing
accounts as data volumes grow and AI-driven use cases increase. Cirata
continues to execute against its strategy, including further progress in its
OEM relationship with IBM, ongoing customer deployments of its Data
Integration product, and increasing engagement with its data orchestration
platform, Cirata Symphony.

Cirata Symphony

Leveraging its Customer Innovation Board ("CIB") 6 , Cirata is aligning
product development with clearly defined enterprise use cases. Cirata Symphony
is focused on addressing immediate, high-value customer challenges, including
the migration and replication of petabyte-scale data, disaster recovery, and
data modernization to support AI-driven initiatives. These use cases reflect
areas of active customer demand with established budgets. Cirata Symphony
responds directly to these demands and provides a software led solution
designed to be repeatable, scalable and with a lower cost of ownership.  In
disaster recovery scenarios for example, where data outages can cost customers
circa $6,000 per minute 7 , Cirata Symphony delivers data recovery in minutes
rather than hours or days from competing solutions, representing a clear and
material value advantage.

Investors interested in understanding the Cirata Symphony product offering can
access the demonstration library here.
(https://cirata.com/symphony/demo?wchannelid=cmvajc5bak&wmediaid=do4enb4mv6)

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. Management believes the introduction of ACV, Billings
and RCB as KPIs will assist investors in better understanding the Company's
progress as it continues to scale.

Cash and Overheads

In Q1 FY26, the Company generated $0.7m of positive cash flow, in line with
management's previously announced outlook.

 

As of 31 March 2026, the unaudited cash balance was $4.7m and the short-term
trade receivables balance was $0.7m, resulting in a cash plus short-term
receivables balance of $5.4m.

 

Cirata has reduced its cash overhead by over 70% from its peak. In FY26 the
cash overhead is targeted to be between $12-13m, consistent with Q1 FY26 of
$3.1m, 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:

 Cirata                                                           +1 (925) 380 1728
 Stephen Kelly, Chief Executive Officer
 Ed Kee, Finance Director
 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 / Daniel Dearden-Williams

 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)

 

 

 1  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.

 2  Billings represent the value of invoices issued to customers during the
period.

 3  RCB represents contracted future invoicing not yet billed and provides
visibility over future cash flows.

 4  Short term trade receivables for collection within 90 days

 5  Remaining RCB after Q1 FY26 cash collection

 6  The Customer Innovation board comprises of technology leaders from a group
of selected strategic customers

 7  Gartner https://www.gartner.com/en/insights
(https://www.gartner.com/en/insights)

 

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