Revenue targets are annualised run-rates. Companies paying us is target monthly revenue divided by $600 a company, which is 20 seats at $30 a seat a month. Marketing scales paid media with signups and every other line at half that rate, which is why the percentage falls as revenue grows. The $35M and $100M steps are a 3.5x then 2.9x progression, in line with the companies on slide 3.

Price per company is 20 seats at $30 a seat a month, so $7,200 a year. Companies required is target monthly revenue divided by $600 a company. GitHub Copilot organisation count and Greptile customer count are company statements. Vendor revenue is third-party estimate and company statement, unaudited: Sonar ARR passed $430M on 2 July 2026 per Caplight; Augment Code $20M per GetLatka; Cursor, Cognition, Replit, CodeRabbit and Factory per the sources on slide 3. Market estimates: Mordor Intelligence $9.35B for 2026, Precedence Research $10.12B, 360iResearch $34.58B. Collected 4 September 2026.

Months to $100M is the gap between the last reported figure under $10M and the first at or above $100M. Cursor $4M April 2024 to $100M January 2025 per SaaStr and Sacra, which also reports 360,000 paying customers at $276 average contract value and a 36% conversion rate. CodeRabbit $5M April 2025 to $100M August 2026 per Sacra and ARR Club. Replit $10M Q4 2024 to $100M June 2025 per ARR Club. Cognition derived from reported 50% monthly growth through May 2026. Paid media today is an AdClarity US panel estimate of social advertising for the 98 days to 2 August 2026, annualised, measured at each company's current revenue and not during its climb to $100M. It excludes search, out of home and events, so every competitor figure is understated. The Hyrax figure is total paid media across all channels. Collected 4 September 2026.

126 a day is 3,775 signups a month at 30 days, the volume the $10M target requires at a 4% upgrade rate. The 55% paid and 45% free split is the channel attribution model in the appendix. $36 per paid signup is derived from $74.5K of monthly paid media against 2,070 paid signups; we currently achieve $34 on the rebuilt ad account. 27 a day is the average of 31 August, 1 September and 2 September.

Ad spend across the Google, Reddit, LinkedIn and X accounts. Signups are account records in PostHog project 436309, first tracked 10 August, so the earlier periods have spend but no signup count. Pulled 4 September 2026.

Percent of revenue and percent of raise benchmarks from AAJ Consult, Startup Marketing Spend Benchmarks, 8 June 2026, and SaaS Capital 2025 private B2B SaaS spending benchmarks. Percent of burn from Stackmatix, Startup Marketing Spend Benchmarks by Stage, 24 August 2026. The backwards method and its CAC ratio benchmarks are from MKT1, Emily Kramer, How to calculate your marketing budget, December 2024.

All three assume 20 seats per customer at $30 a seat and 95% monthly retention. Conversion rates are from the capital allocation proposal. Seat count is from the deployment research linked on the appendix channel slide. These are planned volumes derived from the budget, not results we have recorded.

Customers required is the target monthly revenue divided by $600 per customer. New customers per month is the rate that reaches that count inside twelve months at 95% retention. Signups apply the 4% upgrade rate. Marketing scales paid media with signups and all other lines at half that rate.

Companies required is target monthly revenue divided by $600 a company, which is 20 seats at $30 a month. Year two and three revenue targets of $35M and $100M are a 3.5x then 2.9x progression, in line with the companies on slide 3.

US dollars. Fiscal year runs 1 February to 31 January. Q1 is February to April, Q2 May to July, Q3 August to October, Q4 November to January. Revenue is the cohort build in Appendix I: 151 new companies a month, 95% monthly retention, seats rising from 8 to 20 per company over six months. Revenue lags spend because customers arrive through the year and expand after they arrive. Line item detail in Appendix J.

Every figure on this slide is derived on slides 6 to 10 and sourced in the appendix.

Figures from slides 1 to 11. Line item detail and sources in the appendix.

Google and X are set at current account spend. Google $658 a day, measured 31 August to 2 September in account 8518001543. X $4K, its August total in account 18ce55vw38i. Google cost per signup over the 14 days to 2 September was $21.49, calculated against account_created in PostHog project 436309.

The launch kit pairs with the $5K Product Hunt sponsored slot carried in Paid Media.

No full-time hires. SEO documentation is written in-house, so it costs nothing here.

Function notes: Perplexity Sonar checks how the category is described online, Parallel pulls raw web data, Exa maps developer links, Jina turns pages into clean text for crawlers, Vercel hosts the site, the LinkedIn tool handles cold outreach. Published pricing: PostHog, Vercel, Loops, Perplexity, Exa, Jina, Parallel.

Vercel and Loops do not overlap with anything else. Pricing per the vendor pages linked on the previous slide. Gauge access status per the GTM log of 2026-08-30.

Indicative costs are published vendor list prices: Dreamdata, HockeyStack, Ahrefs, Figma. Listed so the request is complete.

Source: Hyrax Ideal Customer Profile, Notion, 2026-09-01.

Other paid social and search covers LinkedIn, X, Meta, Reddit, ChatGPT, TikTok and Bing. SEO docs are written in-house. AI answer engines are handled by the software stack. Direct and private community signups come from repository merge tags, engineers inviting teammates, and links shared in private Slack and Discord groups. Out of home at $20K a month is not allocated to a channel row because it has no measurable signup path; the blended cost per signup of $26.12 is the full $98.6K budget divided by 3,775 signups, so it carries that spend.

Budget is flat at $98.6K a month. Total customers carry forward at 95% a month and add 151 new. Average seats rise from 8 to 20 over six months per customer, so the blended average lags. Revenue is total seats at $30. The fiscal year runs 1 February to 31 January. The $10M run-rate is reached in month 16, four months past this table.

US dollars. Every line ramps by quarter on the same schedule as the summary sheet on slide 10, so the two tie. Fiscal year runs 1 February to 31 January. Q1 is February to April, Q2 May to July, Q3 August to October, Q4 November to January.