Corvid Marketing Group
Marketing Services · France
Overview
€2.2M
1 Sept 2023
1 Sept 2027
€211.4K
€1.8M
80.4%
€353.6K
20.0%
11.0%
Credit & Runway
T3M EBITDA burn avg
(€911.7)
RML (runway, current)
13.0 mo
T3M cash burn avg
€16.2K
Cash-out date
30 Jul 2027
excl. debt service
30 Oct 2026 incl. debt service
Today → cash-out → maturity
excl. debt serviceincl. debt service
Performance
Revenue vs EBITDA
Cash vs Debt
Cash-out Jul 2027 (+13mo) · 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
€3.1M
Growth
0.1%
NRR
97.4%
Rule of 40
0.1%
Gross annualised churn
1.2%
Burn multiple
60.5x
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 | €3.2M | €3.2M | €3.2M | €3.2M | €3.2M | €3.2M | €3.2M | €3.2M | €3.2M | €3.2M | €3.2M | €3.2M | €3.2M | €3.2M | €3.1M | €3.1M | €3.2M | €3.1M | €3.2M | €3.2M | €3.1M | €3.1M | €3.2M | €3.2M | €3.2M | €3.1M | €3.1M | €3.1M | €3.1M | €3.2M | €3.1M | €3.1M | €3.1M |
| YoY % | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 0.2% | -0.7% | 0.7% | — | -2.4% | -1.9% | -1.7% | — | -0.5% | -0.6% | -0.8% | — | -1.9% | -0.8% | 0.1% | — | — |
| Revenue | €266.1K | €264.2K | €263.7K | €794K | €268.1K | €266.6K | €268K | €802.7K | €266.5K | €262.9K | €262.7K | €792.1K | €265.6K | €267.3K | €262.1K | €795.1K | €266.6K | €262.4K | €265.4K | €794.4K | €261.6K | €261.5K | €263.5K | €786.6K | €265.3K | €261.3K | €260.7K | €787.2K | €260.6K | €265.2K | €262.3K | €788.1K | €3.2M |
| YoY % | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 0.2% | -0.7% | 0.7% | — | -2.4% | -1.9% | -1.7% | — | -0.5% | -0.6% | -0.8% | — | -1.9% | -0.8% | 0.1% | — | — |
| 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% | 41.0% |
| OpEx | -€79.8K | -€80.7K | -€81.7K | -€242.3K | -€84.6K | -€85.5K | -€87.5K | -€257.6K | -€88.2K | -€88.4K | -€89.8K | -€266.4K | -€92.3K | -€94K | -€93.7K | -€279.9K | -€96.7K | -€96.6K | -€98.9K | -€292.2K | -€98.9K | -€100.3K | -€102.5K | -€301.8K | -€104.4K | -€104.3K | -€105.5K | -€314.2K | -€106.8K | -€109.9K | -€110.2K | -€326.9K | -€1.2M |
| EBITDA | €21.3K | €20.2K | €19.3K | €60.8K | €18.7K | €17.6K | €16.8K | €53K | €15.8K | €14.6K | €13.7K | €44.1K | €12.9K | €12.1K | €10.9K | €36K | €10.2K | €9.1K | €8.3K | €27.6K | €7.3K | €6.4K | €5.5K | €19.1K | €4.6K | €3.6K | €2.7K | €11K | €1.8K | €922 | €0 | €2.7K | €60.5K |
| EBITDA Margin % | 8.0% | 7.7% | 7.3% | — | 7.0% | 6.6% | 6.3% | — | 5.9% | 5.6% | 5.2% | — | 4.9% | 4.5% | 4.2% | — | 3.8% | 3.5% | 3.1% | — | 2.8% | 2.4% | 2.1% | — | 1.7% | 1.4% | 1.0% | — | 0.7% | 0.3% | 0.0% | — | — |
| Operating Cash Burn (CF) | €503 | €772 | -€1.2K | €108 | -€1.3K | -€659 | -€3.5K | -€5.5K | -€2.5K | -€3.9K | -€4.1K | -€10.5K | -€6.2K | -€7.4K | -€6.2K | -€19.8K | -€7.2K | -€9.1K | -€9.9K | -€26.2K | -€10.2K | -€10.4K | -€11.8K | -€32.4K | -€13.1K | -€12.3K | -€13.4K | -€38.8K | -€15.9K | -€15.7K | -€17.1K | -€48.7K | -€146.1K |
| CF from Investments | -€5.3K | -€5.3K | -€5.3K | -€15.9K | -€5.4K | -€5.3K | -€5.4K | -€16.1K | -€5.3K | -€5.3K | -€5.3K | -€15.8K | -€5.3K | -€5.3K | -€5.2K | -€15.9K | -€5.3K | -€5.2K | -€5.3K | -€15.9K | -€5.2K | -€5.2K | -€5.3K | -€15.7K | -€5.3K | -€5.2K | -€5.2K | -€15.7K | -€5.2K | -€5.3K | -€5.2K | -€15.8K | -€63.1K |
| 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) | €929.2K | €906.7K | €882.2K | €882.2K | €857.5K | €833.6K | €806.7K | €806.7K | €780.8K | €753.6K | €726.3K | €726.3K | €696.9K | €666.1K | €636.7K | €636.7K | €606.1K | €573.8K | €540.6K | €540.6K | €507.2K | €473.5K | €438.5K | €438.5K | €402K | €366.5K | €329.9K | €329.9K | €290.8K | €251.8K | €211.4K | €211.4K | €211.4K |
| Debt (BS) | €2.2M | €2.2M | €2.1M | €2.1M | €2.1M | €2.1M | €2.1M | €2.1M | €2.1M | €2.1M | €2M | €2M | €2M | €2M | €2M | €2M | €2M | €1.9M | €1.9M | €1.9M | €1.9M | €1.9M | €1.9M | €1.9M | €1.9M | €1.8M | €1.8M | €1.8M | €1.8M | €1.8M | €1.8M | €1.8M | €1.8M |
| RML | n/a | n/a | 756.0 mo | — | 650.1 mo | 1264.9 mo | 228.5 mo | — | 307.9 mo | 193.2 mo | 179.1 mo | — | 113.3 mo | 89.8 mo | 102.7 mo | — | 84.4 mo | 62.9 mo | 54.7 mo | — | 49.9 mo | 45.4 mo | 37.1 mo | — | 30.7 mo | 29.7 mo | 24.7 mo | — | 18.3 mo | 16.0 mo | 12.4 mo | — | — |
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 | -€1.1K | -€354 | €2.7K | -€932 | €890 | -€940 | -€2.1K | -€105 | €1.7K | €1K | -€3.1K | €2.7K | -€2.5K | €1.8K | -€2.3K | -€56 | €1.2K | €1K | -€2.4K | -€376 | -€75 | €2.8K | -€1.7K |
| Trade Payables | €0 | €352 | €401 | €1.1K | €388 | €778 | €273 | €105 | €552 | €976 | €711 | -€150 | €1.2K | -€36 | €927 | €2 | €559 | €886 | €747 | -€51 | €471 | €551 | €1.2K | €103 |
| Deferred Revenue | €0 | -€1.8K | -€566 | €4.3K | -€1.5K | €1.4K | -€1.5K | -€3.4K | -€167 | €2.8K | €1.6K | -€4.9K | €4.3K | -€4K | €2.9K | -€3.7K | -€89 | €1.9K | €1.7K | -€3.8K | -€601 | -€121 | €4.5K | -€2.7K |
| Cash | €0 | -€22.5K | -€24.4K | -€24.7K | -€24K | -€26.9K | -€25.9K | -€27.2K | -€27.3K | -€29.5K | -€30.8K | -€29.4K | -€30.5K | -€32.4K | -€33.2K | -€33.4K | -€33.7K | -€35.1K | -€36.4K | -€35.5K | -€36.6K | -€39.1K | -€39K | -€40.3K |
| Debt | €0 | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K | -€18K |
Quarter Update
Auto-drafted from this quarter's figures — review before use.
Corvid Marketing Group closed the period with ARR of €3.1M (0.1% YoY), a Rule of 40 score of 0.1% and a burn multiple of 60.5x.
Operating cash burn averaged €16.2K over the last three months. Runway stands at 13.0 mo, with cash-out projected 30 Jul 2027.
Gross annualised churn stands at 1.2% against net revenue retention of 97.4%.
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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