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
RevenuePlan
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.