Borrowers/Palisade Payments Inc

Palisade Payments Inc

Payments · United States

CRR-2A
Live · as of 30 Jun 2026Financials through Jun 2026

Overview

Original loan (LC)

US$3M

Date committed

1 Sept 2023

Maturity

1 Sept 2027

Reported cash

US$666.8K

Loan balance

US$2.5M

% outstanding

82.4%

Amt at risk (LC)

US$395.5K

% at risk

16.0%

W. interest %

10.8%

Credit & Runway

T3M EBITDA burn avg

(US$75.3K)

RML (runway, current)

n/a

T3M cash burn avg

(US$50.7K)

Cash-out date

n/a

excl. debt service

n/a incl. debt service

cash generative — no cash-out
0 mo6 mo12 mo18 mo+

Today → cash-out → maturity

TodayMaturity

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

US$5.8M

+US$166.5Kvs prior quarter

Growth

13.7%

+0.6ppvs prior quarter

NRR

98.4%

-0.1ppvs prior quarter

Rule of 40

29.7%

+1.4ppvs prior quarter

Gross annualised churn

1.1%

+0.0ppvs prior quarter

Burn multiple

0.0x

+0.0xvs prior quarter

Retention movement

Upsell

1.9%

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 · USD

Line ItemJul 24Aug 24Sept 24Q3 2024Oct 24Nov 24Dec 24Q4 2024Jan 25Feb 25Mar 25Q1 2025Apr 25May 25Jun 25Q2 2025Jul 25Aug 25Sept 25Q3 2025Oct 25Nov 25Dec 25Q4 2025Jan 26Feb 26Mar 26Q1 2026Apr 26May 26Jun 26Q2 2026T12M
ARRUS$4.5MUS$4.6MUS$4.6MUS$4.6MUS$4.7MUS$4.7MUS$4.8MUS$4.8MUS$4.8MUS$4.9MUS$5MUS$5MUS$5MUS$5MUS$5.1MUS$5.1MUS$5.1MUS$5.2MUS$5.3MUS$5.3MUS$5.3MUS$5.4MUS$5.5MUS$5.5MUS$5.5MUS$5.6MUS$5.6MUS$5.6MUS$5.7MUS$5.7MUS$5.8MUS$5.8MUS$5.8M
YoY %————————————————14.1%15.0%13.7%—13.4%15.2%14.9%—13.7%15.2%13.1%—13.7%13.0%13.7%——
RevenueUS$376KUS$379.7KUS$386.9KUS$1.1MUS$392.5KUS$391.4KUS$396.2KUS$1.2MUS$402KUS$407.1KUS$414.8KUS$1.2MUS$419.2KUS$420.3KUS$424.8KUS$1.3MUS$429.1KUS$436.7KUS$439.8KUS$1.3MUS$445.1KUS$451KUS$455.4KUS$1.4MUS$456.9KUS$468.9KUS$469.1KUS$1.4MUS$476.7KUS$475.1KUS$483KUS$1.4MUS$5.5M
YoY %————————————————14.1%15.0%13.7%—13.4%15.2%14.9%—13.7%15.2%13.1%—13.7%13.0%13.7%——
Gross Margin %55.0%55.1%55.3%55.1%55.4%55.5%55.7%55.5%55.8%55.9%56.0%55.9%56.2%56.3%56.4%56.3%56.6%56.7%56.8%56.7%57.0%57.1%57.2%57.1%57.3%57.5%57.6%57.5%57.7%57.9%58.0%57.9%57.3%
OpEx-US$169.2K-US$170.3K-US$173.2K-US$512.7K-US$175.1K-US$174K-US$175.9K-US$525K-US$177.8K-US$179.4K-US$182.1K-US$539.4K-US$183.8K-US$183.6K-US$184.9K-US$552.4K-US$186.5K-US$189.1K-US$189.8K-US$565.5K-US$191.8K-US$193.6K-US$194.8K-US$580.1K-US$194.6K-US$199.5K-US$198.8K-US$592.9K-US$201.3K-US$200.3K-US$202.8K-US$604.4K-US$2.3M
EBITDAUS$37.6KUS$39KUS$40.7KUS$117.3KUS$42.3KUS$43.2KUS$44.8KUS$130.3KUS$46.5KUS$48.1KUS$50.1KUS$144.8KUS$51.8KUS$53KUS$54.7KUS$159.4KUS$56.3KUS$58.5KUS$60KUS$174.9KUS$61.9KUS$63.9KUS$65.7KUS$191.6KUS$67.1KUS$70.1KUS$71.4KUS$208.6KUS$73.8KUS$74.8KUS$77.3KUS$225.8KUS$800.9K
EBITDA Margin %10.0%10.3%10.5%—10.8%11.0%11.3%—11.6%11.8%12.1%—12.3%12.6%12.9%—13.1%13.4%13.7%—13.9%14.2%14.4%—14.7%15.0%15.2%—15.5%15.7%16.0%——
Operating Cash Burn (CF)US$9.4KUS$12.2KUS$12.5KUS$34KUS$17.9KUS$16.4KUS$17.3KUS$51.6KUS$22KUS$23.8KUS$23.3KUS$69.1KUS$27.6KUS$27.3KUS$28.8KUS$83.7KUS$30.4KUS$34.8KUS$34.5KUS$99.7KUS$37.1KUS$39.6KUS$40.3KUS$117.1KUS$45.8KUS$47KUS$50.6KUS$143.4KUS$48.8KUS$50.2KUS$53.1KUS$152.1KUS$512.4K
CF from Investments-US$7.5K-US$7.6K-US$7.7K-US$22.9K-US$7.8K-US$7.8K-US$7.9K-US$23.6K-US$8K-US$8.1K-US$8.3K-US$24.5K-US$8.4K-US$8.4K-US$8.5K-US$25.3K-US$8.6K-US$8.7K-US$8.8K-US$26.1K-US$8.9K-US$9K-US$9.1K-US$27K-US$9.1K-US$9.4K-US$9.4K-US$27.9K-US$9.5K-US$9.5K-US$9.7K-US$28.7K-US$109.7K
New Equity (CF)US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0US$0
Cash (BS)US$629.8KUS$612.4KUS$595.1KUS$595.1KUS$583.2KUS$569.8KUS$557.2KUS$557.2KUS$549.1KUS$542.8KUS$535.7KUS$535.7KUS$532.9KUS$529.8KUS$528.2KUS$528.2KUS$528KUS$532.1KUS$535.8KUS$535.8KUS$542KUS$550.6KUS$559.9KUS$559.9KUS$574.5KUS$590.2KUS$609.4KUS$609.4KUS$626.7KUS$645.4KUS$666.8KUS$666.8KUS$666.8K
Debt (BS)US$3MUS$3MUS$2.9MUS$2.9MUS$2.9MUS$2.9MUS$2.9MUS$2.9MUS$2.8MUS$2.8MUS$2.8MUS$2.8MUS$2.8MUS$2.8MUS$2.7MUS$2.7MUS$2.7MUS$2.7MUS$2.7MUS$2.7MUS$2.6MUS$2.6MUS$2.6MUS$2.6MUS$2.6MUS$2.6MUS$2.5MUS$2.5MUS$2.5MUS$2.5MUS$2.5MUS$2.5MUS$2.5M
RMLn/an/an/a—n/an/an/a—n/an/an/a—n/an/an/a—n/an/an/a—n/an/an/a—n/an/an/a—n/an/an/a——
Costs and outflows carry a minus sign; colour is reserved for the YoY rows. Quarter subtotals and T12M sourced from the QPR calculation engine — never hardcoded.

Balance-Sheet Changes

24 monthly movements · USD

Line ItemJul 24Aug 24Sept 24Oct 24Nov 24Dec 24Jan 25Feb 25Mar 25Apr 25May 25Jun 25Jul 25Aug 25Sept 25Oct 25Nov 25Dec 25Jan 26Feb 26Mar 26Apr 26May 26Jun 26
Trade ReceivablesUS$0US$2.3KUS$4.3KUS$3.4K-US$628US$2.9KUS$3.4KUS$3KUS$4.6KUS$2.6KUS$659US$2.7KUS$2.6KUS$4.6KUS$1.9KUS$3.2KUS$3.5KUS$2.7KUS$867US$7.2KUS$134US$4.6K-US$958US$4.7K
Trade PayablesUS$0US$436US$1.2KUS$752-US$438US$759US$762US$636US$1.1KUS$673-US$78US$516US$647US$1KUS$253US$808US$713US$469-US$46US$1.9K-US$264US$981-US$386US$1K
Deferred RevenueUS$0US$3.6KUS$6.8KUS$5.4K-US$1KUS$4.6KUS$5.5KUS$4.9KUS$7.4KUS$4.2KUS$1.1KUS$4.3KUS$4.1KUS$7.3KUS$3KUS$5.1KUS$5.6KUS$4.3KUS$1.4KUS$11.5KUS$215US$7.3K-US$1.5KUS$7.6K
CashUS$0-US$17.4K-US$17.3K-US$12K-US$13.4K-US$12.6K-US$8K-US$6.4K-US$7K-US$2.8K-US$3.1K-US$1.7K-US$136US$4.1KUS$3.7KUS$6.2KUS$8.6KUS$9.2KUS$14.6KUS$15.7KUS$19.2KUS$17.3KUS$18.7KUS$21.4K
DebtUS$0-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K-US$22K
Month-over-month movement (deltas), not balances. Outflows carry a minus sign.

Quarter Update

Auto-drafted from this quarter's figures — review before use.

Palisade Payments Inc closed the period with ARR of US$5.8M (13.7% YoY), a Rule of 40 score of 29.7% and a burn multiple of 0.0x.

Operating cash burn has improved for the 2nd consecutive month, averaging -US$50.7K over the last three months. Runway stands at n/a, with cash-out projected n/a.

Gross annualised churn stands at 1.1% against net revenue retention of 98.4%.

Analyst Notes

  • Priya Nair24 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 Beckett11 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.

Try asking
Data freshness3 feeds need attention

08:04 GMT

Last sync · 13/15 borrower feeds synced

Portfolio Reporting by PMI Stack