Q3 2026 · Board Update

Every top-line metric moved the right way, and the rate of change is accelerating — not just the level.

ANNUAL RECURRING REVENUE

€18.4M

▲ 31% YoY

Crossed €18M a quarter ahead of plan.

NET REVENUE RETENTION

118%

▲ 5 pts QoQ

Expansion outran churn for the 6th straight quarter.

EU CUSTOMERS

1,240

▲ 310 net new

Germany and the Nordics carried the quarter.

GROSS MARGIN

76%

▲ 2 pts YoY

Margins widened even while we opened Munich.

Live this quarter

• Germany live in July — €4.1M ARR in one quarter
• Nordics live in August, led by the Stockholm team
• Benelux live in September, a month ahead of schedule

Still to open

• France and Iberia go live in Q4 — staffing already signed
• One EU pricing page replaces five local ones in November
• Frankfurt data region closes the last enterprise blocker

Where the EU ARR sits

Germany alone is now larger than the whole EU book was in Q1.

Q4 pipeline coverage is 3.1× across the three live markets — the healthiest it has been since we opened Europe.

Net-new ARR accelerated to €2.4M in Q3 — the strongest quarter since we opened Europe.

Nothing here is off-track yet — each one has an owner and a number we review monthly.

01 — HIRING

Munich is nine roles short

Sales hiring is running a quarter behind the revenue plan. Backfilling with contract SEs until January.

02 — COMPLIANCE

EU data residency

The Frankfurt region ships in Q4. Two enterprise deals are paused until it does.

03 — FX

Euro exposure is now material

46% of new ARR is euro-denominated. Treasury proposes hedging from Q1.

Approve €3.4M for the Q4 EU hiring plan and the Frankfurt region — both are already on the critical path.

Q3 2026 Board Update · Confidential · [email protected]