Report
Investor summary — Q2 FY2026
Consolidated as of 31 July 2026. Unaudited. Built from the ledger, the operational database and the billing system in one pass — no spreadsheet in between.
Key metrics
Each row names the system and dataset it was read from. Nothing here was typed in by hand.
| Metric | Value | vs prior quarter | Source |
|---|---|---|---|
| Revenue (TTM) | $14.8M | +11.4% | quickbooks · gl_revenue |
| Gross margin | 61.2% | +1.8 pts | quickbooks · gl_cogs |
| ARR | $3.41M | +19.0% | stripe · subscriptions |
| Net revenue retention | 114% | +3 pts | stripe · subscriptions |
| Operating expenses (TTM) | $8.06M | +6.1% | quickbooks · gl_opex |
| Cash and equivalents | $4.62M | −$310K | quickbooks · balance_sheet |
| Runway at current burn | 19 months | −2 months | derived |
Revenue by line of business
Trailing twelve months. The service line grew three times faster than hardware, which is what moved margin.
Cash movement
Why cash fell while revenue rose.
| Movement | Amount |
|---|---|
| Opening cash, 1 May 2026 | $4.93M |
| Operating cash generated | $1.24M |
| Inventory build for the Q4 order book | −$1.10M |
| Capital expenditure | −$0.29M |
| Debt service | −$0.16M |
| Closing cash, 31 July 2026 | $4.62M |
Customer concentration
The top two customers are 21.0% of trailing revenue. Both are on multi-year agreements; neither renews before FY2028.
| Customer | Revenue TTM | Share | Since |
|---|---|---|---|
| Ridgeline Manufacturing | $1.79M | 12.1% | 2019 |
| Calder Aerospace | $1.32M | 8.9% | 2022 |
| Bellweather Foods | $0.94M | 6.4% | 2023 |
| All other (118 customers) | $10.75M | 72.6% | — |
How these numbers were produced
The report is a saved definition, not a one-off export. Re-running it next quarter rebuilds every figure from live data under the same definitions.
quickbooks · read 2026-08-19 06:58:12Z · 41,208 ledger lines · pushdown where txn_date >= 2025-08-01
mssql · read 2026-08-19 06:58:14Z · 6,914 order lines · pushdown where status IN ('open','shipped')
stripe · read 2026-08-19 06:58:15Z · 214 active subscriptions · no truncation
render · 6.2s · committed to workspace history as investor-summary@q2-fy2026
The run is held if a source is stale.
If the ledger sync is more than 24 hours old when the quarterly job fires, the report does not render and does not send. You get told instead of the board getting a wrong number.