Trading Statement
Summary by AI BETAClose X
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 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.
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:
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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 / Usama Ali |
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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 / John More |
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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 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
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