Fresh start : Value creation -
platform for success
Stephen Kelly, Ijoma Maluza & Dan Hayes (IR) Investor roadshow
November 2023
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Unleash your data powerhouse to
fuel AI and Analytics
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New Executive , new Board, building on 3 foundation stones
1.0 Multibillion market c.a. 10% CAGR
2.0 Product market fit
3.0 Strong Partner + Customer ecosystem
IOT sensor | |
data new | Unstructured |
sources of | data 90% of |
value. 50% | new data |
outside Data | created |
centres 2025 | |
SAM | |
$1.4 bn | |
Cloud | |
Migration | |
Cloud | |
73ZB IOT data | Infrastructure |
Technology performance
leadership
•Blue chip enterprise scale implementations
•Differentiated petabyte scale advantage
•Zero downtime
•Multi cloud
•Microsoft preferred solution
Strong technology moats
•115 patents
- 74 registered
- 41 pending
•Engineering excellence
•15 years of data engineering know how
Partner and direct , focussed GTM
by 2025 | CAGR 26% |
21-26 |
Data
Integration
Accelerating
Growth
Multiple use cases
•Data Modernization
•Disaster recovery
•Hybrid cloud
Value proposition
- Petabyte scale
- Time to value
- No downtime
- No vendor lock in
ALM
Potential growth
Software dev
Collaboration tool
Value proposition
- Continuous replication
- Zero backup
- Single source of truth
- Scalable
Leveraging ALM customer base upsell
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The opportunity- to build a global market leader
Cash flow BE Exiting FY24 Compounding growth Rule 40/50
Revenue ($m)
Short-term | Medium-term | ||
• | FY23 Revenue growth | • Revenue CAGR > 50%5 | |
impacted by business reset | • | GM 85% | |
• Cost model reset to c. $23m | • | Rule of 402 | |
• | Foundations for growth | ||
established | |||
• Strong yoy % growth expected |
in FY24
Rule of 40/502,3,4
Cash break even $5-6m per Q
$7.3m $9.7m1
FY 21 | FY 22 | FY235,6 | FY24 | FY25 | FY26 | FY27 | |
1. | FY22 audited | Financial Year | |||||
2. | Rule of 40: Where revenue growth % plus Ebitda margin % are equal to or better than 40 | ||||||
3. Rule of 50: Where revenue growth % plus Ebitda margin % are equal to or better than 50 | |||||||
4. | Successful execution of rule of 50, opens the potential for growth capital injection | ||||||
5. | FY23 unaudited , H1 Revenue $3m , H2 Q3 IMS Revenue $1.4 | ||||||
6. | FY23 H2 Bookings outlook $4.3m-$6m |
Long term
- Rule of 504
- c.10% share of SAM FY28
- GM 85%
- Cost base as % of revenue < 65%
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Rapid Response - Road to recovery since March
Operational
- New CEO & CFO permanent appointments
- Exceptional Technology & Turnaround growth equity experience
- Equity funding $30m
- Cost realignment to $23m /annum (from $41m)
- Headcount reduced from 193 to 112
- Turnaround plan instigated & inflight for BAU FY24
- 8 Workstreams to land on strategic aims
- New Brand Cirata, ticker CRTA rolled out
- Go to Market: New focus on process & execution
- Pipeline cleansed
- Reengagement with partners & customers
- New leadership in Marketing
- Upgraded sales organisation
- Product road map alignment
- FY24 growth plans well advanced
Governance
- Board refreshed & strengthened
- Enhanced 'Audit Committee' to 'Audit and Risk Committee' and broadened terms of reference
- Internal Investigation completed
- Compliance officer appointed
- New Auditors appointed
- Readmission to LSE
- Excellence in governance rolled out across firm
- Code of Ethics
- Multiple policies implementation
Performance monitoring
- Quarterly KPI's
- Quarterly , timely business updates
- Turnaround Score card updates
- Upgraded disclosures & transparency
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Financials
Ijoma Maluza , CFO
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H1 trauma & rescue - Q3 the road to recovery
H1 2023 Financials
- Revenue for the period of $3.0m (H1 2022: $5.8m)
- Bookings of $2.8m (H1 2022: $7.3m)
- Cash overheads of $17.6m (H1 2022: $19.5m)
- Adjusted EBITDA loss of $14.8m (H1 2022: $14.1m, loss)
- Statutory loss from operations of $18.8m (H1 2022: $17.2m, loss)
- Cash at 30 June 2023 of $3.2m (31 December 2022: $19.1m)
Q3 2023 Trading update
- Bookings of $1.7m (Q3 2022: $1.9m)
- Data Integration bookings 33%
- Application Lifecycle bookings (ALM) 67%
- Three new contracts in the Q3
- Of which two previously announced Data Integration customers (Ford Direct, General Motors)
Q4 activity started well
- NatWest and a renewal from US insurer HCSC $1.3m in bookings
- H2 bookings as of Q3 IMS $3.0m.
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Outlook: Reaffirmed H2 FY2023
•
•
H2 2023: Bookings are expected to be in the range of $4.3m to $6.0m
Relative to prior periods this would represent rapid recovery & growth:
- Sequential progression on H1 2023, with 54% bookings growth at the low end and 114% at the high end
•
•
-
Relative to H2 2022, 5% bookings growth at the low end and 46% growth at the high end FY 2023: Bookings performance in the range of $7.1 m to $8.8m
Closing cash position as of 31 December 2023 forecast range to be $16.0m-$16.5m
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H1 2023: Level setting the revenue model , ALM 70% of revenue
Revenue by product | Revenue by region |
line | 12% |
23% |
33% | 55% |
77% | ||
ALM | DI | North America Europe Rest of world |
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H1 2023: Costs split
Cash costs by functionCash costs by
type
26%
37% | 22% |
9%
28% | 78% | |||
Engineering / R&D | Sales, Customer Success | People | Non people | |
Marketing | G&A |
Split of operating
expenses
14% 0%
86% | |
Cash costs | Advisory costs |
Other costs |
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