Cirata (AIM:CRTA) has reported revenue of $1m for the six months ended 30 June, down sharply from $4.8m in the prior-year period.
The London-listed data orchestration technology company posted an adjusted EBITDA loss of $5.3m, wider than the $4.6m loss recorded in H1 FY25.
Closing annual contract value rose to $5.3m at 30 June, up from $4.8m at the end of December, with no contract expirations in the period.
Cash stood at $2.6m at period end, against $6.1m a year earlier, with remaining contract billings of $5.7m, of which $3.3m is expected to be billed within 12 months.
The company said its previously projected FY26 cash flow breakeven target may now slip, as certain anticipated deals take longer to close than expected, partly due to a change in business outlook at one channel partner.
Chief executive Stephen Kelly said the timing extension on key contracts had prompted the outlook update, adding that Cirata Symphony was "moving from proof-of-concept to deployment, with a leading UK retailer and a proof of concept underway with a US bank".
Cash overheads of $6.3m in H1 remained consistent with the company's annualised expected range of $12m to $13m.
Cirata raised gross proceeds of £5.4m through an oversubscribed placing, subscription and retail offer on 24 July, after the period end, to support new customer acquisition and pipeline conversion into H2 FY26.
News Intelligence what this means for the company
Cirata's H1 revenue collapsed 79% to $1m, losses widened, and cash halved to $2.6m—forcing the company to abandon its FY26 cash flow breakeven target due to deal delays at a key channel partner. The sole bright spot is Cirata Symphony moving into early deployment with a UK retailer and a US bank proof-of-concept, but revenue traction remains absent and the company burned through half its cash in six months despite raising £5.4m post-period-end to extend runway.
The investment case has deteriorated materially. Cirata entered H1 with $6.1m cash and $4.8m ACV; it exits with $2.6m cash (before the July raise), a 79% revenue drop, and a broken near-term profitability target. Even with the £5.4m raise, the company faces a cash burn rate that leaves limited runway if deal closures do not accelerate in H2. Symphony's first paying customer is a necessary step, but one customer does not offset the revenue cliff or the channel partner headwind.
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