Key Highlights

  • Cirata reported closing annual contract value of US$5.2 million at 30 September 2026, down from US$5.3 million at the end of the second quarter.
  • Cash was US$6.2 million at 30 September, plus US$1.1 million of short-term trade receivables, after a placing that raised gross proceeds of £5.4 million in July.
  • The directors flagged a material uncertainty over Going Concern in the interim results published on 16 September 2026.

Third-quarter trading update

Cirata plc (OTC:WANSF), formerly WANdisco plc, issued an unaudited trading update on 14 October 2026 for the quarter ended 30 September. Its primary listing is on AIM under the ticker CRTA, and it also has a US over-the-counter line under WANSF.

Closing annual contract value (ACV), the company's chosen metric in place of annual recurring revenue, was US$5.2 million, down from US$5.3 million at the end of the second quarter. It said US$0.1 million of contracts expired following one-off migrations. Net new ACV was nil in the quarter and there were no new customers.

Billings, cash and costs

Billings were US$1.3 million in the third quarter, up from US$0.5 million in the second quarter. Remaining contract billings were US$4.4 million, of which US$2.0 million is due within twelve months.

Cash was US$6.2 million at 30 September, plus US$1.1 million of short-term trade receivables, a combined US$7.3 million. Third-quarter cash overheads were US$3.2 million. The company says it has cut cash overheads by more than 70% from their peak and still expects annualised cash overheads of US$12 million to US$13 million.

Cash of US$2.6 million at 30 June plus US$6.4 million of net placing proceeds would have been US$9.0 million, so about US$2.8 million left during the quarter.

Funding and going-concern language

On 24 July 2026, after Shareholder approval, the company completed a placing, subscription and retail offer that was oversubscribed. Gross proceeds were £5.4 million, or about US$7.2 million, and 36,310,971 new shares were issued at 15 pence.

The interim results showed closing ACV of US$5.3 million, up from US$4.8 million at the end of 2025, and remaining contract billings of US$5.7 million, of which US$3.3 million was due within twelve months. That portion fell to US$2.0 million by September, after US$1.3 million was billed in the third quarter.

In its interim results for the six months to 30 June, published on 16 September, the directors flagged a material uncertainty over going concern. In their downside scenario, cash falls to effectively nil by the end of August 2027. The company also cut its outlook for Cash Flow break-even, which may slip because some expected deals will close later than planned.

Interim results in context

Interim revenue was US$1.0 million, against US$4.8 million a year earlier, a comparison that includes discontinued DevOps revenue; continuing revenue in the earlier period was US$3.2 million. Bookings were US$0.5 million, against US$3.8 million. The adjusted EBITDA loss was US$5.3 million, against US$4.6 million, and the operating loss was US$4.9 million.

The company said the first quarter of fiscal 2026 was its first cash-positive quarter, at plus US$0.7 million, but cash fell by US$2.1 million in the second quarter. It reported no bank Debt and Lease liabilities of US$0.3 million.

Product progress and what to watch

The update said Cirata Symphony is moving from test to production with a leading UK retailer. A proof of concept with a major US bank is in progress, and IBM is validating the product under an OEM agreement. Chief executive Stephen Kelly said the second half is heavily weighted towards the final quarter, and that some anticipated contracts will close over a longer timeframe, partly because a channel partner's outlook changed.

Items to watch include fourth-quarter bookings and billings, conversion of the retailer and bank engagements, the cash balance against the cost target, and any further funding.