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Ledgerly/FY26 Plan · Revenue
Working draft· v12
JL
Revenue · FY26 plan + FY27 outlook
FY26 ending ARR $1.1B · base scenario
Plan FY26
Coming soon
◯Headcount
⌘Scenarios
⎚Reports
Total ARR
$1.1B
ending Dec 26
ARR YoY (FY26 / FY25)
89.8%
FY25 76% · FY26 90% · FY27 66%
NRR (TTM, sales-led)
120.5%
as of Dec 26 · SS excluded
GRR (TTM, sales-led)
88.4%
as of Dec 26 · SS excluded
Gross margin
74.7%
Dec 26
EBITDA margin
-5.8%
Dec 26 · GAAP, incl. SBC
Adj. EBITDA margin
13.5%
Dec 26 · non-GAAP, ex-SBC
Rule of 40 (GAAP)
73.2
Dec 26 · ARR YoY + TTM GAAP OM
Total logos
452.6k
Dec 26 · workspaces + SL
ARPA blended
$3k
SS $1k · SL $67k
AI-included ARR
$981.1M
86% on plans bundling AI · Dec 26
ARR Waterfall · Dec 25 → Dec 26
FY25 ending ARR · Dec 25$600.0MΔ Self-Serve (net)+$324.9MNew Sales-Led · named pipeline+$65.0MNew Sales-Led · capacity+$73.2MSelf-serve → sales-led handoff+$0Expansion+$118.7MContraction-$16.6MChurn-$26.1MEnding ARR · Dec 26$1.1B
36-month ARR trend · FY25 actual + 3 scenarios
$0$613M$1B$2B$2BJan 25Apr 25Jul 25Oct 25Jan 26Apr 26Jul 26Oct 26Jan 27Apr 27Jul 27Oct 27actualforecast
FY25 actual
Upside
Base
Downside
Billings vs Revenue · monthly
BillingsRevenue
$0$105M$210M$315M$420MJan 26Apr 26Jul 26Oct 26Jan 27Apr 27Jul 27Oct 27
Implied IPO valuation · $1.1B ARR
FY26 ending ARR × public-SaaS multiple. Public peer comparables run roughly 8–18×.
Conservative · 10×
$11.4B
Mid · 12×
$13.7B
Bull · 15×
$17.1B
Notion-style revenue forecast · 18-month horizon · client-side compute