Each portfolio company's monthly reporting pack is assembled automatically from the finance data room, board deck, and covenant certificate, then checked against the investment thesis before it reaches the deal team.
$310m
+9.2% QoQ$38m
62%
121%
22 months
Q2 ARR of $38m is 6% ahead of the underwriting case, driven by faster-than-modelled expansion revenue.
Quarterly trend since entry, assembled directly from the company's finance data room.
| Metric | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|
| ARR | 26 | 29 | 34 | 38 |
| Gross margin | 58% | 59% | 61% | 62% |
| Net dollar retention | 114% | 116% | 119% | 121% |
| Cash burn / month | 1.3 | 1.2 | 1.1 | 1.0 |
| Headcount | 142 | 148 | 156 | 161 |
Cash runway has compressed from 28 to 22 months as headcount growth has outpaced the plan; still comfortably within the covenant but worth flagging to the board.
Three items are flagged for the board this quarter; none is rated as thesis-breaking.
The top five customers represent 37% of ARR, essentially flat versus last quarter. Renewal of the largest account is confirmed through 2028.
Headcount grew 15 in the quarter against a planned 8, concentrated in field service. Management attributes this to faster fleet deployment than modelled.
The cold chain pilot generated no revenue this quarter as expected; first paid pilot is contracted for Q3.
No action required to protect the investment this quarter; one governance item is recommended for the board.
Management's accelerated hiring is funding faster deployments and is margin-neutral to date. Formalise the higher headcount trajectory in the FY27 plan rather than treating it as a variance each quarter.