Two views. First, the market-ready products alone, base and bull. Then the fuller portfolio, what the group does as the pipeline behind them launches. Every number is bottom-up from each product's fee model (see the Products page for how each one earns); base is deliberately conservative, bull (~2x) switches on levers already in the plan, so it reconciles line-by-line rather than being an arbitrary multiple.
Pre-revenue. Every figure is a projection built from a stated assumption.Capital is spent building teams, fronting the Zimbabwe rollout and launching three products, so the company runs at a loss while it invests, then turns profitable around Year 3. The normal, credible arc.
| Year | Revenue | Gross (~72%) | Op cost | EBITDA | Margin |
|---|---|---|---|---|---|
| 1 | $1.6M | $1.1M | $4.0M | −$2.9M | , |
| 2 | $6.1M | $4.3M | $6.0M | −$1.7M | , |
| 3 | $15.8M | $11.4M | $9.0M | +$2.4M | ~15% |
| 4 | $35M | $25.5M | $13M | +$12.5M | ~36% |
| 5 | $75.5M | $55.9M | $18M | +$38M | ~50% |
Everything above counts only the first market-ready products. But the real model is a factory, one Data Fabric spine, one brand, one compliance base, built once, then each new system from the 20+ pipeline launches on top. Here is the group as it adds ~4 systems a year, each of the same average caliber, this is the scale the portfolio actually reaches.