3-Year Financial Overview
Projections prepared 25 April 2026 · All figures in Euro · Equity funded · No debt
Year 3 Revenue
€6.19M
From €242k at launch (2027)
▲ 25× growth over 3 years
Profitability Inflection
2029
EBITDA turns positive: +€1.24M
Net profit +€1.22M Y3
Total Equity Investment
€1.5M
Injected Jan 2027 · No debt
Cash low: €243k (end 2028)
Shareholders' Funds Y3
€1.54M
Equity restored after losses
Cumulative breakeven 2029
Revenue vs EBITDA (€000)
3-Year Journey
2027
Launch Year — Build & Seed
€242k revenue · €1.5M equity raised · 5 FTE at launch → 9 FTE by Jun · EBITDA –€590k (investment phase)
2028
Scale-Up — Critical Cash Year
€1.81M revenue (+649%) · 12.5→18.5 FTE · Cash drops to €243k (year-end low) — revenue must materialise on plan
2029
Inflection Point — Profitable
€6.19M revenue (+242%) · 20.5→28.5 FTE · EBITDA +€1.24M · Cash recovers to €1.43M · Cumulative breakeven achieved
3-Year Summary (€)
| Metric | 2027 | 2028 | 2029 |
|---|---|---|---|
| Total Sales | 241,675 | 1,810,680 | 6,190,703 |
| Cost of Sales | 118,676 | 634,162 | 1,546,288 |
| Gross Profit | 122,998 | 1,176,518 | 4,644,415 |
| Gross Profit % | 50.9% | 65.0% | 75.0% |
| Total Overheads | 713,000 | 1,758,991 | 3,405,810 |
| EBITDA | –590,002 | –582,473 | +1,238,605 |
| Net Profit | –593,109 | –589,444 | +1,223,920 |
| Closing Cash | 865,998 | 243,026 | 1,429,131 |
| Headcount (year-end FTE) | 9 | 18.5 | 28.5 |
Revenue & Products
Four subscription products · Monthly billing · Annual contracts · 90% renewal rate
Tier 2 Share (Y1)
95.4%
€230,603 of €241,675 total
Revenue Y1→Y3 Growth
+2,460%
€242k to €6.19M in 3 years
Products Active by Y2
4 of 4
All tiers contributing revenue
Annual Renewal Rate
90%
Implied 10% annual churn
Product Revenue Mix by Year (€000)
Product Pricing
Tier 1 · Starter
Cimelium Agents
€83.25/month
Tier 2 · Standard
Cimelium Agents
€416.25/month
Tier 3 · Enterprise
Cimelium Agents
€1,250/month
Add-on
Fintech Expansion
€375/month
Revenue by Product Line (€)
| Product | Price/mo | 2027 | 2028 | 2029 |
|---|---|---|---|---|
| Cimelium Agents — Tier 1 | €83.25 | 11,072 | 317,491 | 1,430,013 |
| Cimelium Agents — Tier 2 | €416.25 | 230,603 | 1,284,797 | 3,292,513 |
| Cimelium Agents — Tier 3 | €1,250.00 | — | 196,250 | 1,300,375 |
| Fintech Expansion | €375.00 | — | 12,143 | 167,803 |
| Total Sales | — | 241,675 | 1,810,680 | 6,190,703 |
Revenue Ramp — Quarterly View
Profit & Loss
Revenue, cost of sales, overheads, and net profit — monthly & annual
Path to profitability: Monthly net profit turns positive in April 2029. Full-year profitability is achieved in 2029 with net profit of +€1.22M (19.8% margin). EBITDA reaches +€1.24M driven by revenue scaling well ahead of the semi-fixed cost base.
Annual P&L — Revenue vs Overheads vs Net Profit (€000)
Annual P&L Detail (€)
| Line Item | 2027 | 2028 | 2029 |
|---|---|---|---|
| Sales | 241,675 | 1,810,680 | 6,190,703 |
| Cost of Sales | 118,676 | 634,162 | 1,546,288 |
| Gross Profit | 122,998 | 1,176,518 | 4,644,415 |
| Gross Profit % | 50.9% | 65.0% | 75.0% |
| Overheads | |||
| Non-Staff OpEx | 117,680 | 448,026 | 1,098,746 |
| Staff Costs (incl. PRSI) | 595,320 | 1,310,965 | 2,307,064 |
| Total Overheads | 713,000 | 1,758,991 | 3,405,810 |
| Depreciation | 3,108 | 6,971 | 14,685 |
| Net Profit | –593,109 | –589,444 | +1,223,920 |
| Net Profit Margin | N/A | N/A | 19.8% |
| EBITDA | –590,002 | –582,473 | +1,238,605 |
Net Profit Ramp — Quarterly View
Cash Flow
Cash position tracking across all 36 months of the projection period
2028 Critical Cash Point: Closing cash balance hits €243,026 at end of 2028 — the model's single most sensitive assumption. Any material revenue shortfall in 2028 against plan would require either additional equity or rapid cost reduction. The business has no debt headroom to absorb a miss.
Opening Cash (Jan 2027)
€1.5M
Equity injection · No debt
Lowest Cash (Dec 2028)
€243k
16% of initial equity remaining
Cash Recovery (Dec 2029)
€1.43M
Self-funded from operations
2027 Monthly Burn Rate
~€53k
Average net monthly outflow
36-Month Cash Balance (€)
Annual Cash Flow Summary (€)
| Item | 2027 | 2028 | 2029 |
|---|---|---|---|
| Opening Balance | — | 865,998 | 243,026 |
| Cash In | |||
| From Sales | 241,675 | 1,810,680 | 6,190,703 |
| Equity Injection | 1,500,000 | — | — |
| Total Cash In | 1,741,675 | 1,810,680 | 6,190,703 |
| Cash Out | |||
| Purchases (Cost of Sales) | 118,676 | 634,162 | 1,546,288 |
| Non-Staff OpEx | 117,680 | 448,026 | 1,098,746 |
| Staff Costs (incl. PRSI) | 595,320 | 1,310,965 | 2,307,064 |
| Capital Expenditure | 44,000 | 40,500 | 52,500 |
| Total Cash Out | 875,676 | 2,433,653 | 5,004,598 |
| Net Cash Flow | +865,998 | –622,973 | +1,186,105 |
| Closing Balance | 865,998 | 243,026 | 1,429,131 |
Cash Balance Ramp — Quarterly View
Balance Sheet
Financial position at year-end · 100% equity financed · No debt
Clean balance sheet: No debt, no creditors, no inventory. Assets are cash and capital expenditure. Retained losses accumulate through 2028; the cumulative position turns positive in 2029, confirming true breakeven.
Shareholders' Funds (€000)
Asset Composition at Year-End (€000)
Balance Sheet by Year (€)
| Item | 2027 | 2028 | 2029 |
|---|---|---|---|
| Assets | |||
| Capital Expenditure (net) | 40,893 | 74,421 | 112,236 |
| Cash at Bank | 865,998 | 243,026 | 1,429,131 |
| Net Assets | 906,891 | 317,447 | 1,541,367 |
| Equity & Liabilities | |||
| Equity (initial injection) | 1,500,000 | 1,500,000 | 1,500,000 |
| Retained Profit / (Loss) | –593,109 | –1,182,553 | +41,367 |
| Shareholders' Funds | 906,891 | 317,447 | 1,541,367 |
| Bank / Promoter Loans | — | — | — |
Team & Operations
Headcount plan, staff costs, and operational expenditure by department
Launch Team (Jan 2027)
5 FTE
Grows to 9 FTE from Jun 2027
Year 3 Peak
28.5 FTE
Reached Jun 2029, holds to Dec
Y1 Staff Cost
€595k
246% of Y1 revenue — investment phase
Y3 Staff Cost
€2.31M
37% of Y3 revenue — improving leverage
Monthly Headcount Progression
Staff vs Non-Staff Overhead by Year (€000)
Overhead by Department — 3 Years (€)
| Department | Staff 2027 | Non-Staff 2027 | Total 2027 | Total 2028 | Total 2029 |
|---|---|---|---|---|---|
| Operations | 414,495 | 18,340 | 432,835 | 829,130 | 1,367,280 |
| Marketing / Sales / Advisory | 92,490 | 68,900 | 161,390 | 705,192 | 1,596,736 |
| Admin & Management | 88,335 | 30,440 | 118,775 | 224,669 | 441,794 |
| Total Overheads | 595,320 | 117,680 | 713,000 | 1,758,991 | 3,405,810 |
Month-by-Month Headcount — By Team
Assumptions
Complete model inputs — pricing, sales plan, hiring ramp, operating costs, and CapEx
Products & Pricing
Contract typeAnnual, billed monthly
Tier 1 — Starter€83.25 / mo
Tier 2 — Standard€416.25 / mo
Tier 3 — Enterprise€1,250.00 / mo
Fintech Expansion€375.00 / mo
Renewal rate90% annually
Revenue recognitionMonth of delivery
Cost of Sales
COGS as % of product revenue
| Product | 2027 | 2028 | 2029 |
|---|---|---|---|
| Tier 1 | 52.4% | 34.3% | 24.7% |
| Tier 2 | 48.9% | 34.8% | 25.4% |
| Tier 3 | 57.8% | 39.6% | 27.5% |
| Fintech | — | 0% | 0% |
| Blended | 49.1% | 35.0% | 25.0% |
Funding & Capital
Initial equity€1,500,000 (Jan 2027)
Bank loans€0 — none assumed
Promoters' loans€0 — none assumed
Grants€0 — none assumed
Interest expense€0 — no debt
Sensitivity note2028 cash hits €243k low
New customers signed per month. Existing customers renew at 90% annually. Revenue = (cumulative active customers) × monthly price.
| Month | T1 | T2 | T3 | Fintech |
|---|
Monthly cost per role includes base salary + employer PRSI (~11.25%) + benefits (~2%). All salaries carry a ~5% annual uplift Y1→Y2 and Y2→Y3.
| Start Date | Role | Dept | Count | Monthly Cost | Annual Cost | Cumul. FTE |
|---|---|---|---|---|---|---|
| 2027 — Launch Team (Jan) + Mid-Year Expansion (Jun) | ||||||
| Jan 2027 | CEO | Admin | 1 | €6,500 | €78,000 | 1 |
| Jan 2027 | Junior Forward Deployed Specialist | Ops | 1 | €3,500 | €42,000 | 2 |
| Jan 2027 | Senior Forward Deployed Specialist | Ops | 1 | €5,000 | €60,000 | 3 |
| Jan 2027 | Senior Engineer / Data Scientist / DevOps | Ops | 2 | €7,500 × 2 | €180,000 | 5 |
| Jun 2027 | Senior Engineer (+1, 3rd engineer) | Ops | +1 | €7,500 | €52,500 (7mo) | 6 |
| Jun 2027 | UX Researcher & Designer | Ops | 1 | €4,500 | €31,500 (7mo) | 7 |
| Jun 2027 | Business Development Manager | Mktg | 1 | €5,000 | €35,000 (7mo) | 8 |
| Jun 2027 | B2B Sales (1st rep) | Mktg | 1 | €6,667 | €46,669 (7mo) | 9 |
| 2028 — Scale-Up (12.5 FTE Jan → 18.5 FTE Dec) | ||||||
| Feb 2028 | Customer Success Manager | Ops | 1 | €3,675 | €40,425 (11mo) | 13.5 |
| Mar 2028 | Marketing Manager | Mktg | 1 | €5,250 | €52,500 (10mo) | 14.5 |
| May 2028 | B2B Sales (2nd and 3rd rep, +2) | Mktg | +2 | €7,000 × 2 | €112,005 (8mo) | 16.5 |
| May 2028 | Sales Assistant | Mktg | 1 | €3,675 | €29,400 (8mo) | 16.5 |
| Jul 2028 | Senior Engineer (4th engineer) | Ops | +1 | €7,875 | €47,250 (6mo) | 17.5 |
| Sep 2028 | Head of Operations | Admin | 1 | €6,125 | €24,499 (4mo) | 18.5 |
| 2028 CFO — Part-Time from Jan 2028 (0.5 FTE) | ||||||
| Jan 2028 | CFO (0.5 FTE) | Admin | 0.5 | €3,675 | €44,100 | +0.5 |
| 2029 — Growth Phase (20.5 FTE Jan → 28.5 FTE Jun, then stable) | ||||||
| Jan 2029 | Junior FDS (2nd, +1) | Ops | +1 | €8,085 | see total | +carry |
| Jan 2029 | B2B Sales (4th rep, +1) | Mktg | +1 | €7,700 | see total | 20.5 |
| Feb 2029 | Junior FDS (3rd, +1) + Senior FDS (3rd, +1) | Ops | +2 | €8,085 + €5,775 | see total | 22.5 |
| Feb 2029 | Market Analyst | Mktg | 1 | €4,620 | €55,440 (12mo) | 22.5 |
| Mar 2029 | Senior FDS (4th, +1) + Product Manager | Ops | +2 | €5,775 + €7,219 | see total | 25.5 |
| Mar 2029 | B2B Sales (5th rep, +1) | Mktg | +1 | €7,700 | see total | 25.5 |
| May 2029 | Finance Manager | Admin | 1 | €5,775 | €46,200 (8mo) | 26.5 |
| Jun 2029 | Art Advisor | Mktg | 1 | €5,198 | €36,383 (7mo) | 27.5 |
| Jun 2029 | B2B Sales (6th rep, +1) | Mktg | +1 | €7,700 | see total | 28.5 |
| Annual Salary Totals (incl. PRSI & Benefits) | ||||||
| 2027 | Operations €414,495 · Marketing €92,490 · Admin €88,335 | Total: €595,320 | ||||
| 2028 | Operations €727,150 · Marketing €417,792 · Admin €166,023 | Total: €1,310,965 | ||||
| 2029 | Operations €1,132,760 · Marketing €882,736 · Admin €291,568 | Total: €2,307,064 | ||||
| Category | Item | Y1 Monthly (€) | Y1 Annual (€) | Y1→Y2 Increase | Y2→Y3 Increase | Y2 Annual (€) | Y3 Annual (€) |
|---|---|---|---|---|---|---|---|
| Operations | |||||||
| Software & SaaS tooling | 1,060 | 12,720 | ×2.0 headcount | ×3.0 | 38,160 | 114,480 | |
| Content fees | 35 | 420 | ×16 | ×2.0 | 6,720 | 13,440 | |
| Travel & out-of-pocket (base) | 50 | 600 | ×2.5 | ×1.5 | 1,500 | 2,250 | |
| Operations Regular Subtotal | 1,145 | 13,740 | 46,380 | 130,170 | |||
| Marketing, Sales & Advisory | |||||||
| Paid marketing | 2,500 | 30,000 | ×4.0 | ×2.5 | 120,000 | 300,000 | |
| Organic SEO & content | 500 | 6,000 | ×3.0 | ×2.0 | 18,000 | 36,000 | |
| Marketing tech stack | 400 | 4,800 | ×3.0 | ×2.5 | 14,400 | 36,000 | |
| Sales enablement & CRM | 300 | 3,600 | ×5.0 | ×2.0 | 18,000 | 36,000 | |
| Partnerships & channels | 0 | 0 | — | — | 0 | 0 | |
| Marketing Regular Subtotal | 3,700 | 44,400 | 170,400 | 408,000 | |||
| Admin & Management | |||||||
| Rent / rates | 800 | 9,600 | ×3.0 | ×3.0 | 28,800 | 86,400 | |
| Utilities | 200 | 2,400 | ×1.0 | ×1.0 | 2,400 | 2,400 | |
| Accounting / Audit | 400 | 4,800 | ×1.25 | ×2.2 | 6,000 | 13,200 | |
| Bank charges | 20 | 240 | ×1.0 | ×1.0 | 240 | 240 | |
| Legal (retainer / regular) | 50 | 600 | ×3.0 | ×9.0 | 1,800 | 16,200 | |
| Professional indemnity & employer liability | 100 | 1,200 | ×1.0 | ×1.0 | 1,200 | 1,200 | |
| VAT returns & bookkeeping | 400 | 4,800 | ×1.5 | ×1.33 | 7,200 | 9,576 | |
| Payroll services | 150 | 1,800 | ×1.67 | ×1.6 | 3,006 | 4,810 | |
| Admin Regular Subtotal | 2,120 | 25,440 | 50,646 | 133,226 | |||
These costs are irregular — they appear only in specific months and are budgeted separately from regular monthly overhead. They are fully included in the P&L and Cash Flow figures above.
| Category | Item | 2027 Timing & Amount | 2028 Timing & Amount | 2029 Timing & Amount |
|---|---|---|---|---|
| Operations | ||||
| Travel & out-of-pocket | (quarterly spikes) | Jan €200, Feb €400, Jun €1,200, Oct €1,200, all others €200 — Total: €4,600 | Apr €2,400, Jun €2,400, Aug €2,400, Oct €2,400, all others €800 — Total: €16,000 | Apr €2,400, Jun €2,400, Oct €2,400, all others €800 — Total: €14,400 |
| External consultancy | (specialist/advisory) | — | Jun–Dec €6,000/mo — Total: €36,000 | Jan–Dec €6,000/mo — Total: €72,000 |
| IRL team meetings | (all-hands gatherings) | — | Jun €2,000, Nov €2,000 — Total: €4,000 | Mar €4,000, Jul €4,000, Nov €8,000 — Total: €16,000 |
| Marketing, Sales & Advisory | ||||
| Sales commission | (Tier 2 / 3 — net new) | Jun–Dec €3,500/mo — Total: €24,500 | Jan–Jun €7,000/mo, Jul–Dec €12,500/mo — Total: €117,000 | Jan–May €20,000/mo, Jun–Dec €31,000/mo — Total: €306,000 |
| Admin & Management | ||||
| Legal (one-off matters) | (fundraising, contracts, IP) | Jan €4,000 — Total: €4,000 | Apr €6,000 — Total: €6,000 | Jan €10,000, May €8,000, Sep €8,000 — Total: €26,000 |
| Professional indemnity | (annual renewal) | Jan €1,000 — Total: €1,000 | Jan €1,000 — Total: €1,000 | Jan €1,000 — Total: €1,000 |
| Total Occasional | €30,100 | €164,000 | €435,400 | |
| Month | 2027 CapEx (€) | 2028 CapEx (€) | 2029 CapEx (€) |
|---|---|---|---|
| January | 13,000 | 11,500 | 17,500 |
| February | — | 3,000 | 7,500 |
| March | — | 1,500 | 6,000 |
| April | — | — | — |
| May | — | — | — |
| June | 21,000 | 10,000 | 10,000 |
| July | — | 1,500 | — |
| August | — | — | 1,500 |
| September | — | 1,500 | — |
| October | 10,000 | 11,500 | 10,000 |
| November | — | — | — |
| December | — | — | — |
| Annual Total | 44,000 | 40,500 | 52,500 |