Wandisco H1 losses widen amid Microsoft product delays

Software firm Wandisco said on Thursday that it had delivered a "disappointing" first-half performance, with statutory losses from operating widening in the six months ended 30 June.

Wandisco stated revenues had slipped year-on-year from $3.6m to $3.4m, while cash overheads increased from $17.9m in 2020 to $20.1m in the first half of the current financial year.

As a result, statutory losses from operations widened from $14.0m to $20.3m, and adjusted underlying losses expanded from $11.9m to $14.2m.

Cash balances more than doubled to $47.7m.

Wandisco said its "disappointing first-half performance" was linked to delays with its Microsoft product, leading to "a smaller volume of consumption deals" in the first half.

However, with its product now launched on both Azure and AWS, Wandiso said it had been focussed on transitioning its business model to a cloud-centric consumption model in order to better align its revenue streams with its partners.

The AIM-listed firm now expects a minimum revenue plus remaining performance obligation target of $18.0m for the full year.

Separately, Wandisco said it had won a contract with the analytics division of "one of the world's largest telecommunications companies" to migrate analytical data to the Microsoft Azure cloud, worth a minimum of $1.0m over a maximum term of five years.

As of 1105 BST, Wandisco shares were up 1.92% at 265.0p.