Cash

Burn rose from $96k to $110k per month on one engineering hire and the SOC 2 audit engagement. We expect burn to hold near $115k through Q3 and to fall as a percentage of revenue every month thereafter on current growth.

At plan we reach 17 months of runway without a raise and would begin a Series A conversation from a position of choice rather than need in Q2 2027. The scenario that changes this is the one where consolidated billing does not ship — group deals are 61% of pipeline value, and they are the deals that require it.