Traction & Scale Validation

Revenue Growth (Trailing Twelve Months)
FY22: $3.2M | FY23: $8.7M (172% YoY) | FY24: $22.4M (158% YoY) | FY25: $48.9M (118% YoY) | FY26 (TTM): $72.5M (48% YoY)

Profitability Trajectory
EBITDA FY22: -$1.2M | FY23: -$800K | FY24: $2.1M | FY25: $9.8M | FY26 (TTM): $16.2M (22% margin)

Operator & Truck Metrics
• Active operators: 2,340 (up from 340 at end of FY24)
• Trucks under management: 6,850 (up from 1,240 at end of FY24)
• Loads managed monthly: 142,000 (average; 185,000 peak during Q2 FY26)
• YoY operator growth: 185% | YoY truck growth: 198%

Operational Efficiency
• Revenue per truck (annual): $10,575 (up from $7,230 in FY24)
• Cost per truck per month: $285 (includes dispatch, settlement, compliance)
• Dispatcher productivity: 68 trucks per FTE (up from 42 in FY24)
• Average operator tenure: 11.2 months (retention improving with expanded feature set)

Operator-Level Unit Economics
• Revenue per truck (annual, Spotter-managed): $10,575 vs. industry average $8,200
• Contribution margin per truck: $4,230/year (40% of revenue, after platform costs)
• Operators reaching profitability inflection: 78% of active operators
• Average improvement in operator gross margin: +18% YoY after 6 months on platform

Platform-Level Metrics
• Loads dispatched per dispatcher: 45/week (up from 28 in FY24)
• Trucks per platform dispatcher: 68 (vs. 8-12 at traditional TMS/dispatch)
• AI-assisted dispatch: 94% of loads (vs. 12% at start of FY25)
• Deadhead percentage: 8.2% (vs. 12.4% industry average, 19% for small operators pre-Spotter)

Customer Acquisition Economics
• CAC (fully loaded): $1,240 per operator (down from $2,100 in FY24 via operator referral)
• Payback period: 3.2 months (improving with higher retention and expand revenue)
• LTV: $18,600 (based on 11.2 month average tenure, improving with new retention initiatives)
• LTV/CAC ratio: 15x (healthy range 3x-5x for SaaS)

Back-Office Efficiency
• Cost as % of revenue: 32% platform + payment processing (down from 48% in FY23)
• Automated settlements per day: 14,200 (vs. 0 in FY22)
• Manual compliance review reduction: 85% automation rate (ELD, HOS, insurance validation)

Capital Raised
• Seed (FY22): $2.1M
• Series A (FY23–FY24): $18.5M
• Total before Series B: $20.6M

Profitability & Runway
• Currently EBITDA positive (FY26 TTM: $16.2M / 22% margin)
• Positive free cash flow (Q2 FY26 and beyond)
• No further cash burn; capital efficiency drives growth reinvestment

Path to $100M+ Revenue (Series B Thesis)
• Projected FY27 revenue: $112M (54% growth, 28% EBITDA margin)
• Projected FY28 revenue: $165M (47% growth, 32% EBITDA margin)
• Target: 50%+ EBITDA margins at $500M+ revenue (SaaS-grade profitability)

Return on Operator Acquisition Investment
• ROIC (12-month basis): 4.2x (payback in 3.2 months, LTV:CAC of 15x)
• Operator lifetime value $18,600 vs. CAC $1,240 = 15:1 ratio
• Series A capital deployed: $18.5M | Operator base scaled: 1,850+ additional operators
• Implied ROIC per dollar Series A capital: $12.4M annual run-rate revenue increase