Revenue Build & Three-Statement Detail
Where the revenue comes from
The ramp is carried by the two large streams. Jurisdictional verification (IS1) and the enterprise data license (IS2) together are about 89% of 2035 revenue; the three specialist streams fill in behind them.
| US$M | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 |
|---|---|---|---|---|---|---|---|---|
| IS1 · Jurisdictional Verification | 7.0 | 15.0 | 24.2 | 32.4 | 40.4 | 47.6 | 53.6 | 59.0 |
| IS2 · Enterprise Data License | 0.3 | 3.8 | 9.3 | 16.8 | 24.3 | 30.0 | 33.8 | 37.5 |
| IS3 · Monitoring-as-a-Service | 0.1 | 0.5 | 1.0 | 1.7 | 2.4 | 3.2 | 3.9 | 4.7 |
| IS4 · Outcome Verification | 0 | 0.8 | 1.1 | 1.5 | 2.1 | 2.6 | 3.0 | 3.5 |
| IS5 · Natural-Capital Accounting | 0 | 0.5 | 1.1 | 1.6 | 2.1 | 2.6 | 3.2 | 3.7 |
| Total revenue | 7.4 | 20.5 | 36.6 | 53.9 | 71.2 | 85.9 | 97.4 | 108.3 |
Management estimates from the cost-to-serve model. Revenue begins in 2028 (IS1, IS2, IS3) and 2029 (IS4, IS5). 2035 is a modelled endpoint, not a forecast.
The cost structure, and the leverage
The cost side has three parts, and only one of them grows with sales.
- Variable cost-to-serve rises with volume, from under $1M in 2028 to about $12M in 2035, but always far below revenue: this is the field kit deployed per job.
- Platform (ROOT) running cost is fixed at $3.15M a year. It is tied to the calibration backbone on our own concession, not to how much coverage we license, so it does not rise as the business grows. That is the operating leverage in one line.
- Corporate overhead (team, sales, general and administrative) scales with the company, from about $1.5M in 2027 to about $16M in 2035.
Because the fixed platform cost is spread over a revenue base that grows from $7M to $108M, the EBITDA margin climbs from 37% to 71% without any change in pricing. (The full cost build-up, by component and by stream density, is in Unit Economics.)
The full model
The complete projection is built as a 23-sheet investor pack: the three-statement model (P&L, balance sheet, indirect cash flow), the cost-to-serve by stream, the funding cap table, the valuation (three lenses), the returns, the downside and correlated-stress cases, the debt schedule, and the depreciation and grant schedules. It runs the full chain through to EBITDA, cash flow and valuation. The pack is available to investors on request.
Every figure is a management estimate; the company is pre-revenue with no signed contracts, and the entire ramp is gated on GATE 0, the first paid contract.