By WANdisco, the data-solutions company, has announced that its pretax loss for the first half of 2023 has widened due to the disruption of normal commercial activities caused by irregularities.
Financial Results
The company reported a pretax loss of $22.5 million for the six months ending June 30, compared to a loss of $7.0 million in the same period last year. Revenue also declined from $5.8 million to $3.0 million, with bookings dropping from $7.3 million to $2.8 million.
Outlook for the Second Half
WANdisco expects an improved performance in the second half of the year. The London-listed group anticipates bookings in the range of $4.3 million to $6.0 million. Additionally, it projects a closing cash position between $16.0 million and $16.5 million as of December 31.
Focus on Growth
“The pipeline continues to be in the early stages of a rebuild and we are highly focused on creating a strong basis for growth in 2024 as set out in the company’s turnaround plan,” stated WANdisco.
Rebranding and Ticker Change
The company, now known as Cirata, plans to roll out its rebranding program in the coming weeks, with the goal of changing its ticker symbol to CRTA by early October.
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