Cirata plc

For the first half of FY '25, Cirata reported revenue of $4.8 million, up from $3.4 million a year ago, bookings of $3.8 million, up 58% year on year, and an adjusted EBITDA loss of $4 million versus an $8.6 million loss last year. Cash overheads fell to $8.5 million from $11.8 million, and the company ended June with $6.1 million in cash plus $1.3 million in receivables, or $7.4 million combined. Data integration bookings were $3.1 million, up over 200% year on year, and management said it signed 20 contracts in the half. Looking ahead, guidance was unchanged from earlier in the year: bookings are expected to be weighted to the second half, the full-year outlook has not changed, and the company does not expect to require further working capital in FY '25.

Stephen Kelly said the first half showed solid progress in revenue growth, cost reduction, and operating leverage, but he was clear that execution still needs to improve, especially around new customer acquisition. He highlighted the company’s shift to a singular focus on data integration after the DevOps sale, and said the business is being repositioned for broader data orchestration opportunities and future product announcements in the second half. His tone was cautiously optimistic: encouraged by momentum, but still demanding faster and more consistent sales execution.

No separate CFO remarks were provided; Kelly covered the financial update. He highlighted revenue of $4.8 million, bookings of $3.8 million, adjusted EBITDA loss of $4 million, cash overheads of $8.5 million, and cash plus receivables of $7.4 million at June end. He also said annualized cash overheads should fall to $12 million to $13 million by the end of Q3, down from $16 million to $17 million earlier in the year, and noted the DevOps divestiture could generate up to $3.5 million in cash.

In Q&A, management was pressed on how the first half compared with plan, and Kelly said Q1 was the strongest start since 2019, but Q2 missed internal expectations. Asked about the DevOps sale, he said Cirata was subscale to run two product lines and two buyer groups, and that the divestiture improves focus, cost structure, and balance-sheet strength. On weak execution, he acknowledged the company has not been doing the sales basics well enough and needs to improve new-logo acquisition; the answer to the new CRO question emphasized that Dominic Arcari will lead day-to-day go-to-market execution from lead generation through closing.