Revenue
$1.1M
+12% vs Q2 2025
Board review
Prepared from Northwind Studio's books, closed and reconciled.
In short
What went well
What did not
What we are asking the board for
Since last time
Every decision from the last meeting, and what happened to it.
| Done | Put payment terms on the two largest accounts Signed in May. |
| Carried | Hire the senior designer Offer out, start date in August. |
| Done | Cut software spend by $2k a month Landed at $2.3k. |
The quarter
Every figure against Q2 2025, the same quarter a year ago. Quarter on quarter is distorted by seasonality.
Revenue
$1.1M
+12% vs Q2 2025
Gross profit
$723k
+12% vs Q2 2025
Net income
$376k
+16% vs Q2 2025
Cash at quarter end
$2.7M
+82% vs Q2 2025
The quarter closed ahead of last year on both revenue and gross margin. Collections ran slower in June, which shows up in the cash walk rather than the P&L.
The decision in front of the board is the second delivery pod: the pipeline supports it, and the reforecast shows what happens if we hold instead.
The shape
The headline numbers with their history behind them, so one quarter cannot pass itself off as a trend.
Revenue
Gross margin
Cash at quarter end
Profit to cash
Each line is from the books, and they add exactly: this is the whole explanation, not a summary of one.
| Cash at the start of the quarter | $2,306,772 |
| Net income What the quarter earned on paper. | $376,337 |
| Collected vs billed Billed but not yet in the bank. This is money sitting in receivables. | ($53,000) |
| Paid vs booked Costs booked but not yet paid out. This cash leaves later. | $27,000 |
| Cash at the end of the quarter | $2,657,109 |
Cash
Built from the invoices and bills already on the books, paid on their due dates.
| Week of | Jul 6 | Jul 13 | Jul 20 | Jul 27 | Aug 3 | Aug 10 | Aug 17 | Aug 24 | Aug 31 | Sep 7 | Sep 14 | Sep 21 | Sep 28 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Money in | $82k | $0 | $64k | $91k | $0 | $73k | $88k | $0 | $61k | $94k | $0 | $78k | $83k |
| Money out | ($69k) | ($74k) | ($78k) | ($83k) | ($69k) | ($74k) | ($78k) | ($83k) | ($69k) | ($74k) | ($78k) | ($83k) | ($69k) |
| Cash at week end | $2.7M | $2.6M | $2.6M | $2.6M | $2.5M | $2.5M | $2.5M | $2.4M | $2.4M | $2.5M | $2.4M | $2.4M | $2.4M |
Rest of year
Booked months as booked; the rest carried at the average of the last three closed months ($365k revenue, $240k expenses a month). A straight run-rate with no growth or seasonality assumed: the question it asks is whether that pace is the year the board wants.
| Month | Revenue | Expenses | Net |
|---|---|---|---|
| Jan | $402k | $261k | $142k |
| Feb | $401k | $261k | $140k |
| Mar | $391k | $257k | $134k |
| Apr | $377k | $250k | $127k |
| May | $364k | $237k | $127k |
| Jun | $355k | $233k | $122k |
| Julprojected | $365k | $240k | $125k |
| Augprojected | $365k | $240k | $125k |
| Sepprojected | $365k | $240k | $125k |
| Octprojected | $365k | $240k | $125k |
| Novprojected | $365k | $240k | $125k |
| Decprojected | $365k | $240k | $125k |
| Full year 2026 | $4.5M | $2.9M | $1.5M |
Risks and decisions
Customer concentration
The top two accounts are 38% of the quarter's revenue.
Decision Approve the outbound budget so no single account exceeds 25% by year end.