Q3 closed ahead of plan on revenue and gross margin, with cash runway extending to 27 months on the back of a leaner cost base. Mid-market and enterprise both expanded; SMB churn remains the watch item heading into Q4.

## Headline KPIs

Revenue
$8.42M
▲ 14.6% QoQ
Net new MRR
$184k
▲ 22.0% QoQ
Gross margin
82%
▲ 3 pp YoY
Cash runway
27 mo
▲ 4 mo QoQ

## Revenue & costs

### Revenue · trailing 12 months

USD millions, monthly
Revenue Plan

### Operating costs

USD thousands, Q3
R&D
$1.42M
Sales & GTM
$1.10M
G&A
$660k
Marketing
$510k
Infrastructure
$330k

## P&L summary

Line item | Q3 FY25 | Q2 FY25 | Δ QoQ | Q3 FY24 | Δ YoY
--- | --- | --- | --- | --- | ---
Revenue | $8.42M | $7.34M | +14.6% | $5.92M | +42.2%
Cost of revenue | ($1.51M) | ($1.46M) | +3.4% | ($1.18M) | +28.0%
Gross profit | $6.91M | $5.88M | +17.5% | $4.74M | +45.8%
Operating expenses | ($4.02M) | ($4.18M) | −3.8% | ($3.66M) | +9.8%
Operating income | $2.89M | $1.70M | +70.0% | $1.08M | +167.5%

## Top accounts

Customer | Plan | Region | ARR | Status
--- | --- | --- | --- | ---
Pioneer Robotics | Enterprise | EMEA | $612k | Renewed
Atlas Cooperative | Enterprise | APAC | $486k | Expanded
Foundry Group | Team Plus | NA | $320k | In renewal
Voltage Co. | Enterprise | NA | $298k | Renewed
Lattice Health | Team Plus | EMEA | $214k | At risk

## Outlook · Q4

"We're entering Q4 with the strongest pipeline coverage of the year — 3.4× plan — and the operating leverage to convert it without expanding the cost base."
Mira Okafor, CFO We expect revenue of $9.1–9.4M, net new MRR of $200–220k, and gross margin holding above 80%. The two open items are SMB churn (we'll publish a recovery plan with the November update) and the EMEA infra migration, which moves to GA in mid-November.