March 2026 — Board Package
Ten metrics the board tracks. Color-coded against plan and peer benchmark.
Deltas compare to February close unless noted. Benchmarks are Series B B2B SaaS peer medians (Bessemer State of the Cloud + OpenView SaaS Benchmarks, Q1 2026 cohort, N=12). Every tile has formula, inputs, and confidence flag in the product app.
Acceleration in three places: YoY growth +2.1pp to 48% (strongest quarter since Series B close); Magic Number +0.07 to 0.82 (healthy-invest threshold); burn multiple -0.2x to 1.8x (cleanest quarter on record).
One compression to explain: gross margin -1.4pp vs plan, driven entirely by the multi-cloud migration. Migration is 78% complete; full recovery path documented on page 7.
One decision to confirm: AE hiring re-opened through Accel's network (March 11). Pipeline coverage is 4.1x — revisit trigger at 3x, comfortable margin.
Starting ARR plus new logo and expansion, minus contraction and churn, equals ending ARR. Color tells the story.
Net ARR add of $600K ($420K new logo + $295K expansion − $115K contraction/churn). Expansion-to-new ratio is 0.70x — healthiest we've seen since Series B close. The Meridian Health expansion is $180K of the $295K — even excluding it, expansion remains above plan.
Four of the last six months beat plan. March was the largest absolute beat ($50K over plan). Material beat, not signal noise.
Dollar-based net retention by quarterly signup cohort. Newer cohorts should retain better than older ones if onboarding is improving.
Newer cohorts retaining better. Q3 '25 cohort at +10% by month 6; Q3 '24 cohort was at +5% at the same mark. We attribute this to the onboarding overhaul in Q2 '25 and the predictive-churn beta. Oldest cohort (Q2 '24) at 128% after seven quarters — exactly the curve we want every new cohort to follow.
The shape we want. A right-leaning triangle where later columns are darker green. That means cohorts are expanding, not just retaining.
Watchlist for Q2. Q4 '25 cohort — smaller than Q3 '25 cohort and showing slightly softer m3 expansion. Monitor for the first full retention read at m6 (June).
Two lenses: Magic Number (is sales spend paying off?) and Rule of 40 (is the growth-margin tradeoff healthy?).
Five consecutive quarters of improvement. Decomposed: 55% is new-logo efficiency, 30% is expansion yield, 15% is services drag reducing. Not one-deal-dependent.
Company sits at R40 = 30 (48% growth, -18% margin). Above peer median of 27. The R40 = 40 line is the quality threshold; trajectory is toward that line as margin recovers in Q3-Q4.
Growth is accelerating AND unit economics are improving at the same time. That's rare this stage. The Magic Number trajectory (0.68 → 0.82 in five quarters) is the single clearest quantitative signal.
Trailing 12-month burn multiple trending down; $8.5M cash with 36 months of runway at current burn (42 months at plan).
Moved from 2.4x (April '25) to 1.8x (March '26). Expected to hit 1.5x by Q3 as multi-cloud migration wraps.
Cash decline from $10.4M (Oct '25) to $8.5M (Mar '26) — $1.9M over 6 months, exactly on plan. Net change improving month-over-month.
| Runway scenario | Months | Cash at run-out |
|---|---|---|
| Current burn (Mar '26) | 36 | Mar 2029 |
| Plan-case burn | 42 | Sep 2029 |
| Series C target runway at close | 24 | Mid-2027 |
Series C planning cadence. Soft conversations Q4 2026. Formal process Q1 2027. Close mid-2027 with ~24 months runway remaining. Revisit trigger: ARR growth below 35% YoY or NRR below 110%.
Every material variance has a one-sentence explanation and an action. No item above $15K goes unexplained.
Revenue beat of +$135K; opex heavier by $93K; net operating result is $41K worse than plan — driven entirely by known, temporary items (hosting migration, one-time recruiting). Core run-rate is at-or-above plan.
Actual vs board-approved plan. All figures reconcile to the underlying GL.
| Line | Actual | Plan | Variance $ | Variance % |
|---|---|---|---|---|
| Subscription revenue | $1,120,000 | $1,095,000 | +$25,000 | +2.3% |
| Services revenue | $560,000 | $450,000 | +$110,000 | +24.4% |
| Total revenue | $1,680,000 | $1,545,000 | +$135,000 | +8.7% |
| COGS — hosting | $220,000 | $190,000 | $-30,000 | -15.8% |
| COGS — services | $248,000 | $195,000 | $-53,000 | -27.2% |
| Gross profit | $1,212,000 | $1,160,000 | +$52,000 | +4.5% |
| S&M | $685,000 | $640,000 | $-45,000 | -7.0% |
| R&D | $518,000 | $490,000 | $-28,000 | -5.7% |
| G&A | $195,000 | $175,000 | $-20,000 | -11.4% |
| Total opex | $1,398,000 | $1,305,000 | $-93,000 | -7.1% |
| Operating income | $-186,000 | $-145,000 | $-41,000 | +28.3% |
Balance sheet balanced to $0.37. KPI completeness 100%. Cross-artifact reconciliation checks passed. Source: QuickBooks Online (pulled April 9, 22:00 PT). Formula tooltip on every row in the product app.
| Function | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 plan |
|---|---|---|---|---|
| R&D | 28 | 31 | 33 | 35 |
| S&M | 24 | 26 | 27 | 31 |
| G&A | 9 | 10 | 11 | 11 |
| Total | 61 | 67 | 71 | 77 |
Board-level decisions made in the last 12 months with their revisit triggers. Current state shown against trigger — green means safe, amber means watch.
Named, owned, and dated. If it isn't on this page, it's not on the board radar.
Does the revised pipeline-coverage math still show safe conversion capacity? Current 4.1x is comfortable; the risk is that Q2 pipeline-gen slows without the 2 incremental AEs.
Is Q3 still achievable? Migration is 78% complete; on track per weekly CTO review.
Meridian Health expansion anchored Q1 NRR narrative. Current pipeline has 2 healthcare prospects in proposal stage; one is high-fit, one is stretch.
Every correction from the practitioner becomes a signal. These are the three that will shape next month's draft.
Every practitioner correction (typo, framing call, metric preference) is captured as a signal. Signals accumulate into the belief model that shapes the next draft. The board package you're reading has been through 47 practitioner corrections across three reporting cycles. It gets more tailored every month — not because a human is writing it from scratch, but because the model is learning.
Data sources. P&L pulled from QuickBooks Online API (April 9, 22:00 PT). Balance sheet reconciled to $0.37 against bank feeds. ARR, NRR, and cohort data from ChartMogul with Stripe as system-of-record. Headcount from Rippling. Pipeline from Salesforce opportunity stages 2-5.
Narrative generation. AI-drafted by Marlow (Anthropic Claude Opus 4.6), grounded in practitioner-confirmed signals from the last 90 days. No factual claim appears without a source; no framing call appears without practitioner approval. Prior draft diff available in the product app.
What changed since last month. Added the R40 peer quadrant (page 5) at Sarah Kim's request from the Q4 review. Cohort triangle (page 4) now shows quarterly cohorts instead of monthly for readability. Magic Number decomposition added to sales-efficiency narrative.