Financial Modeling
Revenue, EBITDA, quality of earnings reconciliation, and working capital analysis
LTM Revenue
$34.9M
+11.8% YoY
Mgmt EBITDA
$8.2M
23.5% margin
QoE Adj. EBITDA
$6.2M
17.9% margin
EBITDA Gap
$2.0M
Mgmt vs QoE
Implied Multiple
11.8x
On QoE EBITDA
| ($000s) | FY2022A | FY2023A | FY2024A | FY2025E | FY2026E | FY2027E |
|---|---|---|---|---|---|---|
| Revenue | $28.4M | $31.2M | $34.9M | $38.8M | $43.5M | $49.1M |
| COGS | $17.6M | $19.1M | $21.1M | $23.3M | $25.8M | $28.8M |
| Gross Profit | $10.8M | $12.1M | $13.8M | $15.5M | $17.7M | $20.3M |
| Gross Margin | 38.0% | 38.8% | 39.5% | 39.9% | 40.7% | 41.3% |
| Operating Expenses | $5.2M | $5.6M | $6.1M | $6.7M | $7.4M | $8.2M |
| EBITDA | $5.6M | $6.5M | $7.7M | $8.8M | $10.3M | $12.1M |
| EBITDA Margin | 19.7% | 20.8% | 22.1% | 22.7% | 23.7% | 24.6% |
| Capital Expenditures | $1.1M | $1.3M | $1.5M | $1.7M | $1.9M | $2.2M |
| Free Cash Flow | $3.8M | $4.4M | $5.2M | $5.9M | $7.0M | $8.4M |
Projections (E) based on management model with ontology-validated growth assumptions. Revenue CAGR FY22-24A: 10.8%. Projected FY24-27E: 12.0%.