Q3 Board Meeting · Pre-read
01Summary
Quarter three was about discipline. Net new ARR closed at $1.84M, up 22% quarter-on-quarter but below our $2.1M plan. The miss came from a single enterprise deal that slipped to Q4; we chose not to discount to close it in-quarter. Gross margin expanded 180 basis points to 74.2% as expected. Runway holds at 17 months at current burn.
02What worked
Self-serve onboarding for the SMB tier shipped in October and lifted activation by 14 percentage points within three weeks. The customer success team — newly led internally by Maya Reyes after Mike S.'s Q2 hire — closed renewals at 102% net dollar retention, the best print since founding. Our two largest enterprise customers expanded seats; both renewals are on auto-renew through 2026.
03What missed
The enterprise pipeline is real but slower to convert than we modeled at the start of the year. Q4 coverage stands at 3.2x against a 4.0x target. The team has identified three of the top five Q4 opportunities as commercial-stage; the remaining two are in legal review and will likely close on the line.
Net new ARR by quarter — last 8 quarters
Source: Stripe + warehouse · as-of Nov 9, 10:42 UTC"Pipeline coverage for Q4 stands at 3.2x against the 4.0x target. Three of the top five opportunities are in commercial; the remaining two are in legal review." Tara D., VP Sales — Q3 review
04Action items rolling forward from Q2
- Renew SOC 2 audit scope — owner Mike S., due Jan 15. Awaiting two auditor proposals.
- Tighten Q4 forecast methodology — owner Tara D., due Dec 5. Draft circulated to CFO.
- Tighten net retention reporting to GAAP — owner Priya R., due Dec 10. Slipping; blocked on warehouse mapping.
05Asks of the board
- Approval of Q2 minutes at the top of the meeting.
- Introductions to two enterprise champions in financial services for the Q4 pipeline rebuild.
- Validation of the proposed FY26 hiring plan (12 net new hires, 70/30 product/GTM split).
- One hour in executive session for the auditor scope discussion.