Board of Directors — Q2 FY25 Review

Board
Meeting.

Performance against plan, strategic progress, top risks, and three decisions we're asking the board to approve today.

Date
May 14, 2025
Stage
Series B
Classification
Confidential
Session Overview

Agenda

Duration
90 min
01

KPIs vs plan — ARR, NRR, pipeline

18 min
02

Financials, budget vs actual & runway

16 min
03

Strategic priorities for the half

14 min
04

Top three risks & mitigations

14 min
05

Decisions to approve

22 min
Board Deck — Q2 FY2502 / 10
Section 01 — Performance

KPIs against plan

Quarter ending Mar 31, 2025
Ending ARR
$24.6M
▲ 4% ahead of plan
Plan was $23.7M. Net new ARR of $3.1M, driven by upsell into the enterprise cohort.
Net Revenue Retention
118%
▲ 6 pts vs plan
Gross churn held at 7%. Expansion strong; land-and-expand motion outperforming target.
Qualified Pipeline
$41M
▼ 12% behind plan
Coverage at 2.8× vs 3.2× target. Top-of-funnel softness is the key concern this half.
Board Deck — Q2 FY2503 / 10
ARR Trajectory

Six quarters of
compounding growth

+61%
YoY ARR growth
Q1'24 · $15.3MQ2'24Q3'24Q4'24Q1'25Q2'25 · $24.6M
Actual ARR Board plan
Board Deck — Q2 FY2504 / 10
Section 02 — Financials

Budget vs actual

$000s — Q2 FY25PlanActualVariance
Revenue (recognized)5,7806,010+230
Gross margin78%79%+1 pt
Sales & Marketing3,1003,340+240
Research & Development2,4502,390−60
General & Admin1,1801,210+30
Net burn2,1202,280+160
Cash Position
$38.4M
Cash on hand as of Mar 31
19mo
Runway at current burn
−2 mo vs plan
Elevated S&M spend shortens runway. Reforecast (Decision 1) restores buffer to 22 months.
Board Deck — Q2 FY2505 / 10
Section 03 — Strategy

Priorities for H2

Three bets that decide whether we exit the year at a $30M ARR run-rate and default-alive.
01

Rebuild the top of funnel

Shift budget from paid to partner-sourced pipeline. Target 3.2× coverage by Q4.

Owner — CRO
02

Ship the AI insights layer

GA in Q3. Anchors the new pricing tier and defends NRR against competitive pressure.

Owner — CPO
03

Move upmarket, deliberately

Land 8 enterprise logos at >$150K ACV. Requires the VP Enterprise Sales hire (Decision 2).

Owner — CEO
Board Deck — Q2 FY2506 / 10
Section 04 — Risk

Top three risks

1

Pipeline coverage shortfall

2.8× vs 3.2× target threatens H2 bookings.

Mitigation: Reallocate $600K to partner channel; weekly pipeline council; SDR ramp pulled forward.

High · Likely
2

Runway compression

Burn 8% over plan; runway at 19 months.

Mitigation: Reforecast (Decision 1) trims $1.4M discretionary spend, restoring 22-month buffer.

Medium · Possible
3

Competitive AI feature gap

Two rivals shipped insight automation.

Mitigation: AI insights layer GA in Q3; design partners under NDA; roadmap protected from cuts.

Medium · Likely
Board Deck — Q2 FY2507 / 10
Section 05 — Approvals

Three decisions
for the board

We are requesting formal approval on each item today. Detail follows on the next page.
Decision 01

Budget reforecast

Trim $1.4M discretionary spend; reallocate $600K to partner channel.

Decision 02

VP Enterprise Sales

Approve senior hire at $280K OTE + equity to lead the upmarket motion.

Decision 03

Pricing change

Introduce usage-based AI tier; +12% list on enterprise plans.

Board Deck — Q2 FY2508 / 10
Decisions — Impact & Ask

What each unlocks

DecisionFinancial impactStrategic upsideBoard ask
01 · Budget reforecastExtends runway 19→22 moRedirects spend to partner-sourced pipelineApprove
02 · VP Enterprise hire+$460K fully-loaded FY cost8 enterprise logos, +$1.2M new ARR targetApprove
03 · Pricing change+$1.8M ARR uplift at steady churnMonetizes AI layer; lifts NRR to ~122%Approve
+$3.0M
Combined ARR upside from Decisions 2 & 3 by year-end — the difference between a $27M and a $30M run-rate exiting FY25.
Board Deck — Q2 FY2509 / 10
Summary & Vote

Ahead on retention.
Focused on funnel.
Ready to decide.

Three approvals today keep Northwind default-alive and on a $30M run-rate exit. We'll now move to a vote on Decisions 1–3.

Next board meeting
August 13, 2025
Board Deck — Q2 FY25 · Confidential10 / 10