Section 02
Financial Performance
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 |
Key findingMedium impact
Covenant headroom is narrowing on the minimum liquidity test
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.