Cirata (AIM:CRTA), the London-listed data orchestration technology company, reported closing annual contract value (ACV) of $5.2m for the third quarter to 30 September, down from $5.3m at the end of the second quarter.
The dip reflected two contract expirations tied to a one-off migration, with no net new ACV added in the period.
Billings came in at $1.3m for the quarter, while remaining contract billings (RCB), which measure contracted future invoicing not yet billed, fell to $4.4m from $5.7m at the end of the second quarter, of which $2m is expected to be billed within 12 months.
Cash stood at $6.2m at period end, up from $2.6m at the end of the second quarter, boosted by the £5.4m (approximately $7.2m) gross proceeds from an oversubscribed placing, subscription and retail offer completed on 24 July.
Adding short-term trade receivables of $1.1m takes the combined cash and receivables position to $7.3m.
Cash overheads of $3.2m in the quarter stayed within the company's annualised FY26 expected range of $12m to $13m, which it said represents a reduction of more than 70% from peak levels.
Cirata said certain anticipated contracts are now expected to close over a longer timeframe than initially expected, a dynamic first flagged at its interim results on 16 September, partly reflecting a change in business outlook at one channel partner that has reduced visibility on the timing of a small number of key contracts.
The company said its Cirata Symphony engagement with a UK retail customer is moving from test into production, while a proof of concept with a large US bank is progressing alongside IBM's validation of the product through its OEM agreement.
"This year our second half is heavily weighted towards the final quarter as we continue to pursue larger, higher quality enterprise opportunities," said chief executive Stephen Kelly, adding that enterprise sales into Forbes Global 2000 accounts are "inherently lumpy" but reflect the scale of opportunity the company's product and go-to-market organisation is targeting.
Cirata said its full-year FY26 outlook remains unchanged from the guidance given at its interim results on 16 September.
