Composed automatically from the close. Nothing is published, sent or downloadable by others until you approve it. · Second-model check: checks passed
How this was checked · 10 figures
Every money and percent figure in the AI-written notes is machine-checked against the stored plan/actual values before it ships. Below is exactly what was checked for this period.
10 confirmed against stored plan/actual values · 0 without a stored anchor
CAC payback stood at 24.2 months in September 2026, above the 18 months the model assumes. Behind it: Google Ads $14,503 (from $13,110). Moving the other way: Sales Commissions $2,724 (from $9,204) and Events & Conferences nothing this month (from $4,781). The lines that moved the other way do not explain the gap.
CAC payback · Sep 2026
«$14,503» — confirmed (Advertising - Google Ads · ledger account = $14,503)
«$2,724» — confirmed (Sales Commissions · ledger account = $2,724)
Assembled from: General ledger · Revenue · Sep 2026 · General ledger · Cogs · Sep 2026 · General ledger · Opex · Sep 2026 · Plan figure · CAC payback · General ledger · 6210 · Sep 2026 · General ledger · 6250 · Sep 2026 · General ledger · 6220 · Sep 2026
Call Helix Robotics: they owe $41,400, 71 days past due. Days sales outstanding stood at 36.3 days in September 2026, above your target of 30 days — down from 41.2 days the month before. Astshaw Logistics $13,000 and Rosford Systems $12,400 are also late.
Days sales outstanding · Sep 2026
«$41,400» — confirmed (Helix Robotics · overdue balance = $41,400)
«$13,000» — confirmed (Astshaw Logistics · overdue balance = $13,000)
«$12,400» — confirmed (Rosford Systems · overdue balance = $12,400)
Assembled from: General ledger · Revenue · Sep 2026 · General ledger · Cogs · Sep 2026 · General ledger · Opex · Sep 2026 · Plan figure · Days sales outstanding · QuickBooks · INV 1247 · QuickBooks · INV 1269 · QuickBooks · INV 1267
Revenue of $163,156 in September 2026 came in above the budget of $145,140 — up from $144,547 the month before. Behind it: Implementation Services $9,000 (none the month before) and Subscriptions - Enterprise $77,650 (from $72,250). Implementation Services had nothing the month before, so part of this difference does not repeat next month.
Revenue · Sep 2026
Checked against stored values: plan $145,140 · actual $163,156 · Δ $18,015
«$163,156» — confirmed (Revenue · actual = $163,156)
«$145,140» — confirmed (Revenue · plan = $145,140)
«$144,547» — confirmed (Revenue · ledger account = $144,547)
«$9,000» — confirmed (Implementation Services · ledger account = $9,000)
«$77,650» — confirmed (Subscriptions - Enterprise · ledger account = $77,650)
Assembled from: General ledger · Revenue · Sep 2026 · General ledger · Cogs · Sep 2026 · General ledger · Opex · Sep 2026 · Plan figure · Revenue · General ledger · 4100 · Sep 2026 · General ledger · 4020 · Sep 2026
Company · Management report · September 2026
$K, net of VAT
Chapter 1 · The month on one page
Revenue of $163.2 K, 13% above the prior month; the last 12 months are 26% above the year before.
The month's key figures, what stands behind them and what could go wrong. Every point links to the page that proves it.
Revenue
163.2$K
+13% vs prior month · +38% y/y
+18.0 vs budget
last 12 months: $1,693.3 K · +26%
Gross profit
119.2$K
+18% vs prior month · +45% y/y
+16.7 vs budget
margin 73.0%
Operating result
−62.1$K
+19.2 vs prior month
+5.3 vs budget
margin −38.1%
Net profit
−62.1$K
+19.2 vs prior month
+5.3 vs budget
year to date −$618.9 K · last year −$693.7 K
Cash at 30 Sep 2026
1,454.4$K
−90.5 in the month · 13-week low 1,267.9
Key points
- Revenue $18.6 K above the prior month. August 2026: $144.5 K; this month: $163.2 K. Budget: $145.1 K (the approved budget for September 2026). Biggest moves: “Quenhaven Marine” +$14.4 K. → ch. 2
- Net profit $19.2 K above the prior month. August 2026: −$81.3 K; this month: −$62.1 K. Budget: −$67.4 K (the approved budget for September 2026). Biggest moves: Revenue +$18.6 K, Operating expenses −$1.4 K. → ch. 2
- The year is stronger than the last. Revenue over the last 12 months was $1,693.3 K against $1,343.6 K (+26%); the operating result −$798.8 K against −$948.4 K. → ch. 5
- Less cash at month end. Month-end cash $1,454.4 K, −$90.5 K in the month. → ch. 6
Risks
- A net loss of $798.8 K over 12 months. Over the last 12 months the company lost money; one profitable month does not change that. → ch. 5
What we compare against. Prior month (August 2026) · Budget: the approved budget for September 2026 · 3-month average (Jun–Aug 2026) — for reference, not a baseline
Revenue by month 24 months, $K
Month-end cash $K
What we compare with. Every figure is set against the prior month (August 2026); beside it stands the approved budget for September 2026.
Chapter 2 · Result of the month
Operating loss of $62.1 K — $19.2 K better than the prior month: revenue +$18.6 K, operating expenses −$1.4 K; $5.3 K better than the budget.
A compact P&L and the bridge from the prior month to this one: the named lines plus “other movements” add up to the change exactly. Below — what moved each named line and what it means next.
Profit and loss the month against the prior month and the baseline (the budget), last year and year to date
| $K | Sep 26 | Aug 26 | Δ | Δ % | Budget | Δ | Sep 25 | Δ y/y | Jan–Sep 2026 | Jan–Sep 2025 | Δ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 163.2 | 144.5 | +18.6 | +13% | 145.1 | +18.0 | 117.9 | +45.3 | 1,296.7 | 1,044.5 | +252.2 |
| Cost of sales | 44.0 | 43.2 | +0.8 | +2% | 42.7 | +1.3 | 36.0 | +8.0 | 342.0 | 296.1 | +46.0 |
| Gross profit | 119.2 | 101.4 | +17.8 | +18% | 102.5 | +16.7 | 81.9 | +37.2 | 954.6 | 748.4 | +206.2 |
| Operating expenses | 181.3 | 182.7 | −1.4 | −1% | 169.9 | +11.4 | 159.4 | +21.9 | 1,573.5 | 1,442.2 | +131.3 |
| Operating result | −62.1 | −81.3 | +19.2 | −67.4 | +5.3 | −77.4 | +15.3 | −618.9 | −693.7 | +74.9 | |
| Interest, tax and other items | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Net profit | −62.1 | −81.3 | +19.2 | −67.4 | +5.3 | −77.4 | +15.3 | −618.9 | −693.7 | +74.9 | |
| Gross margin | 73.0% | 70.1% | 70.6% | 69.5% | 73.6% | 71.7% |
“Budget” = the approved budget for September 2026. Operating expenses are gross profit less the operating result; everything below the operating line is in “interest, tax and other items”. 3-month average (Jun–Aug 2026), for reference: revenue $144.9 K, net profit −$76.8 K.
What explains the difference
| Revenue +18.6 | Revenue: $163.2 K against $144.5 K in August 2026 (+13%). Of which “Quenhaven Marine” +$14.4 K; the rest of the line +$4.2 K. | If the level holds, that is $18.6 K of revenue a month above the prior month. |
| Operating expenses +1.4 | Operating expenses: $181.3 K against $182.7 K in August 2026 (−1%). Of which “Kestrel Dev Studio” +$8.8 K, “Ops Leaders Forum” −$4.8 K, “Google Ads” +$1.4 K; the rest of the line −$6.8 K. | A saving of $1.4 K; if it is not one-off, it is profit headroom for the coming months. |
Operating result: Aug 26 → Sep 26 $K
Operating result: the bridge effect on the result
| $K | Aug 26 → Sep 26 | Budget → Sep 26 |
|---|---|---|
| Operating result at the start | −81.3 | −67.4 |
| Revenue | +18.6 | +18.0 |
| Operating expenses | +1.4 | −11.4 |
| Other movements | −0.8 | −1.3 |
| Operating result, Sep 26 | −62.1 | −62.1 |
Each column adds up exactly. Named: a line that moved ≥5% of its larger figure and ≥10% of the change; within a line, up to 3 positions on the same rule. A cost that grew is a minus.
Chapter 3 · Revenue and customers
The biggest move against the prior month is “Quenhaven Marine” (+$14.4 K), which is also the largest position at 9% of revenue.
Where the month's revenue came from and how much it depends on a few positions and customers.
Revenue by analytic dimension September 2026, $K
| Revenue by analytic dimension | Sep 26 | Prior month | Δ | Δ % | Share | 3-mo avg | Trend |
|---|---|---|---|---|---|---|---|
| Quenhaven Marine | 14.4 | 0.0 | +14.4 | 8.8% | 0.0 | ||
| Astshaw Logistics | 6.5 | 6.5 | 0.0 | 0% | 4.0% | 6.5 | |
| Rosford Systems | 6.2 | 6.2 | 0.0 | 0% | 3.8% | 6.2 | |
| Halshaw Energy | 5.9 | 5.9 | 0.0 | 0% | 3.6% | 5.9 | |
| Salfell Energy | 5.7 | 5.7 | 0.0 | 0% | 3.5% | 5.7 | |
| Ulvcrest Biotech | 5.1 | 5.1 | 0.0 | 0% | 3.1% | 5.1 | |
| Pellund Manufacturing | 4.8 | 4.8 | 0.0 | 0% | 2.9% | 4.8 | |
| Yarwick Energy | 4.3 | 4.3 | 0.0 | 0% | 2.6% | 4.3 | |
| Other positions (118) | 110.3 | 106.0 | +4.2 | +4% | 67.6% | 106.4 | |
| Total | 163.2 | 144.5 | +18.6 | +13% | 100% | 144.9 |
Largest debtors as of 30 Sep 2026, $K
| Counterparty | $K | Share |
|---|---|---|
| Helix Robotics | 41.4 | 21.3% |
| Quenhaven Marine | 19.8 | 10.2% |
| Rosford Systems | 18.6 | 9.5% |
| Tammere Networks | 14.4 | 7.4% |
| Astshaw Logistics | 13.0 | 6.7% |
| Others (10) | 87.6 | 45.0% |
| Total | 194.8 | 100% |
Largest position
9%Quenhaven MarineTop three
17%Quenhaven Marine 8 months, $K
Astshaw Logistics 8 months, $K
Rosford Systems 8 months, $K
Halshaw Energy 8 months, $K
The month-by-month history of every position and the full list are in the Excel appendix.
Chapter 4 · Costs and margin
Gross margin of 73.0% — above the prior month (70.1%).
Where the money went in the P&L: cost of sales and expenses against the prior month and as a share of revenue; the 3-month average and last year stand beside them for reference.
Costs as a share of revenue $K and % of revenue
| $K | Sep 26 | Aug 26 | Δ | Δ % | % of revenue | Δ pp | % of revenue, 3-mo avg | Sep 25 |
|---|---|---|---|---|---|---|---|---|
| Cost of sales | 44.0 | 43.2 | +0.8 | +2% | 27.0% | −2.9 pp | 28.1% | 36.0 |
| Operating expenses | 181.3 | 182.7 | −1.4 | −1% | 111.1% | −15.3 pp | 124.9% | 159.4 |
| Interest, tax and other items | 0.0 | 0.0 | 0.0 | 0.0% | 0.0 pp | 0.0% | 0.0 |
Cost of sales by analytic dimension $K and % of revenue
| Cost of sales by analytic dimension | Sep 26 | Prior month | Δ | Δ % | % of revenue | 3-mo avg | Trend |
|---|---|---|---|---|---|---|---|
| Gusto | 22.4 | 22.4 | 0.0 | 0% | 13.8% | 22.4 | |
| Amazon Web Services | 14.0 | 13.5 | +0.5 | +4% | 8.6% | 11.0 | |
| Snowflake | 5.3 | 5.1 | +0.2 | +4% | 3.2% | 5.3 | |
| Stripe | 2.3 | 2.1 | +0.1 | +6% | 1.4% | 2.1 |
Gross margin by month 12 months
The 12-month gross margin, 73.8% (a year earlier 71.5%), is steadier than any single month.
Chapter 5 · 12-month trends
Over 12 months revenue is $1,693.3 K, 26% above the 12 before; the operating result is −$798.8 K against −$948.4 K.
One-off or a trend: 12-month series and a comparison with the 12 months before.
Revenue 12 months, $K
Operating result 12 months, $K
Net profit 12 months, $K
Last 12 months against the 12 before $K
| $K | October 2025 – September 2026 | October 2024 – September 2025 | Δ % |
|---|---|---|---|
| Revenue | 1,693.3 | 1,343.6 | +26% |
| Gross profit | 1,249.3 | 960.3 | +30% |
| Operating result | −798.8 | −948.4 | |
| Net profit | −798.8 | −948.4 |
What it means
- The highest revenue in 12 months. $163.2 K — no month in the window was higher. One strong month is not yet a trend.
- Months with an operating loss: 12 of 12. Monthly results swing; judge profitability over 12 months rather than by one month.
- The 12-month operating margin is −47.2%. A year earlier it was −70.6%.
Chapter 6 · Cash and liquidity
Cash at 30 Sep 2026 is $1,454.4 K, down $90.5 K in the month.
How much cash there is, where it went, and whether it lasts the next 13 weeks.
13-week low
1,267.9$K · week of 28 Dec 2026Cash movement in September 2026 $K
Next 13 weeks week-end balance, $K
Month-end cash $K
Model beside the documents $K · open invoices and bills with their due dates, read 30 Sep 2026
| Week | Receipts: model | due on documents | Payments: model | due on documents |
|---|---|---|---|---|
| Past due on 30 Sep 2026, not yet settled | 131.3 (21) | 0.0 | ||
| Due by 04 Oct 2026, before week 1 | 0.0 | 37.8 (5) | ||
| Week 1 · 05 Oct 2026 | 37.7 | 0.0 | 52.0 | 1.8 (1) |
| Week 2 · 12 Oct 2026 | 37.7 | 3.4 (1) | 52.0 | 0.0 |
| Week 3 · 19 Oct 2026 | 37.7 | 23.5 (6) | 52.0 | 1.7 (1) |
| Week 4 · 26 Oct 2026 | 37.7 | 36.7 (6) | 52.0 | 5.3 (1) |
| Weeks 5–13 | 339.1 | 0.0 | 468.3 | 0.0 |
Weeks 1–4: the model expects $150.7 K of receipts; the open documents already fall due for $63.6 K. The two are never added together: the model is a projection, the documents are what customers and suppliers owe on their own due dates (number of documents in brackets). The model holds no opening receivables, so past-due invoices are not in it — they are shown apart, not added to week 1.
Chapter 7 · Working capital and settlements
Customers pay in 42 days on average, we pay suppliers in 38 days; the cash cycle is 4 days.
Where cash is tied up: turnover in days and the largest balances with counterparties.
Receivables (DSO)
42days of sales awaiting paymentPayables (DPO)
38days until we pay suppliersCash cycle
4DSO + DIO − DPO, daysLargest debtors as of 30 Sep 2026, $K
| Counterparty | $K | Share |
|---|---|---|
| Helix Robotics | 41.4 | 21.3% |
| Quenhaven Marine | 19.8 | 10.2% |
| Rosford Systems | 18.6 | 9.5% |
| Tammere Networks | 14.4 | 7.4% |
| Astshaw Logistics | 13.0 | 6.7% |
| Others (10) | 87.6 | 45.0% |
| Total | 194.8 | 100% |
Largest creditors as of 30 Sep 2026, $K
| Counterparty | $K | Share |
|---|---|---|
| Kestrel Dev Studio | 17.5 | 37.7% |
| Amazon Web Services | 14.0 | 30.2% |
| Snowflake | 10.3 | 22.2% |
| HubSpot | 1.8 | 3.8% |
| Ostrander Wells LLP | 1.7 | 3.6% |
| Others (1) | 1.2 | 2.5% |
| Total | 46.5 | 100% |
Receivables month-end, 13 months, $K
Payables month-end, 13 months, $K
Payment terms are not in the export, so overdue amounts are not computed. The full registers are in the Excel appendix.
Chapter 8 · Balance sheet and debt
Equity of $1,445.1 K, −$62.1 K in the month; total assets $1,683.8 K.
The company's resilience: what changed on the balance sheet in the month.
Balance sheet $K
| $K | 30 Sep 2026 | 31 Aug 2026 | Δ | 31 Dec 2025 | Δ year to date |
|---|---|---|---|---|---|
| Cash and cash equivalents | 1,454.4 | 1,545.0 | −90.5 | 2,096.8 | −642.3 |
| Trade receivables | 194.8 | 195.9 | −1.1 | 146.5 | +48.3 |
| Other receivables | 8.1 | 3.7 | +4.4 | 3.5 | +4.6 |
| Property, plant and equipment, net | 18.4 | 17.2 | +1.1 | 14.5 | +3.9 |
| Trade payables | 46.5 | 42.2 | +4.3 | 26.6 | +19.9 |
| Customer advances | 115.8 | 138.9 | −23.1 | 104.6 | +11.2 |
| Other payables | 2.7 | 9.2 | −6.5 | 7.2 | −4.5 |
| Total assets | 1,683.8 | 1,771.2 | −87.4 | 2,265.2 | −581.5 |
| Total liabilities | 238.7 | 264.0 | −25.3 | 201.3 | +37.4 |
| Equity | 1,445.1 | 1,507.2 | −62.1 | 2,063.9 | −618.9 |
Net debt month-end, 13 months, $K
Chapter 9 · Budget and the year
Revenue to date is $1,296.7 K, 3% above budget; on budget the year lands at $1,752.9 K.
The budget against actuals to date, and where the year lands if the rest follows the budget.
Budget 2026 against actuals $K · actuals to date + rest of year
| $K | Jan–Sep 2026 | Budget YTD | Δ % | Year budget | Year: landing | 2025 | vs 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,296.7 | 1,254.7 | +3% | 1,711.0 | 1,752.9 | 1,441.1 | +22% |
| Gross profit | 954.6 | 893.1 | +7% | 1,219.1 | 1,280.7 | 1,043.1 | +23% |
| Operating result | −618.9 | −650.2 | −884.0 | −852.7 | −873.7 | ||
| Net profit | −618.9 | −650.2 | −884.0 | −852.7 | −873.7 |
Revenue 2026 by month $K
Chapter 10 · Recurring revenue
Monthly recurring revenue is $151.0 K, +$7.7 K (+5.4%) on the prior month; 93% of the month's revenue.
An industry block for companies with subscription revenue.
MRR
151.0$KARR
1,811.6$KNRR
98%MRR by month 13 months, $K
Paying subscription customers 13 months
MRR and paying customers from the monthly Stripe snapshots of subscriptions.
Chapter 11 · People
15 people: revenue per head of $10.9 K a month.
An industry block: revenue and payroll per head.
Headcount
15Revenue per head, a month
$10.9 KPayroll per head, a month
$9.8 KPayroll, % of revenue
90%Headcount by month 12 months
Payroll by month 12 months, $K
Headcount and payroll from the staff list: start and leaving dates, fully loaded monthly cost.
Chapter 12 · Methodology
Where the figures come from, what we compared them with, and how far to trust them.
This page is in every report: the source, the baseline chosen, notes on the data and a glossary.
Source and period
- QuickBooks, Company: actuals through 30 Sep 2026.
- Amounts in $K unless stated otherwise. Unaudited.
- P&L history: 24 months (October 2024 – September 2026).
- Balance sheet at 30 Sep 2026 and 31 Aug 2026.
- The monthly P&L, every position and cost line, the full counterparty registers and the forecast model are in the Excel appendix.
What we compare against
- Budget — used: the approved budget for September 2026 — used
- Forecast made before the month closed — not needed: a budget covers the month
- Trend expectation — not needed: a budget or forecast covers the month
- Prior month — not needed as the baseline: it already stands next to the actuals in every table
“Last year” is shown next to the baseline wherever it exists.
Data quality
- The balance sheet balances. Assets equal liabilities plus equity.
The report's main comparison is with the prior month; the baseline from the ladder stands beside it as an additional one. The 3-month average is a reference column, not a baseline.
In the Excel appendix: the monthly P&L, every position and cost line, full counterparty registers, the balance sheet by account and the forecast model.
Glossary
- Budget
- The approved plan for the month. When it exists, every comparison is against it.
- Prior month
- The month before the reported one, line by line — the report's main comparison. Not a plan.
- 3-month average
- The average of the three months before the reported one. A reference figure — never the baseline.
- pp
- Percentage points — the difference between two percentages: a margin of 25% against 22% is +3 pp, not +3%.
- Gross margin
- (Revenue − cost of sales) / revenue.
- Operating result
- Gross profit less operating expenses, before interest, tax and other items.
- Last 12 months
- The sum of the last 12 closed months: October 2025 – September 2026.
- Net debt
- Borrowings less cash.
- DSO / DPO / DIO
- Receivables / revenue, payables / cost of sales, inventory / cost of sales — in days.
- MRR / ARR / NRR
- Monthly recurring revenue; the same annualised; net revenue retention of existing customers.
- Last year
- The same month of 2025, not restated.
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