Sheffield software firm WANdisco has said it had missed its annual revenue expectations, in a trading update published today.
The listed company said that total revenue – for the year ended December 31st 2019 – was expected to be approximately $16m (£12.3m) alongside a year-end cash balance of $23.3m (£17.9m), which the board believes will ensure “breakeven” cash flow.
It attributed the missed target to a “small number of significant deals” slipping into 2020, most of which were within the company’s Microsoft channel, where customers have elected to wait for public availability of its embedded Azure product, Fusion Resource Provider (FRP).
Those are now expected to close early this year, justifying the board’s “continuing confidence” that market expectations will be met in 2020.
David Richards, chief executive officer and chairman of WANdisco, said that 2019 was a “significant year” for the company.
He said: “Having successfully raised $16.5 million from existing shareholders in November 2019, we have secured the balance sheet and are well positioned to capitalise on our cloud opportunities in 2020 and beyond and achieve the important milestone of cash flow breakeven.
“While 2019 did not meet our financial expectations, the product and strategic progress is significant, and we enter 2020 more confident than ever.”
