Cirata (CRTA) Trading Update summary

Trading performance and bookings

• Q3 2024 bookings reached $1.7m, matching Q2 2024 and Q3 2023, with year-to-date bookings at $4.1m and FY24 guidance maintained at $13–$15m.

• Data Integration (DI) accounted for 82% of Q3 bookings, with 16 contracts signed, including a $983,000 DI renewal for a global insurer.

• Retirement of $1.7m in unutilized prepaids is expected to support pipeline development and go-to-market (GTM) activities.

• Cash position stood at $12.9m as of 30 September 2024, with a target to achieve a $20m annualized cost run rate by year-end.

Strategic and operational developments

• Amended OEM agreement with IBM integrates Cirata’s Live Data Migration (LDM) into IBM’s Big Replicate, retiring the $1.7m prepay and aligning future commercial terms.

• Two new Non-Executive Directors, Amanda Jobbins and Eric Collins, joined the Board, bringing significant growth and marketing experience.

• Enhanced partner engagement and improved sales cycle predictability are contributing to higher quality and more robust sales pipeline.

Product and technology updates

• Released LDM 2.6 ahead of schedule, adding security, role-based access control, Databricks usability, and initial Apache Iceberg support.

• Continued investment in DevOps suite, notably Subversion Multisite Plus, reinforcing commitment to the Subversion community.

• Product enhancements are closely aligned with customer requirements and partner technology roadmaps.