Annual Profit and Loss Forecast (Quarterly)
Finance
March 28, 2026
Quarterly P&L projection for Year 1 (2029): $12.59M net revenue, 87.5% EBITDA margin, $3.9M net profit
$12.59M
Net Revenue
$11.02M
EBITDA (87.5%)
$4.59M
EBIT (36.4%)
$3.90M
Net Profit (31.0%)
P&L Waterfall — Annual
NET REVENUE
$12.59M
100%
COGS
−$1.00M
7.9%
SG&A
−$0.58M
4.6%
D&A
−$6.43M
51.1%
NET PROFIT
$3.90M
31.0%
Bar heights proportional to net revenue. Tax ($0.69M) included in net profit reduction.
Quarterly Breakdown
Q1
Net Revenue$1.27M
Gross Profit$1.02M
EBITDA$0.88M
EBIT−$0.73M
Net Profit−$0.73M
EBITDA 69.1%
Q2
Net Revenue$3.68M
Gross Profit$3.43M
EBITDA$3.28M
EBIT$1.67M
Net Profit$1.53M
EBITDA 89.3%
Q3
Net Revenue$3.82M
Gross Profit$3.57M
EBITDA$3.43M
EBIT$1.82M
Net Profit$1.55M
EBITDA 89.7%
Q4
Net Revenue$3.82M
Gross Profit$3.57M
EBITDA$3.43M
EBIT$1.82M
Net Profit$1.55M
EBITDA 89.7%
Revenue Mix & Cost Structure
Revenue by Track (Annual)
Cost Breakdown (Annual $7.69M excl. tax)
Electricity: $0 (BTM JV) — structural zero
Key Insights
Q1 operating loss of −$727K is structural: ramp revenue ($1.3M) vs depreciation alone ($1.6M). Recovery in Q2 as Track 3 reaches full run-rate.
Cash-basis net margin ~82% vs accounting 31% — non-cash depreciation ($6.43M) compresses book profit. Investor-relevant metric is EBITDA.
Virtual Zone 0% tax upside: if applied to IT export income, net profit rises to $4.59M (+$689K, 36.4% margin).
EBITDA margin 87.5% vs Project Brief 92% — delta is SG&A ($577K) separated from infrastructure OPEX in formal P&L.
