Marrow Logistics GmbH
Logistics · Germany
Overview
€3.5M
1 Sept 2023
1 Sept 2027
€327.9K
€2.9M
82.9%
€493K
17.0%
10.0%
Credit & Runway
T3M EBITDA burn avg
(€56.7K)
RML (runway, current)
n/a
T3M cash burn avg
(€32K)
Cash-out date
n/a
excl. debt service
30 Dec 2027 incl. debt service
Today → cash-out → maturity
excl. debt serviceincl. debt service
Cash-out date falls beyond maturity — repayment due 1 Sept 2027 comes first.
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
€5.3M
Growth
4.0%
NRR
97.7%
Rule of 40
17.0%
Gross annualised churn
1.2%
Burn multiple
0.0x
Retention movement
Upsell
2.0%
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 · 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 | €5M | €5M | €5M | €5M | €5M | €5.1M | €5.1M | €5.1M | €5M | €5M | €5.1M | €5.1M | €5.1M | €5.1M | €5.1M | €5.1M | €5.2M | €5.1M | €5.2M | €5.2M | €5.2M | €5.2M | €5.2M | €5.2M | €5.3M | €5.3M | €5.2M | €5.2M | €5.3M | €5.3M | €5.3M | €5.3M | €5.3M |
| YoY % | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 3.6% | 3.3% | 4.9% | — | 2.5% | 2.2% | 1.5% | — | 4.4% | 4.9% | 1.8% | — | 3.5% | 4.6% | 4.0% | — | — |
| Revenue | €417.4K | €415.3K | €415.8K | €1.2M | €419.7K | €421.7K | €425.3K | €1.3M | €419.8K | €420.5K | €429K | €1.3M | €426.6K | €424K | €427.5K | €1.3M | €432.6K | €428.9K | €436.1K | €1.3M | €430.2K | €431K | €431.6K | €1.3M | €438.1K | €441.3K | €436.6K | €1.3M | €441.6K | €443.4K | €444.8K | €1.3M | €5.2M |
| YoY % | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 3.6% | 3.3% | 4.9% | — | 2.5% | 2.2% | 1.5% | — | 4.4% | 4.9% | 1.8% | — | 3.5% | 4.6% | 4.0% | — | — |
| Gross Margin % | 38.0% | 38.2% | 38.3% | 38.2% | 38.5% | 38.7% | 38.9% | 38.7% | 39.0% | 39.2% | 39.4% | 39.2% | 39.6% | 39.7% | 39.9% | 39.7% | 40.1% | 40.3% | 40.4% | 40.3% | 40.6% | 40.8% | 41.0% | 40.8% | 41.1% | 41.3% | 41.5% | 41.3% | 41.7% | 41.8% | 42.0% | 41.8% | 41.1% |
| OpEx | -€125.2K | -€124.5K | -€124.2K | -€373.9K | -€125.3K | -€125.8K | -€126.8K | -€377.8K | -€124.7K | -€124.8K | -€127.2K | -€376.7K | -€126.5K | -€125.2K | -€126.2K | -€377.8K | -€127.6K | -€126.4K | -€128K | -€382K | -€126.2K | -€126.4K | -€126.5K | -€379.1K | -€127.9K | -€128.7K | -€127.3K | -€383.9K | -€128.7K | -€128.7K | -€129K | -€386.3K | -€1.5M |
| EBITDA | €33.4K | €34.1K | €35.1K | €102.6K | €36.3K | €37.4K | €38.6K | €112.4K | €39.1K | €40K | €41.8K | €120.9K | €42.5K | €43.1K | €44.4K | €130K | €45.9K | €46.4K | €48.2K | €140.5K | €48.4K | €49.5K | €50.5K | €148.4K | €52.2K | €53.5K | €53.9K | €159.6K | €55.5K | €56.7K | €57.8K | €170K | €618.5K |
| EBITDA Margin % | 8.0% | 8.2% | 8.4% | — | 8.7% | 8.9% | 9.1% | — | 9.3% | 9.5% | 9.7% | — | 10.0% | 10.2% | 10.4% | — | 10.6% | 10.8% | 11.0% | — | 11.3% | 11.5% | 11.7% | — | 11.9% | 12.1% | 12.3% | — | 12.6% | 12.8% | 13.0% | — | — |
| Operating Cash Burn (CF) | €3.5K | €5.8K | €5.9K | €15.2K | €8K | €8.9K | €9.7K | €26.5K | €9.4K | €13.3K | €12.2K | €34.9K | €13.3K | €17.2K | €16.1K | €46.6K | €18.1K | €20.3K | €21.4K | €59.8K | €20.9K | €24.5K | €26.6K | €72K | €25.4K | €28.8K | €28.7K | €82.9K | €31.3K | €31.7K | €32.9K | €95.9K | €310.6K |
| CF from Investments | -€8.3K | -€8.3K | -€8.3K | -€25K | -€8.4K | -€8.4K | -€8.5K | -€25.3K | -€8.4K | -€8.4K | -€8.6K | -€25.4K | -€8.5K | -€8.5K | -€8.6K | -€25.6K | -€8.7K | -€8.6K | -€8.7K | -€26K | -€8.6K | -€8.6K | -€8.6K | -€25.9K | -€8.8K | -€8.8K | -€8.7K | -€26.3K | -€8.8K | -€8.9K | -€8.9K | -€26.6K | -€104.7K |
| 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) | €670.1K | €642.6K | €615.3K | €615.3K | €589.9K | €565.3K | €541.5K | €541.5K | €517.5K | €497.4K | €476K | €476K | €455.8K | €439.6K | €422.1K | €422.1K | €406.6K | €393.3K | €380.9K | €380.9K | €368.2K | €359.1K | €352.1K | €352.1K | €343.6K | €338.6K | €333.6K | €333.6K | €331.1K | €329K | €327.9K | €327.9K | €327.9K |
| Debt (BS) | €3.5M | €3.5M | €3.4M | €3.4M | €3.4M | €3.4M | €3.4M | €3.4M | €3.3M | €3.3M | €3.3M | €3.3M | €3.3M | €3.2M | €3.2M | €3.2M | €3.2M | €3.2M | €3.1M | €3.1M | €3.1M | €3.1M | €3.1M | €3.1M | €3M | €3M | €3M | €3M | €3M | €2.9M | €2.9M | €2.9M | €2.9M |
| 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 | -€1.2K | €277 | €2.3K | €1.2K | €2.1K | -€3.3K | €417 | €5.1K | -€1.5K | -€1.5K | €2.1K | €3.1K | -€2.2K | €4.3K | -€3.5K | €433 | €402 | €3.9K | €1.9K | -€2.9K | €3K | €1.1K | €834 |
| Trade Payables | €0 | -€274 | -€140 | €437 | €210 | €396 | -€847 | €53 | €979 | -€319 | -€503 | €384 | €571 | -€472 | €649 | -€719 | €55 | €49 | €553 | €345 | -€585 | €554 | €2 | €131 |
| Deferred Revenue | €0 | -€2K | €442 | €3.7K | €1.9K | €3.4K | -€5.2K | €668 | €8.2K | -€2.3K | -€2.5K | €3.4K | €4.9K | -€3.6K | €6.9K | -€5.6K | €694 | €643 | €6.2K | €3.1K | -€4.6K | €4.8K | €1.7K | €1.3K |
| Cash | €0 | -€27.5K | -€27.4K | -€25.4K | -€24.5K | -€23.9K | -€24K | -€20.1K | -€21.4K | -€20.2K | -€16.2K | -€17.5K | -€15.5K | -€13.3K | -€12.3K | -€12.7K | -€9.1K | -€7.1K | -€8.4K | -€5K | -€5K | -€2.5K | -€2.1K | -€1K |
| Debt | €0 | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K | -€25K |
Quarter Update
Auto-drafted from this quarter's figures — review before use.
Marrow Logistics GmbH closed the period with ARR of €5.3M (4.0% YoY), a Rule of 40 score of 17.0% and a burn multiple of 0.0x.
Operating cash burn has improved for the 3rd consecutive month, averaging -€32K 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 97.7%.
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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