Portfolio Monitoring

Portfolio Company Reporting

Automated monthly reporting: Northwind Robotics · Q2 2026

What we'll cover

As of 30 Jun 2026

NAV

$310m

+9.2% QoQ

ARR$38m

Gross margin62%

Net dollar retention121%

Cash runway22 months

0m12.5m25m37.5m50m

Q3 25Q4 25Q1 26Q2 26

ARR

Plan

$35.8m

Actual

$38m

+6%

Headcount

Plan

153

Actual

161

Cash runway

Plan

26 months

Actual

22 months

-4 months

Red
Customer concentration
Top five customers 37% of ARR; largest logo confirmed through 2028.
Amber
Headcount vs plan
15 hires added vs 8 planned, concentrated in field service.
Green
Cold chain vertical
Pre-revenue as expected; first paid pilot contracted for Q3.

CovenantLimitHeadroomStatus

Minimum liquidity≥ 12 months runway10 monthsWatch

Net leverage≤ 2.0x ARR0.6xOK

Decision requested

Approve a revised FY27 headcount plan reflecting the faster field service ramp?

Recommendation

Approve. The accelerated hiring is funding faster deployments and has been margin-neutral to date.