Cirata shares rose by up to 9% after the cloud analytics firm reported a 15% increase in revenue and a significant reduction in losses for 2024. Despite the gains, the stock remains down 70% over the past year.
The Sheffield-based company posted $7.7 million in revenue, while losses fell to $13.5 million, less than half of the previous year’s figure. Cirata also secured a $2 million contract with a top-three US bank for its Live Data Migrator platform and announced partnerships with IBM, Databricks, and Oracle.
Following a financial misstatement that led to a rebrand and restructuring, CEO Stephen Kelly said the company had moved from “rescue to recovery” and was now focused on long-term growth.
Cirata remains under investigation by the UK Financial Conduct Authority (FCA) regarding its past financial reporting, but no liability has been recorded.
