You're in good shape overall. There are 3 things we'd address before talking to investors.

Financial Hygiene

Close is timely, ledger is clean.

Forecast Defensibility

Assumptions need supporting evidence.

Runway

19 months at current burn.

Investor Readiness

Cohort and margin narrative is thin.

Diligence Completeness

Two contract sets still missing.

Revenue vs. gross margin

Quarterly, $M / %

74%

Q1 24

73%

Q2 24

72%

Q3 24

72%

Q4 24

70%

Q1 25

66%

Q2 25

What they'll ask

Ranked by how likely each question is to come up — and how much it costs you if you're unprepared.

High priorityMargin

What we noticed: Gross margin declined from 72% to 66% while revenue increased 18%.
Why they'll ask: Investors may want to understand whether growth is creating structural delivery costs.
Be ready with: A clear explanation of the margin movement and whether it reverses as the company scales.

High priorityForecast

What we noticed: Four planned Q4 hires appear in the hiring plan but are not reflected in the current cash forecast.
Why they'll ask: A plan that disagrees with the model makes every other forecast number harder to trust.
Be ready with: A single reconciled forecast where headcount, start dates and fully loaded cost flow into burn.