Half Year 2024 Cirata PLC Earnings Call Transcript
Key Points
- Cirata PLC (WANSF) has successfully reduced its annual cost base by 55%, from $45 million to $20 million, creating significant operating leverage.
- The company reported an increase in revenue to $3.4 million in the first half of 2024, compared to $3 million in the same period in 2023.
- Cirata PLC (WANSF) closed 31 contracts in the first half, with 16 being new or expanded contracts, indicating growth in customer acquisition and retention.
- The company has made substantial progress on its product roadmap, aligning new releases with customer feedback and market needs.
- Cirata PLC (WANSF) has strong partnerships with major companies like IBM, Microsoft, and Databricks, validating its product market fit and strategic direction.
- The company experienced deal slippage, with some larger deals being delayed from Q1 to Q2 and Q2 to Q3, affecting revenue timing.
- Bookings decreased to $2.4 million in the first half of 2024, down from $2.8 million in the same period in 2023.
- Despite cost reductions, Cirata PLC (WANSF) reported an adjusted EBITDA loss of $8.5 million for the first half of 2024.
- The company's cash reserves decreased significantly, closing the first half with $9.1 million compared to $18.2 million last year.
- There is a risk that cost-cutting measures could impact growth opportunities if not balanced with necessary investments in key areas.
Welcome to Cirata's H1 update. And what we want to start with is the essence of what Cirata does for some of the largest corporations on the planet. What we allow them to do is move massive amounts of data to support their generative AI strategies and their data analytics strategies at vast scale and complexity, orchestrating these transfers across many environments from on premise to cloud and do it seamlessly across locations.
So when we look back at some of the highlights of the first half and obviously, with the quarterly reporting that Cirata does for investors, we make sure that we're providing transparency and regular updates. But it's a good moment to pause and look at some of the highlights.
Obviously, last year was very much about the rescue of the company, and this year is really all about recovery. So the transformation plans we put in place last year are now operationally in the business as usual.
We did do a checkpoint in the first quarter around reviewing the strategy, talking directly to customers and
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