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], [ "Developer: true-ups when packs expire", -4130.5441, -3164.1882, -966.3559, -966.3559, -13933.4377, -7304.7914, -6628.6464, -6628.6464 ], [ "Team: customer numbers (at the budget fee)", null, null, null, -45532.1271, null, null, null, -112944.1705 ], [ "Team: plan fee per customer", null, null, null, -11626.6029, null, null, null, -28074.6693 ], [ "Team: usage above the allowance", 293514.38, 268077.36, 25437.02, 25437.02, 453712.8093, 424152.36, 29560.4493, 29560.4493 ], [ "Enterprise: Pravenza Retail not renewed in March", 30369.41, 131152.48, -100783.07, -100783.07, 30369.41, 200749.21, -170379.8, -170379.8 ], [ "Enterprise: new accounts (won and pipeline against the four budgeted)", 89228.46, 130800.39, -41571.93, -41571.93, 237170.3841, 325961.58, -88791.1959, -88791.1959 ], [ "Enterprise: existing accounts (usage, commitments and unused commitments)", 1848122.22, 1794777.44, 53344.78, 53344.78, 2865179.1251, 2784956.98, 80222.1451, 80222.1451 ], [ "Enterprise: credit notes 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programmes (media, events)", "value": -21138.33 }, { "step": "General and administrative payroll", "value": -3602.9738 }, { "step": "Other overheads (tools, rent, advisers, insurance, recruitment, travel, local taxes)", "value": 26572.78 }, { "step": "Research tax credit", "value": -25867.6524 }, { "step": "Actual EBITDA YTD", "value": -3083369.4891 } ] }, "cash_13w_control": { "low": 7830299.8222, "lowwk": "2026-12-11", "short": 4830299.8222, "fac": 0, "fachead": 0, "taxwk": 1227467.1753 }, "account_register": { "columns": [ "Code", "Account (fictional)", "Country", "Sector", "VAT on invoices", "First contract start (month)", "Start month no.", "Status", "Annual commitment at 31-Dec-25 (live) or at signature", "Usage in Dec-25 (live) or first month", "Usage in the contract year to 31-Dec-25", "Contract position at 31-Dec-25 (+ billed ahead)", "Usage growth a month", "Mix: Document AI", "Mix: Voice AI", "Mix: Agent workspace", "Discount to list", "Payment terms (days)", "Probability Base (renewal or win)", "Probability Downside", "Probability Upside", "Probability selected", "Effective start month no.", "Renewal month", "Units weight: Document AI (mix / (1 - discount))", "Units weight: Voice AI", "Units weight: Agent workspace", "Usage at the last actual month", "Commitment at the last actual month", "Revenue FY2026", "Revenue FY2027", "Share of FY2026 revenue", "Compute cost FY2026", "Gross margin FY2026 after compute and support", "Gross margin % FY2026", "Account note (fictional)" ], "rows": [ [ "E01", "Tervane Assurances", "FR", "Insurance", 0.2, "2023-06-30", -30, "Live", 350000, 30464.04, 210540.34, 51959.66, 0.022, 0.55, 0.3, 0.15, 0.35, 45, 0.92, 0.8, 0.96, 0.92, -30, "June", 0.8462, 0.4615, 0.2308, 40247.35, 380000, 436919.5944, 578727.7643, 0.066, 143890.4606, 233107.6276, 0.5335, "Largest account: claims automation across three business lines. Renewed in June 2026 at EUR 380k (from EUR 350k). May overage invoice disputed: the account says calls retried during the 28 April incident were billed twice; engineering review under way." ], [ "E02", "Draxholm Logistik", "DE", "Logistics", 0, "2023-10-31", -26, "Live", 280000, 15697.01, 48319.36, 21680.64, 0.02, 0.6, 0.15, 0.25, 0.32, 45, 0.9, 0.78, 0.95, 0.9, -26, "October", 0.8824, 0.2206, 0.3676, 18115.84, 280000, 283594.0459, 277341.4701, 0.0429, 60503.7493, 184196.6818, 0.6495, null ], [ "E03", "Lunedo Banca", "IT", "Banking", 0, "2024-02-29", -22, "Live", 300000, 24425.69, 278236.16, 21763.84, 0.018, 0.45, 0.35, 0.2, 0.35, 60, 0.9, 0.75, 0.95, 0.9, -22, "February", 0.6923, 0.5385, 0.3077, 34339, 320000, 388843.2733, 451866.0074, 0.0588, 138407.3583, 197107.8543, 0.5069, null ], [ "E04", "Kellbrook Utilities", "UK", "Utilities", 0, "2024-04-30", -20, "Live", 190000, 13482.78, 115287.16, 27212.84, 0.017, 0.2, 0.6, 0.2, 0.3, 45, 0.85, 0.65, 0.92, 0.85, -20, "April", 0.2857, 0.8571, 0.2857, 14639.43, 210000, 212412.1019, 209530.5048, 0.0321, 73963.6095, 109317.1528, 0.5146, "Used EUR 159k of its EUR 190k commitment in the contract year to March 2026: the unused EUR 31k was recognised at the end of that year. Renewed in April at EUR 210k." ], [ "E05", "Ambrelle Sante", "FR", "Health insurance", 0.2, "2024-07-31", -17, "Live", 240000, 15974.95, 96442.69, 23557.31, 0.019, 0.5, 0.35, 0.15, 0.33, 45, 0.92, 0.8, 0.96, 0.92, -17, "July", 0.7463, 0.5224, 0.2239, 16481.85, 260000, 245079.3584, 275838.1576, 0.037, 63820.9689, 147646.8863, 0.6024, null ], [ "E06", "Veskari Telecom", "FI", "Telecoms", 0, "2024-09-30", -15, "Live", 220000, 15803.33, 61067.49, 48932.51, 0.016, 0.15, 0.55, 0.3, 0.3, 45, 0.9, 0.78, 0.95, 0.9, -15, "September", 0.2143, 0.7857, 0.4286, 17035.62, 220000, 222753.4364, 221670.3212, 0.0337, 78309.1962, 113894.6343, 0.5113, null ], [ "E07", "Oisterra Energia", "ES", "Energy", 0, "2024-11-30", -13, "Live", 170000, 13045.14, 26089, 16411, 0.018, 0.45, 0.25, 0.3, 0.28, 60, 0.9, 0.75, 0.95, 0.9, -13, "November", 0.625, 0.3472, 0.4167, 14357.32, 170000, 178103.6306, 183950.276, 0.0269, 56249.1141, 97428.4254, 0.547, null ], [ "E08", "Pravenza Retail", "ES", "Retail", 0, "2024-03-31", -21, "Lost at the Mar-26 renewal", 160000, 15672.11, 137847.01, 22152.99, 0.01, 0.3, 0.2, 0.5, 0.28, 45, 0, 0, 0, 0, -21, "March", 0.4167, 0.2778, 0.6944, 0, 0, 30369.41, 0, 0.0046, 10615.1044, 15589.2812, 0.5133, "Did not renew in March 2026: moved the workload to an in-house model built on an open-weights model." ], [ "E09", "Solberre Mutuelle", "FR", "Health insurance", 0.2, "2025-02-28", -10, "Live", 180000, 13436.75, 128675.77, 51324.23, 0.02, 0.55, 0.3, 0.15, 0.3, 45, 0.92, 0.8, 0.96, 0.92, -10, "February", 0.7857, 0.4286, 0.2143, 13202.94, 190000, 206076.82, 201705.2452, 0.0312, 51212.332, 126602.0031, 0.6143, null ], [ "E10", "Ivarone Insurance", "IE", "Insurance", 0, "2025-04-30", -8, "Live", 160000, 12917.58, 98987.04, 21012.96, 0.021, 0.5, 0.3, 0.2, 0.3, 45, 0.9, 0.78, 0.95, 0.9, -8, "April", 0.7143, 0.4286, 0.2857, 18109.19, 170000, 222333.7035, 250054.1987, 0.0336, 66158.5212, 125683.1408, 0.5653, null ], [ "E11", "Mercadel Foods", "ES", "Food", 0, "2025-06-30", -6, "Live", 120000, 7586.71, 51335.29, 38664.71, 0.02, 0.4, 0.2, 0.4, 0.25, 60, 0.9, 0.75, 0.95, 0.9, -6, "June", 0.5333, 0.2667, 0.5333, 11996.73, 130000, 151564.3747, 166776.0908, 0.0229, 39084.4168, 91693.6033, 0.605, null ], [ "E12", "Halvesta Travel", "DE", "Travel", 0, "2025-08-31", -4, "Live", 140000, 8451.46, 41334.67, 28665.33, 0.019, 0.25, 0.35, 0.4, 0.27, 45, 0.9, 0.75, 0.95, 0.9, -4, "August", 0.3425, 0.4795, 0.5479, 11573.31, 150000, 158772.987, 162049.7856, 0.024, 49873.3898, 87124.6146, 0.5487, null ], [ "E13", "Varnholm Freight", "SE", "Logistics", 0, "2025-10-31", -2, "Live", 150000, 9066.34, 26532.73, 10967.27, 0.022, 0.55, 0.15, 0.3, 0.28, 45, 0.92, 0.8, 0.96, 0.92, -2, "October", 0.7639, 0.2083, 0.4167, 10432.39, 150000, 154207.9971, 153180.1218, 0.0233, 34142.4254, 98916.6565, 0.6414, null ], [ "E14", "Brevalle Logistique", "FR", "Logistics", 0.2, "2026-04-30", 4, "Won in 2026", 240000, 11000, 0, 0, 0.03, 0.6, 0.1, 0.3, 0.3, 45, 0.95, 0.85, 0.97, 0.95, 4, "April", 0.8571, 0.1429, 0.4286, 12511.62, 240000, 113884.7113, 275759.3643, 0.0172, 31753.4286, 66512.5201, 0.584, "Won in April 2026." ], [ "E15", "Maltessa Telecom", "IT", "Telecoms", 0, "2026-07-31", 7, "Won in 2026", 300000, 14000, 0, 0, 0.03, 0.15, 0.55, 0.3, 0.32, 60, 0.95, 0.85, 0.97, 0.95, 7, "July", 0.2206, 0.8088, 0.4412, 15807.63, 300000, 99704.8178, 335901.8463, 0.0151, 42789.0869, 43241.6753, 0.4337, "Won in July 2026: the largest new commitment of the year." ], [ "P01", "Grevon Assurances", "FR", "Insurance", 0.2, "2026-11-30", 11, "Pipeline", 360000, 16200, 0, 0, 0.03, 0.5, 0.3, 0.2, 0.33, 45, 0.55, 0.3, 0.7, 0.55, 11, "November", 0.7463, 0.4478, 0.2985, 0, 0, 18180.855, 204778.4544, 0.0027, 5986.819, 9700.6156, 0.5336, "Proposal submitted; security review passed." ], [ "P02", "Aldebrink Logistics", "NL", "Logistics", 0, "2026-12-31", 12, "Pipeline", 240000, 10800, 0, 0, 0.03, 0.6, 0.1, 0.3, 0.3, 45, 0.5, 0.25, 0.65, 0.5, 12, "December", 0.8571, 0.1429, 0.4286, 0, 0, 5400, 122051.6523, 0.0008, 1505.6324, 3153.7825, 0.584, "Paid pilot running on two warehouses." ], [ "P03", "Serranova Banca", "IT", "Banking", 0, "2027-02-28", 14, "Pipeline", 420000, 18900, 0, 0, 0.03, 0.45, 0.35, 0.2, 0.35, 45, 0.4, 0.15, 0.55, 0.4, 14, "February", 0.6923, 0.5385, 0.3077, 0, 0, 0, 100627.2516, 0, 0, 0, 0, "Procurement; competing with a US vendor." ], [ "P04", "Kettelby Water", "UK", "Utilities", 0, "2027-03-31", 15, "Pipeline", 180000, 8100, 0, 0, 0.03, 0.2, 0.6, 0.2, 0.3, 45, 0.5, 0.25, 0.6, 0.5, 15, "March", 0.2857, 0.8571, 0.2857, 0, 0, 0, 48181.4532, 0, 0, 0, 0, "Discovery." ], [ "P05", "Vanthor Energie", "DE", "Energy", 0, "2027-05-31", 17, "Pipeline", 300000, 13500, 0, 0, 0.03, 0.45, 0.25, 0.3, 0.3, 45, 0.45, 0.2, 0.6, 0.45, 17, "May", 0.6429, 0.3571, 0.4286, 0, 0, 0, 55837.3801, 0, 0, 0, 0, "Shortlisted." ], [ "TOTAL", null, null, null, null, null, null, null, 2660000, 196023.89, null, 384305.29, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, 248850.22, 3170000, 3128201.1172, 4275827.3456, 0.4729, 948265.6132, 1750917.1555, 0.5597, null ] ] }, "cfo_report": { "reporting_line": "Reporting month: Aug-26 actuals, Base scenario for the outlook. Amounts in EUR unless marked USD. Every figure is a live link to the model; the narrative recalculates with the inputs.", "sections": [ { "title": "1. HEADLINE", "paragraphs": [ "Year to date revenue is EUR 4,206k, 44.1% growth on the same months of 2025 but 2.5% below budget, with an EBITDA loss of EUR 3,083k against a budgeted loss of EUR 2,970k. Enterprise explains most of the revenue gap: Pravenza Retail left at its March renewal (EUR 101k against budget) and the two accounts won came later than the four budgeted from March (EUR 42k), while the existing accounts used EUR 53k more than budgeted. Gross margin is 56.8% against 60.5% budgeted: vendor B kept its price for the voice and agent models (model APIs EUR 31k over budget) and the Provider A commitment will not be used in full (EUR 98k provided). Payroll is EUR 124k below budget with 77 people at Aug-26 against 83 budgeted.", "Full-year outlook (Base): revenue EUR 6,615k, 39.4% growth on FY2025 and 3.8% below budget; gross margin 58.5%; an EBITDA loss of EUR 4,483k against a budgeted loss of EUR 4,473k. The research tax credit adds EUR 1,138k, 17% of revenue: before it the business consumes EUR 5,621k of EBITDA a year. Compute (GPUs, model APIs and hosting) costs 25.1% of revenue, against 26.1% in FY2025.", "Price and cost per unit move together. List prices fell 8% in January and this case cuts them another 10% in January 2027; customers keep their budgets, so each cut buys more usage and raises the cost to serve. Vendor B is the swing factor: at USD 1.50 per million tokens from October, the compute cost of 1,000 minutes of Voice AI falls from EUR 2.97 in January 2026 to EUR 2.31 over FY2027, while its realised price moves from EUR 7.46 in FY2026 to EUR 6.64. Gross margin reaches 61.9% in FY2027; each 10 cents on the vendor B price is worth about EUR 79k a year.", "Cash is EUR 9,337k at Aug-26 (EUR 153k less than budgeted), after the EUR 936k FY2025 research tax credit arrived in July. In the Base case cash is EUR 3,526k at December 2027, EUR 526k above the EUR 3.0m buffer at its lowest point, and at the late-2027 burn the buffer is reached around Jan-28. The Downside reaches EUR 1,082k below the EUR 3.0m buffer in Nov-27. The next equity round has to close in 2027 in every case; the process starts in the first quarter, while the headroom is still large.", "Three decisions belong in this quarter: the 2027 GPU reservation (this case: 20 GPUs against 16 today) with the Provider A commitment (USD 800k), the answer to the vendor B price in October, and the pricing of voice-heavy Enterprise renewals, which earn the lowest margins." ], "rows": [] }, { "title": "2. WHAT HAPPENED YEAR TO DATE (BvA: revenue by cause and the EBITDA walk)", "paragraphs": [ "Revenue against budget by cause: Developer credits used added EUR 17k and pack expiries cost EUR 1k. Team customer numbers cost EUR 46k (14.5 new customers a month against 17.6 budgeted, and 2.4% of customers lost each month against 2.2%), the plan fee per customer cost EUR 12k and usage above the allowance added EUR 25k. Enterprise: Pravenza Retail, which moved the workload to an in-house model built on an open-weights model at its March renewal, cost EUR 101k; new accounts cost EUR 42k (Brevalle Logistique from April and Maltessa Telecom from July, against four budgeted from March); the existing accounts added EUR 53k through usage; the expected credit on the disputed Tervane invoice cost EUR 5k.", "Costs: model APIs are EUR 31k over budget because vendor B kept its price at USD 2.00 per million tokens against the USD 1.60 budgeted from April. Reserved GPUs and hosting are EUR 18k under budget, mostly because the dollar averaged 1.163 to the euro against 1.10 budgeted. The expected Provider A shortfall costs EUR 98k. Payroll is EUR 124k below budget: 10 hires against 13 budgeted by August and 3 leavers (a software engineer in May, a sales development representative in July, a machine learning engineer in August); the research tax credit is EUR 26k lower with it. Paid media is EUR 22k over budget with the March campaign." ], "rows": [] }, { "title": "3. REVENUE: USAGE, PRICING AND CONTRACT BALANCES (Revenue, Credits, Team, Enterprise)", "paragraphs": [ "FY2026 revenue by segment: Enterprise 47%, Team 37%, Developer 16%. 24% of revenue is pure usage (Developer credits, Team usage above the allowance, Enterprise usage above commitments); the rest is committed. Enterprise accounts live a year ago now use 117% of what they used then (net revenue retention on usage), and Tervane Assurances, the largest account, renewed in June at EUR 380k against EUR 350k.", "Developer credits: EUR 706k of packs sold year to date; unused credits are a contract liability of EUR 249k (EUR 342k at face value). Revenue recognises the expected 12% breakage as credits are used (IFRS 15.B46), EUR 76k year to date, supported by the 2024 packs, which expired with 12.2% unused. The packs that expired this year were used a little more than expected: the true-ups cost EUR 4k. Breakage is 10.8% of Developer revenue, so the rate is retested every quarter against the packs that expire.", "Enterprise commitments are billed quarterly in advance and usage above the commitment monthly: at Aug-26 accounts have EUR 419k billed ahead of usage (contract liabilities) and EUR 22k of usage not yet billed (contract assets). Commitments not used by the end of a contract year are recognised then: EUR 326k in FY2026, 10.4% of Enterprise revenue. That revenue comes from customers not using what they bought and is the first thing they negotiate away at renewal, so an account with unused commitment is treated as a churn signal.", "Team: 380 customers at Aug-26 against 409 budgeted, paying EUR 437 a month in plan fees, with usage above the allowance worth 23% of plan fees (20% budgeted). The hybrid plan works: customers who outgrow the allowance pay for it at list price instead of waiting for an upgrade." ], "rows": [] }, { "title": "4. COST TO SERVE AND PRICE PER UNIT (Unit_Costs, Usage_Compute)", "paragraphs": [ "Compute per 1,000 units in FY2026 against the realised price: Document AI EUR 1.34 against EUR 10.13 (13% of revenue); Voice AI EUR 2.78 against EUR 7.46 (37%); Agent workspace EUR 5.45 against EUR 17.56 (31%). Model APIs are most of the cost of voice and agents (EUR 1.93 of the EUR 2.78 for 1,000 voice minutes); Document AI is the cheapest to serve, with GPU time of EUR 0.35 and vendor C models of EUR 0.40 per 1,000 pages.", "GPU hours per unit fell 2% a quarter this year through batching and model optimisation; this case assumes 3% a quarter from October. Because customers keep their budgets, the January 2027 price cut buys more units: in FY2027 Voice AI earns EUR 6.64 per 1,000 minutes and costs EUR 2.31 to serve, a contribution of EUR 4.33 against EUR 4.68 in FY2026; Agent workspace moves from EUR 12.11 to EUR 11.21. The 2027 price cut is affordable only if vendor B moves: the price list for 2027 should wait for its October answer." ], "rows": [] }, { "title": "5. GROSS MARGIN BY PRODUCT, SEGMENT AND ACCOUNT (Margins, Account_Register)", "paragraphs": [ "Gross margin after compute, card fees and the solutions and support team, FY2026: Document AI 72%, Voice AI 48%, Agent workspace 54%; by segment Developer 64%, Team 63%, Enterprise 56%. Enterprise earns less because of its discounts (25% to 35% off list) and its voice-heavy accounts. In FY2027 the margins move to 72%, 51% and 57%.", "By account, FY2026 margins run from 43% (Maltessa Telecom) to 65% (Draxholm Logistik). Maltessa Telecom brings a voice-heavy telecoms workload at a 32% discount and is the largest new commitment of the year (EUR 300k), so its first renewal in July 2027 is the moment to reprice. The largest account, Tervane Assurances, is 6.6% of FY2026 revenue: the book carries no single-account concentration." ], "rows": [] }, { "title": "6. COMPUTE CAPACITY, THE CLOUD COMMITMENT AND PROVIDER CONCENTRATION (Usage_Compute, Commitments)", "paragraphs": [ "Inference used 77% of the usable reserved GPU hours in January and 89% in Aug-26. Research jobs run in the hours inference leaves and fell from 2,000 hours in January to 1,063 in Aug-26; by December inference needs 96% of the usable hours. This case reserves 20 GPUs for 2027: research gets 919 hours a month on average against the 2,000 it asks for, with no on-demand hours needed.", "Provider A: the 2026 commitment of USD 780k will be used to 85% (full-year spend USD 666k), leaving a shortfall of USD 114k that is invoiced in December. The commitment is onerous for that amount (IAS 37): EUR 99k is charged in FY2026, from June, when the shortfall became expected. For 2027, USD 800k against USD 816k of expected spend is covered by the plan. Before signing, negotiate the 2026 shortfall into the 2027 commitment.", "Concentration: 56% of FY2026 revenue runs on vendor B models (voice and agents) and vendor B takes 59% of compute spend; Provider A takes 34% and vendor C 7%. A vendor B price rise or outage reaches more than half of revenue within days. The mitigation is a second voice model qualified by the end of the year and routing that can move workloads between models." ], "rows": [] }, { "title": "7. PEOPLE, RESEARCH AND THE RESEARCH TAX CREDIT (People, Research_Credit)", "paragraphs": [ "Headcount is 77 at Aug-26 against 83 budgeted, and 90 at December 2027 in the Base case, with 15 hires planned from October 2026 to September 2027 and leavers replaced after two months. Payroll with employer contributions is 129% of FY2026 revenue. From January the general degressive reduction (RGDU) replaced the old reductions and the reduced health and family allowance rates: it saves EUR 46k in FY2026 on support, sales development, marketing and finance pay below three times the minimum wage; research and engineering pay sits above that line and gets none.", "The research tax credit: EUR 1,138k accrued for FY2026, 22% of research and development payroll cost. The FY2025 claim of EUR 936k was refunded in July, two months after it was filed; this case expects the FY2026 claim in Sep-27. The refund in cash depends on the company being an SME under the EU definition, which the tax adviser has to confirm against the holdings of the venture funds, and the time records behind the claim are what a tax audit asks for first. JEI status is not available: the company was founded in 2014 and the status requires less than eleven years." ], "rows": [] }, { "title": "8. CASH, TAX AND THE 13 WEEKS (Cash_13W, VAT, Tax, Payables)", "paragraphs": [ "The 13 weeks from 12 September: opening cash EUR 9,081k, receipts EUR 1,932k, payments EUR 3,183k, closing EUR 7,830k on 11 December. The low point is EUR 7,830k in the week ending 11-Dec, EUR 4,830k above the EUR 3.0m buffer. The month has a fixed rhythm: URSSAF and income tax withheld on the 5th (EUR 285k in October), Provider A and vendor B in dollars on the 15th (EUR 144k), VAT on the 19th, Agirc-Arrco by the 25th and salaries on the last working day; October also carries the quarterly rent (EUR 122k).", "VAT is monthly. VAT on services falls due when customers pay, so the French Enterprise invoices carry EUR 29k of VAT that becomes payable only on collection; services sold to EU businesses are reverse charged and declared on the DES. E-invoicing: the company must receive electronic invoices from 1 September 2026 and, as an SME, issue them from 1 September 2027, so the billing system needs its approved-platform connection in the 2027 budget. No corporate income tax is due: tax losses of EUR 15.49m at the start of the year grow to EUR 26.45m by December 2027, and the research tax credit is not taxable. Dollar invoices are paid a month after they are booked: the exchange difference is a loss of EUR 3k for FY2026." ], "rows": [] }, { "title": "9. SCENARIOS (Scenarios sheet; snapshot values from three full model runs)", "paragraphs": [ "Base: FY2027 revenue EUR 8,684k (31.3% growth), gross margin 61.9%, an EBITDA loss of EUR 4,112k, cash EUR 3,526k at December 2027 (EUR 526k above the EUR 3.0m buffer at the lowest point). Downside (a price war and a slower market: list prices cut 20% in January 2027, vendor B at USD 1.80, the dollar at 1.08, Enterprise usage growth halved, renewals without uplift and at lower probabilities, the pipeline two months later, weaker Team and Developer demand, customers 15 days slower; response: half the hiring plan, half of leavers replaced, marketing 20% lower, 18 GPUs): revenue EUR 6,948k (7.5% growth), gross margin 53.0%, an EBITDA loss of EUR 4,790k, lowest cash EUR 1,918k in Nov-27 (EUR 1,082k below the EUR 3.0m buffer). Upside: revenue EUR 9,599k, gross margin 65.8%, an EBITDA loss of EUR 3,344k, cash EUR 4,379k at December 2027.", "The Downside sets the funding timetable: cash falls EUR 1,082k below the EUR 3.0m buffer by Nov-27 even with the response in place. Triggers, reviewed monthly: vendor B price for the fourth quarter above USD 1.70 per million tokens; Enterprise net revenue retention on usage below 105%; Team customers lost above 3% a month for two months; a renewal lost among the five largest accounts; headroom over the buffer below EUR 2.5m on the 13-week forecast." ], "rows": [] }, { "title": "10. RISK REGISTER (scored 1 to 5; score = likelihood x impact)", "paragraphs": [], "rows": [ [ "Funding: at its lowest point (Dec-27) the Base case is EUR 526k above the EUR 3.0m buffer; the Downside is EUR 1,082k below the EUR 3.0m buffer in Nov-27. The business burns about EUR 356k a month in FY2027.", 4, 5, 20, "Series C plan to the board by November; process from the first quarter of 2027; monthly cash review against the buffer; CEO and BriQs CFO" ], [ "Vendor B: 56% of revenue runs on its models; its fourth-quarter price is not confirmed and a rise or outage hits voice and agents at once", 4, 4, 16, "Second voice model qualified by December; routing between models; price protection in the renewal of the vendor B contract; CTO" ], [ "Price pressure: list prices down 8% in 2026 and 10% planned for 2027; the Downside tests 20%", 3, 4, 12, "Price list for 2027 set after the vendor B answer; value-based pricing for Enterprise workflows; CEO and Head of sales" ], [ "GPU capacity: inference needs 96% of usable reserved hours by December; research hours are squeezed; on-demand GPUs cost 74% more", 4, 3, 12, "2027 reservation decided by November; efficiency roadmap per product; CTO and Finance lead" ], [ "Cloud commitment: a 2026 shortfall of USD 114k is provided and payable in January", 3, 2, 6, "Roll the shortfall into the 2027 commitment; size 2027 to the plan with a usage review each quarter; Finance lead" ], [ "Enterprise renewals and unused commitments: EUR 326k of FY2026 revenue comes from commitments not used; Pravenza Retail left for an in-house open-weights model", 3, 3, 9, "Usage reviews each quarter with every account; renewal plan 90 days before each anniversary; Head of customer success" ], [ "Research tax credit: EUR 1,138k a year depends on SME status for the cash refund and on time records that survive a tax audit", 2, 4, 8, "SME status confirmed by the tax adviser; time records and technical files kept monthly; Finance lead" ], [ "Team acquisition and churn: 14.5 new customers a month against 17.6 budgeted; 2.4% lost each month", 3, 2, 6, "Onboarding for the first 60 days; usage alerts before the allowance runs out; Head of marketing" ], [ "Service reliability: the 28 April incident led to the disputed Tervane invoice (EUR 18.1k)", 2, 3, 6, "Idempotent retries so a retried call is never billed twice; incident credits policy; CTO" ], [ "Key people: the machine learning research team holds the models and the Paris market for that profile is tight", 3, 3, 9, "Retention plan for the ten most critical researchers and engineers; succession cover for each lead; CEO" ] ], "columns": [ "Risk", "Likelihood", "Impact", "Score", "Mitigation and owner" ] }, { "title": "11. ACTIONS (owner, due date, status)", "paragraphs": [], "rows": [ [ "Series C plan for the board: amount, timing and milestones, with cash against the buffer by month in each scenario", "CEO and BriQs CFO", "2026-11-30", "Open", "Board decision on the round and the timetable" ], [ "2027 GPU reservation and Provider A commitment, with the 2026 shortfall rolled into 2027", "CTO and Finance lead", "2026-11-15", "Open", "Signed order form; shortfall rollover in writing" ], [ "Vendor B: confirm the fourth-quarter price and qualify a second voice model", "CTO", "2026-12-31", "Open", "Price confirmed in writing; second model live for at least 10% of voice traffic" ], [ "2027 price list: size of the cut by product, Enterprise renewal pricing, Maltessa Telecom repricing plan", "CEO and Head of sales", "2026-10-31", "Open", "Price list approved after the vendor B answer" ], [ "Research tax credit: SME status confirmation, FY2026 time records file and a prefinancing quote", "Finance lead with the tax adviser", "2026-10-31", "Open", "Adviser opinion on file; prefinancing terms received" ], [ "Tervane dispute: engineering review of the call logs and settlement of the May invoice", "Finance lead and Head of customer success", "2026-10-31", "In progress", "Credit note for the calls proven duplicated; balance collected" ], [ "E-invoicing: confirm reception through the approved platform and plan issuance from September 2027", "Finance lead", "2026-10-31", "Open", "Supplier invoices received electronically; issuance project in the 2027 budget" ], [ "Unit cost dashboard: price and compute cost per 1,000 units by product in every monthly pack", "BriQs CFO", "2026-10-15", "Open", "Dashboard in the September pack" ], [ "Downside plan: triggers, the hiring response and the order of cash levers", "BriQs CFO", "2026-10-15", "Open", "Plan approved by the board and attached to the October pack" ] ], "columns": [ "Action", "Owner", "Due", "Status", "Measure of done" ] }, { "title": "12. INFORMATION NEEDED BEFORE THE SEPTEMBER CLOSE", "paragraphs": [ "The September billing, metering and credit ledger exports: packs sold and credits used by pack, Team customers and fees, Enterprise usage and commitments by account.", "Provider A and vendor B invoices for September in USD and the September ECB average rate; the GPU scheduler hours.", "Vendor B: the confirmed price for the fourth quarter.", "Tervane Assurances: the outcome of the engineering review of the call logs.", "The tax adviser opinion on SME status for the research tax credit refund, and the AT/MP rate notified for 2026.", "The 2027 pay review proposal and, when published, the 2027 social security ceiling and SMIC.", "Prepared by BriQs Group for the board of Serennix AI SAS (fictional demonstration company). Model status at the time of preparation: OK." ], "rows": [] } ] }, "headline_series": { "T_rev": { "key": "T_rev", "label": "REVENUE", "basis": "", "section": "REVENUE (IFRS 15)", "format": "int", "kind": "calc", "bold": true, "values": [ 496459.6659, 474887.2086, 513179.9136, 488970.0073, 523579.0091, 568226.2859, 566906.2259, 574144.0927, 661779.6116, 563506.6006, 585672.3332, 597917.1905, 641074.6759, 633115.3408, 757581.958, 659160.6431, 681634.1329, 804015.7689, 693553.3077, 710548.8894, 768417.6074, 796036.4649, 783106.523, 755626.6889 ], "fy2026": 6615228.1449, "fy2027": 8683872.0009, "total_rule": "sum" }, "seg_dev": { "key": "seg_dev", "label": "Revenue: Developer", "basis": "", "section": "SEGMENT AND FUNCTIONAL VIEW (memo)", "format": "int", "kind": "calc", "bold": false, "values": [ 75510.7959, 81962.1586, 82243.0836, 84029.0973, 82221.3491, 85687.5559, 88344.3359, 86409.2727, 91113.7804, 95687.1101, 101214.1829, 99148.4957, 111475.371, 111811.665, 117330.7937, 119396.0583, 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