Metrics Methodology

Revenue (Recognized Monthly)
Platform SaaS Revenue: Monthly recurring revenue from operator subscriptions ($350–500/operator/month). Recognized ratably over service period.

Transaction Revenue: Percentage of settlement volume (0.8–1.2% on ~$180M/year). Recognized on transaction settlement.

Finance & Insurance Revenue: Financing spreads (working capital, equipment loans) + insurance underwriting rebates. Recognized as services provided / interest accrued.

Net Revenue: Total of above three streams, net of payment processing fees (~2.9%) and platform hosting costs. FY26 TTM: $72.5M.

Adjusted EBITDA: Net income + interest + taxes + depreciation + amortization. FY26 TTM: $16.2M (22% margin). Excludes stock-based compensation expense and one-time items.

Free Cash Flow: Cash from operations minus capex. Positive since Q2 FY26 ($3.2M quarterly run-rate).

Active Operator: An operator with at least one truck active on platform and one dispatched load in the last 30 days. FY26: 2,340 active operators.

Churned Operator: An operator with zero loads in 60 consecutive days and explicitly requested to leave or removed for compliance violation. Monthly churn rate: 2.8% (industry average 4–6%).

Temporary Churn: Operator inactive for 30–60 days but still associated with platform account. Often returns; counted separately from permanent churn.

Trucks on Platform: Total number of unique truck units (tractors + trailers) registered and active with at least one load in the last 60 days. FY26: 6,850 trucks.

Loads Managed: Total number of individual freight loads dispatched, booked, and settled through Spotter platform. Monthly average: 142,000 loads; peak: 185,000 (Q2 FY26).

Revenue per Truck (Annual): Total platform revenue attributed to a truck, divided by number of trucks. FY26: $10,575/truck/year. Calculated as (Total Revenue / Total Trucks on Platform) × 12 months.

AI-Assisted Dispatch %: Percentage of loads assigned by Spotter AI (vs. manual operator acceptance). FY26: 94% of loads. Measured as (AI-assigned loads / total dispatched loads) × 100.

Deadhead %: Empty miles (no freight) as a percentage of total miles driven. Spotter platform average: 8.2%. Industry average: 12–22% (varies by operator, region). Calculated as (Total empty miles / Total miles driven) × 100.

Loaded Miles %: Miles driven with paying freight, as a % of total miles. Inverse of deadhead. Spotter average: 91.8% (target: 90%+).

Loads per Dispatcher (per week): Productivity metric for dispatch team. Spotter platform: 45 loads/dispatcher/week (up from 28 in FY24). Calculated as (Total weekly loads / Active dispatchers).

Trucks per Dispatcher: Coverage ratio. Spotter platform: 68 trucks per dispatcher FTE (vs. 8–12 at traditional TMS). Enables scale with minimal headcount.

Back-Office Cost as % of Revenue: Total platform + processing costs as a percentage of revenue. FY26: 32% (down from 48% in FY23). Includes server, payment processing, support, compliance tools.

CAC (Customer Acquisition Cost): Fully-loaded cost to acquire one operator, including sales, marketing, integration, onboarding. FY26: $1,240/operator (down from $2,100 in FY24 via operator referral program). Calculated as (S&M spend / new operators acquired).

LTV (Lifetime Value): Total net revenue generated from one operator over their tenure. FY26: $18,600 (based on 11.2 month average tenure, decreasing CAC per month as retention improves). Calculated as (Average monthly revenue per operator × average tenure in months).

Payback Period: Time to recover CAC from a single operator. FY26: 3.2 months (healthy for SaaS: <12 months). Calculated as CAC / (Monthly revenue per operator).

LTV/CAC Ratio: Lifetime value divided by customer acquisition cost. FY26: 15x (excellent; SaaS benchmark 3–5x). Indicates highly efficient unit economics.

Contribution Margin (per truck): Revenue attributable to a truck minus platform + processing costs, as % of revenue. FY26: 40% contribution margin per truck. This covers platform overhead, R&D, G&A, and profit.

Net Revenue Retention (NRR): Revenue from existing operators in Year 2 as a percentage of Year 1 revenue (accounting for churn + expansion). FY26: 87% NRR (above 80% benchmark). Improving as operators add trucks.