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Financial Reports

P&L · Balance Sheet · Cash Flow · Ratios · May 2026

Month Signals
🟢 EBITDA ₦52.7M — beat budget by ₦9.7M (+22.6%) 🟡 Cash runway at 4.2 months — below 6mo target, review capex plan 🟢 S&M spend +29.6% YoY — justified by NRR 108% and CAC improvement

Key Financial Ratios

Current vs prior month vs board targets — RAG status

Gross Margin
74.9%
Prior: 74.4% Target: 72%+
Net Profit Margin
25.6%
Prior: 25.4% Target: 20%+
EBITDA Margin
28.5%
Prior: 28.3% Target: 25%+
OpEx Ratio
49.0%
Prior: 48.8% Target: <55%
Current Ratio
2.64x
Prior: 2.51x Target: >2.0x
Debt / Equity
0.44x
Prior: 0.48x Target: <0.6x
Burn Rate
₦22.1M
Prior: ₦21.0M Target: <₦25M
Cash Runway
4.2 mo
Prior: 4.8 mo Target: >6 mo

Profit & Loss Statement

May 2026 · Actual vs Prior vs Budget

Line Item Actual Prior Mo Budget vs Budget
Revenue
Product & SaaS Revenue ₦100.9M ₦88.4M ₦98.0M +3%
Services Revenue ₦69.4M ₦56.1M ₦65.0M +6.8%
Other Revenue ₦14.4M ₦19.7M ₦12.0M +20%
Total Revenue ₦184.7M ₦164.2M ₦175.0M +5.6%
Cost of Revenue
Direct Labour (₦32.4M) (₦29.8M) (₦33.0M) +1.8%
Infrastructure & Hosting (₦9.8M) (₦8.4M) (₦10.0M) +2%
Third-party Licences (₦4.2M) (₦3.9M) (₦4.5M) +6.7%
Total COGS (₦46.4M) (₦42.1M) (₦47.5M) +2.3%
Gross Profit ₦138.3M ₦122.1M ₦127.5M +8.5%
Operating Expenses
Salaries & Benefits (₦41.2M) (₦38.7M) (₦42.0M) +1.9%
Sales & Marketing (₦18.4M) (₦14.2M) (₦17.5M) -5.1%
General & Administrative (₦11.8M) (₦10.9M) (₦12.0M) +1.7%
R&D / Engineering (₦14.2M) (₦11.8M) (₦13.0M) -9.2%
Depreciation & Amortisation (₦4.9M) (₦4.6M) (₦5.0M) +1.2%
Total OpEx (₦90.5M) (₦80.2M) (₦89.5M) -1.2%
EBITDA ₦52.7M ₦46.5M ₦43.0M +22.6%
Below-the-line
Interest Expense (₦2.8M) (₦2.7M) (₦2.8M) -1.4%
Tax Provision (₦7.4M) (₦6.6M) (₦7.0M) -5.7%
Net Profit ₦47.4M ₦41.7M ₦38.2M +24%

Cash Flow Statement

May 2026

Operating Activities
Net Income ₦47.4M
Add: Depreciation & Amortisation ₦4.9M
Change in Accounts Receivable (₦8.2M)
Change in Accounts Payable ₦3.1M
Change in Deferred Revenue ₦2.4M
Net Cash from Operations ₦49.6M
Investing Activities
Capex — Software Development (₦14.2M)
Capex — Equipment (₦2.8M)
Disposal of Assets ₦1.2M
Net Cash from Investing (₦15.8M)
Financing Activities
Loan Repayment (₦6.0M)
Dividend Payment (₦4.5M)
Net Cash from Financing (₦10.5M)
Net Cash Movement +₦23.3M

Cash balance: ₦127.5M → ₦150.8M projected

Balance Sheet Snapshot

As of May 2026

Assets
Cash & Equivalents ₦127.5M
Accounts Receivable ₦84.2M
Prepaid & Other Current ₦12.8M
Property & Equipment (Net) ₦38.4M
Intangible Assets ₦21.6M
Total Assets ₦284.5M
Liabilities
Accounts Payable ₦28.4M
Accrued Expenses ₦14.8M
Deferred Revenue ₦22.1M
Short-term Debt ₦18.0M
Long-term Debt ₦42.0M
Total Liabilities ₦125.3M
Shareholders' Equity ₦159.2M

Revenue vs OpEx Trend

Last 6 months — widening gap = improving profitability

Margin Waterfall · May 2026

From gross revenue down to net profit — where value erodes

Gross Revenue
₦184.7M 100%
− COGS
₦46.4M -25.1%
= Gross Profit
₦138.3M 74.9%
− OpEx
₦90.5M -49%
= EBITDA
₦52.7M 28.5%
− Interest & Tax
₦10.2M -5.5%
= Net Profit
₦47.4M 25.6%

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