Define the data boundary
Evaluate where a workload may run, which data may leave the operator's environment, and which obligations need separate legal review.
Financial model
Targets, written as targets.
ARR, unit economics, and TAM figures on this page are tagged. Do not cite them as bookings.
Target
Thesis
Why on-device changes the cost curve.
Evaluate available hardware
Inspect the target device, runtime support, and workload before proposing local inference or acceleration.
Measure the full operating cost
Compare hardware, energy, maintenance, and provider costs using an agreed workload; local execution alone does not establish unit economics.
ARR
Projection, not revenue.
Y1
$0.4M
Y2
$1.8M
Y3
$6.5M
Y4
$18M
Y5
$42M
Interactive tool
The model recalculates itself.
An integrated three-statement model (income statement, balance sheet and cash flow) wired together in the browser. Flip the scenario and every projected line re-derives from the assumption drivers; cash is the cash-flow plug, so assets = liabilities + equity holds in every case. The figures are illustrative sample data for a fictional company, not Quesar's or MLAI's financials.
Integrated 3-statement model — live recalcIllustrative
Sample figures for a fictional company (Meridian Analytics), $ in millions — not MLAI financials. Every projected line is derived from the scenario drivers; cash is the cash-flow plug, so the balance sheet ties out by construction.
FY2029E revenue
$267.6M
EBITDA margin
21.0%
FY2029E net income
$30.3M
Balance check
Balanced
Scenario drivers — inputs (ramps shown Y1→Y5)
Revenue growth16.0%→18.0%
Gross margin65.0%→67.0%
S&M % rev25.0%→23.0%
R&D % rev15.0%→14.0%
G&A % rev10.0%→9.0%
CapEx % rev6.0%
Tax rate25.0%
Interest rate6.0%
DSO (days)45d
DIO (days)30d
DPO (days)35d
| $ millions | FY2024A | FY2025E | FY2026E | FY2027E | FY2028E | FY2029E |
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 120.0 | 139.2 | 162.9 | 192.2 | 226.8 | 267.6 |
| Cost of revenue | -42.0 | -48.7 | -55.4 | -65.3 | -74.8 | -88.3 |
| Gross profit | 78.0 | 90.5 | 107.5 | 126.8 | 151.9 | 179.3 |
| Gross margin | 65.0% | 65.0% | 66.0% | 66.0% | 67.0% | 67.0% |
| Sales & marketing | -30.0 | -34.8 | -39.1 | -46.1 | -52.2 | -61.5 |
| Research & development | -18.0 | -20.9 | -24.4 | -28.8 | -31.7 | -37.5 |
| General & administrative | -12.0 | -13.9 | -14.7 | -17.3 | -20.4 | -24.1 |
| EBITDA | 18.0 | 20.9 | 29.3 | 34.6 | 47.6 | 56.2 |
| EBITDA margin | 15.0% | 15.0% | 18.0% | 18.0% | 21.0% | 21.0% |
| Depreciation & amortization | -6.0 | -7.0 | -8.1 | -9.6 | -11.3 | -13.4 |
| EBIT | 12.0 | 13.9 | 21.2 | 25.0 | 36.3 | 42.8 |
| EBIT margin | 10.0% | 10.0% | 13.0% | 13.0% | 16.0% | 16.0% |
| Interest expense | -2.4 | -2.4 | -2.4 | -2.4 | -2.4 | -2.4 |
| Pre-tax income (EBT) | 9.6 | 11.5 | 18.8 | 22.6 | 33.9 | 40.4 |
| Income taxes | -2.4 | -2.9 | -4.7 | -5.6 | -8.5 | -10.1 |
| Net income | 7.2 | 8.6 | 14.1 | 16.9 | 25.4 | 30.3 |
| Net income margin | 6.0% | 6.2% | 8.6% | 8.8% | 11.2% | 11.3% |
| Balance Sheet | ||||||
| Cash & equivalents | 36.8 | 42.7 | 53.5 | 66.5 | 87.3 | 112.1 |
| Accounts receivable | 14.8 | 17.2 | 20.1 | 23.7 | 28.0 | 33.0 |
| Inventory | 3.5 | 4.0 | 4.6 | 5.4 | 6.2 | 7.3 |
| PP&E, net | 50.0 | 51.4 | 53.0 | 54.9 | 57.2 | 59.9 |
| Deferred tax asset (NOL) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total assets | 105.0 | 115.3 | 131.2 | 150.5 | 178.6 | 212.2 |
| Accounts payable | 4.0 | 4.7 | 5.3 | 6.3 | 7.2 | 8.5 |
| Accrued liabilities | 6.0 | 7.0 | 8.1 | 9.6 | 11.3 | 13.4 |
| Debt | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 |
| Total liabilities | 50.0 | 51.6 | 53.5 | 55.9 | 58.5 | 61.8 |
| Common stock & APIC | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| Retained earnings | 25.0 | 33.6 | 47.7 | 64.7 | 90.1 | 120.4 |
| Total equity | 55.0 | 63.6 | 77.7 | 94.7 | 120.1 | 150.4 |
| Check: Assets − Liab − Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Memo — NOL carryforward | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Cash Flow Statement | ||||||
| Net income | 7.2 | 8.6 | 14.1 | 16.9 | 25.4 | 30.3 |
| (+) D&A | — | 7.0 | 8.1 | 9.6 | 11.3 | 13.4 |
| (+) Deferred taxes | — | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| (−) Δ working capital | — | -1.3 | -1.6 | -2.0 | -2.4 | -2.8 |
| Cash from operations | — | 14.3 | 20.6 | 24.5 | 34.3 | 40.9 |
| (−) CapEx | — | -8.4 | -9.8 | -11.5 | -13.6 | -16.1 |
| Cash from investing | — | -8.4 | -9.8 | -11.5 | -13.6 | -16.1 |
| (−) Dividends | — | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Cash from financing | — | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net change in cash | — | 5.9 | 10.8 | 13.0 | 20.7 | 24.8 |
| Beginning cash | — | 36.8 | 42.7 | 53.5 | 66.5 | 87.3 |
| Ending cash | — | 42.7 | 53.5 | 66.5 | 87.3 | 112.1 |
| Check: CF cash − BS cash | — | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Credit & Liquidity Metrics | ||||||
| Debt / EBITDA | 2.2x | 1.9x | 1.4x | 1.2x | 0.8x | 0.7x |
| Net debt / EBITDA | 0.2x | -0.1x | -0.5x | -0.8x | -1.0x | -1.3x |
| EBITDA / interest (coverage) | 7.5x | 8.7x | 12.2x | 14.4x | 19.8x | 23.4x |
| Debt / total capital | 42.1% | 38.6% | 34.0% | 29.7% | 25.0% | 21.0% |
| Debt / equity | 0.7x | 0.6x | 0.5x | 0.4x | 0.3x | 0.3x |
| Current ratio | 5.5x | 5.5x | 5.8x | 6.0x | 6.6x | 7.0x |
| Quick ratio | 5.1x | 5.1x | 5.5x | 5.7x | 6.2x | 6.6x |
Δassets = NI + Δpayables + Δaccrued + Δdebt − dividends = Δliabilities + Δequity → balance = 0 every period. Loss years bank an NOL + deferred-tax asset (post-2017 80% cap); the deferred-tax add-back keeps cash tied.