Cirata : IR ROADSHOW NOV 23

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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