What it says
What this says
Current to 11 Oct 26Final board pack from the CFO for the quarter ending 31 Mar 2025. It states contracted annual recurring revenue of £436,050, 14 customers and a headcount of 25 at that date. It gives no bridge from the opening position.
What it is: an internal board pack issued 16 Apr 2025 by Bridget Kearsley, Chief Financial Officer, for the board. It is marked as the first version and final.
Claims: "Contracted annual recurring revenue closed the quarter at £436,050", built from executed order forms and excluding one-off implementation fees. It counts 14 customers, each once by organisation, and a headcount of 25 taken from HR records.
Unusual: it warns that the figure "should not be read against the CRM deal amounts, which can include the one-off implementation fee".
Not settled: "The pack does not give a bridge from the opening position", so movement in the quarter is not shown. It is a point-in-time view at 31 Mar 2025 and is not current as of today. Renewal exposure by customer is not given.
As found in this document
The document
Body
B-Brain - Board Pack - quarter to 31 Mar 2025
Status: Final, version 1 Prepared by: Bridget Kearsley, Chief Financial Officer Date: 16 Apr 2025 Period covered: the quarter ending 31 Mar 2025
1. Purpose of this pack
This pack gives the board the headline position of B-Brain at the end of the quarter, on the same three measures as the previous pack so that the comparison is like for like: contracted annual recurring revenue, the number of customers, and headcount. It reports what finance can cite; it is not a forecast.
2. Headline numbers
| Measure | Position at 31 Mar 2025 | Against the previous pack |
|---|---|---|
| Annual recurring revenue (contracted) | One hundred and fifty-one thousand, five hundred pounds | Unchanged |
| Customers | four | Unchanged |
| Headcount | nineteen | Up by two |
Notes on the table:
- Annual recurring revenue is the contracted annual subscription value from executed order forms. It excludes the one-off implementation fee and is not taken from the CRM.
- Customers are organisations with a live contract at the quarter end.
- Headcount is the number of people employed by B-Brain at the quarter end, as held by HR.
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3. Commentary: annual recurring revenue
Contracted annual recurring revenue is one hundred and fifty-one thousand, five hundred pounds across four customers, unchanged since the previous pack. Our records show no new order form and no change to an existing one in the quarter. A flat figure means that nothing was lost, and also that nothing was added.
The board should continue to read the number with concentration in mind. With four customers, each account is a large share of the total.
4. Commentary: customers
The customer count is four, as before. The work with these accounts is the same as last quarter and remains the main protection of the figure above:
- keep connectors loading and the nightly refresh on time, so the brain does not go stale;
- widen use beyond a single champion in each account;
- build a clear statement of the value each customer gets, ahead of the first renewals.
5. Commentary: headcount
Headcount is nineteen at the quarter end, two more than in the previous pack. The cost base has therefore grown while contracted annual recurring revenue has not. That is a deliberate choice to build ahead of revenue, but the board should see it plainly: the growth in the team now has to be matched by growth in contracted revenue.
6. What this pack does not show
For clarity, this pack does not cover:
- invoiced and paid amounts by customer, which accounting holds;
- usage trends by account, such as questions asked and records indexed;
- a pipeline view of prospects.
These remain on the list for later packs. I would be grateful if the board would note the gap rather than infer anything from its absence.
7. Points for the board
- Note that contracted annual recurring revenue and the customer count are unchanged in the quarter.
- Note that headcount has risen by two to nineteen while revenue is flat.
- Consider what evidence the board would like to see in the next pack that new revenue is on its way.
8. Next steps
| Action | Owner | Timing |
|---|---|---|
| Reconcile order forms to invoices for all four customers | Bridget Kearsley | before the next pack |
| Carry the same headline measures into the next pack | Bridget Kearsley | next quarter |
Best, Bridget
Unusual terms
Current to 9 Oct 26- Figures stated on a contracted basis, not invoiced or paid
- No ARR bridge from opening position