Ashgrove Cyber Ltd
Cybersecurity SaaS · United Kingdom
Overview
£1.5M
1 Sept 2023
1 Sept 2027
£429.2K
£1.3M
85.6%
£141.2K
11.0%
9.3%
Credit & Runway
T3M EBITDA burn avg
(£41.5K)
RML (runway, current)
n/a
T3M cash burn avg
(£31.3K)
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
£2.6M
Growth
19.7%
NRR
97.2%
Rule of 40
39.7%
Gross annualised churn
1.3%
Burn multiple
0.0x
Retention movement
Upsell
1.9%
Downsell
1.1%
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 | £1.8M | £1.9M | £1.9M | £1.9M | £1.9M | £1.9M | £2M | £2M | £2M | £2M | £2.1M | £2.1M | £2.1M | £2.2M | £2.2M | £2.2M | £2.2M | £2.2M | £2.3M | £2.3M | £2.3M | £2.4M | £2.4M | £2.4M | £2.4M | £2.4M | £2.5M | £2.5M | £2.5M | £2.6M | £2.6M | £2.6M | £2.6M |
| YoY % | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 21.9% | 21.1% | 23.7% | — | 20.9% | 20.8% | 21.8% | — | 19.7% | 19.1% | 18.2% | — | 21.1% | 19.9% | 19.7% | — | — |
| Revenue | £150.6K | £154.4K | £155.5K | £460.5K | £159.6K | £162.5K | £163.9K | £486K | £168.6K | £170.7K | £174.4K | £513.7K | £174.7K | £179.7K | £181.3K | £535.7K | £183.6K | £187K | £192.3K | £562.9K | £192.9K | £196.3K | £199.6K | £588.8K | £201.8K | £203.3K | £206.1K | £611.2K | £211.5K | £215.5K | £217K | £644K | £2.4M |
| YoY % | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 21.9% | 21.1% | 23.7% | — | 20.9% | 20.8% | 21.8% | — | 19.7% | 19.1% | 18.2% | — | 21.1% | 19.9% | 19.7% | — | — |
| 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 | -£100.9K | -£102.9K | -£103.2K | -£307K | -£105.4K | -£106.9K | -£107.2K | -£319.5K | -£109.9K | -£110.7K | -£112.6K | -£333.2K | -£112.2K | -£115K | -£115.4K | -£342.6K | -£116.3K | -£117.8K | -£120.7K | -£354.9K | -£120.4K | -£122K | -£123.4K | -£365.8K | -£124.2K | -£124.4K | -£125.6K | -£374.3K | -£128.2K | -£130.1K | -£130.2K | -£388.5K | -£1.5M |
| EBITDA | £7.5K | £8.7K | £9.8K | £26.1K | £11.1K | £12.4K | £13.5K | £37K | £15K | £16.3K | £17.8K | £49.2K | £19K | £20.7K | £22.1K | £61.8K | £23.5K | £25.2K | £27.2K | £75.9K | £28.5K | £30.3K | £32.1K | £90.9K | £33.8K | £35.4K | £37.2K | £106.3K | £39.5K | £41.7K | £43.4K | £124.6K | £397.8K |
| 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) | -£3.7K | -£2.8K | -£1.6K | -£8.1K | £233 | £397 | £2.9K | £3.5K | £3.7K | £5.5K | £6K | £15.2K | £8.6K | £10.3K | £11.4K | £30.3K | £12.8K | £14.4K | £17K | £44.1K | £18.2K | £20.7K | £21.3K | £60.2K | £22.6K | £24.9K | £26.6K | £74.2K | £29.1K | £31.4K | £33.3K | £93.8K | £272.3K |
| CF from Investments | -£3K | -£3.1K | -£3.1K | -£9.2K | -£3.2K | -£3.3K | -£3.3K | -£9.7K | -£3.4K | -£3.4K | -£3.5K | -£10.3K | -£3.5K | -£3.6K | -£3.6K | -£10.7K | -£3.7K | -£3.7K | -£3.8K | -£11.3K | -£3.9K | -£3.9K | -£4K | -£11.8K | -£4K | -£4.1K | -£4.1K | -£12.2K | -£4.2K | -£4.3K | -£4.3K | -£12.9K | -£48.1K |
| 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) | £404.2K | £389.4K | £375.7K | £375.7K | £363.7K | £351.9K | £342.5K | £342.5K | £333.8K | £326.9K | £320.4K | £320.4K | £316.6K | £314.3K | £313.1K | £313.1K | £313.2K | £314.8K | £318.9K | £318.9K | £324.2K | £332K | £340.3K | £340.3K | £349.9K | £361.7K | £375.2K | £375.2K | £391.2K | £409.3K | £429.2K | £429.2K | £429.2K |
| Debt (BS) | £1.5M | £1.5M | £1.5M | £1.5M | £1.5M | £1.5M | £1.4M | £1.4M | £1.4M | £1.4M | £1.4M | £1.4M | £1.4M | £1.4M | £1.4M | £1.4M | £1.4M | £1.4M | £1.4M | £1.4M | £1.4M | £1.3M | £1.3M | £1.3M | £1.3M | £1.3M | £1.3M | £1.3M | £1.3M | £1.3M | £1.3M | £1.3M | £1.3M |
| RML | 107.9 mo | 139.1 mo | 239.4 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 | £2.3K | £683 | £2.5K | £1.7K | £818 | £2.8K | £1.3K | £2.2K | £161 | £3K | £956 | £1.3K | £2K | £3.2K | £338 | £2K | £2K | £1.3K | £911 | £1.7K | £3.2K | £2.4K | £875 |
| Trade Payables | £0 | £789 | £147 | £869 | £594 | £128 | £1.1K | £315 | £786 | -£177 | £1.1K | £152 | £387 | £595 | £1.2K | -£131 | £647 | £540 | £343 | £87 | £471 | £1K | £762 | £46 |
| Deferred Revenue | £0 | £3.6K | £1.1K | £4K | £2.8K | £1.3K | £4.5K | £2K | £3.6K | £257 | £4.8K | £1.5K | £2.2K | £3.3K | £5.2K | £541 | £3.2K | £3.2K | £2.1K | £1.5K | £2.7K | £5.2K | £3.9K | £1.4K |
| Cash | £0 | -£14.9K | -£13.7K | -£12K | -£11.9K | -£9.4K | -£8.7K | -£6.9K | -£6.5K | -£3.9K | -£2.3K | -£1.3K | £107 | £1.6K | £4.1K | £5.3K | £7.8K | £8.3K | £9.6K | £11.9K | £13.5K | £15.9K | £18.1K | £19.9K |
| Debt | £0 | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K | -£9K |
Quarter Update
Auto-drafted from this quarter's figures — review before use.
Ashgrove Cyber Ltd closed the period with ARR of £2.6M (19.7% YoY), a Rule of 40 score of 39.7% and a burn multiple of 0.0x.
Operating cash burn has improved for the 23rd consecutive month, averaging -£31.3K 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 97.2%.
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