Highlights

  • Cirata reported first-half revenue of US$1.0 million, compared with US$4.8 million in the prior-year period.
  • A July fundraising generated approximately US$6.4 million in net proceeds after the June reporting period ended.
  • Directors identified material going-concern uncertainty, with a downside scenario showing cash nearly exhausted by August 2027.
  • Cirata Symphony secured its first paying customer and expanded availability through an existing IBM OEM agreement.

New funding has not removed the central uncertainty surrounding Cirata (OTC:WANSF). The data-replication software provider reported a sharp first-half revenue decline and warned that a downside cash scenario could leave it with effectively no funds by August 2027. At the same time, its Symphony product secured an initial paying customer, making commercial conversion and liquidity closely connected questions for the remainder of 2026.

Interim Sales Show the Scale of the Challenge

For the six months ended 30 June 2026, unaudited revenue was US$1.0 million, compared with US$4.8 million a year earlier. The comparison requires care because the earlier total included discontinued DevOps activities; continuing-operations revenue for that period was US$3.2 million. Bookings dropped to US$0.5 million from US$3.8 million.

Annual contract value, the recurring-contract measure used by Cirata, increased to US$5.3 million at 30 June from US$4.8 million at the end of 2025. The company reported no contract expirations. Annual contract value is not identical to annual recurring revenue, and the rise did not translate into comparable first-half recognised sales.

Losses Persist as Cash Remains Tight

The adjusted EBITDA loss from continuing operations widened to US$5.3 million from US$4.6 million. Cirata recorded an operating loss of US$4.9 million and a period loss of US$3.5 million, compared with US$13.1 million a year earlier. The previous period included discontinued operations, limiting direct comparison.

Cash stood at US$2.6 million on 30 June, against US$6.1 million a year before. After the reporting date, a fundraising completed on 24 July following shareholder approval produced £5.4 million in gross proceeds, equivalent to about US$7.2 million, and US$6.4 million net. Those funds were not included in the June cash balance. Annualised cost-base guidance remained US$12 million to US$13 million.

Going-Concern Warning Remains Material

Despite the placing, directors reported material uncertainty about the company's ability to continue as a going concern. In their downside model, cash resources fall effectively to zero by the end of August 2027. This is a scenario rather than a forecast, but it highlights the dependence on new sales, expenditure control and available financing.

Management said the first quarter of 2026 was the company's first cash-positive quarter. However, anticipated deals could take longer to close, potentially delaying its earlier ambition of achieving cash-flow breakeven during 2026. The outlook was adjusted to reflect that timing risk.

Symphony Opens Doors, but Bookings Lag

Cirata Symphony gained its first paying customer, a UK retailer using Iceberg-to-Iceberg replication. A proof of concept also began with a prospective US customer. The company expanded its IBM original-equipment-manufacturer agreement, making the offering available as Cirata Symphony for IBM Big Replicate.

Management reported a fully hired sales team and a larger pipeline with an improved mix of new customers. Nevertheless, first-half bookings of US$0.5 million show that pipeline expansion had not yet become significant contracted sales during the period.

Cirata's primary listing is on London's AIM market under CRTA; WANSF is its US over-the-counter line. The supplied source contains conflicting indicative OTC prices of about US$0.07 and US$0.0941, so no definitive current price is asserted. Commercial conversion and cash resources remain the principal documented uncertainties.