Borrowers/Cascadia DataWorks Inc

Cascadia DataWorks Inc

Vertical SaaS · United States

CRR-3A, watchpreviously CRR-2C
Live · as of 30 Jun 2026Financials through Jun 2026

Overview

Original loan (LC)

US$2M

Date committed

1 Mar 2023

Maturity

1 Sept 2026

Reported cash

US$251.2K

Loan balance

US$1.5M

% outstanding

76.0%

Amt at risk (LC)

US$684K

% at risk

45.0%

W. interest %

13.5%

Credit & Runway

T3M EBITDA burn avg

US$51.8K

RML (runway, current)

3.6 mo

T3M cash burn avg

US$69.8K

Cash-out date

30 Sept 2026

excl. debt service

30 Aug 2026 incl. debt service

0 mo6 mo12 mo18 mo+

Today → cash-out → maturity

TodayMaturity

Cash-out date falls beyond maturity — repayment due 1 Sept 2026 comes first.

Performance

Revenue vs EBITDA

Cash vs Debt

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

US$1.8M

-US$149.3Kvs prior quarter

Growth

-26.4%

-1.7ppvs prior quarter

NRR

54.2%

+0.4ppvs prior quarter

Rule of 40

-61.4%

-5.6ppvs prior quarter

Gross annualised churn

3.0%

-0.4ppvs prior quarter

Burn multiple

n/a

net new ARR ≤ 0 over the trailing 12M

Retention movement

Upsell

0.4%

Downsell

2.3%

Annualised, same base as gross churn: NRR ≈ 100% + upsell − downsell − gross churn.

Company-specific

CAC

US$8.7K

-US$2Kvs prior quarter

Detail

Monthly Financial Detail

24 monthly periods · 8 quarter subtotals · T12M · USD

Line ItemJul 24Aug 24Sept 24Q3 2024Oct 24Nov 24Dec 24Q4 2024Jan 25Feb 25Mar 25Q1 2025Apr 25May 25Jun 25Q2 2025Jul 25Aug 25Sept 25Q3 2025Oct 25Nov 25Dec 25Q4 2025Jan 26Feb 26Mar 26Q1 2026Apr 26May 26Jun 26Q2 2026T12M
ARRUS$3MUS$3MUS$2.9MUS$2.9MUS$2.9MUS$2.8MUS$2.8MUS$2.8MUS$2.7MUS$2.6MUS$2.6MUS$2.6MUS$2.5MUS$2.5MUS$2.4MUS$2.4MUS$2.4MUS$2.3MUS$2.3MUS$2.3MUS$2.2MUS$2.2MUS$2.1MUS$2.1MUS$2.1MUS$2MUS$1.9MUS$1.9MUS$1.9MUS$1.8MUS$1.8MUS$1.8MUS$1.8M
YoY %————————————————-20.6%-22.7%-21.7%—-22.6%-22.4%-23.2%—-22.7%-23.8%-24.7%—-24.4%-24.9%-26.4%——
RevenueUS$250.6KUS$248KUS$242.5KUS$741.1KUS$238.9KUS$232.6KUS$230.3KUS$701.8KUS$222.6KUS$218.2KUS$214.5KUS$655.3KUS$210KUS$204.8KUS$202.7KUS$617.4KUS$198.9KUS$191.7KUS$189.9KUS$580.5KUS$184.8KUS$180.6KUS$176.9KUS$542.3KUS$172KUS$166.3KUS$161.5KUS$499.8KUS$158.7KUS$153.7KUS$149.1KUS$461.6KUS$2.1M
YoY %————————————————-20.6%-22.7%-21.7%—-22.6%-22.4%-23.2%—-22.7%-23.8%-24.7%—-24.4%-24.9%-26.4%——
Gross Margin %65.0%64.6%64.1%64.6%63.7%63.3%62.8%63.3%62.4%62.0%61.5%62.0%61.1%60.7%60.2%60.7%59.8%59.3%58.9%59.3%58.5%58.0%57.6%58.0%57.2%56.7%56.3%56.7%55.9%55.4%55.0%55.4%57.5%
OpEx-US$175.4K-US$175.8K-US$173.9K-US$525.2K-US$173.5K-US$171K-US$171.2K-US$515.6K-US$167.4K-US$166.1K-US$165.1K-US$498.6K-US$163.4K-US$161.3K-US$161.2K-US$485.9K-US$160K-US$155.8K-US$156.1K-US$471.8K-US$153.5K-US$151.5K-US$150K-US$454.9K-US$147.4K-US$143.8K-US$141.2K-US$432.3K-US$140.2K-US$137K-US$134.2K-US$411.3K-US$1.8M
EBITDA-US$12.5K-US$15.6K-US$18.5K-US$46.6K-US$21.3K-US$23.8K-US$26.5K-US$71.6K-US$28.5K-US$30.8K-US$33.1K-US$92.5K-US$35.1K-US$37K-US$39.2K-US$111.3K-US$41.1K-US$42.1K-US$44.2K-US$127.3K-US$45.4K-US$46.7K-US$48.1K-US$140.2K-US$49K-US$49.5K-US$50.2K-US$148.7K-US$51.4K-US$51.8K-US$52.2K-US$155.4K-US$571.6K
EBITDA Margin %-5.0%-6.3%-7.6%—-8.9%-10.2%-11.5%—-12.8%-14.1%-15.4%—-16.7%-18.0%-19.3%—-20.7%-22.0%-23.3%—-24.6%-25.9%-27.2%—-28.5%-29.8%-31.1%—-32.4%-33.7%-35.0%——
Operating Cash Burn (CF)-US$36.1K-US$37.5K-US$39.8K-US$113.4K-US$42.4K-US$45.4K-US$48.3K-US$136K-US$48.7K-US$52.1K-US$54.4K-US$155.2K-US$55.4K-US$56.7K-US$59.7K-US$171.8K-US$60.7K-US$62.1K-US$64.4K-US$187.3K-US$64.5K-US$64.8K-US$67.4K-US$196.7K-US$67.5K-US$68.2K-US$67.5K-US$203.1K-US$70K-US$69.4K-US$69.9K-US$209.3K-US$796.3K
CF from Investments-US$5K-US$5K-US$4.9K-US$14.8K-US$4.8K-US$4.7K-US$4.6K-US$14K-US$4.5K-US$4.4K-US$4.3K-US$13.1K-US$4.2K-US$4.1K-US$4.1K-US$12.3K-US$4K-US$3.8K-US$3.8K-US$11.6K-US$3.7K-US$3.6K-US$3.5K-US$10.8K-US$3.4K-US$3.3K-US$3.2K-US$10K-US$3.2K-US$3.1K-US$3K-US$9.2K-US$41.7K
New Equity (CF)US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0
Cash (BS)US$2.1MUS$2.1MUS$2MUS$2MUS$1.9MUS$1.9MUS$1.8MUS$1.8MUS$1.7MUS$1.7MUS$1.6MUS$1.6MUS$1.5MUS$1.4MUS$1.3MUS$1.3MUS$1.2MUS$1.2MUS$1.1MUS$1.1MUS$982.2KUS$893.8KUS$802.9KUS$802.9KUS$712KUS$620.5KUS$529.7KUS$529.7KUS$436.6KUS$344.1KUS$251.2KUS$251.2KUS$251.2K
Debt (BS)US$2MUS$2MUS$1.9MUS$1.9MUS$1.9MUS$1.9MUS$1.9MUS$1.9MUS$1.9MUS$1.8MUS$1.8MUS$1.8MUS$1.8MUS$1.8MUS$1.8MUS$1.8MUS$1.7MUS$1.7MUS$1.7MUS$1.7MUS$1.7MUS$1.7MUS$1.6MUS$1.6MUS$1.6MUS$1.6MUS$1.6MUS$1.6MUS$1.6MUS$1.5MUS$1.5MUS$1.5MUS$1.5M
RML59.3 mo55.3 mo50.5 mo—45.9 mo41.3 mo37.3 mo—35.5 mo31.7 mo28.9 mo—27.0 mo24.9 mo22.3 mo—20.5 mo18.7 mo16.6 mo—15.2 mo13.8 mo11.9 mo—10.6 mo9.1 mo7.8 mo—6.2 mo5.0 mo3.6 mo——
Costs and outflows carry a minus sign; colour is reserved for the YoY rows. Quarter subtotals and T12M sourced from the QPR calculation engine — never hardcoded.

Balance-Sheet Changes

24 monthly movements · USD

Line ItemJul 24Aug 24Sept 24Oct 24Nov 24Dec 24Jan 25Feb 25Mar 25Apr 25May 25Jun 25Jul 25Aug 25Sept 25Oct 25Nov 25Dec 25Jan 26Feb 26Mar 26Apr 26May 26Jun 26
Trade ReceivablesUS$0-US$1.5K-US$3.3K-US$2.2K-US$3.8K-US$1.4K-US$4.6K-US$2.6K-US$2.2K-US$2.7K-US$3.1K-US$1.3K-US$2.3K-US$4.3K-US$1K-US$3.1K-US$2.5K-US$2.2K-US$3K-US$3.4K-US$2.9K-US$1.7K-US$3K-US$2.8K
Trade PayablesUS$0US$175-US$775-US$170-US$1KUS$76-US$1.5K-US$515-US$432-US$649-US$869-US$11-US$499-US$1.7KUS$122-US$1K-US$822-US$593-US$1K-US$1.4K-US$1.1K-US$401-US$1.3K-US$1.1K
Deferred RevenueUS$0-US$2.5K-US$5.3K-US$3.5K-US$6.1K-US$2.2K-US$7.4K-US$4.2K-US$3.5K-US$4.4K-US$5K-US$2K-US$3.7K-US$6.9K-US$1.7K-US$4.9K-US$4.1K-US$3.5K-US$4.7K-US$5.5K-US$4.6K-US$2.7K-US$4.8K-US$4.5K
CashUS$0-US$62.5K-US$64.7K-US$67.1K-US$70K-US$72.9K-US$73.1K-US$76.5K-US$78.7K-US$79.6K-US$80.8K-US$83.7K-US$84.7K-US$85.9K-US$88.2K-US$88.2K-US$88.4K-US$90.9K-US$90.9K-US$91.5K-US$90.7K-US$93.1K-US$92.5K-US$92.8K
DebtUS$0-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K-US$20K
Month-over-month movement (deltas), not balances. Outflows carry a minus sign.

Quarter Update

Auto-drafted from this quarter's figures — review before use.

Cascadia DataWorks Inc closed the period with ARR of US$1.8M (-26.4% YoY), a Rule of 40 score of -61.4% and a burn multiple of n/a.

Operating cash burn averaged US$69.8K over the last three months. Runway stands at 3.6 mo, with cash-out projected 30 Sept 2026.

Gross annualised churn stands at 3.0% against net revenue retention of 54.2%.

Credit rating unchanged at CRR-3A since Jan 2026 (downgraded from CRR-2C).

Analyst Notes

  • Priya Nair24 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 Beckett11 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.

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