04 / 15Five-year target model
Financial trajectory
An ambitious base case for an AI-enabled cybersecurity company that deliberately overweights the United States. Disciplined hiring, founder-led technical reputation, partner-led regional expansion, realistic utilization, and a progressive shift toward platform-enhanced margins.
2032 revenue
$107.3M
Headcount
265
FTE / core contractors
Gross margin
71%
SaaS / IP share
40%
Group revenue
Base case 2027–2032 ($M)
Regional revenue
Stacked by region ($M) — Americas dominant by 2029
Profitability
Gross vs. EBITDA margin — turns positive in 2029
—Numbers
Full target snapshot
| Year | Revenue | FTE / core | Gross margin | EBITDA margin | SaaS / IP share |
|---|---|---|---|---|---|
| 2027 | $3.2M | 12 | 57% | -35% | 10% |
| 2028 | $10.3M | 28 | 60% | -10% | 16% |
| 2029 | $23.3M | 61 | 64% | +6% | 22% |
| 2030 | $45.7M | 112 | 67% | +14% | 29% |
| 2031 | $73.5M | 178 | 69% | +20% | 35% |
| 2032 | $107.3M | 265 | 71% | +25% | 40% |
| Year | Americas | Europe | Asia | Rest of world | Total |
|---|---|---|---|---|---|
| 2027 | $3.2M | $0.0M | $0.0M | $0.0M | $3.2M |
| 2028 | $8.0M | $1.5M | $0.8M | $0.0M | $10.3M |
| 2029 | $18.0M | $3.5M | $1.5M | $0.4M | $23.4M |
| 2030 | $30.0M | $11.0M | $3.5M | $1.2M | $45.7M |
| 2031 | $45.0M | $18.0M | $8.0M | $2.6M | $73.6M |
| 2032 | $65.0M | $25.0M | $12.0M | $5.3M | $107.3M |