Larkspur Analytics Ltd
Data Analytics SaaS · United Kingdom
Overview
£1.2M
1 Sept 2023
1 Sept 2027
£390.3K
£1M
84.0%
£121K
12.0%
9.0%
Credit & Runway
T3M EBITDA burn avg
(£32K)
RML (runway, current)
n/a
T3M cash burn avg
(£24.4K)
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 Sept 2027 (+15mo) — 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
£2M
Growth
14.1%
NRR
98.1%
Rule of 40
34.1%
Gross annualised churn
1.2%
Burn multiple
0.0x
Retention movement
Upsell
2.1%
Downsell
0.9%
Annualised, same base as gross churn: NRR ≈ 100% + upsell − downsell − gross churn.
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 | £1.5M | £1.5M | £1.6M | £1.6M | £1.6M | £1.6M | £1.6M | £1.6M | £1.6M | £1.7M | £1.7M | £1.7M | £1.7M | £1.7M | £1.8M | £1.8M | £1.7M | £1.8M | £1.8M | £1.8M | £1.8M | £1.8M | £1.9M | £1.9M | £1.9M | £1.9M | £1.9M | £1.9M | £2M | £2M | £2M | £2M | £2M |
| YoY % | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 16.1% | 18.4% | 16.3% | — | 16.9% | 16.8% | 16.5% | — | 17.4% | 14.9% | 14.5% | — | 14.7% | 15.3% | 14.1% | — | — |
| Revenue | £125.6K | £126.3K | £129.8K | £381.8K | £131.5K | £131.5K | £134.9K | £397.9K | £134.6K | £137.8K | £139.5K | £411.9K | £142.7K | £143.4K | £146.2K | £432.3K | £145.8K | £149.6K | £151K | £446.4K | £153.7K | £153.6K | £157.2K | £464.5K | £158K | £158.2K | £159.8K | £476.1K | £163.7K | £165.3K | £166.9K | £495.9K | £1.9M |
| YoY % | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 16.1% | 18.4% | 16.3% | — | 16.9% | 16.8% | 16.5% | — | 17.4% | 14.9% | 14.5% | — | 14.7% | 15.3% | 14.1% | — | — |
| Gross Margin % | 72.0% | 72.3% | 72.7% | 72.3% | 73.0% | 73.4% | 73.7% | 73.4% | 74.1% | 74.4% | 74.8% | 74.4% | 75.1% | 75.5% | 75.8% | 75.5% | 76.2% | 76.5% | 76.9% | 76.5% | 77.2% | 77.6% | 77.9% | 77.6% | 78.3% | 78.6% | 79.0% | 78.6% | 79.3% | 79.7% | 80.0% | 79.7% | 78.1% |
| OpEx | -£84.2K | -£84.2K | -£86.2K | -£254.6K | -£86.8K | -£86.5K | -£88.3K | -£261.7K | -£87.8K | -£89.3K | -£90.1K | -£267.2K | -£91.6K | -£91.7K | -£93.1K | -£276.4K | -£92.4K | -£94.3K | -£94.8K | -£281.5K | -£95.9K | -£95.5K | -£97.2K | -£288.6K | -£97.3K | -£96.9K | -£97.4K | -£291.5K | -£99.2K | -£99.8K | -£100.1K | -£299.1K | -£1.2M |
| EBITDA | £6.3K | £7.1K | £8.2K | £21.6K | £9.1K | £10K | £11.1K | £30.3K | £12K | £13.2K | £14.3K | £39.4K | £15.5K | £16.5K | £17.8K | £49.8K | £18.7K | £20.2K | £21.3K | £60.2K | £22.7K | £23.7K | £25.3K | £71.7K | £26.4K | £27.5K | £28.8K | £82.8K | £30.6K | £32K | £33.4K | £96K | £310.7K |
| EBITDA Margin % | 5.0% | 5.7% | 6.3% | — | 7.0% | 7.6% | 8.3% | — | 8.9% | 9.6% | 10.2% | — | 10.9% | 11.5% | 12.2% | — | 12.8% | 13.5% | 14.1% | — | 14.8% | 15.4% | 16.1% | — | 16.7% | 17.4% | 18.0% | — | 18.7% | 19.3% | 20.0% | — | — |
| Operating Cash Burn (CF) | -£2.8K | -£2.2K | -£770 | -£5.8K | £614 | £1.7K | £2.3K | £4.5K | £3.5K | £5.1K | £5.5K | £14.1K | £7.6K | £8.3K | £9.1K | £25K | £10.2K | £11.6K | £13.9K | £35.6K | £14.8K | £15.1K | £17.1K | £46.9K | £18K | £20.2K | £20.7K | £58.9K | £22.5K | £24.6K | £26K | £73.1K | £214.6K |
| CF from Investments | -£2.5K | -£2.5K | -£2.6K | -£7.6K | -£2.6K | -£2.6K | -£2.7K | -£8K | -£2.7K | -£2.8K | -£2.8K | -£8.2K | -£2.9K | -£2.9K | -£2.9K | -£8.6K | -£2.9K | -£3K | -£3K | -£8.9K | -£3.1K | -£3.1K | -£3.1K | -£9.3K | -£3.2K | -£3.2K | -£3.2K | -£9.5K | -£3.3K | -£3.3K | -£3.3K | -£9.9K | -£37.7K |
| 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) | £386.7K | £374K | £362.6K | £362.6K | £352.6K | £343.6K | £335.2K | £335.2K | £328K | £322.3K | £317K | £317K | £313.8K | £311.2K | £309.4K | £309.4K | £308.6K | £309.2K | £312.1K | £312.1K | £315.8K | £319.8K | £325.7K | £325.7K | £332.6K | £341.6K | £351.1K | £351.1K | £362.3K | £375.6K | £390.3K | £390.3K | £390.3K |
| Debt (BS) | £1.2M | £1.2M | £1.2M | £1.2M | £1.2M | £1.2M | £1.2M | £1.2M | £1.1M | £1.1M | £1.1M | £1.1M | £1.1M | £1.1M | £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 |
| RML | 139.4 mo | 168.1 mo | 470.9 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 | 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 | £426 | £2.1K | £964 | £51 | £2K | -£183 | £1.9K | £1.1K | £1.9K | £421 | £1.7K | -£254 | £2.3K | £860 | £1.6K | -£37 | £2.2K | £474 | £143 | £953 | £2.3K | £981 | £955 |
| Trade Payables | £0 | £11 | £811 | £241 | -£110 | £701 | -£215 | £625 | £319 | £611 | £35 | £528 | -£254 | £744 | £208 | £449 | -£170 | £672 | £37 | -£164 | £227 | £711 | £230 | £149 |
| Deferred Revenue | £0 | £681 | £3.4K | £1.5K | £81 | £3.3K | -£293 | £3K | £1.7K | £3K | £673 | £2.8K | -£406 | £3.6K | £1.4K | £2.5K | -£59 | £3.5K | £760 | £228 | £1.5K | £3.7K | £1.6K | £1.5K |
| Cash | £0 | -£12.8K | -£11.4K | -£10K | -£9K | -£8.4K | -£7.2K | -£5.7K | -£5.3K | -£3.2K | -£2.6K | -£1.8K | -£746 | £567 | £2.9K | £3.7K | £4K | £5.9K | £6.9K | £9K | £9.5K | £11.2K | £13.3K | £14.7K |
| Debt | £0 | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K | -£8K |
Quarter Update
Auto-drafted from this quarter's figures — review before use.
Larkspur Analytics Ltd closed the period with ARR of £2M (14.1% YoY), a Rule of 40 score of 34.1% and a burn multiple of 0.0x.
Operating cash burn has improved for the 23rd consecutive month, averaging -£24.4K over the last three months. Runway stands at n/a, with cash-out projected n/a.
Gross annualised churn stands at 1.2% against net revenue retention of 98.1%.
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
Last sync · 13/15 borrower feeds synced