Portfolio Company Reporting
Portfolio Company Reporting: Northwind Robotics
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.
Northwind Robotics — Q2 2026 snapshot
As of 30 Jun 2026$310m
+9.2% QoQ$38m
62%
121%
22 months
Company is tracking ahead of the underwriting case on ARR
Q2 ARR of $38m is 6% ahead of the underwriting case, driven by faster-than-modelled expansion revenue.
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 |
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.
Risks and Watchlist Items
Three items are flagged for the board this quarter; none is rated as thesis-breaking.
Customer concentration remains above the plan
The top five customers represent 37% of ARR, essentially flat versus last quarter. Renewal of the largest account is confirmed through 2028.
Headcount growth is running ahead of the operating plan
Headcount grew 15 in the quarter against a planned 8, concentrated in field service. Management attributes this to faster fleet deployment than modelled.
New vertical (cold chain logistics) is pre-revenue
The cold chain pilot generated no revenue this quarter as expected; first paid pilot is contracted for Q3.
Recommendation
No action required to protect the investment this quarter; one governance item is recommended for the board.
Approve a revised FY27 headcount plan reflecting faster field service ramp
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.