Shareholder letter
The quarter, without the rounding.
Both quarters are shown on the same basis so you can see the shape of the change, not just the better of the two. Net retention fell; we have not hidden it behind the revenue line.
- Q3 FY25
- Q4 FY25
Revenue
$12.0m
+9% on Q2 · +48% year on year
Growth came almost entirely from expansion inside existing accounts. New logo revenue was $1.1m, the weakest quarter since FY23, and the pipeline going into Q4 reflected that.
Gross margin
76.5%
+0.8 pts
Net revenue retention
117%
+1 pt
Headcount
235
+7 net · 3 backfills
Cash runway
29 mo
at the current burn rate
Revenue
$14.2m
+18% on Q3 · +61% year on year
Two enterprise renewals landed in the final week of the quarter. Without them the figure is $12.9m, and we would rather you saw both numbers than only the first.
Gross margin
78.4%
+1.9 pts
Net revenue retention
114%
− 3 pts
Headcount
246
+11 net · 4 backfills
Cash runway
31 mo
at the current burn rate
Unaudited management accounts. Revenue is recognised ratably; bookings are reported separately in the board pack.