CORVA

Q1 2026: We grew faster than planned and signed contracts slower than we should have.

Operating Plan Status

ARR Growth
$2.1M
vs $1.9M plan
Gross Margin
79%
vs 76% plan
New Logos
7
vs 10 plan
Contract Cycle
94 days
vs 52 days plan
Headcount
On Plan
42 FTE
NRR
124%
vs 118% plan

Red Item Deep Dive: Contract Cycle Time

Enterprise Procurement 112 days Mid-Market 78 days SMB 41 days Plan: 52 days

ROOT CAUSE

Security review questionnaire triggered by ISO 27001 gap discovered in January.

Gap closed March 14. Backlog now clearing at 3 contracts/week.

Expected return to 52-day cycle by end of Q2.

What Is Working

124%
Best-cohort NRR in company history
Carbon reporting module upsell
31% attach rate across installed base
Scope 3 add-on launched
Month 2 of quarter, already driving pipeline expansion
Two lighthouse wins
ArcelorMittal EMEA • NipponSteel Midwest

Pipeline & Forecast

$20M $25M $30M $35M $40M Q1 2026 Q2 2026 Q3 2026 Q4 2026 $28M Bear $34M Base $41M Bull Current: $20M ARR

Scenario Assumptions

Scenario
Key Assumption
Probability
Bear
Contract cycles stay above 60 days through Q2
20%
Base
Cycle time returns to 52 days by Q2 end
60%
Bull
ArcelorMittal expansion signed Q3 + cycle recovery
20%
Cash Position
$18.2M
28 months at current burn
Monthly Burn
$650K
2026 Exit Target
$9M cash
Debt Facility
$10M backstop

Decision 1: Hiring Authority

Board Resolution Required

Current Authority

$180K
CEO approves hires up to $180K OTE
Board approval required above

Proposed Authority

$280K
CEO approves hires up to $280K OTE
Board approval required above
Rationale

VP Engineering hire stalled two weeks in Q1 pending board quorum for approval.

Impact: 3 pending offers (VP Eng, Sr Product Manager, Head of Customer Success) can close in Q2 without a special meeting.

Decision 2: Debt Facility

Board Resolution Required

Why Now

  • Base scenario hits $9M cash floor Q4 2026
  • Debt facility backstop eliminates Series D timing pressure
  • Three banks have provided term sheets (SVB, City National, Comerica)

What We Are Asking

Board authority to sign a term sheet up to:

$10M

at Prime + 1.5%

with Silicon Valley Bank or equivalent lender

Upcoming Milestones

Q2
  • • Contract cycle time returns below 60 days
  • • ArcelorMittal expansion LOI signed
  • • ISO 27001 audit passed
Q3
  • • NipponSteel Midwest goes live
  • • Debt facility signed
Q4
  • $34M ARR base target achieved
  • Exit year at $9M+ cash

Appendix: Key Metrics

Metric
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
ARR
$11.2M
$13.8M
$16.4M
$18.1M
$20.2M
NRR
108%
114%
119%
121%
124%
Gross Margin
71%
74%
76%
77%
79%
New Logos
6
8
9
11
7
Contract Cycle (days)
58
54
51
49
94
Monthly Burn
$520K
$560K
$590K
$620K
$650K
Headcount
28
32
37
40
42
Cash
$22.4M
$21.2M
$19.8M
$19.0M
$18.2M