Key Highlights

● First-half 2026 revenue was US$1.0 million, with bookings of US$0.5 million.

● Annual contract value rose to US$5.3 million at 30 June from US$4.8 million.

● A 24 July fundraising raised £5.4 million gross and US$6.4 million net.

● Directors flag a going-concern uncertainty, with a downside case reaching nil cash by August 2027.

Latest verified development

Cirata plc (OTC:WANSF), the data-replication software company formerly known as WANdisco, published unaudited interim results on 16 September 2026 for the six months to 30 June. Revenue was US$1.0 million, against US$4.8 million in the first half of 2025, a comparison distorted because the prior figure included discontinued DevOps revenue; continuing-operations revenue then was US$3.2 million. Bookings were US$0.5 million, compared with US$3.8 million.

The company's recurring-revenue metric, annual contract value, was US$5.3 million at 30 June, up from US$4.8 million at the end of 2025, with no contract expirations. Cirata reports ACV rather than annual recurring revenue, so it is not directly comparable with ARR figures. Its shares trade on AIM in London under CRTA, and WANSF is its US over-the-counter ordinary-share line.

Losses and cash

The adjusted EBITDA loss from continuing operations was US$5.3 million, against US$4.6 million a year earlier, and the operating loss was US$4.9 million. The loss for the period narrowed to US$3.5 million from US$13.1 million, a figure that previously included discontinued operations. Cash at 30 June was US$2.6 million, down from US$6.1 million a year before.

After the period end, Cirata completed a fundraising on 24 July following shareholder approval, with gross proceeds of £5.4 million, about US$7.2 million, and net proceeds of US$6.4 million. The cash figure above excludes that money. The annualised cost base guidance of US$12 million to US$13 million was left unchanged.

Going concern and outlook

The directors flag a material uncertainty over the company's ability to continue as a going concern. Their downside scenario shows cash resources falling effectively to nil by the end of August 2027. That is a modelled scenario, not a prediction, but it indicates that funding remains a central issue even after the July placing.

Management said the first quarter of 2026 had been Cirata's first cash-positive quarter, but certain anticipated deals may close over a longer period than expected, which may delay its ambition of reaching cash-flow breakeven during 2026. The outlook was updated accordingly. Because the downside case runs to August 2027, progress on deal closings and the conversion of contract value into recognised revenue matters against a cost base guided at US$12 million to US$13 million.

Cirata Symphony and pipeline conversion

Operationally, Cirata Symphony has its first paying customer, a UK retailer using Iceberg-to-Iceberg replication, and a proof of concept has begun with a prospective US customer. The IBM (NYSE:IBM) OEM agreement was expanded so that the product is available as Cirata Symphony for IBM Big Replicate. The sales team is fully hired, and management said the pipeline grew materially in value with a better mix of new customers.

These are early commercial signals rather than substantial revenue, as the first-half figures show. Converting pipeline into recognised revenue is the main test, and half-year bookings of US$0.5 million against US$3.8 million a year earlier show that the conversion has not yet occurred at scale.