Section 03
Risks and Watchlist Items
Three items are flagged for the board this quarter; none is rated as thesis-breaking.
Key findingHigh impact
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.
Key findingMedium impact
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.
Key findingLow impact
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.