Pro Forma Income Statement
5-year projection · 2026–2030
MarillionEx · Diamond Standard®
DRAFT — ILLUSTRATIVE · For discussion only
Pro Forma Income Statement
| 2026 | 2027 | 2028 | 2029 | 2030 | |
|---|---|---|---|---|---|
| Revenue | |||||
| Credit sales | 1,500 | 8,000 | 32,000 | 62,000 | 104,000 |
| Subscriptions (SaaS plans) | 150 | 600 | 2,500 | 5,000 | 9,000 |
| Registration fees | 100 | 400 | 1,200 | 2,500 | 3,500 |
| Investment management fees | 100 | 400 | 1,000 | 2,000 | 3,000 |
| Transaction & retirement fees | 50 | 100 | 300 | 500 | 500 |
| Total revenue | 1,900 | 9,500 | 37,000 | 72,000 | 120,000 |
| Cost of sales | |||||
| Credit origination & planting | (1,000) | (4,500) | (16,000) | (30,000) | (48,000) |
| Gross profit | 900 | 5,000 | 21,000 | 42,000 | 72,000 |
| Gross margin % | 47% | 53% | 57% | 58% | 60% |
| Operating expenses | |||||
| Platform & technology | (400) | (900) | (2,500) | (4,500) | (7,000) |
| Team & operations | (350) | (1,200) | (3,500) | (6,500) | (10,000) |
| Verification & registry | (150) | (500) | (1,500) | (2,800) | (4,500) |
| Sales & marketing | (200) | (800) | (2,500) | (4,500) | (7,000) |
| G&A / legal / compliance | (150) | (400) | (1,000) | (1,800) | (3,000) |
| Total operating expenses | (1,250) | (3,800) | (11,000) | (20,100) | (31,500) |
| EBITDA | (350) | 1,200 | 10,000 | 21,900 | 40,500 |
| EBITDA margin % | (18%) | 13% | 27% | 30% | 34% |
| Depreciation & amortisation | (50) | (150) | (400) | (700) | (1,200) |
| EBIT | (400) | 1,050 | 9,600 | 21,200 | 39,300 |
| Finance costs | (20) | (50) | (150) | (250) | (350) |
| Tax (25%) | — | (250) | (2,363) | (5,238) | (9,738) |
| Net income | (420) | 750 | 7,088 | 15,713 | 29,213 |
Figures in USD '000 unless stated. Illustrative draft — not a forecast or guarantee of performance. Prepared as a basis for discussion with your financial adviser.
Cash Flow Statement
5-year projection · 2026–2030
MarillionEx · Diamond Standard®
DRAFT — ILLUSTRATIVE · For discussion only
Cash Flow Statement
| 2026 | 2027 | 2028 | 2029 | 2030 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | (420) | 750 | 7,088 | 15,713 | 29,213 |
| Depreciation & amortisation | 50 | 150 | 400 | 700 | 1,200 |
| Working capital changes | (100) | (300) | (1,200) | (2,000) | (3,000) |
| Cash from operations | (470) | 600 | 6,288 | 14,413 | 27,413 |
| Investing activities | |||||
| Woodlot planting & restoration | (800) | (2,500) | (8,000) | (15,000) | (22,000) |
| Platform & technology capex | (200) | (400) | (1,000) | (1,500) | (2,000) |
| Cash from investing | (1,000) | (2,900) | (9,000) | (16,500) | (24,000) |
| Financing activities | |||||
| Series A equity | 3,000 | — | — | — | — |
| Series B equity | — | — | 5,000 | — | — |
| Debt drawdown | 500 | 1,000 | — | 2,000 | — |
| Debt repayment | — | (200) | (500) | (700) | (1,000) |
| Cash from financing | 3,500 | 800 | 4,500 | 1,300 | (1,000) |
| Net change in cash | 2,030 | (1,500) | 1,788 | (787) | 2,413 |
| Opening cash | — | 2,030 | 530 | 2,318 | 1,531 |
| Closing cash | 2,030 | 530 | 2,318 | 1,531 | 3,944 |
Figures in USD '000 unless stated. Illustrative draft — not a forecast or guarantee of performance. Prepared as a basis for discussion with your financial adviser.
Operating Budget
Year 1 use of funds & 5-year operating expense plan
MarillionEx · Diamond Standard®
DRAFT — ILLUSTRATIVE · For discussion only
Operating Budget
Year 1 (2026) use of funds — Series A $3.0M
| $K | % of raise | |
|---|---|---|
| Woodlot planting & restoration | 1,350 | 45% |
| Platform & registry build | 750 | 25% |
| Team & operations | 600 | 20% |
| Market expansion | 200 | 7% |
| Contingency | 100 | 3% |
| Total Series A | 3,000 | 100% |
5-year operating expense budget ($K)
| 2026 | 2027 | 2028 | 2029 | 2030 | |
|---|---|---|---|---|---|
| Platform & technology | 400 | 900 | 2,500 | 4,500 | 7,000 |
| Team & operations | 350 | 1,200 | 3,500 | 6,500 | 10,000 |
| Verification & registry | 150 | 500 | 1,500 | 2,800 | 4,500 |
| Sales & marketing | 200 | 800 | 2,500 | 4,500 | 7,000 |
| G&A / legal / compliance | 150 | 400 | 1,000 | 1,800 | 3,000 |
| Total operating expenses | 1,250 | 3,800 | 11,000 | 20,100 | 31,500 |
Figures in USD '000 unless stated. Illustrative draft — not a forecast or guarantee of performance. Prepared as a basis for discussion with your financial adviser.
Pro Forma Balance Sheet
Year-end projections · 2026–2030
MarillionEx · Diamond Standard®
DRAFT — ILLUSTRATIVE · For discussion only
Pro Forma Balance Sheet
| 2026 | 2027 | 2028 | 2029 | 2030 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & equivalents | 2,030 | 530 | 2,318 | 1,531 | 3,944 |
| Accounts receivable | 200 | 800 | 2,500 | 5,000 | 8,000 |
| Credit inventory | 300 | 1,200 | 4,000 | 7,000 | 11,000 |
| PP&E — woodlots (net) | 950 | 3,700 | 12,300 | 28,100 | 50,900 |
| Intangibles — platform (net) | 150 | 450 | 1,250 | 2,350 | 3,550 |
| Total assets | 3,630 | 6,680 | 22,368 | 43,981 | 77,394 |
| Liabilities | |||||
| Accounts payable | 150 | 500 | 1,500 | 2,800 | 4,500 |
| Deferred revenue | 50 | 200 | 600 | 1,000 | 1,500 |
| Debt facility | 500 | 1,300 | 800 | 2,100 | 1,100 |
| Total liabilities | 700 | 2,000 | 2,900 | 5,900 | 7,100 |
| Equity | |||||
| Share capital (paid-in) | 3,000 | 3,000 | 8,000 | 8,000 | 8,000 |
| Retained earnings | (420) | 330 | 7,418 | 23,131 | 52,344 |
| Revaluation & other reserves | 350 | 1,350 | 4,050 | 6,950 | 9,950 |
| Total equity | 2,930 | 4,680 | 19,468 | 38,081 | 70,294 |
| Total liabilities & equity | 3,630 | 6,680 | 22,368 | 43,981 | 77,394 |
Figures in USD '000 unless stated. Illustrative draft — not a forecast or guarantee of performance. Prepared as a basis for discussion with your financial adviser.
Funding Requirement
Capital plan & use of funds · 2026–2030
MarillionEx · Diamond Standard®
DRAFT — ILLUSTRATIVE · For discussion only
Funding Requirement
$8.0M
Total equity to raise
$3.5M
Debt facility
$11.5M
Total capital plan
Capital raise schedule
| Round | Year | Amount | Purpose | Runway |
|---|---|---|---|---|
| Series A | 2026 | $3.0M | Seed registry, first woodlots, platform MVP | 24 months → Series B |
| Series B | 2028 | $5.0M | Scale planting, biochar online, regional expansion | To cash-flow positive |
| Debt facility | 2026–30 | $3.5M | Working capital & planting capex | Drawn as needed |
Use of Series A — $3.0M
| $K | % | |
|---|---|---|
| Woodlot planting & restoration | 1,350 | 45% |
| Platform & registry build | 750 | 25% |
| Team & operations | 600 | 20% |
| Market expansion | 200 | 7% |
| Contingency | 100 | 3% |
| Total Series A | 3,000 | 100% |
Use of Series B — $5.0M
| $K | % | |
|---|---|---|
| Woodlot scaling (SADC) | 2,250 | 45% |
| Biochar & new verticals | 1,000 | 20% |
| Platform scaling & verification | 1,000 | 20% |
| Team & regional expansion | 500 | 10% |
| Contingency | 250 | 5% |
| Total Series B | 5,000 | 100% |
Key milestones
- Credit issuance live from 2026
- EBITDA positive in 2027
- Operating cash flow funds investing by 2030
- 6 verticals online by 2028 (biochar + plastic)
Figures in USD '000 unless stated. Illustrative draft — not a forecast or guarantee of performance. Prepared as a basis for discussion with your financial adviser.