Solstice Cloud Software Ltd
B2B SaaS · United Kingdom
Overview
£3M
1 Nov 2023
1 Nov 2027
£729.1K
£2.6M
88.0%
£264K
10.0%
9.5%
Credit & Runway
T3M EBITDA burn avg
(£77.1K)
RML (runway, current)
n/a
T3M cash burn avg
(£56.3K)
Cash-out date
n/a
excl. debt service
n/a incl. debt service
Today → cash-out → maturity
excl. debt serviceincl. debt service
Performance
Revenue vs EBITDA
Cash vs Debt
Maturity Nov 2027 (+17mo) — beyond chart window
Customer Movement
New vs churned per month · net line
CRR Migration
24 months · rating changed over the window
Key Metrics
as of Q2 2026 · comparisons vs prior quarter
Portfolio-standard
ARR
£4.5M
Growth
31.3%
NRR
114.0%
Rule of 40
53.3%
Gross annualised churn
0.8%
Burn multiple
0.0x
Retention movement
Upsell
2.4%
Downsell
0.5%
Annualised, same base as gross churn: NRR ≈ 100% + upsell − downsell − gross churn.
Company-specific
CAC
£4.5K
ARPA
£27.3K
ARR / FTE
£77.7K
Detail
Monthly Financial Detail
24 monthly periods · 8 quarter subtotals · T12M · GBP
| Line Item | Jul 24 | Aug 24 | Sept 24 | Q3 2024 | Oct 24 | Nov 24 | Dec 24 | Q4 2024 | Jan 25 | Feb 25 | Mar 25 | Q1 2025 | Apr 25 | May 25 | Jun 25 | Q2 2025 | Jul 25 | Aug 25 | Sept 25 | Q3 2025 | Oct 25 | Nov 25 | Dec 25 | Q4 2025 | Jan 26 | Feb 26 | Mar 26 | Q1 2026 | Apr 26 | May 26 | Jun 26 | Q2 2026 | T12M |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ARR | £2.4M | £2.5M | £2.6M | £2.6M | £2.7M | £2.7M | £2.9M | £2.9M | £2.9M | £3.1M | £3.1M | £3.1M | £3.2M | £3.3M | £3.4M | £3.4M | £3.5M | £3.6M | £3.7M | £3.7M | £3.8M | £3.9M | £4M | £4M | £4.1M | £4.1M | £4.3M | £4.3M | £4.4M | £4.4M | £4.5M | £4.5M | £4.5M |
| YoY % | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 45.5% | 46.0% | 43.9% | — | 40.4% | 41.8% | 38.0% | — | 37.7% | 34.1% | 36.0% | — | 34.1% | 31.7% | 31.3% | — | — |
| Revenue | £200.3K | £205.6K | £214.3K | £620.2K | £223.9K | £228.9K | £239.7K | £692.5K | £245.4K | £255.7K | £261.3K | £762.4K | £270.4K | £277.8K | £285.8K | £834K | £291.5K | £300.1K | £308.4K | £900K | £314.4K | £324.5K | £331K | £969.8K | £337.9K | £343.1K | £355.5K | £1M | £362.6K | £365.8K | £375.3K | £1.1M | £4M |
| YoY % | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 45.5% | 46.0% | 43.9% | — | 40.4% | 41.8% | 38.0% | — | 37.7% | 34.1% | 36.0% | — | 34.1% | 31.7% | 31.3% | — | — |
| Gross Margin % | 76.0% | 76.3% | 76.5% | 76.3% | 76.8% | 77.0% | 77.3% | 77.0% | 77.6% | 77.8% | 78.1% | 77.8% | 78.3% | 78.6% | 78.9% | 78.6% | 79.1% | 79.4% | 79.7% | 79.4% | 79.9% | 80.2% | 80.4% | 80.2% | 80.7% | 81.0% | 81.2% | 81.0% | 81.5% | 81.7% | 82.0% | 81.7% | 80.6% |
| OpEx | -£156.3K | -£158.9K | -£163.7K | -£478.9K | -£169.4K | -£171.3K | -£177.6K | -£518.3K | -£180K | -£185.4K | -£187.5K | -£552.9K | -£191.7K | -£194.9K | -£198.4K | -£585.1K | -£199.9K | -£203.6K | -£206.9K | -£610.4K | -£208.3K | -£212.5K | -£214K | -£634.8K | -£216K | -£216.7K | -£221.6K | -£654.3K | -£223.3K | -£222.2K | -£225.2K | -£670.7K | -£2.6M |
| EBITDA | -£4K | -£2K | £186 | -£5.8K | £2.5K | £5K | £7.7K | £15.2K | £10.5K | £13.6K | £16.6K | £40.6K | £20K | £23.4K | £27.1K | £70.5K | £30.7K | £34.7K | £38.9K | £104.3K | £42.9K | £47.7K | £52.1K | £142.7K | £56.7K | £61.2K | £67.1K | £184.9K | £72.2K | £76.7K | £82.6K | £231.4K | £663.3K |
| EBITDA Margin % | -2.0% | -1.0% | 0.1% | — | 1.1% | 2.2% | 3.2% | — | 4.3% | 5.3% | 6.3% | — | 7.4% | 8.4% | 9.5% | — | 10.5% | 11.6% | 12.6% | — | 13.7% | 14.7% | 15.7% | — | 16.8% | 17.8% | 18.9% | — | 19.9% | 21.0% | 22.0% | — | — |
| Operating Cash Burn (CF) | -£27.1K | -£25.6K | -£23.5K | -£76.2K | -£21.8K | -£19.1K | -£14.9K | -£55.9K | -£13.2K | -£8.6K | -£6.9K | -£28.7K | -£2.9K | £911 | £4.2K | £2.3K | £9.3K | £11.5K | £15.7K | £36.5K | £21.3K | £24.2K | £31.6K | £77.1K | £34.5K | £38K | £46.2K | £118.7K | £50.1K | £56.2K | £62.7K | £169K | £401.4K |
| CF from Investments | -£3K | -£3.1K | -£3.2K | -£9.3K | -£3.4K | -£3.4K | -£3.6K | -£10.4K | -£3.7K | -£3.8K | -£3.9K | -£11.4K | -£4.1K | -£4.2K | -£4.3K | -£12.5K | -£4.4K | -£4.5K | -£4.6K | -£13.5K | -£4.7K | -£4.9K | -£5K | -£14.5K | -£5.1K | -£5.1K | -£5.3K | -£15.5K | -£5.4K | -£5.5K | -£5.6K | -£16.6K | -£60.1K |
| New Equity (CF) | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 |
| Cash (BS) | £904.9K | £861.2K | £819.5K | £819.5K | £779.3K | £741.8K | £708.2K | £708.2K | £676.3K | £648.9K | £623.1K | £623.1K | £601.2K | £582.9K | £567.9K | £567.9K | £557.8K | £549.8K | £545.9K | £545.9K | £547.5K | £551.9K | £563.5K | £563.5K | £578K | £595.8K | £621.7K | £621.7K | £651.3K | £687K | £729.1K | £729.1K | £729.1K |
| Debt (BS) | £3M | £3M | £3M | £3M | £2.9M | £2.9M | £2.9M | £2.9M | £2.9M | £2.9M | £2.9M | £2.9M | £2.9M | £2.8M | £2.8M | £2.8M | £2.8M | £2.8M | £2.8M | £2.8M | £2.8M | £2.7M | £2.7M | £2.7M | £2.7M | £2.7M | £2.7M | £2.7M | £2.7M | £2.7M | £2.6M | £2.6M | £2.6M |
| RML | 33.4 mo | 33.6 mo | 34.9 mo | — | 35.7 mo | 38.7 mo | 47.5 mo | — | 51.1 mo | 75.5 mo | 90.4 mo | — | 210.4 mo | n/a | n/a | — | n/a | n/a | n/a | — | n/a | n/a | n/a | — | n/a | n/a | n/a | — | n/a | n/a | n/a | — | — |
Balance-Sheet Changes
24 monthly movements · GBP
| Line Item | Jul 24 | Aug 24 | Sept 24 | Oct 24 | Nov 24 | Dec 24 | Jan 25 | Feb 25 | Mar 25 | Apr 25 | May 25 | Jun 25 | Jul 25 | Aug 25 | Sept 25 | Oct 25 | Nov 25 | Dec 25 | Jan 26 | Feb 26 | Mar 26 | Apr 26 | May 26 | Jun 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Trade Receivables | £0 | £3.2K | £5.2K | £5.8K | £3K | £6.5K | £3.4K | £6.2K | £3.3K | £5.5K | £4.4K | £4.8K | £3.4K | £5.1K | £5K | £3.6K | £6.1K | £3.9K | £4.1K | £3.1K | £7.4K | £4.2K | £2K | £5.7K |
| Trade Payables | £0 | £1K | £1.9K | £2.3K | £751 | £2.5K | £949 | £2.2K | £830 | £1.7K | £1.3K | £1.4K | £605 | £1.5K | £1.3K | £549 | £1.7K | £581 | £783 | £309 | £1.9K | £687 | -£430 | £1.2K |
| Deferred Revenue | £0 | £5.1K | £8.3K | £9.2K | £4.8K | £10.4K | £5.4K | £9.9K | £5.3K | £8.8K | £7K | £7.7K | £5.5K | £8.2K | £7.9K | £5.8K | £9.7K | £6.2K | £6.6K | £5K | £11.9K | £6.8K | £3.1K | £9.1K |
| Cash | £0 | -£43.7K | -£41.7K | -£40.2K | -£37.6K | -£33.5K | -£31.9K | -£27.4K | -£25.8K | -£21.9K | -£18.3K | -£15.1K | -£10.1K | -£8K | -£3.9K | £1.6K | £4.4K | £11.6K | £14.5K | £17.8K | £25.9K | £29.6K | £35.7K | £42.1K |
| Debt | £0 | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K | -£15K |
Quarter Update
Auto-drafted from this quarter's figures — review before use.
Solstice Cloud Software Ltd closed the period with ARR of £4.5M (31.3% YoY), a Rule of 40 score of 53.3% and a burn multiple of 0.0x.
Operating cash burn has improved for the 23rd consecutive month, averaging -£56.3K over the last three months. Runway stands at n/a, with cash-out projected n/a.
Gross annualised churn stands at 0.8% against net revenue retention of 114.0%.
Credit rating unchanged at CRR-1B since Mar 2025 (upgraded from CRR-1C).
Analyst Notes
- Priya Nair·24 Jun 2026
Q2 management accounts reconcile to the monthly reporting pack — cash bridge ties out with no unexplained movements. Comfortable with the reported position for this review.
- Tom Beckett·11 Jun 2026
Flagged the step-up in S&M spend in the trailing quarter; management confirm it is front-loaded pipeline investment rather than a run-rate change. Revisit at the next review.
08:04 GMT
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