Thistledown Fintech Ltd
Fintech · United Kingdom
Overview
£900K
1 Sept 2023
1 Sept 2027
£373.3K
£756K
84.0%
£75.6K
10.0%
9.8%
Credit & Runway
T3M EBITDA burn avg
(£30.2K)
RML (runway, current)
n/a
T3M cash burn avg
(£23.9K)
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
£1.9M
Growth
33.3%
NRR
96.7%
Rule of 40
53.3%
Gross annualised churn
1.3%
Burn multiple
0.0x
Retention movement
Upsell
1.8%
Downsell
1.0%
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 | £994.3K | £1M | £1.1M | £1.1M | £1.1M | £1.2M | £1.2M | £1.2M | £1.2M | £1.3M | £1.3M | £1.3M | £1.4M | £1.4M | £1.4M | £1.4M | £1.5M | £1.5M | £1.5M | £1.5M | £1.6M | £1.6M | £1.7M | £1.7M | £1.7M | £1.7M | £1.8M | £1.8M | £1.8M | £1.9M | £1.9M | £1.9M | £1.9M |
| YoY % | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 47.5% | 44.7% | 42.2% | — | 41.1% | 40.5% | 40.9% | — | 37.5% | 36.7% | 37.8% | — | 35.6% | 34.3% | 33.3% | — | — |
| Revenue | £82.9K | £86K | £89.9K | £258.8K | £93.4K | £96.9K | £98.7K | £289K | £103.8K | £105.5K | £108.7K | £318.1K | £112.6K | £115.6K | £120K | £348.2K | £122.2K | £124.5K | £127.9K | £374.6K | £131.8K | £136.2K | £139.1K | £407.1K | £142.8K | £144.2K | £149.9K | £436.8K | £152.7K | £155.2K | £159.9K | £467.8K | £1.7M |
| YoY % | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 47.5% | 44.7% | 42.2% | — | 41.1% | 40.5% | 40.9% | — | 37.5% | 36.7% | 37.8% | — | 35.6% | 34.3% | 33.3% | — | — |
| 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% | 78.2% |
| OpEx | -£55.5K | -£57.3K | -£59.7K | -£172.6K | -£61.7K | -£63.8K | -£64.6K | -£190.1K | -£67.7K | -£68.4K | -£70.2K | -£206.3K | -£72.3K | -£74K | -£76.3K | -£222.6K | -£77.4K | -£78.4K | -£80.3K | -£236.2K | -£82.3K | -£84.7K | -£86K | -£252.9K | -£87.9K | -£88.3K | -£91.3K | -£267.5K | -£92.6K | -£93.7K | -£95.9K | -£282.2K | -£1M |
| EBITDA | £4.1K | £4.9K | £5.7K | £14.7K | £6.5K | £7.4K | £8.2K | £22K | £9.3K | £10.1K | £11.1K | £30.5K | £12.2K | £13.3K | £14.6K | £40.2K | £15.7K | £16.8K | £18.1K | £50.5K | £19.5K | £21K | £22.4K | £62.9K | £23.9K | £25.1K | £27K | £76K | £28.6K | £30K | £32K | £90.6K | £280K |
| 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) | -£3.4K | -£2.1K | -£1.3K | -£6.8K | -£971 | £664 | £1.2K | £868 | £2.4K | £2.8K | £4.3K | £9.5K | £4.8K | £6.6K | £8.3K | £19.8K | £8.5K | £10.2K | £11.5K | £30.2K | £12.3K | £14.3K | £16.6K | £43.1K | £17K | £18.8K | £21.1K | £56.9K | £22.7K | £24K | £25K | £71.7K | £202K |
| CF from Investments | -£1.7K | -£1.7K | -£1.8K | -£5.2K | -£1.9K | -£1.9K | -£2K | -£5.8K | -£2.1K | -£2.1K | -£2.2K | -£6.4K | -£2.3K | -£2.3K | -£2.4K | -£7K | -£2.4K | -£2.5K | -£2.6K | -£7.5K | -£2.6K | -£2.7K | -£2.8K | -£8.1K | -£2.9K | -£2.9K | -£3K | -£8.7K | -£3.1K | -£3.1K | -£3.2K | -£9.4K | -£33.7K |
| 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) | £338.9K | £329.1K | £320K | £320K | £311.2K | £303.9K | £297.1K | £297.1K | £291.4K | £286.1K | £282.2K | £282.2K | £278.8K | £277.1K | £277.1K | £277.1K | £277.1K | £278.8K | £281.8K | £281.8K | £285.4K | £291K | £298.7K | £298.7K | £306.9K | £316.8K | £328.9K | £328.9K | £342.6K | £357.5K | £373.3K | £373.3K | £373.3K |
| Debt (BS) | £894K | £888K | £882K | £882K | £876K | £870K | £864K | £864K | £858K | £852K | £846K | £846K | £840K | £834K | £828K | £828K | £822K | £816K | £810K | £810K | £804K | £798K | £792K | £792K | £786K | £780K | £774K | £774K | £768K | £762K | £756K | £756K | £756K |
| RML | 99.8 mo | 157.1 mo | 243.9 mo | — | 320.5 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 | — | — |
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 | £1.9K | £2.3K | £2.1K | £2.1K | £1.1K | £3.1K | £1K | £1.9K | £2.3K | £1.8K | £2.6K | £1.3K | £1.4K | £2.1K | £2.4K | £2.6K | £1.7K | £2.2K | £849 | £3.4K | £1.7K | £1.5K | £2.8K |
| Trade Payables | £0 | £728 | £951 | £801 | £820 | £322 | £1.2K | £288 | £727 | £841 | £649 | £959 | £434 | £405 | £732 | £798 | £964 | £508 | £775 | £146 | £1.2K | £483 | £444 | £911 |
| Deferred Revenue | £0 | £3K | £3.8K | £3.4K | £3.3K | £1.7K | £5K | £1.6K | £3.1K | £3.7K | £2.9K | £4.2K | £2.1K | £2.2K | £3.3K | £3.8K | £4.2K | £2.7K | £3.6K | £1.4K | £5.4K | £2.7K | £2.4K | £4.5K |
| Cash | £0 | -£9.8K | -£9.1K | -£8.8K | -£7.3K | -£6.8K | -£5.7K | -£5.3K | -£3.9K | -£3.4K | -£1.7K | -£72 | £22 | £1.7K | £3K | £3.6K | £5.6K | £7.8K | £8.1K | £9.9K | £12.1K | £13.7K | £14.9K | £15.8K |
| Debt | £0 | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K | -£6K |
Quarter Update
Auto-drafted from this quarter's figures — review before use.
Thistledown Fintech Ltd closed the period with ARR of £1.9M (33.3% 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 -£23.9K over the last three months. Runway stands at n/a, with cash-out projected n/a.
Gross annualised churn stands at 1.3% against net revenue retention of 96.7%.
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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