H1 FY25 interim results: Data Integration takes the wheel at Cirata
Cirata’s half-year update shows a business reshaping itself around Data Integration (DI) and tightening its belt to extend runway. Group revenue for the period was $4.8m (including discontinued DevOps) versus $3.4m a year ago. Within that, continuing operations revenue reported under IFRS was $3.2m.
The headline is bookings momentum in DI and a decisive exit from DevOps after the period end. There were some execution wobbles in North America and a chunky foreign exchange hit below the operating line, but costs are coming down fast and management still expects no working capital fundraise in FY25.
Key numbers investors should know
| Metric | H1 FY25 | H1 FY24 | Comment |
|---|---|---|---|
| Revenue (Group, incl. discontinued) | $4.8m | $3.4m | Growth driven by DI; continuing ops revenue was $3.2m |
| Bookings (TCV – total contract value) | $3.8m | $2.4m | Up 58% year-on-year |
| DI bookings | $3.1m | $1.0m | Up 210% year-on-year |
| DevOps bookings | $0.7m | $1.4m | Down 57% year-on-year |
| Cash overheads | $8.5m | $11.8m | Reflects restructuring |
| Adjusted EBITDA (loss) | $(4.0)m | $(8.6)m | Loss materially reduced |
| Total comprehensive loss | $(4.6)m | $(9.6)m | Improved year-on-year |
| Cash at 30 June | $6.1m | $9.1m | Plus short-term receivables of $1.3m |
DI momentum: why the bookings mix really matters
“Bookings” are the total contract value of deals signed in the period. Cirata booked $3.8m in H1 with DI contributing 82% of that value, up from 40% in FY23. That validates the strategic pivot. Seven DI contracts were signed (out of 20 total), including a $2.0m three-year, enterprise-wide licence with a leading UK retailer, a renewal with a top 5 Canadian bank, and the first Data Migration as a Service (DMaaS) win with partner Databricks in the Middle East.
DI revenue was $3.2m in the half (H1 FY24: $1.4m). Management again flags that DI can be “lumpy” because licence fees are often recognised at a point in time, with maintenance spread over the contract term. That lumpiness is fine if the pipeline is broadening – and Cirata says lead generation and pipeline improved through H1.
DevOps divestiture: what was sold and why it helps
Post period end, on 11 August 2025, Cirata completed the sale of its DevOps assets to BlueOptima for $2.5m upfront, with up to $1.0m more due in December 2025 if customers transfer successfully. Importantly, Cirata keeps ownership of all intellectual property, licensing it to BlueOptima on an exclusive, perpetual basis.
DevOps contributed 60% of bookings in FY23 but only 18% by H1 FY25 and was largely renewals-led. Shedding it removes a low-growth drag and sharpens focus on DI where Cirata sees sustainable growth. The company is also talking up a broader DI roadmap: expanding Live Data Migrator (LDM), leaning into Apache Iceberg open table formats to enable interoperability for unstructured data, and building towards future “data orchestration” use cases across structured and unstructured estates.
Commercial channels: Microsoft ASMP and partner leverage
In Q2, Cirata joined Microsoft’s Azure Storage Migration Program (ASMP), allowing qualifying clients to register for migrations to Azure Data Lake Storage Gen2 using LDM. That offers another distribution route and a potential upsell path from static migrations to “live” capabilities over time. Alongside Databricks and the new enterprise accounts, this triangulation of partners is a practical way to punch above weight while the direct sales engine is rebuilt.
Costs, cash and runway: the belt is tightening
Cash and receivables
Cash burn was $3.6m in H1, a 60% reduction on H1 FY24. Cash at 30 June was $6.1m with $1.3m of short-term receivables, for $7.4m combined. The balance sheet will be helped by the $2.5m DevOps proceeds received in August and potentially another $1.0m in December, plus $1.5m of non-trade receivables expected within 12 months.
Overheads and headcount
Cash overheads were $8.5m in H1 (H1 FY24: $11.8m). Headcount fell to 67 from 90 at year-end and 108 a year ago. Management expects the annualised cost base to reduce to $12m-$13m exiting Q3 FY25, down from $16m-$17m exiting Q1 FY25 and over 70% below the Q1 FY23 peak of $45m per annum.
Adjusted EBITDA loss narrowed to $4.0m, showing the operating leverage from cost actions. Management reiterates the expectation that no working capital fundraise is required in FY25.
Mind the execution: North America, FX and going concern
Not everything went to plan. Q2 was below internal expectations as some deals slipped, and sales execution in North America lagged. Cirata responded by appointing a new Chief Revenue Officer, Dominic Arcari, on 1 July to lead GTM across the US and international markets, with more training, planning and hiring to improve predictability.
Below the operating line, there was an $8.4m net foreign exchange loss largely from retranslation of sterling intercompany balances in a US dollar subsidiary. That pushed the statutory loss before tax to $13.4m. The same FX movement is offset in other comprehensive income, which is why the total comprehensive loss was a much lower $4.6m.
On going concern, the board’s base case shows obligations being met, but a downside scenario models cash reducing to under $5m by December 2026. The directors acknowledge a material uncertainty linked to the predictability of closing sales, yet still prepare the accounts on a going concern basis.
Outlook: back-end weighted bookings and DI growth focus
The outlook is unchanged from March: bookings are expected to be back-end weighted, similar to FY24, with continued high growth in DI. Cost savings, DI expansion and the DevOps sale underpin the view that no FY25 fundraise is needed. Cirata plans more DI product announcements in H2, with a longer-term push into data orchestration to address cloud analytics and AI use cases at petabyte scale.
My take: the strategy is clearer, now it’s about repeatable execution
Positives:
- DI bookings up sharply and now the clear growth engine.
- Cost base resetting fast; adjusted EBITDA loss almost halved.
- Cash boosted post period by DevOps proceeds, plus potential December earn-out.
- Partnerships (Azure ASMP, Databricks) create leveraged routes to market.
Watch-outs:
- North America execution needs to improve to hit back-end weighted targets.
- Revenue remains lumpy due to licence timing; pipeline depth is crucial.
- Material uncertainty flagged around going concern if sales predictability slips.
Bottom line: Cirata has picked a lane – Data Integration – and early numbers support the choice. If the revamped GTM can turn today’s pipeline into a steady cadence of DI wins, the operating leverage from a $12m-$13m cost base could show through quickly. Until then, expect volatility, but the direction of travel is the most encouraging it has been since the 2019 peak.
