Ironhaven Group Holdings
Facilities Services Roll-up · Netherlands
Overview
€6M
1 Jun 2023
1 Jun 2028
€1M
€5M
84.0%
€756K
15.0%
10.3%
Credit & Runway
T3M EBITDA burn avg
(€101.6K)
RML (runway, current)
n/a
T3M cash burn avg
(€56.9K)
Cash-out date
n/a
excl. debt service
30 Aug 2029 incl. debt service
Today → cash-out → maturity
excl. debt serviceincl. debt service
Cash-out date falls beyond maturity — repayment due 1 Jun 2028 comes first.
Performance
Revenue vs EBITDA
Cash vs Debt
Maturity Jun 2028 (+24mo) — beyond chart window
Customer Movement
New vs churned per month · net line
CRR Migration
24 months · rating stable over the window
Key Metrics
as of Q2 2026 · comparisons vs prior quarter
Portfolio-standard
ARR
€8.8M
Growth
4.3%
NRR
92.7%
Rule of 40
18.3%
Gross annualised churn
1.4%
Burn multiple
0.0x
Retention movement
Upsell
1.8%
Downsell
1.0%
Annualised, same base as gross churn: NRR ≈ 100% + upsell − downsell − gross churn.
Company-specific
ARR / FTE
€37.3K
Detail
Monthly Financial Detail
24 monthly periods · 8 quarter subtotals · T12M · EUR
| 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 | €8M | €8M | €8M | €8M | €8.1M | €8.2M | €8.1M | €8.1M | €8.2M | €8.2M | €8.3M | €8.3M | €8.3M | €8.4M | €8.4M | €8.4M | €8.4M | €8.4M | €8.5M | €8.5M | €8.6M | €8.6M | €8.6M | €8.6M | €8.6M | €8.7M | €8.7M | €8.7M | €8.7M | €8.8M | €8.8M | €8.8M | €8.8M |
| YoY % | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 5.9% | 5.3% | 5.8% | — | 5.3% | 5.3% | 5.7% | — | 5.1% | 6.3% | 4.9% | — | 4.3% | 4.7% | 4.3% | — | — |
| Revenue | €663.1K | €668.1K | €669.4K | €2M | €678.3K | €680.8K | €674.7K | €2M | €685.3K | €684.1K | €689.9K | €2.1M | €691.6K | €702.6K | €703.7K | €2.1M | €701.9K | €703.4K | €707.9K | €2.1M | €714.2K | €716.8K | €712.9K | €2.1M | €719.9K | €727.1K | €723.9K | €2.2M | €721.7K | €735.7K | €733.7K | €2.2M | €8.6M |
| YoY % | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 5.9% | 5.3% | 5.8% | — | 5.3% | 5.3% | 5.7% | — | 5.1% | 6.3% | 4.9% | — | 4.3% | 4.7% | 4.3% | — | — |
| Gross Margin % | 45.0% | 45.1% | 45.2% | 45.1% | 45.3% | 45.3% | 45.4% | 45.3% | 45.5% | 45.6% | 45.7% | 45.6% | 45.8% | 45.9% | 46.0% | 45.9% | 46.0% | 46.1% | 46.2% | 46.1% | 46.3% | 46.4% | 46.5% | 46.4% | 46.6% | 46.7% | 46.7% | 46.7% | 46.8% | 46.9% | 47.0% | 46.9% | 46.5% |
| OpEx | -€218.8K | -€220.6K | -€221.1K | -€660.4K | -€224.1K | -€224.4K | -€222.4K | -€670.9K | -€226K | -€225.7K | -€227.7K | -€679.4K | -€228.4K | -€232.1K | -€232.5K | -€692.9K | -€231.3K | -€231.9K | -€233.5K | -€696.7K | -€235.7K | -€236.6K | -€235.4K | -€707.7K | -€237.8K | -€240.3K | -€238.6K | -€716.8K | -€238K | -€242.7K | -€242.1K | -€722.8K | -€2.8M |
| EBITDA | €79.6K | €80.8K | €81.5K | €241.8K | €83.2K | €84.1K | €83.9K | €251.1K | €85.8K | €86.3K | €87.6K | €259.6K | €88.4K | €90.4K | €91.2K | €270K | €91.5K | €92.4K | €93.6K | €277.5K | €95K | €96K | €96.1K | €287.1K | €97.7K | €99.3K | €99.5K | €296.4K | €99.8K | €102.4K | €102.7K | €304.9K | €1.2M |
| EBITDA Margin % | 12.0% | 12.1% | 12.2% | — | 12.3% | 12.3% | 12.4% | — | 12.5% | 12.6% | 12.7% | — | 12.8% | 12.9% | 13.0% | — | 13.0% | 13.1% | 13.2% | — | 13.3% | 13.4% | 13.5% | — | 13.6% | 13.7% | 13.7% | — | 13.8% | 13.9% | 14.0% | — | — |
| Operating Cash Burn (CF) | €27.5K | €27.8K | €32.3K | €87.6K | €34.9K | €36.9K | €34.7K | €106.5K | €38.6K | €34.1K | €39.9K | €112.6K | €38.2K | €44.4K | €41.7K | €124.4K | €45.9K | €43.7K | €50.1K | €139.6K | €50K | €50.5K | €52.2K | €152.7K | €55.5K | €52.2K | €57.2K | €164.9K | €56K | €58.6K | €56.1K | €170.7K | €627.8K |
| CF from Investments | -€9.9K | -€10K | -€10K | -€30K | -€10.2K | -€10.2K | -€10.1K | -€30.5K | -€10.3K | -€10.3K | -€10.3K | -€30.9K | -€10.4K | -€10.5K | -€10.6K | -€31.5K | -€10.5K | -€10.6K | -€10.6K | -€31.7K | -€10.7K | -€10.8K | -€10.7K | -€32.2K | -€10.8K | -€10.9K | -€10.9K | -€32.6K | -€10.8K | -€11K | -€11K | -€32.9K | -€129.3K |
| 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) | €1.2M | €1.2M | €1.1M | €1.1M | €1.1M | €1.1M | €1.1M | €1.1M | €1.1M | €1.1M | €1.1M | €1.1M | €1M | €1M | €1M | €1M | €1M | €1M | €1M | €1M | €1M | €1M | €1M | €1M | €1M | €1M | €1M | €1M | €1M | €1M | €1M | €1M | €1M |
| Debt (BS) | €6M | €5.9M | €5.9M | €5.9M | €5.8M | €5.8M | €5.8M | €5.8M | €5.7M | €5.7M | €5.6M | €5.6M | €5.6M | €5.6M | €5.5M | €5.5M | €5.5M | €5.4M | €5.4M | €5.4M | €5.4M | €5.3M | €5.3M | €5.3M | €5.2M | €5.2M | €5.2M | €5.2M | €5.1M | €5.1M | €5M | €5M | €5M |
| RML | 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 | 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 · EUR
| 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 | €3.1K | €724 | €5.4K | €1.5K | -€3.7K | €6.3K | -€720 | €3.5K | €1K | €6.6K | €666 | -€1.1K | €896 | €2.7K | €3.8K | €1.6K | -€2.3K | €4.2K | €4.3K | -€1.9K | -€1.3K | €8.4K | -€1.2K |
| Trade Payables | €0 | €706 | €195 | €1.2K | €94 | -€772 | €1.4K | -€122 | €801 | €266 | €1.5K | €183 | -€483 | €233 | €633 | €870 | €383 | -€478 | €967 | €991 | -€678 | -€258 | €1.9K | -€230 |
| Deferred Revenue | €0 | €4.9K | €1.2K | €8.6K | €2.4K | -€5.9K | €10.1K | -€1.2K | €5.6K | €1.7K | €10.5K | €1.1K | -€1.7K | €1.4K | €4.3K | €6.1K | €2.5K | -€3.7K | €6.8K | €6.9K | -€3.1K | -€2.2K | €13.4K | -€2K |
| Cash | €0 | -€22.2K | -€17.7K | -€15.3K | -€13.3K | -€15.5K | -€11.7K | -€16.1K | -€10.5K | -€12.1K | -€6.1K | -€8.8K | -€4.6K | -€6.9K | -€554 | -€676 | -€294 | €1.5K | €4.7K | €1.3K | €6.3K | €5.1K | €7.6K | €5.1K |
| Debt | €0 | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K | -€40K |
Quarter Update
Auto-drafted from this quarter's figures — review before use.
Ironhaven Group Holdings closed the period with ARR of €8.8M (4.3% YoY), a Rule of 40 score of 18.3% and a burn multiple of 0.0x.
Operating cash burn averaged -€56.9K over the last three months. Runway stands at n/a, with cash-out projected n/a.
Gross annualised churn stands at 1.4% against net revenue retention of 92.7%.
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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